Document:

Ex102ThirdAmendedandRestatedSeries2013-VF1IndentureSupplement-HSARTII

HLSS SERVICER ADVANCE RECEIVABLES TRUST II 
as Issuer
and
DEUTSCHE BANK NATIONAL TRUST COMPANY 
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
and
HLSS HOLDINGS, LLC, 
as Administrator and as Servicer (on and after the MSR Transfer Date)
and
OCWEN LOAN SERVICING, LLC,
as a Subservicer and as Servicer (prior to the MSR Transfer Date)

and

BARCLAYS BANK PLC, 
as Administrative Agent
__________
SERIES 2013-VF1
THIRD AMENDED AND RESTATED INDENTURE SUPPLEMENT
Dated as of January 19, 2015
to
THIRD AMENDED AND RESTATED INDENTURE
Dated as of January 19, 2015
__________
HLSS SERVICER ADVANCE RECEIVABLES TRUST II
ADVANCE RECEIVABLES BACKED NOTES, 
SERIES 2013-VF1

TABLE OF CONTENTS
	
				
	 
	 
	Page

	SECTION 1.
	CREATION OF SERIES 2013-VF1 NOTES.
	2
	

	SECTION 2.
	DEFINED TERMS.
	2
	

	SECTION 3.
	FORMS OF SERIES 2013-VF1 NOTES.
	17
	

	SECTION 4.
	COLLATERAL VALUE EXCLUSIONS.
	18
	

	SECTION 5.
	GENERAL RESERVE ACCOUNT.
	19
	

	SECTION 6.
	PAYMENTS; NOTE BALANCE INCREASES; EARLY MATURITY.
	20
	

	SECTION 7.
	DETERMINATION OF NOTE INTEREST RATE AND LIBOR.
	21
	

	SECTION 8.
	INCREASED COSTS.
	21
	

	SECTION 9.
	SERIES REPORTS.
	23
	

	SECTION 10.
	CONDITIONS PRECEDENT SATISFIED.
	25
	

	SECTION 11.
	REPRESENTATIONS AND WARRANTIES.
	25
	

	SECTION 12.
	AMENDMENTS.
	25
	

	SECTION 13.
	COUNTERPARTS.
	26
	

	SECTION 14.
	ENTIRE AGREEMENT.
	26
	

	SECTION 15.
	LIMITED RECOURSE.
	26
	

	SECTION 16.
	OWNER TRUSTEE LIMITATION OF LIABILITY.
	26
	

	SECTION 17.
	CONSENT AND ACKNOWLEDGMENT OF AMENDMENTS.
	27
	

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THIS THIRD AMENDED AND RESTATED SERIES 2013-VF1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), dated as of January 19, 2015, is made by and among HLSS SERVICER ADVANCE RECEIVABLES TRUST II, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), HLSS HOLDINGS, LLC, a Delaware limited liability company (“HLSS”), as Administrator on behalf of the Issuer, as owner of the economics associated with the servicing under the Designated Servicing Agreements, and, from and after the MSR Transfer Date (as defined below), as Servicer under the Designated Servicing Agreements, OCWEN LOAN SERVICING, LLC, a Delaware limited liability company (“OLS”), as a Subservicer, and as Servicer prior to the MSR Transfer Date, and BARCLAYS BANK PLC (“Barclays”), a public limited company formed under the laws of England and Wales, as Administrative Agent (as defined below), and is consented to by 100% of the Noteholders.  This Indenture Supplement relates to and is executed pursuant to that certain Third Amended and Restated Indenture (as amended, supplemented, restated or otherwise modified from time to time, the “Base Indenture”) supplemented hereby, dated as of January 19, 2015, among the Issuer, HLSS, as Administrator and as Servicer (on and after the MSR Transfer Date), OLS, as a Subservicer and as Servicer (prior to the MSR Transfer Date), the Administrative Agent and the Indenture Trustee, the Calculation Agent, the Paying Agent and the Securities Intermediary, and consented to by 100% of the Noteholders, all the provisions of which are incorporated herein as modified hereby and shall be a part of this Indenture Supplement as if set forth herein in full (the Base Indenture as so supplemented by this Indenture Supplement being referred to as the “Indenture”).
Capitalized terms used and not otherwise defined herein shall have the respective meanings given them in the Base Indenture.
PRELIMINARY STATEMENT
The Issuer authorized the issuance of a Series of Notes, the Series 2013-VF1 Notes (the “Series 2013-VF1 Notes”).  The parties entered into the Series 2013-VF1 Second Amended and Restated Indenture Supplement dated as of February 14, 2014 (the “Existing Indenture Supplement”) to document the terms of the issuance of the Series 2013-VF1 Notes.
The Series 2013-VF1 Notes were issued in four (4) Classes of Variable Funding Notes (Class A-VF1, Class B-VF1, Class C-VF1, and Class D-VF1), with the Initial Note Balances, Maximum VFN Principal Balances, Stated Maturity Dates, Revolving Period, Note Interest Rates, Expected Repayment Dates and other terms as specified in the Existing Indenture Supplement, known as the Advance Receivables Backed Notes, Series 2013-VF1, and secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture.  The Indenture Trustee holds the Trust Estate as collateral security for the benefit of the Holders of the Series 2013-VF1 Notes and all other Series of Notes issued under the Indenture as described therein.  
The parties are amending and restating the Existing Indenture Supplement so that, among other things, it relates to the Base Indenture, which is being entered into concurrently with this Indenture Supplement.  

This Indenture Supplement shall become effective upon the latest to occur of the following (the “Effective Date”):
(i)     the execution and delivery of this Indenture Supplement by all parties hereto; 
(ii)    the delivery of an Opinion of Counsel stating that the execution of this Indenture Supplement is authorized and permitted by the Existing Indenture Supplement and that all conditions precedent thereto have been satisfied; 
(iii)     the delivery of an Issuer Tax Opinion; 
(iv)    the delivery of an Officer’s Certificate to the effect that the Issuer reasonably believes this Indenture Supplement will not have a Material Adverse Effect on any Outstanding Notes and is not reasonably expected to have an Adverse Effect at any time in the future; and
(iv)     the delivery of prior notice of this Indenture Supplement to each Note Rating Agency currently rating the Outstanding Notes.
Barclays, as Noteholder of 100% of the Notes, hereby consents to the amendment and restatement of the Existing Indenture Supplement. 
In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Base Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict.
The Existing Indenture Supplement is hereby amended and restated in its entirety as follows:

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Section 1.Creation of Series 2013-VF1 Notes.
There are hereby created, effective as of the Issuance Date, the Series 2013-VF1 Notes, to be issued pursuant to the Base Indenture and this Indenture Supplement, to be known as “HLSS Servicer Advance Receivables Trust II 2013-VF1 Advance Receivables Backed Notes, Series 2013-VF1 Variable Funding Notes.”  The Series 2013-VF1 Notes shall not be subordinated to any other Notes.  The Series 2013-VF1 Notes are issued in four (4) Classes of Variable Funding Notes.  
Section 2.    Defined Terms.
With respect to the Series 2013-VF1 Notes and in addition to or in replacement for the definitions set forth in Section 1.1 of the Base Indenture, the following definitions shall be assigned to the defined terms set forth below:
“Adjusted Tangible Equity” means, as of any date of determination, the excess of (i) total assets (net of goodwill and intangible assets), but including MSRs, over (ii) total liabilities on such date, calculated in accordance with GAAP; provided, that the Administrative Agent shall have the right to perform valuations of the MSRs on a quarterly basis or more frequently as reasonably requested by the Administrative Agent, using a nationally recognized third party appraiser with expertise evaluating MSRs approved by both the Administrative Agent and HLSS, at HLSS’s expense, and any such valuations shall be the MSR value for purposes of determining “Adjusted Tangible Equity”.
“Adjusted Tangible Equity Requirement” means a requirement that Home Loan Servicing Solutions, Ltd. (“Home Loan Servicing Solutions”) hold Adjusted Tangible Equity equal to the greater of (1) $25,000,000 and (2) the sum of (a) 0.25% of the aggregate unpaid principal balance of all mortgage loans as to which Home Loan Servicing Solutions holds the rights to service or the rights to the MSRs, together with the obligation to fund related servicer advances, plus (b) 5.00% of the aggregate amount of all servicer advances made by HLSS that remain unreimbursed.
“Administrative Agent” means, for so long as the Series 2013-VF1 Notes have not been paid in full: (i) with respect to the provisions of this Indenture Supplement, Barclays Bank PLC, or an Affiliate or successor thereto; and (ii) with respect to the provisions of the Base Indenture, and notwithstanding the terms and provisions of any other Indenture Supplement, together, Barclays Bank PLC and such other parties as set forth in any other Indenture Supplement, or an Affiliate or any successor thereto.  For the avoidance of doubt, reference to “it” or “its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and, if applicable, reference to the singular therein in relation to the Administrative Agent shall be construed as if plural, if applicable.
“Advance Rates” has the meaning assigned to such term in the Pricing Side Letter.
“Advance Ratio” means, as of any date of determination with respect to any Designated Servicing Agreement, the ratio (expressed as a percentage), calculated as of the last day of the calendar month immediately preceding the calendar month in which such date occurs, of (i) the related PSA Stressed Non-Recoverable Advance Amount on such date over (ii) the aggregate 

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monthly scheduled principal and interest payments for the calendar month immediately preceding the calendar month in which such date occurs with respect to all Mortgage Loans that are not Delinquent serviced under such Designated Servicing Agreement.
“Applicable Rating” means the rating assigned to each Class of the Series 2013-VF1 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:
(i)    Class A-VF1 Variable Funding Notes: AAA;
(ii)    Class B-VF1 Variable Funding Notes: AA;
(iii)    Class C-VF1 Variable Funding Notes: A; and
(iv)    Class D-VF1 Variable Funding Notes: BBB.
“Base Indenture” has the meaning assigned to such term in the Preamble.
“BPO” means a real estate professional’s reasonable estimated value of an underlying residential property subject to a Mortgage Loan, which has been conducted not more than two-hundred ten (210) days prior to any date of determination.
“Class A-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class A-VF1 Variable Funding Notes, issued hereunder by the Issuer having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.
“Class B-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class B-VF1 Variable Funding Notes, issued hereunder by the Issuer having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.
“Class C-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class C-VF1 Variable Funding Notes, issued hereunder by the Issuer having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.
“Class D-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class D-VF1 Variable Funding Notes, issued hereunder by the Issuer having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.
“Coefficient” has the meaning assigned to such term in the Pricing Side Letter.
“Commercial Paper Notes” means the promissory notes issued or to be issued by a Conduit Holder in the United States commercial paper market.
 “Conduit Cost of Funds Rate” has the meaning assigned to such term in the Pricing Side Letter.
 “Conduit Holder” means any asset-backed commercial paper conduit administered by the Administrative Agent.

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 “Constant” has the meaning assigned to such term in the Pricing Side Letter.
“Corporate Trust Office” means the office of the Indenture Trustee at which at any particular time its corporate trust business will be administered, which office at the date hereof is located at 1761 East St. Andrew Place, Santa Ana, California 92705, Attention: Trust Administration – OC13S6.
“CP Rate” means (i) with respect to any Conduit Holder for any Interest Accrual Period (or any portion thereof), the per annum rate equivalent to the weighted average cost (as determined by the Administrative Agent, and which shall include commissions of placement agents and dealers not to exceed 0.05% of the face amount of the applicable Commercial Paper Notes, incremental carrying costs incurred with respect to Commercial Paper Notes maturing on dates other than those on which corresponding funds are received by such Conduit Holder, other borrowings by such Conduit Holder (other than under any Program Support Agreement) and any other costs associated with the issuance of Commercial Paper Notes) of or related to the issuance of Commercial Paper Notes that are allocated, in whole or in part to the funding of the Series 2013-VF1 Note Balance; provided, however, that if any component of such rate is a discount rate, in calculating the CP Rate for such Interest Accrual Period (or such portion thereof), any Conduit Holder (or the Administrative Agent on its behalf) shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum, and (ii) with respect to any other Noteholder for any Interest Accrual Period (or portion thereof), the per annum rate notified by or on behalf of such Noteholder to the Administrative Agent as such Conduit Holder’s CP Rate for such Interest Accrual Period (or portion thereof).
“Default Supplemental Fee Rate” has the meaning assigned to such term in the Pricing Side Letter.
“Delinquent” means for any Mortgage Loan, any Monthly Payment due thereon is not made by the close of business on the day such Monthly Payment is required to be paid and remains unpaid for more than thirty (30) days.
“Eurodollar Disruption Event” means any of the following:  (i) a good faith determination by any Noteholder of the Series 2013-VF1 Notes that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) for such Noteholder to obtain United States dollars in the London interbank market to fund or maintain any portion of the Note Balances of such Notes during any Interest Accrual Period, (ii) a good faith determination by any Noteholder of the Series 2013-VF1 Notes that the interest rates offered on deposits of United States dollars to such Noteholder in the London interbank market does not accurately reflect the cost to such Noteholder of purchasing, funding or maintaining any portion of the Note Balances of the Notes during any Interest Accrual Period, or (iii) the inability of any Noteholder of the Series 2013-VF1 Notes to obtain United States dollars in the London interbank market to fund or maintain any portion of the Note Balances of such Notes for such Interest Accrual Period.
“Expected Repayment Date” has the meaning assigned to such term in the Pricing Side Letter.

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“Expense Rate” means, as of any date of determination, with respect to the Series 2013-VF1 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (A) the product of the Series Allocation Percentage for such Series multiplied by the sum of (1) the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus (2) any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable Expense Limit, if any, prior to any payments to the Noteholders of the Series 2013-VF1 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document that have been invoiced to the Indenture Trustee and the Administrator, plus (B) the aggregate amount of related Series Fees payable by the Issuer with respect to the Series 2013-VF1 Notes on the next succeeding Payment Date and (ii) the denominator of which equals the sum of the outstanding Note Balances of all Series 2013-VF1 Notes at the close of business on such date.
“Facility Eligible Receivable” means, with respect to the Series 2013-VF1 Notes, a Receivable:
(i)    which constitutes a “general intangible,” “account” or “payment intangible” within the meaning of Section 9‐102(a)(42), Section 9‐102(a)(2) and Section 9‐102(a)(61), respectively (or the corresponding provision in effect in a particular jurisdiction) of the UCC as in effect in all applicable jurisdictions;
(ii)    which is denominated and payable in United States dollars;
(iii)    which arises under and pursuant to the terms of a Designated Servicing Agreement and, at the time the related Advance was made, (A) was determined by the Servicer or Subservicer, as applicable, in good faith to (1) be ultimately recoverable from the proceeds of the related Mortgage Loan, related liquidation proceeds or otherwise from the proceeds of or collections on the related Mortgage Loan and (2) comply with all requirements for reimbursement thereunder, and (B) was authorized pursuant to the terms of the related Designated Servicing Agreement;
(iv)    which arises under a Facility Eligible Servicing Agreement;
(v)    which is not subject to any Adverse Claim and in which all right, title and interest in and to such Receivable (including good and marketable title) have been validly sold and/or contributed by the Receivables Seller to the Depositor, and validly sold and/or contributed by the Depositor to the Issuer and, prior to the MSR Transfer Date, sold by the Servicer to the Receivables Seller;
(vi)    with respect to which no representation or warranty made by the Receivables Seller or the Servicer in the Receivables Sale Agreement has been breached, which breach has continued uncured for a period of fifteen (15) days as set forth in the Receivables Sale Agreement;
(vii)    with respect to which, as of the date such Receivable was acquired by the Issuer, none of the Receivables Seller, the Servicer, the Subservicer or the Depositor had 

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(A) taken any action that would impair the right, title and interest of the Indenture Trustee therein, or (B) failed to take any action that was necessary to avoid impairing the Indenture Trustee’s right, title or interest therein;
(viii)    the Advance (other than a Servicing Fee Advance) related to which either (A) has been fully funded by the Servicer or its predecessor servicer using its own funds and/or Amounts Held for Future Distribution (to the extent permitted under the related Designated Servicing Agreement) and/or Collections (as appropriate) in excess of the related Required Expense Reserve, and/or amounts drawn on Variable Funding Notes or out of funds in the Collection and Funding Account or Available Funds as provided herein, or (B) in the case of P&I Advances, will be funded on the related Funding Date and all amounts necessary to fund the related Advance are on deposit in an account under the exclusive control and direction of the Indenture Trustee pending remittance to the appropriate MBS Trustees (in the case of a P&I Advance funded pursuant to a Designated Servicing Agreement that is not a Whole Loan Servicing Agreement) or to the related owner (in the case of a P&I Advance funded pursuant to a Whole Loan Servicing Agreement);
(ix)    which relates to a Mortgage Loan that is secured by a first lien on the underlying mortgaged property;
(x)    which does not relate to a Mortgage Loan the terms of which have been modified after the creation of such Receivable (for purposes of this clause, a Mortgage Loan has been modified only after the modification continues effective following any trial period);
(xi)    in connection with any Servicing Fee Advance Receivable, the provisions of the related Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule require that any unpaid and accrued servicing fees owed to the Servicer be repaid on or prior to the date of any involuntary transfer of servicing or any servicer termination or any redemption in full under the applicable Designated Servicing Agreement; 
(xii)    with respect to any Servicing Fee Advance Receivable, that such Servicing Fee Advance Receivable relates to a Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule; and
(xiii)    such Receivable arises under a Servicing Agreement listed on Schedule 1-A of the Base Indenture or Schedule 11 of the Base Indenture.
“Facility Eligible Servicing Agreement” means, as of any date of determination, any Designated Servicing Agreement which meets the following criteria:
(i)    either OLS or an OFC-Owned Servicer (in either case, prior to the MSR Transfer Date) and HLSS (from and after the MSR Transfer Date) is the servicer under such Designated Servicing Agreement and a Responsible Officer of the Servicer has received neither (A) any notice, or otherwise obtained actual knowledge, of the occurrence of any Unmatured Default or Servicer Termination Event by or with respect to the Servicer under 

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such Designated Servicing Agreement except (i) to the extent that, in the case of an Unmatured Default, such Unmatured Default has been cured prior to its becoming a Servicer Termination Event, and (ii) any Unmatured Default or Servicer Termination Event caused solely by the failure of a Collateral Performance Test or a Servicer Ratings Downgrade for which the Servicer shall not have received a written notice of pending termination, nor (B) notice of a claim for monetary loss against the Servicer by a party to such Designated Servicing Agreement or by a related securityholder, whose claim is for an aggregate amount greater than 5% of the aggregate Receivable Balance of the Receivables created pursuant to such Designated Servicing Agreement;
(ii)    pursuant to the terms of such Designated Servicing Agreement:
(A)    under such agreement, the Servicer is permitted to reimburse itself for the related Advance out of late collections of the amounts advanced, including from insurance proceeds and liquidation proceeds from the Mortgage Loan with respect to which such Advance was made, prior to any holders of any notes, certificates or other securities backed by the related mortgage loan pool or any owner of or investor in the Mortgage Loan, which securities, in the case of Designated Servicing Agreements that are not Whole Loan Servicing Agreements, must have included a “AAA” or equivalent rated class at the time of execution of the Designated Servicing Agreement, and prior to payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or derivative termination fees, or to any related Mortgage Pool or any related trustee, custodian, hedge counterparty or credit enhancer;
(B)    except for Loan-Level Receivables, under such agreement, if the Servicer determines that an Advance will not be recoverable out of late collections of the amounts advanced or out of insurance proceeds or liquidation proceeds from the Mortgage Loan with respect to which the Advance was made, the Servicer has the right to reimburse itself for such Advance out of any funds (other than prepayment charges) in the Dedicated Collection Account or out of general collections received by the Servicer with respect to any Mortgage Loans serviced under the same Designated Servicing Agreement, prior to any payment to any holders of any notes, certificates or other securities backed by the related mortgage loan pool or any owner of or investor in the Mortgage Loan, which securities, in the case of Designated Servicing Agreements that are not Whole Loan Servicing Agreements, included a “AAA” or equivalent rated class at the time of execution of the Designated Servicing Agreement, and prior to payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or derivative termination fees, or to the related Mortgage Pool or any related trustee, custodian or credit enhancer (a “General Collections Backstop”);

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(iii)    such Designated Servicing Agreement, if it is a Whole Loan Servicing Agreement, provides that all Advances with respect to any Mortgage Loan must be reimbursed in full at the time the servicing of such Mortgage Loan is transferred out of such Servicing Agreement such that it is no longer subject to such Servicing Agreement; provided, however, that any Designated Servicing Agreement listed on Schedule 1-A to the Base Indenture shall not be subject to this requirement, unless and until the Administrative Agent informs the Administrator that such Servicing Agreement has been reviewed and does not satisfy this requirement; 
(iv)    all Receivables arising under such Designated Servicing Agreement are free and clear of any Adverse Claim in favor of any Person;
(v)    such Designated Servicing Agreement is in full force and effect;
(vi)    all Receivables arising under any Designated Servicing Agreement that is a Whole Loan Servicing Agreement relate to a Mortgage Loan serviced under such Whole Loan Servicing Agreement on the Closing Date unless otherwise agreed to by the Administrative Agent and all VFN Noteholders;
(vii)    [reserved];
(viii)    an Eligible Subservicing Agreement is in full force and effect for all mortgage loans serviced by the Servicer under such Designated Servicing Agreement, and the related Subservicer (or OLS or any OFC-Owned Servicer as Servicer prior to the MSR Transfer Date) is an Eligible Subservicer and is in compliance with such Subservicing Agreement and, from and after the MSR Transfer Date, OLS, any other OFC-Owned Servicer or another servicer acceptable to the Administrative Agent, shall be serving as “hot back-up servicer” for HLSS under an agreement approved by the Administrative Agent;
(ix)    such Designated Servicing Agreement arises under and is governed by the laws of the United States or a state within the United States; 
(x)    the Servicer has not voluntarily elected to change the reimbursement mechanics of Advances under such Designated Servicing Agreement from a pool-level reimbursement mechanic to a loan-level reimbursement mechanic or from a loan-level reimbursement mechanic to a pool-level reimbursement mechanic without consent of each Administrative  Agent; 
(xi)    such Designated Servicing Agreement provides for reimbursement of the Servicer for all Advances upon termination of the related Mortgage Pool ahead of the related security holders, except to the extent the Servicer or servicers are required to consent to or initiate termination and have agreed to reimburse all servicer advances at termination (such Servicing Agreements listed on Schedules 3 and 3-A of the Base Indenture); provided, that the Mortgage Pools listed on Schedules 3 and 3-A of the Base Indenture shall become ineligible if the aggregate of the Stated Principal Balances of the Mortgage Loans as of the end of the immediately preceding Due Period is such that the Mortgage Pool is eligible for 

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optional redemption or optional termination in accordance with the terms of such Servicing Agreement; provided, however, that any Servicing Agreement listed on Schedule 1-A of the Base Indenture or Schedule 11 of the Base Indenture shall not be subject to this requirement, unless and until the Administrative Agent informs the Administrator that such Servicing Agreement has been reviewed and does not satisfy this requirement;
(xii)    such Designated Servicing Agreement does not relate to a transaction sponsored by Fannie Mae, Freddie Mac or Ginnie Mae or otherwise relate to a transaction in which Fannie Mae, Freddie Mac or Ginnie Mae would have any rights of set-off against the related Receivables; 
(xiii)    in the case of any servicing or sub-servicing agreement under which the Servicer sub-services mortgage loans that are included in multiple securitization trusts (for example, the Impac Servicing Agreement), the Servicer maintains a separate collection account for each individual securitization trust and only reimburses itself for Advances with respect to Mortgage Loans included in such securitization trust out of collections on Mortgage Loans included in that securitization trust; provided, however, that any Servicing Agreement listed on Schedule 1-A of the Base Indenture or Schedule 11 of the Base Indenture shall not be subject to this requirement, unless and until the Administrative Agent informs the Administrator that such Servicing Agreement has been reviewed and does not satisfy this requirement; and 
(xiv)    such Designated Servicing Agreement, if it is a Whole Loan Servicing Agreement, provides that no owner or other counterparty has ever disputed reimbursement of any of the Advances made by OLS or HLSS under such Whole Loan Servicing Agreement. 
“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the federal funds rates as quoted by the Administrative Agent and confirmed in Federal Reserve Board Statistical Release H. 15 (519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the sole opinion of the Administrative Agent, to be the rate at which federal funds are being offered for sale in the national federal funds market at 9:00 a.m. (New York City time).
“General Reserve Required Amount” has the meaning assigned to such term in the Pricing Side Letter.
“Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over the applicable Person.
“Increased Costs Limit” means for each Noteholder of a Series 2013-VF1 Note, such Noteholder’s pro rata percentage (based on the Note Balance of such Noteholder’s Series 2013-

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VF1 Notes) of 0.10% of the average aggregate Note Balance for all Classes of Series 2013-VF1 Notes Outstanding for any twelve-month period.
“Index” means, for any Class of the Series 2013-VF1 Notes, One-Month LIBOR, the Conduit Cost of Funds Rate or the Base Rate, as specified for such Class in the definition of “Note Interest Rate.”
“Initial Note Balance” means, for any Note or for any Class of Notes, the Note Balance of such Note upon issuance, or, on the Effective Date in the case of the Series 2013-VF1 Notes, as set forth in the Pricing Side Letter.
 “Interest Accrual Period” means, for the Series 2013-VF1 Notes and any Payment Date, the period beginning on the immediately preceding Payment Date (or, in the case of the first Payment Date, the Issuance Date) and ending on the day immediately preceding the current Payment Date.  The Interest Payment Amount for the Series 2013-VF1 Notes on any Payment Date shall be determined based on the Interest Day Count Convention.
“Interest Day Count Convention” means the actual number of days in the related Interest Accrual Period divided by 360.
“Issuance Date” means July 1, 2013.
“Late VFN Note Balance Adjustment Request Fee” has the meaning assigned to such term in the Pricing Side Letter.
“Late VFN Note Balance Adjustment Request Fee Amount” has the meaning assigned to such term in the Pricing Side Letter.
“Late VFN Note Balance Adjustment Request Fee Rate” has the meaning assigned to such term in the Pricing Side Letter.
“Late VFN Note Balance Adjustment Request Period” has the meaning assigned to such term in the Pricing Side Letter.
“Late VFN Note Balance Adjustment Request Threshold” has the meaning assigned to such term in the Pricing Side Letter.
“LIBOR” has the meaning assigned such term in Section 7 of this Indenture Supplement.
“LIBOR Determination Date” means for each Interest Accrual Period, the second London Banking Day prior to the commencement of such Interest Accrual Period.
“LIBOR Index Rate” means for a one-month period, the rate per annum (rounded upward, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a one-month period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on the date that is two (2) Business Days before the commencement of such one-month period. 

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“LIBOR Rate” means with respect to any Interest Accrual Period with respect to which interest is to be calculated by reference to the “LIBOR Rate”, (a) the LIBOR Index Rate for a one-month period, if such rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of such one-month period by three (3) or more major banks in the interbank eurodollar market selected by the Administrative Agent for delivery on the first day of and for a period equal to such one-month period and in an amount equal or comparable to the principal amount of the portion of the Note Balance on which the LIBOR Rate is being calculated. 
“LIBOR01 Page” means the display designated as “LIBOR01 Page” on the Reuters Service (or such other page as may replace the LIBOR01 Page on that service or such other service as may be nominated by the ICE Benchmark Administration as an information vendor for the purpose of displaying ICE Benchmark Administration interest settlement rates for U.S. Dollar deposits). 
“Liquidity Requirement” means the requirement that an entity have funds available to fund servicer advances, as of the close of business on the last Business Day of each calendar month, beginning July, 2013, in an amount at least equal to the lesser of (1) $100,000,000 and (2) the greater of (a) the sum of (i) 0.001% of the aggregate unpaid principal balance of all mortgage loans sub-serviced by such entity (i.e., without an obligation to fund servicer advances) plus (ii) 0.01% of the aggregate unpaid principal balance of all mortgage loans serviced by such entity (i.e., with the obligation to fund servicer advances) or as to which such entity holds rights to the servicing plus the obligation to fund servicer advances, plus (iii) 3.25% of the aggregate amount of all servicer advances made by such entity that remain unreimbursed, and (b) $25,000,000; provided, that at least the greater of (1) $15,000,000 and (2) 50% of such funds available, must consist of unrestricted cash on deposit in accounts held in the sole name of, and solely controlled by, such entity, free and clear of all Adverse Claims (including liens), and the remainder as undrawn and available borrowing capacity under committed servicer advance facilities and committed unsecured revolving loans made to such entity as borrower, as determined on such date of measurement, which undrawn and available borrowing capacity need not be presently collateralized.
“Loan-Level Servicing Fee Advance Receivable” means a Servicing Fee Advance Receivable relating to a Servicing Fee Advance Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule the provisions of which do not contain a General Collections Backstop.
“London Banking Day” means any day on which commercial banks and foreign exchange markets settle payment in both London and New York City.
“Low Threshold Servicing Agreement” means a Designated Servicing Agreement, which is not a Small Balance Threshold Servicing Agreement, (i) for which the underlying Mortgage Loans have an unpaid principal balance of at least $1,000,000 and less than $10,000,000, or (ii) that contains at least fifteen (15) and fewer than fifty (50) Mortgage Loans, as of the end of the most recently concluded calendar month, to the extent that such Receivable Balances, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Low Threshold 

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Servicing Agreements, cause the total Receivable Balances attributable to Low Threshold Servicing Agreements to exceed 10.00% of the total Receivable Balances of all Receivables included in the Facility.
“Margin” has the meaning assigned to such term in the Pricing Side Letter. 
“Market Value Ratio” means, as of any date of determination with respect to a Designated Servicing Agreement, the ratio (expressed as a percentage) of (i) the lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such date and (B) the aggregate of all Facility Eligible Receivables under such Designated Servicing Agreement on such date over (ii) the aggregate Net Property Value of the Mortgaged Properties and REO Properties for the Mortgage Loans that are serviced under such Designated Servicing Agreement on such date.
“Maximum VFN Principal Balance” has the meaning assigned to such term in the Pricing Side Letter.
“Middle Threshold Servicing Agreement” means a Designated Servicing Agreement, which is not a Low Threshold Servicing Agreement or a Small Balance Threshold Servicing Agreement, (i) for which the underlying Mortgage Loans have an unpaid principal balance greater than or equal to $10,000,000 but less than $25,000,000, or (ii) that contains at least fifty (50) but less than one hundred and twenty five (125) Mortgage Loans, as of the end of the most recently concluded calendar month, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Middle Threshold Servicing Agreements, cause the total Receivable Balances attributable to Middle Threshold Servicing Agreements to exceed 15.00% of the aggregate of the Receivable Balances of all Receivables included in the Facility.
 “Monthly Reimbursement Rate” means, as of any date of determination, the arithmetic average of the fractions (expressed as percentages), determined for each of the three (3) most recently concluded calendar months, obtained by dividing (i) the aggregate Advance Reimbursement Amounts collected by the Servicer and deposited into the Trust Accounts during such month by (ii) the aggregate Receivable Balances funded by the Servicer using its own funds or facility funds as of the close of business on the last day of the Monthly Advance Collection Period.
“Moody’s” means Moody’s Investors Service, Inc.
“MSRs” means mortgage servicing rights and/or rights to mortgage servicing rights.
“Net Proceeds Coverage Percentage” means, for any Payment Date, the percentage equivalent of a fraction, (i) the numerator of which equals the amount of Collections on Receivables deposited into the Collection and Funding Account during the related Monthly Advance Collection Period, and (ii) the denominator of which equals the aggregate average outstanding Note Balances of all Outstanding Notes during such Monthly Advance Collection Period.
“Net Property Value” means, with respect to any Mortgaged Property, (A) with respect to a Current Mortgage Loan, the market value of such Mortgaged Property as established by OLS’s 

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independent property valuation methodology (as established by the lesser of any appraisal, broker's price opinion or OLS’s automated valuation model with respect to such Mortgaged Property) or (B) with respect to a delinquent Mortgage Loan, the product of (a) the market value of such Mortgaged Property as established by OLS’s independent property valuation methodology (as established by the lesser of any appraisal, broker's price opinion or OLS’s automated valuation model with respect to such Mortgaged Property), multiplied by (b) OLS’s established market and property discount value rate, minus (c) OLS’s brokerage fee and closing costs with respect to such Mortgaged Property, plus (d) any projected mortgage insurance claim proceeds; provided, however, that with respect to any Loan-Level Receivable, the related Net Property Value for (i) any Mortgaged Property related to a delinquent Mortgage Loan that is more than 120 days delinquent or in foreclosure, or (ii) any REO Property (except for any Mortgage Loans in bankruptcy and performing under the approved bankruptcy plan) must be supported by a current BPO from a BPO provider identified on Schedule 1 attached hereto, as such list may be amended from time to time with the prior written approval of the Administrative Agent; provided, further, however, that for the first ninety (90) days following the Closing Date, the BPO may be measured against the most recent property valuation obtained by OLS or the previous servicer unless an updated valuation has been obtained.  
“No Payment at Termination Servicing Fee Advance Receivable” means a Servicing Fee Advance Receivable relating to Servicing Fee Advance Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule the provisions of which do not require that all unpaid and accrued servicing fees owed to the Servicer be repaid on or prior to the date of any involuntary transfer of servicing or any servicer termination.
“Note Interest Rate” has the meaning assigned to such term in the Pricing Side Letter.
“Note Rating Agency” means, for the Series 2013-VF1 Notes, S&P.
“One-Month LIBOR” shall have the meaning assigned such term in Section 7 of this Indenture Supplement.
“Pricing Side Letter” means that certain Pricing Side Letter, dated as of the date hereof, by and among the Issuer, HLSS, OLS, the Administrative Agent and the Indenture Trustee.
“Prime Rate” means the rate announced by the Administrative Agent from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes.  The Prime Rate is not intended to be the lowest rate of interest charged by  the Administrative Agent in connection with extensions of credit to debtors.
“Program Support Agreement” means any agreement entered into by any Program Support Provider providing for the issuance of one or more letters of credit for the account of such Conduit Holder, the issuance of one or more surety bonds for which a Conduit Holder is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Conduit Holder to any Program Support Provider of the aggregate outstanding Note Balance (or portions thereof or participations therein) and/or the making of loans and/or other extensions of credit to 

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such Conduit Holder in connection with such Conduit Holder’s commercial paper program, together with any letter of credit, surety bond or other instrument issued thereunder.
“Program Support Provider” means any Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, a Conduit Holder or issuing a letter of credit, surety bond or other instrument to support any obligations arising under or in connection with such Conduit Holder’s commercial paper program.
“PSA Stressed Non-Recoverable Advance Amount” means as of any date of determination, the sum of:
(i)    for all Mortgage Loans that are current as of such date, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(ii)    for all Mortgage Loans that are delinquent as of such date, but not related to property in foreclosure or REO Property, the greater of (A) zero and (B) the excess of (i) Total Advances related to such Mortgage Loans on such date over (ii) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(iii)    for all Mortgage Loans that are related to properties in foreclosure, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(iv)    for all Mortgage Loans that are related to REO Property, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related REO Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero.
“Redemption Percentage” means, for the Series 2013-VF1 Notes, 10%.
“Reference Banks” has the meaning assigned to such term in Section 7 of this Indenture Supplement.
“Regulatory Change” means (a) the adoption of any law, rule or regulation after the date hereof, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date hereof or (c) compliance by any Noteholder (or, for purposes of Section 8(3), by any lending office of such Noteholder or by such Noteholder’s holding 

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company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Indenture Supplement.
“Reserve Interest Rate” has the meaning assigned to such term in Section 7 of this Indenture Supplement.
“Restricted Servicing Fee Advance Receivable” means any Loan-Level Servicing Fee Advance Receivable or No Payment at Termination Servicing Fee Advance Receivable.
“Senior Rate” has the meaning given to such term in the Pricing Side Letter.  
“Series 2013-VF1 Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of February 14, 2014, by and among the Issuer, the Administrative Agent, as Note Purchaser, HLSS, OLS and the Depositor, as may be amended, restated, supplemented or otherwise modified from time to time.
“Small Balance Threshold Servicing Agreement” means a Designated Servicing Agreement (i) for which the underlying Mortgage Loans have an unpaid principal balance of less than $1,000,000 or (ii) that contains at least one (1) but fewer than fifteen (15) Mortgage Loans, as of the end of the most recently concluded calendar month, to the extent that such Receivables Balance, when added to the aggregate Receivables Balance of all Receivables outstanding with respect to Small Balance Threshold Servicing Agreements, cause the total Receivables Balance attributable to Small Balance Threshold Servicing agreements to exceed 5.00% of the total Receivables Balances of all Receivables included in the Facility. 
“Stressed Time Percentage” has the meaning given to such term in the Pricing Side Letter.  
“Stated Maturity Date” means, for each Class of the Series 2013-VF1 Notes, thirty (30) years following the end of the related Revolving Period.
“Target Amortization Amounts” means, for each Class of the Series 2013-VF1 Notes, 100% of the Note Balance of such Class at the close of business on the last day of its Revolving Period, payable on the First Payment Date after the beginning of the Target Amortization Period.
“Target Amortization Event” for each Class of the Series 2013-VF1 Notes, means the earlier of (a) the related Expected Repayment Date and (b) the occurrence of any of the following conditions or events, which is not waived by 100% of the Noteholders of the Series 2013-VF1 Notes:  
(i)    on any Payment Date, the arithmetic average of the Net Proceeds Coverage Percentage determined for such Payment Date and the two preceding Payment Dates is less than five times the percentage equivalent of a fraction (A) the numerator of which equals the sum of the accrued Interest Payment Amounts for each Class of all Outstanding Notes on such date and (B) the denominator of which equals the aggregate average Note Balances of each Class of Outstanding Notes during the related Monthly Advance Collection Period;
(ii)    the occurrence of one or more Servicer Termination Events or Subservicer Termination Events under Designated Servicing Agreements representing 15% or more (by 

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Mortgage Loan balance as of the date of termination) of all the Designated Servicing Agreements then included in the Facility, but not including any Servicer Termination Events or Subservicer Termination Events that are solely due to the breach of one or more Collateral Performance Tests or a Servicer Ratings Downgrade or the transfer of servicing or subservicing of any such Designated Servicing Agreement without the prior written consent of the Administrative Agent;
(iii)    the Monthly Reimbursement Rate is less than 8.00%;
(iv)    the rating assigned to any Class of Notes is reduced below the Applicable Rating assigned to such Class of Notes;
(v)    as of the close of business on the last Business Day of any calendar month, beginning in July, 2013, the Servicer or HLSS (or the Subservicer on and after the MSR Transfer Date) shall have failed to satisfy the Liquidity Requirement;
(vi)    as of the close of business on the last Business Day of any calendar month, beginning in July, 2013, the Servicer or HLSS (or the Subservicer on and after the MSR Transfer Date) shall have failed to satisfy the Adjusted Tangible Equity Requirement; 
(vii)    as of any Payment Date, the average net income of Home Loan Servicing Solutions, determined in accordance with GAAP, for any two consecutive fiscal quarters shall be less than $1.00; or
(viii)    OFC shall fail to comply with the financial covenants set forth in Section 6.07 of the Senior Secured Term Loan Facility Agreement; provided, that, in the event that the Senior Secured Term Loan Facility Agreement is terminated, the Administrator shall continue to comply with the financial covenants set forth in Section 6.07 of the Senior Secured Term Loan Facility Agreement prior to such termination, and any failure to comply with such financial covenants will result in a Target Amortization Event hereunder.    
“Transaction Documents” means, in addition to the documents set forth in the definition thereof in the Base Indenture, this Indenture Supplement, the Pricing Side Letter and the Series 2013-VF1 Note Purchase Agreement, each as amended, supplemented, restated or otherwise modified from time to time.
“Trigger Advance Rate” has the meaning assigned to such term in the Pricing Side Letter.
“Undrawn Fee Rate” has the meaning assigned to such term in the Pricing Side Letter.
“Weighted Average Foreclosure Timeline” means, as of any Determination Date occurring during or after the seventh (7th) calendar month following the Closing Date, calculated as of the end of the preceding calendar month, the six-month rolling average of the number of months (calculated consistently with then current Fannie Mae state foreclosure timeline guidance) elapsed from the initiation of foreclosure through the foreclosure sale of each Mortgage Loan serviced under the Designated Servicing Agreements (with each Mortgage Loan weighted equally). 

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Section 3.    Forms of Series 2013-VF1 Notes.
(a)    The form of the Rule 144A Definitive Note and of the Regulation S Definitive Notes that may be used to evidence the Series 2013-VF1 Variable Funding Notes in the circumstances described in Section 5.4(c) of the Base Indenture are attached to the Base Indenture as Exhibits A-2 and A-4, respectively.
(b)    In addition to any provisions set forth in Section 6.5 of the Base Indenture, with respect to the Series 2013-VF1 Notes, the Holder of any Class of such Notes shall only transfer its beneficial interest therein to another potential investor following receipt of the written consent of the related Administrative Agent; provided, however, that this Section 3(b) does not apply to the transfer of a participation interest in a Series 2013-VF1 Note or the transfer of all or a portion of a Series 2013-VF1 Note that does not include a Commitment (as such term is defined in the Series 2013-VF1 Note Purchase Agreement) of the Purchaser (as such term is defined in the Series 2013-VF1 Note Purchase Agreement) under the Series 2013-VF1 Note Purchase Agreement.  The Indenture Trustee (in all of its capacities) shall not be responsible to monitor, and shall not have any liability, for any such transfers of beneficial interests of participation interests. 
Section 4.    Collateral Value Exclusions.
For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 Notes, the Collateral Value shall be zero for any Receivable that:
(i)    is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100%;
(ii)    [reserved];
(iii)    is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25%;
(iv)    is attributable to a Designated Servicing Agreement that is a Small Balance Threshold Servicing Agreement;
(v)    is attributable to a Designated Servicing Agreement that is a Low Threshold Servicing Agreement;
(vi)    is attributable to a Designated Servicing Agreement that is a Middle Threshold Servicing Agreement; 
(vii)    is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Designated Servicing Agreement, would cause the 

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total Receivable Balance attributable to such Designated Servicing Agreement to exceed 15% of the aggregate of the Receivable Balance of all Receivables included in the Trust Estate; 
(viii)    is a Loan-Level Receivable attributable to a Mortgage Loan, to the extent that the Receivable Balance of such Loan-Level Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Mortgage Loan, would cause the ratio of (a) the total Receivable Balance attributable to such Mortgage Loan to (b) the Net Property Value for the Mortgaged Property to exceed 50%; 
(ix)    is a Restricted Servicing Fee Advance Receivable attributable to a Servicing Fee Advance Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding for all other Restricted Servicing Fee Advance Receivables with respect to all Servicing Fee Advance Designated Servicing Agreements, causes the total Receivable Balance for all Restricted Servicing Fee Advance Receivables to exceed 3.25% of the total Receivable Balance of all Facility Eligible Receivables included in the Trust Estate; 
(x)    is a Receivable attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture to the extent that the Receivables Balance of such Receivable, when added to the aggregate Receivables Balance of all Receivables attributable to Servicing Agreements listed on Schedule 11 of the Base Indenture, cause the total Receivables Balance attributable to Receivables attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture to exceed 12.5% of the total Receivables Balances of all Receivables included in the Trust Estate; 
(xi)    is a Receivable attributable to a Servicing Agreement listed on Schedule 1-A of the Base Indenture to the extent that the Receivables Balance of such Receivable, when added to the aggregate Receivables Balance of all Receivables attributable to Servicing Agreements listed on Schedule 1-A of the Base Indenture, cause the total Receivables Balance attributable to Receivables attributable to a Servicing Agreement listed on Schedule 1-A of the Base Indenture to exceed 6.25% of the total Receivables Balances of all Receivables included in the Trust Estate; 
(xii)    is attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Servicing Agreement, would cause the total Receivable Balance attributable to such Servicing Agreement to exceed 5% of the aggregate of the Receivable Balance of all Receivables included in the Trust Estate; and
(xiii)    is attributable to a Servicing Agreement listed on Schedule 1-A, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Servicing Agreement, would cause the total Receivable Balance attributable to such Servicing Agreement to exceed 5% of the aggregate of the Receivable Balance of all Receivables included in the Trust Estate.    

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Section 5.    General Reserve Account.
In accordance with the terms and provisions of this Section 5 and Section 4.6 of the Base Indenture, the Indenture Trustee shall establish and maintain a General Reserve Account with respect to the Class A-VF1 Variable Funding Notes, the Class B-VF1 Variable Funding Notes, the Class C-VF1 Variable Funding Notes and the Class D-VF1 Variable Funding Notes which shall be an Eligible Account, for the benefit of the Class A-VF1 Variable Funding Noteholders, the Class B-VF1 Variable Funding Noteholders, the Class C-VF1 Variable Funding Noteholders and the Class D-VF1 Variable Funding Noteholders.  In addition, the parties hereto agree that the failure to pay any portion of any related Undrawn Fee Amount on any Payment Date shall constitute an Event of Default under Section 8.1(a)(i) of the Base Indenture.
Section 6.    Payments; Note Balance Increases; Early Maturity.
The Paying Agent shall make payments of interest on the Series 2013-VF1 Notes on each Payment Date in accordance with Section 4.5 of the Base Indenture and any payments of interest, Cumulative Interest Shortfall Amounts, or Fees, Increased Costs, Undrawn Fees, Default Supplemental Fees or Cumulative Default Supplemental Fee Shortfall Amounts allocated to the Series 2013-VF1 Notes shall be paid first to the Class A-VF1 Variable Funding Notes, thereafter to the Class B-VF1 Variable Funding Notes, thereafter to the Class C-VF1 Variable Funding Notes, and thereafter to the Class D-VF1 Variable Funding Notes.  The Paying Agent shall make payments of principal on the Series 2013-VF1 Notes on each Interim Payment Date and each Payment Date in accordance with Sections 4.4 and 4.5, respectively, of the Base Indenture (at the option of the Issuer in the case of requests during the Revolving Period for the Series 2013-VF1 Notes).  The Note Balance of each Class of the Series 2013-VF1 Notes may be increased from time to time on certain Funding Dates in accordance with the terms and provisions of Section 4.3 of the Base Indenture, but not in excess of the related Maximum VFN Principal Balance. 
Notwithstanding anything to the contrary contained herein or in the Base Indenture, the Issuer may, upon at least five (5) Business Days’ prior written notice to the Administrative Agent, redeem in whole or in part, and/or terminate and cause retirement of any of the Series 2013-VF1 Notes at any time using proceeds of issuance of new Notes or in connection with the repayment of all Notes. 
The Series 2013-VF1 Notes are also subject to optional redemption in accordance with the terms of Section 13.1 of the Base Indenture. 
Any payments of principal allocated to the Series 2013-VF1 Notes during a Full Amortization Period shall be applied in the following order of priority, first, to the Class A-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero, second, to the Class B-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero, third, to the Class C-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero, and fourth, to the Class D-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero. 
The Administrative Agent confirms and the Holder of 100% of the Outstanding Notes further confirms that the Series 2013-VF1 Notes issued on the Effective Date pursuant to this Indenture 

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Supplement shall be issued in the name of “Barclays Bank PLC, as Administrative Agent,” and the Administrative Agent and the Holder of 100% of the Outstanding Notes hereby direct the Indenture Trustee to issue the Series 2013-VF1 Notes in the name of “Barclays Bank PLC, as Administrative Agent.”
Section 7.    Determination of Note Interest Rate and LIBOR.
(a)    At least one (1) Business Day prior to each Determination Date, the Administrative Agent shall calculate the Note Interest Rate for the related Interest Accrual Period (using the CP Rate determined by the Administrative Agent and using One-Month LIBOR as determined by the Administrative Agent in accordance with Section 7(b) below, as applicable), and the Interest Payment Amount for the Series 2013-VF1 Notes for the upcoming Payment Date, and include a report of such amount in the related Payment Date Report.
(b)    On each LIBOR Determination Date, the Administrative Agent will determine the London Interbank Offered Rate (“LIBOR”) quotations for one-month Eurodollar deposits (“One-Month LIBOR”) for the succeeding Interest Accrual Period for the related Series 2013-VF1 Notes on the basis of the LIBOR Rate.
(c)    The establishment of One-Month LIBOR by the Administrative Agent and the Administrative Agent’s subsequent calculation of the Note Interest Rate on the Series 2013-VF1 Notes for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
Section 8.    Increased Costs. 
If any Regulatory Change or other requirement of any law, rule, regulation or order applicable to a Noteholder of a Series 2013-VF1 Note (a “Requirement of Law”) or any change in the interpretation or application thereof or compliance by such Noteholder with any request or directive (whether or not having the force of law) from any central bank or other governmental authority made subsequent to the date hereof:
(1)    shall subject such Noteholder to any tax of any kind whatsoever with respect to its Series 2013-VF1 Note (excluding income taxes, branch profits taxes, franchise taxes or similar taxes imposed on such Noteholder as a result of any present or former connection between such Noteholder and the United States, other than any such connection arising solely from such Noteholder having executed, delivered or performed its obligations or received a payment under, or enforced, this Indenture Supplement or any U.S. federal withholding taxes imposed under Code sections 1471 through 1474 as of the date of this Indenture Supplement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any regulations or official interpretations thereunder and any agreements entered into under 1471(b) of the Code or any U.S. federal withholding taxes imposed as a result of a failure by such Noteholder to timely furnish the Indenture Trustee on behalf of the Issuer any applicable IRS Form W-9, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)) or change the basis of 

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taxation of payments to such Noteholder in respect thereof; shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of such Noteholder which is not otherwise included in the determination of the Note Interest Rate hereunder; or
(2)    shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or credit extended or participated by, or any other acquisition of funds by, any office of such Noteholder which is not otherwise included in the determination of the Note Interest Rate hereunder; or
(3)    shall have the effect of reducing the rate of return on such Holder’s capital or on the capital of such Noteholder’s holding company, if any, as a consequence of this Indenture Supplement, the Series 2013-VF1 Note Purchase Agreement or the Series 2013-VF1 Notes to a level below that which such Noteholder or such Noteholder’s holding company could have achieved but for such Requirement of Law (other than any Regulatory Change, Requirement of Law, interpretation or application thereof, request or directive with respect to taxes) (taking into consideration such Noteholder’s policies and the policies of such Holder’s holding company with respect to capital adequacy); or
(4)    shall impose on such Noteholder or the London interbank market any other condition, cost or expense (other than with respect to taxes) affecting this Indenture Supplement, the Series 2013-VF1 Note Purchase Agreement or the Series 2013-VF1 Notes or any participation therein; or
(5)    shall impose on such Noteholder any other condition;
and the result of any of the foregoing is to increase the cost to such Noteholder, by an amount which such Noteholder deems to be material, of continuing to hold its Series 2013-VF1 Notes, of maintaining its obligations with respect thereto, or to reduce any amount due or owing hereunder in respect thereof, or to reduce the amount of any sum received or receivable by such Noteholder (whether of principal, interest or any other amount) or (in the case of any change in a Requirement of Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Noteholder or any Person controlling such Noteholder with any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) from any governmental or quasi-governmental authority made subsequent to the date hereof) shall have the effect of reducing the rate of return on such Noteholder’s or such controlling Person’s capital as a consequence of its obligations as a Noteholder of a Variable Funding Note to a level below that which such Noteholder or such controlling Person could have achieved but for such adoption, change or compliance (taking into consideration such Noteholder’s or such controlling Person’s policies with respect to capital adequacy) by an amount deemed by such Noteholder to be material, then, in any such case, such Noteholder shall invoice the Administrator 

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for such additional amount or amounts as calculated by such Noteholder in good faith as will compensate such Noteholder for such increased cost or reduced amount, and such invoiced amount shall be payable to such Noteholder on the Payment Date following the next Determination Date following such invoice, in accordance with Section 4.5(a)(1)(ii) or Section 4.5(a)(2)(ii) of the Base Indenture, as applicable; provided, however, that any amount of Increased Costs in excess of the Increased Costs Limit shall be payable to such Noteholder in accordance with Section 4.5(a)(1)(viii) or Section 4.5(a)(2)(vi) of the Base Indenture, as applicable.
Increased Costs payable under this Section 8 shall be payable on a Payment Date only to the extent invoiced to the Indenture Trustee prior to the related Determination Date.
Section 9.    Series Reports.
(a)    Series Calculation Agent Report.  The Calculation Agent shall deliver a report of the following items together with each Calculation Agent Report pursuant to Section 3.1 of the Base Indenture to the extent received from the Servicer, with respect to the Series 2013-VF1 Notes:
(i)    the unpaid principal balance of the Mortgage Loans subject to any Small Balance Threshold Servicing Agreement, Low Threshold Servicing Agreement or Middle Threshold Servicing Agreement;
(ii)    the Advance Ratio for each Designated Servicing Agreement, and whether the Advance Ratio for such Designated Servicing Agreement exceeds 100%;
(iii)    the Market Value Ratio for each Designated Servicing Agreement, and whether the Market Value Ratio for such Designated Servicing Agreement exceeds 25%;
(iv)    [reserved];
(v)    for each Middle Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;
(vi)    for each Low Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;
(vii) for each Small Balance Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;

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(vii)    the Weighted Average Foreclosure Timeline as of the Determination Date for the most recently ended calendar month;
(viii)    a list of each Target Amortization Event for the Series 2013-VF1 Notes and presenting a yes or no answer beside each indicating whether each such Target Amortization Event has occurred as of the end of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date.
(ix)    whether any Receivable, or any portion of the Receivables, attributable to a Designated Servicing Agreement, has zero Collateral Value by virtue of the definition of “Collateral Value” or Section 4 of this Indenture Supplement;
(x)    a calculation of the Net Proceeds Coverage Percentage in respect of each of the three preceding Monthly Advance Collection Periods (or each that has occurred since the date of this Indenture Supplement, if less than three), and the arithmetic average of the three;
(xi)    the Monthly Reimbursement Rate for the upcoming Payment Date or Interim Payment Date;
(xii)    whether any Target Amortization Amount that has become due and payable has been paid;
(xiii)    the PSA Stressed Non-Recoverable Advance Amount for the upcoming Payment Date or Interim Payment Date; 
(xiv)    the Trigger Advance Rate for each Class; 
(xv)    for each Servicing Agreement listed on Schedule 11 of the Base Indenture, as of the end of the most recently concluded calendar month, the aggregate of the Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate; 
(xvi)    for each Servicing Agreement listed on Schedule 1-A of the Base Indenture, as of the end of the most recently concluded calendar month, the aggregate of the Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate; 
(xvii)    as of the end of the most recently concluded calendar month, the aggregate of the Receivable Balances of all Receivables attributable to a Servicing Agreement listed on Schedule 1-A of the Base Indenture as a percentage of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate; and 

24

(xviii)    as of the end of the most recently concluded calendar month, the aggregate of the Receivable Balances of all Receivables attributable to a Servicing Agreement listed on Schedule 11 of the Base Indenture as a percentage of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate. 
(b)    Series Payment Date Report.  In conjunction with each Payment Date Report, the Indenture Trustee shall also report the Stressed Time Percentage.
(c)    Limitation on Indenture Trustee Duties.  The Indenture Trustee shall have no independent duty to verify:  (i) the Adjusted Tangible Equity, the occurrence of any of the events described in clause (ii), (v), (vi) and (vii) of the definition of “Target Amortization Event,” or (ii) compliance with clause (vi) of the definition of “Facility Eligible Servicing Agreement.”
Section 10.    Conditions Precedent Satisfied.
The Issuer hereby represents and warrants to the Noteholders of the Series 2013-VF1 Notes and the Indenture Trustee that, as of the related Issuance Date, each of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(a) thereof, have been satisfied.
Section 11.    Representations and Warranties.
The Issuer, the Administrator, the Servicer and the Indenture Trustee hereby restate as of the related Issuance Date, or as of such other date as is specifically referenced in the body of such representation and warranty, all of the representations and warranties set forth in Sections 9.1, 10.1 and 11.14, respectively, of the Base Indenture.
Section 12.    Amendments.
(a)    Notwithstanding any provisions to the contrary in Article XII of the Base Indenture, and in addition to and otherwise subject to the provisions set forth in Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Noteholders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer) and the Administrative Agent, and with prior notice to the applicable Note Rating Agency, at any time and from time to time, upon delivery of an Issuer Tax Opinion (unless such Issuer Tax Opinion is waived by the Administrator, Servicer, Subservicer, Administrative Agent and Indenture Trustee) and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect, may amend this Indenture Supplement for any of the following purposes: (i) to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision herein or any other Transaction Document; (ii) to take any action necessary to maintain the rating currently assigned by the applicable Note Rating Agency to such Class of Notes and/or to avoid such Class of Notes being placed on negative watch by such Note Rating Agency; or (iii) to amend any other provision of this Indenture Supplement.

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(b)    Notwithstanding any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture, no supplement, amendment or indenture supplement entered into with the respect to the issuance of a new Series of Notes or pursuant to the terms and provisions of Section 12.2 of the Base Indenture may, without the consent of 66 2/3% of the Series 2013-VF1 Notes, supplement, amend or revise any term or provision of this Indenture Supplement.
Section 13.    Counterparts.
This Indenture Supplement may be executed in any number of counterparts, by manual or facsimile signature, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
Section 14.    Entire Agreement.
This Indenture Supplement, together with the Base Indenture incorporated herein by reference, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.
Section 15.    Limited Recourse.
Other than as expressly provided in this Indenture Supplement, the Series 2013-VF1 Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Series 2013-VF1 Notes, this Indenture Supplement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Noteholders of Series 2013-VF1 Notes, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Series 2013-VF1 Notes or this Indenture Supplement or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Series 2013-VF1 Notes or this Indenture Supplement.  It is understood that the foregoing provisions of this Section 15 shall not (a) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (b) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Series 2013-VF1 Notes or secured by this Indenture Supplement.  It is further understood that the foregoing provisions of this Section 15 shall not limit the right of any Person to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Series 2013-VF1 Notes or this Indenture Supplement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity.
Section 16.    Owner Trustee Limitation of Liability.

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It is expressly understood and agreed by the parties hereto that (a) this Indenture Supplement is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Series 2013-VF1 Indenture Supplement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or the other Transaction Documents.
Section 17.    Consent and Acknowledgment of Amendments. 
     Barclays, as Noteholder of 100% of the Series 2013-VF1 Notes, hereby consents to the amendment and restatement of the Existing Indenture Supplement and confirms that it (i) is the sole Noteholder of all the Outstanding Notes related to this Series with the right to instruct the Indenture Trustee, (ii) is authorized to deliver this Indenture Supplement, such power has not been granted or assigned to any other person and the Indenture Trustee may rely upon such certification, and (iii) acknowledges and agrees that the amendments effected by this Indenture Supplement shall become effective on the Effective Date.

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IN WITNESS WHEREOF, HLSS Servicer Advance Receivables Trust II, as Issuer, HLSS Holdings, LLC, as Administrator on behalf of the Issuer and as Servicer (on and after the MSR Transfer Date), Ocwen Loan Servicing, LLC, as a Subservicer and as Servicer (prior to the MSR Transfer Date), Deutsche Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Barclays Bank PLC, as Administrative Agent, have caused this Indenture Supplement relating to the Series 2013-VF1 Notes to be duly executed by their respective officers thereunto duly authorized and their respective signatures duly attested all as of the day and year first above written.
	
	
	BARCLAYS BANK PLC, 
as Administrative Agent

	

By:    
Name:    
Title:    

[SIGNATURES CONTINUE]

[Signature Page to Second Amended and Restated Indenture Supplement – HSART II Series 2013-VF1 Notes]

	
	
	HLSS HOLDINGS, LLC, 
as Administrator and as Servicer (on and after the MSR Transfer Date)

	

By:    
Name:    
Title:    

	
	
	OCWEN LOAN SERVICING, LLC, 
as Subservicer and as Servicer (prior to the MSR Transfer Date)

	

By:    
Name:    
Title:    

[SIGNATURES CONTINUE]

[Signature Page to Second Amended and Restated Indenture Supplement – HSART II Series 2013-VF1 Notes]

	
	
	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual capacity

	

By:    
Name:    
Title:    

	

By:    
Name:    
Title:    

[SIGNATURES CONTINUE]

[Signature Page to Second Amended and Restated Indenture Supplement  ̶  HSART II Series 2013-VF1 Notes]

	
	
	HLSS SERVICER ADVANCE RECEIVABLES TRUST II, as Issuer
By:  Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

	

By:    
Name:    
Title:    

	

By:    
Name:    
Title:    

[SIGNATURES END]

[Signature Page to Second Amended and Restated Indenture Supplement  ̶  HSART II Series 2013-VF1 Notes]

SCHEDULE 1

BPO PROVIDERS 

[On File with HLSS]

Schedule 1-1EX-10.1

 Exhibit 10.1 

MarketAxess Holdings Inc. 

299 Park Avenue, 10th Floor 

New York, New York, 10171 
 As of
January 15, 2015 
 Mr. Richard M. McVey, Chairman and Chief Executive Officer 

c/o MarketAxess Holdings Inc. 
 299 Park Avenue, 10th Floor 
 New York, New York, 10171 

Re: Terms of Employment 
 Dear Rick: 

The purpose of this letter agreement (this “Letter Agreement”) is to set forth the terms and conditions of your continued
employment with MarketAxess Holdings Inc. (the “Company”) effective as of January 15, 2015 (the “Effective Date”). The Company is pleased to continue your employment in accordance with the terms of this Letter
Agreement which shall supersede and replace the letter agreement between you and the Company dated January 19, 2011 (the “Prior Agreement”). 

1. Title, Term and Duties. On the date hereof, the Company acknowledges that you are employed by the Company as its Chief Executive
Officer and Chairman of the Board of Directors of the Company (the “Board”). Your employment will continue under the terms and conditions of this Letter Agreement for a term commencing on the Effective Date until January 15,
2020 (the “Initial Term”). On the day following the last day of the Initial Term and each anniversary thereof, the term of this Letter Agreement shall be automatically extended for successive one-year periods, provided,
however, that either party hereto may elect not to extend the term of this Letter Agreement by giving written notice to the other party at least ninety (90) days prior to the end of the Initial Term or any such anniversary thereof.
Notwithstanding anything else herein, you and the Company retain the right to terminate your employment hereunder at any time for any reason or no reason in accordance with the terms of this Letter Agreement. The period of time between the Effective
Date and the termination of your employment hereunder shall be referred to herein as the “Term.” 
 During the Term, you
will report to the Board. While you are employed by the Company, you will devote substantially all of your business time and efforts to the performance of your duties hereunder and use your best efforts in such endeavors. 

  

 2. Base Salary, Bonus, Equity and Benefits. 

(a) During the Term, the Company will pay you a base salary at a minimum rate of $500,000 per year, in accordance with the usual payroll
practices of the Company. In addition, during the Term, you will be eligible to receive an annual bonus subject to, and in accordance with, the Company’s annual performance incentive plan as in effect from time to time on terms and conditions
established and evaluated by the Compensation Committee of the Board (the “Compensation Committee”) in its sole discretion. 

(b) In consideration for your entering into this Letter Agreement, on the Effective Date you will receive the following retention equity
awards under the Company’s 2012 Incentive Plan (the “Incentive Plan”): (i) stock options to purchase a number of shares of the Company’s common stock with a grant date value of $2 million based on a binomial pricing
model with an exercise price per share equal to 125% of the Fair Market Value (as defined in the Incentive Plan) of a share of the Company’s common stock on the Effective Date, which stock option award will be granted pursuant to, and will be
subject to the terms and conditions of, the Form of Stock Option Agreement attached hereto as Exhibit A (the “Retention Stock Option”); and (ii) performance shares for a target number of shares of the Company’s
common stock with a grant date value of $6 million, which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Performance Share Agreement attached hereto as Exhibit B. 

(c) During the Term, you will be entitled to participate, to the extent eligible thereunder, in all benefit plans and programs (other than
equity based arrangements and annual incentive compensation), in accordance with the terms thereof in effect from time to time, as are generally made available by the Company to senior management of the Company (including, without limitation, any,
health benefits, life insurance and disability insurance), at a level comparable to other senior management of the Company. In addition, during the Term, the Company will provide you with the office equipment and network connections reasonably
necessary to enable you to work efficiently from your home, as determined by the Company. Further, during the Term, you will be eligible to receive annual equity awards in such form and amounts and on such terms and conditions determined by the
Compensation Committee in its sole discretion. 
 3. Business Expenses. Upon presentation of appropriate documentation, you will be
reimbursed by the Company for reasonable business expenses, in accordance with Company policies applicable to senior management, in connection with the performance of your duties hereunder. 

  
 -2- 

 4. Severance/Termination of Employment/Change in Control. 

(a) In the event your employment with the Company pursuant to this Letter Agreement is terminated outside the Change in Control Protection
Period (as defined in Section 4(c)) other than: (w) due to your death, (x) by you voluntarily, including without limitation as a result of your non-extension of the Term as provided in Section 1 (and in any event other than as a
result of your resignation for Good Reason); (y) by the Company as a result of the Company’s non-extension of the Term as provided in Section 1, or (z) by the Company as a result of (A) your having a Disability (as defined
below), (B) your willful misconduct or gross negligence in the performance of your duties under this Letter Agreement that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company,
(C) your conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or any affiliate or any felony, or (D) a material breach by you of this Letter Agreement or any other material written agreement
entered into between you and the Company that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company ((B) through (D) each a “Cause Event”), subject to your executing
and delivering to the Company within 60 days following the date of such termination a fully effective waiver and general release in substantially the form attached to the Letter Agreement as Exhibit C (the “Release”) (which
form may be amended by the Company with such changes as the Company or its counsel determine are reasonably necessary to support the legality and effectiveness of the Release), which the Company will provide to you within seven (7) days
following the date of termination, the Company will: (i) continue to pay you in accordance with this Section 4(a) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the
usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the average of the annual full-year cash bonuses you received from the Company for the three (3) completed calendar
years prior to termination (the “Average Bonus”), payable in accordance with this Section 4(a) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you any
accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive
plan; and (iv) if you timely elect to continue health coverage under the Company’s plan in accordance with COBRA, pay your, your spouse’s and your dependent’s continuation coverage premiums to the extent, and for so long as you
remain eligible for such continuation coverage under the applicable plan and pursuant to applicable law, but in no event for more than eighteen (18) months from the date of termination; provided, that the payments for continuation
coverage shall be made only to the extent that such payments will not (i) subject the Company or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law.
Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such
delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60th) day after the date of termination,
which first payment will include payment of any amounts that would otherwise be due prior thereto. 

  
 -3- 

 (b) In the event your employment with the Company pursuant to this Letter Agreement is terminated
outside the Change in Control Protection Period: (x) automatically upon your death, (y) by the Company as a result of your having a Disability, or (z) by the Company as a result of the Company’s non-extension of the Term as
provided in Section 1, subject to your (or, in the event of your death, your estate) executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will
provide within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(b) your base salary for a period of twelve
(12) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you (or, in the event of your death, your estate) an amount equal to one
(1) times the Average Bonus, payable in accordance with this Section 4(b) in twelve (12) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the event of your death, your estate)
any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance
incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to twelve (12) months from the date of termination. Notwithstanding anything herein to the
contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a) in the event of a termination by the Company due to your having a
Disability, and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth
(60th) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto. 

(c) In the event your employment with the Company pursuant to this Letter Agreement is terminated by you for Good Reason (as defined below) or
other than: (x) by you voluntarily including without limitation as a result of your non-extension of the Term as provided in Section 1 (and in any event other than as a result of your resignation for Good Reason); or (y) by the
Company as a result of a Cause Event, in any case, on or within eighteen (18) months after a Change in Control (as defined in the Incentive Plan on the date hereof) or within three (3) months prior to a Change in Control that constitutes a
Change in Control Event within the meaning of Section 409A of Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder (collectively “Code
Section 409A”) (the “Change in Control Protection Period”), in lieu of the payments and benefits described in Section 4(a) or 4(b), as applicable, and subject to your executing and delivering to the Company within
60 days following the date of such termination a fully effective copy of the Release, which the Company will provide to you within seven (7) days following the date of termination, 

  
 -4- 

 
the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(c) your base salary for a period of twenty-four
(24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the Average Bonus, payable in accordance
with this Section 4(c) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you any accrued and earned but unpaid annual bonus for the prior calendar year that would have been
paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv)
(provided in the manner described therein) for up to eighteen (18) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall,
to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the
sixtieth (60th) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto. 

(d) You will be under no obligation to seek other employment and there will be no offset against any amounts owing to you under Sections 4(a),
(b) or (c) above, as applicable, on account of any remuneration attributable to any subsequent employment that you may obtain. 

(e) For purposes of this Letter Agreement, “Good Reason” shall mean any of the following events that is not cured by the
Company within thirty (30) days after the Company’s receipt of written notice from you specifying the event claimed to be Good Reason: (i) you no longer holding the title of Chief Executive Officer of the Company, or the failure of
the Board to nominate you as a director or, once elected to the Board, the failure of the Board to elect you as Chairman, (ii) a material diminution in your duties, authorities or responsibilities or the assignment to you of duties or
responsibilities that are materially adversely inconsistent with your then position (other than as a result of you ceasing to be a director); (iii) a material breach of this Letter Agreement by the Company; (iv) a requirement by the
Company that your principal place of work be moved to a location more than fifty (50) miles away from its current location; or (v) the failure of the Company to obtain and deliver to you a reasonably satisfactory written agreement from any
successor to all or substantially all of the Company’s assets to assume and agree to perform this Letter Agreement. You shall be required to provide the Company with written notice of your termination of employment for Good Reason no later than
forty-five (45) days after the occurrence of the event that constitutes Good Reason. 
 (f) For purposes of this Letter Agreement,
“Disability” shall mean your having a permanent and total disability as defined in Section 22(e)(3) of the Code. 

  
 -5- 

 (g) Upon termination of your employment hereunder for any reason, all of your then outstanding
equity awards shall be treated as set forth in the applicable award agreement and the Company will have no obligations under this Letter Agreement other than as provided above and to pay you: (i) any base salary you have earned and accrued but
remains unpaid as of the date of your termination of employment, paid in accordance with the usual payroll practices of the Company; (ii) any unreimbursed business expenses otherwise reimbursable in accordance with the Company’s policies
as in effect from time to time, paid in accordance with such policies and Section 7(d) below; and (iii) benefits paid and or provided in accordance with the terms of the applicable plans and programs of the Company. 

(h) You agree that you will provide the Company with not less than sixty (60) days written notice of your voluntary termination of
employment other than any such termination as a result of your non-extension of the Term as provided in Section 1 or as a result of your resignation for Good Reason; provided that the Company may, in its sole discretion, make the date of your
voluntary termination effective earlier than any such notice date. 
 5. 280G Excise Tax. In the event that you become entitled to
payments and/or benefits provided by this Letter Agreement or any other amounts or benefits in the “nature of compensation” (whether pursuant to the terms of this Letter Agreement or any other plan, arrangement or agreement with the
Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of such change in ownership or effective
control of the Company (collectively the “Company Payments”), and if such Company Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that may
hereafter be imposed by any taxing authority) the amount of any Company Payments will be automatically reduced to an amount one dollar less than an amount that would subject you to the Excise Tax; provided, however, that the reduction will occur
only if the reduced Company Payments received by you (after taking into account all applicable federal, state and local income, social security and other taxes) would be greater than the unreduced Company Payments to be received by you minus
(i) the Excise Tax payable with respect to such Company Payments and (ii) all other applicable federal, state and local income, social security and other taxes on such Company Payments. If such reduction is to be effective, the Company
Payments shall be reduced in the following order: (a) any cash severance based on salary or bonus, (b) any other cash amounts payable to you, (c) any benefits valued as “parachute payments” within the meaning of Code
Section 280G(b)(2); (d) acceleration of vesting of any stock option or similar awards for which the exercise price exceeds the then fair market value, and (e) acceleration of vesting of any equity not covered by clause (d) above.
Notwithstanding the foregoing, prior to any reduction of the Company Payments in accordance with the prior sentence, to the extent permitted by applicable law, and not a violation of Code Sections 280G, 409A or 4999, you shall be entitled to elect
to reduce any or all of the options under the Retention Stock Option for which the vesting would otherwise accelerate in connection with the change in ownership or effective control of the Company. 

  
 -6- 

 6. Restrictive Covenants. You acknowledge and agree that the terms of the Proprietary
Information and Non-Competition Agreement that you previously executed (the “Proprietary Information and Non-Competition Agreement”) shall remain in full force and effect. 

7. Code Section 409A. 

(a) Notwithstanding any provision to the contrary in this Letter Agreement, a termination of your employment will not be deemed to have
occurred for purposes of any provision of this Letter Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (within the
meaning of Code Section 409A) and, for purposes of any such provision of this Letter Agreement, references to a “termination” or “termination of employment” will mean separation from service. If you are deemed on the date of
termination of your employment to be a “specified employee”, within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the
default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes “non-qualified deferred compensation” pursuant to Code Section 409A, such payment or benefit
will not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your separation from service or (ii) the date of your death. On the first day of the seventh month following the date
of your separation from service or, if earlier, on the date of your death, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) will be paid or
reimbursed to you in a lump sum, and any remaining payments and benefits due under this Letter Agreement will be paid or provided in accordance with the normal payment dates specified for them herein in each case without interest. 

(b) If you (or your representative) inform the Company that any provision of this Letter Agreement would cause you to incur any additional tax
or interest under Code Section 409A or any regulations or Treasury guidance promulgated thereunder, the Company will consider in good faith reforming such provision, after consulting with and receiving your approval (which will not be
unreasonably withheld); provided that the Company agrees to maintain, to the maximum extent practicable, the original intent and economic benefit to you of the applicable provision without violating the provisions of Code Section 409A. 

(c) The parties agree that this Letter Agreement shall be interpreted to comply with Code Section 409A and all provisions of this Letter
Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. In no event will the Company be liable for any additional tax, interest or penalties that may be imposed on you
by Code Section 409A or any damages for failing to comply with Code Section 409A or the provisions of this Section 7. 

  
 -7- 

 (d) Any reimbursement of costs and expenses provided for under this Letter Agreement shall be
made no later than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. 

(e) With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any
taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any
arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(f) With regard to any installment payments provided for herein, each installment thereof shall be deemed a separate payment for purposes of
Code Section 409A. 
 (g) Whenever a payment under this Letter Agreement specifies a payment period with reference to a number of days,
the actual date of payment within the specified period shall be within the sole discretion of the Company. 
 (h) To the extent that this
Letter Agreement provides for your indemnification by the Company and/or the payment or advancement of costs and expenses associated with indemnification, any such amounts shall be paid or advanced to you only in a manner and to the extent that such
amounts are exempt from the application of Code Section 409A in accordance with the provisions of Treasury Regulation 1.409A-1(b)(10). 

8. Directors and Officers Liability Insurance. While you are employed by the Company hereunder and while potential liability exists
thereafter, the Company will cover you under the Company’s directors’ and officers’ liability insurance on the same basis as other directors and senior management of the Company, which liability insurance shall at all times provide
coverage in an amount that is reasonable and customary for companies of a similar size in the Company’s industry. 
 9.
Miscellaneous. 
 (a) The Company may withhold from any and all amounts payable to you such federal, state, local and all other taxes
as may be required to be withheld pursuant to any applicable laws or regulations. 

  
 -8- 

 (b) You represent that your execution and performance of this Letter Agreement will not be in
violation of any other agreement to which you are a party. Notwithstanding anything else herein, this Letter Agreement is personal to you and neither the Letter Agreement nor any rights hereunder may be assigned by you. 

(c) This Letter Agreement shall be governed by, and construed under and in accordance with, the internal laws of the State of New York,
without reference to rules relating to conflicts of laws. 
 (d) Effective as of the Effective Date, this Letter Agreement contains the
entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements (including, without limitation, the Prior Agreement), understandings or representations relating to the subject matter
hereof other than any equity award agreements entered into on or prior to the date hereof, the Proprietary Information and Non-Competition Agreement. 

(e) No modifications of this Letter Agreement will be valid unless made in writing and signed by the parties hereto. 

10. Arbitration. Any controversy or claim arising out of or relating to this Letter Agreement or your employment with the Company shall
be settled by arbitration in New York, New York administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules. The arbitration shall be arbitrated by a single arbitrator mutually selected by you
and the Company, with the AAA to appoint the arbitrator in the event that the parties are unable to agree on the selection within thirty days following the initiation of the arbitration. Judgment on the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. The parties acknowledge and agree that in connection with any such arbitration and regardless of outcome (a) each party shall pay all its own costs and expenses, including without limitation its
own legal fees and expenses, and (b) joint expenses shall be borne equally among the parties. 
 11. Recoupment. Notwithstanding
anything to the contrary in this Letter Agreement or any equity or other compensation award agreement between you and the Company, you hereby acknowledge and agree that all compensation paid to you by the Company, whether in the form of cash, the
Company’s common stock or any other form of property, will be subject to any compensation recapture policies established by the Board (or any committee thereof) from time to time, in its sole discretion, in order to comply with law, rules or
other regulatory requirements applicable to the Company or its employees including without limitation any such policy that is intended to comply with (i) The Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules and
regulations promulgated thereunder and (ii) the Remuneration Code published by the UK Financial Services Authority. 
 [Signature page
follows] 

  
 -9- 

 
			
	 Very truly yours,
  

MARKETAXESS HOLDINGS INC.

		
	By:	 	/s/ Antonio L. DeLise
		 	 Name: Antonio L. DeLise
 Title: Chief
Financial Officer

  

	
	Accepted and Agreed:
	
	/s/ Richard M. McVey
	Richard M. McVey

  
 -10- 

 EXHIBIT A 

STOCK OPTION AGREEMENT 

PURSUANT TO THE 

MARKETAXESS HOLDINGS INC. 

2012 INCENTIVE PLAN 
 STOCK
OPTION AGREEMENT (“Agreement”), dated as of January 15, 2015 by and between MarketAxess Holdings Inc. (the “Company”) and Richard M. McVey (the “Executive”). 

Preliminary Statement 

The Board of Directors of the Company (the “Board”) or a committee appointed by the Board (the “Committee”) to administer
the MarketAxess Holdings Inc. 2012 Incentive Plan (the “Plan”), has authorized this grant of an incentive stock option (the “Option”) on January 15, 2015 (the “Grant Date”) to purchase the number of shares of the
Company’s common stock, par value $.003 per share (the “Common Stock”) set forth below to the Executive, as an Eligible Employee of the Company or an Affiliate (collectively, the Company and all Subsidiaries and Parents of the Company
shall be referred to as the “Employer”). Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. A copy of the Plan has been delivered to the Executive. By
signing and returning this Agreement, the Executive acknowledges having received and read a copy of the Plan and agrees to comply with it, this Agreement and all applicable laws and regulations. 

Accordingly, the parties hereto agree as follows: 

1. Tax Matters. The Option granted hereby is intended to qualify as an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” among other events, (i) if the Executive disposes of the Common Stock
acquired pursuant to the Option at any time during the two (2) year period following the date of this Agreement or the one (1) year period following the date on which the Option is exercised; (ii) except in the event of the
Executive’s death or disability, as defined in Section 22(e)(3) of the Code, if the Executive is not employed by the Company, any Subsidiary or any Parent at all times during the period beginning on the date of this Agreement and ending on
the day three (3) months before the date of exercise of the Option; or (iii) to the extent the aggregate fair market value (determined as of the time the Option is granted) of the Common Stock subject to “incentive stock options”
which become exercisable for the first time in any calendar year exceeds $100,000. To the extent that the Option does not qualify as an “incentive stock option,” it shall not affect the validity of the Option and the portion of the Option
that does not qualify as an “incentive stock option” shall constitute a separate non-qualified stock option. 

  
 -11- 

 2. Grant of Option. Subject in all respects to the Plan and the terms and
conditions set forth herein and therein, the Executive is hereby granted an Option to purchase from the Company [•]1 shares of Common Stock, at a price per share of $[•]2 (the “Option Price”). 
 3. Exercise. (a) Except as set forth
in subsections (b) through (e) below, the Option shall vest and become exercisable as follows, provided that the Executive has not incurred a Termination of Employment prior to the vesting date: 

 

			
	 Vesting Date
	  	 Options Vested

	 January 15, 2016
	  	0
	 January 15, 2017
	  	0
	 January 15, 2018
	  	one-third (1/3)
	 January 15, 2019
	  	one-third (1/3)
	 January 15, 2020
	  	one-third (1/3)

 To the extent that the Option has become vested and exercisable with respect to a number of shares of Common
Stock as provided above, the Option may thereafter be exercised by the Executive, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with Section 6.4(d) of the Plan,
including, without limitation, by the filing of any written form of exercise notice as may be required by the Committee and payment in full of the Option Price multiplied by the number of shares of Common Stock underlying the portion of the Option
exercised. Payment of the Option Price may be made by any method provided under Section 6.4(d) of the Plan, including, without limitation, (i) solely to the extent permitted by applicable law, if the Common Stock is traded on a national
securities exchange or quoted on a national quotation system sponsored by the Financial Industry Regulatory Authority, through a procedure whereby the Executive delivers irrevocable instructions to a broker reasonably acceptable to the Committee to
deliver promptly to the Company an amount equal to the Option Price or (ii) the relinquishment of a portion of the Option based on the Fair Market Value of the Common Stock on the payment date. Upon expiration of the Option, the Option shall be
canceled and no longer exercisable. 
  

	1 	Insert a number of options for shares of Common Stock with a Grant Date value of $2 million based on a binomial pricing model. 

	2 	The exercise price will be 125% of the FMV on the Grant Date. 

  
 -12- 

 There shall be no proportionate or partial vesting in the periods prior to each vesting date and
all vesting shall occur only on the appropriate vesting date. The Committee may, in its sole discretion, provide for accelerated vesting of the Option at any time. 

(b) Upon the death or Disability of the Executive, fifty percent (50%) of the then unvested portion the Option shall become fully vested
and exercisable on the date of the Executive’s death or Disability. 
 (c) Upon the Executive’s Termination (i) by the
Company without Cause, or (ii) by the Executive for Good Reason, one hundred percent (100%) of the then unvested portion the Option shall become fully vested and exercisable on the date of such Termination. 

(d) In the event that the Executive engages in Detrimental Activity (as defined in Exhibit A hereto) prior to any exercise of the
Option, the Option shall thereupon terminate and expire. As a condition of the exercise of the Option, the Executive shall certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the
Executive is in compliance with the terms and conditions of the Plan and that the Executive has not engaged in, and does not intend to engage in, any Detrimental Activity. In the event the Executive engages in Detrimental Activity during the one
(1) year period commencing on the date any portion of the Option is exercised or becomes vested, the Company shall be entitled to recover from the Executive at any time within one (1) year after such exercise or vesting, and the Executive
shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time of exercise or thereafter). The foregoing provisions of this Section 3(d) shall cease to apply upon a Change in Control. 

(e) Notwithstanding any other provision to the contrary in this Agreement, any unvested portion of the Option shall, upon the Executive’s
Termination, be non-exercisable and shall be canceled. 
 4. Option Term. The term of each Option shall expire on
July 15, 2020, subject to earlier termination in the event of the Executive’s Termination as specified in Section 5 below. 

5. Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of the
Executive’s Termination, shall remain exercisable as follows: 
 (a) In the event of the Executive’s Termination by reason of
death or Disability, the vested portion of the Option shall remain exercisable until the earlier of (i) two (2) years from the date of such Termination or (ii) the expiration of the stated term of the Option pursuant to Section 4
hereof. 

  
 -13- 

 (b) In the event of the Executive’s involuntary Termination without Cause, or the
Executive’s voluntary Termination for Good Reason, the vested portion of the Option shall remain exercisable until the expiration of the stated term of the Option pursuant to Section 4 hereof. 

(c) In the event of the Executive’s voluntary Termination without Good Reason (other than a voluntary Termination described in
Section 5(d) below), the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination or (ii) the expiration of the stated term of the Option pursuant to
Section 4 hereof. 
 (d) In the event of the Executive’s Termination for Cause or in the event of the Executive’s voluntary
Termination without Good Reason within ninety (90) days after an event that would be grounds for a Termination for Cause, the Executive’s entire Option (whether or not vested) shall terminate and expire upon the date of such Termination.

 6. Restriction on Transfer of Option. No part of the Option shall be Transferred other than by will or by the laws of
descent and distribution and during the lifetime of the Executive, may be exercised only by the Executive or the Executive’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in
any way (except as provided by law or herein), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to Transfer the Option or in the event of any levy upon the Option by reason of any execution,
attachment or similar process contrary to the provisions hereof, such transfer shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions to
its transfer agent. 
 7. Rights as a Stockholder. The Executive shall have no rights as a stockholder with respect to any
shares covered by the Option unless and until the Executive has become the holder of record of the shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except
as otherwise specifically provided for in the Plan. 
 8. Provisions of Plan Control. This Agreement is subject to all the
terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from
time to time. The Plan is incorporated herein by reference. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be
modified accordingly. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any exercise notice or other documents expressly contemplated herein or in the Plan) and supersedes any prior
agreements between the Company and the Executive with respect to the subject matter hereof. 

  
 -14- 

 9. Notices. Any notice or communication given hereunder shall be in writing and
shall be deemed to have been duly given: (i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally
recognized overnight delivery service, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify): 

If to the Company, to: 

MarketAxess Holdings Inc. 
 299
Park Avenue, 10th Floor 
 New York, New York, 10171 

Attention: Compensation Committee 

If to the Executive, to the address on file with the Company. 

10. No Obligation to Continue Employment. This Agreement is not an agreement of employment. This Agreement does not guarantee
that the Employer will employ the Executive for any specific time period, nor does it modify in any respect the Employer’s right to terminate or modify the Executive’s employment or compensation. 

[END OF TEXT. SIGNATURE PAGE FOLLOWS.] 

  
 -15- 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above
written. 
  

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	 
		 	 Name: Antonio L. DeLise
 Title:
  Chief Financial Officer

  

	
	EXECUTIVE:
	   

	Richard M. McVey

  
 -16- 

 EXHIBIT A 

DEFINITION OF DETRIMENTAL ACTIVITY 

For purposes of this Agreement, “Detrimental Activity” shall mean: (a) the disclosure to anyone outside the Company or
its affiliates, or the use in any manner other than in the furtherance of the Company’s or its affiliate’s business, without written authorization from the Company, of any confidential information or proprietary information, relating to
the business of the Company or its affiliates that is acquired by an Executive prior to the Executive’s Termination; (b) activity while employed or performing services that results, or if known could result, in the Executive’s
Termination that is classified by the Company as a Termination for Cause; (c) engaging in Solicitation (as defined below) without, in all cases, written authorization from the Company; (d) the making of disparaging comments or statements
by the Executive, or the inducement of others by the Executive to make any disparaging comments or statements, to the press, the Company’s or its affiliates’ employees, consultants or any individual or entity with whom the Company or its
affiliates has a business relationship which could reasonably be expected to adversely affect in any manner: (i) the conduct of the business of the Company or its affiliates (including, without limitation, any products or business plans or
prospects); or (ii) the business reputation of the Company or its affiliates, or any of their products, or their past or present officers, directors or employees; (e) without written authorization from the Company, engaging in Competition
(as defined below). For purposes of sub-sections (a), (c), and (e) above, the Board shall have authority to provide the Executive with written authorization to engage in the activities contemplated thereby and no other person shall have
authority to provide the Executive with such authorization. 
 “Competition” means the Executive’s participation,
directly or indirectly, as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, consultant or in any capacity whatsoever (within the United States or in any foreign country where the Company
or its affiliates does business) in a business (whether a division, unit, subsidiary or affiliate), other than the Company and its affiliates: (i) that is engaged in the design, development, operation or promotion of a multi-dealer electronic
platform or electronic commerce network (ECN) for fixed income securities (or other fixed income instruments) information research, distribution, trading and/or other transactions; (ii) whose principal business is electronic distribution,
research and/or trading of fixed income securities (or other fixed income instruments); or (iii) that is not included in subsections (i) or (ii) and as to which the Company or its affiliates have taken demonstrable steps at the time
of termination of the Executive’s employment. Competition does not include: (i) the Executive’s ownership of not more than 1% of the total outstanding stock of a publicly held company; or (ii) the Executive’s performance of
services for any enterprise to the 

  
 -17- 

 
extent such services are not performed, directly or indirectly, for a business in the aforesaid Competition (including, without limitation, his performance of services for any entity which has a
division or business unit engaging in competition with the Company’s or its affiliates’ business, if such performance does not in any capacity, directly or indirectly, involve work with or assistance to such division or business unit). The
meaning of “as to which the Company has taken demonstrable steps” shall be determined by the Board in good faith based on written memoranda or similar writings or communications and such determination shall be conclusive and binding for
all purposes hereunder. 
 “Solicitation” means (i) recruiting, soliciting or inducing any nonclerical employee or
consultant of the Company or its affiliates to terminate his or her employment with, or otherwise cease or reduce his or her relationship with, the Company or such affiliate; (ii) hiring or assisting another person or entity to hire any
nonclerical employee or consultant of the Company or its affiliates or any person who, to the Executive’s knowledge, within six months before was such a person; or (iii) soliciting or inducing any person or entity to terminate, or
otherwise to cease, reduce, or diminish in any way its relationship with or prospective relationship with the Company or its affiliates. You may however, if requested by any entity with which you are not affiliated, serve as a reference for any
person who at the time of the request is not an employee of, or consultant to, the Company or its affiliates. 

  
 -18- 

 EXHIBIT B 

PERFORMANCE SHARE AWARD AGREEMENT 

PURSUANT TO THE 

MARKETAXESS HOLDINGS INC. 

2012 INCENTIVE PLAN 

THIS PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made effective as of January 15, 2015, by and between
MarketAxess Holdings Inc. (the “Company”) and Richard M. McVey (the “Participant”). 
 WHEREAS, the
Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the MarketAxess Holdings Inc. 2012 Incentive Plan (the “Plan”); 

WHEREAS, the Company, through the Committee under the Plan, wishes to grant to the Participant a Performance Share Award under the Plan
that, upon the achievement of the performance metric set forth on Appendix A attached hereto and subject to the Participant’s continuing service with the Company or an Affiliate, may provide for the issuance of shares of the
Company’s common stock, par value $.003 per share (“Common Stock”) in accordance with the terms of this Agreement; 

WHEREAS, the performance metric set forth on Appendix A attached hereto is intended to constitute a “performance goal”
as set forth under the Plan; and 
 WHEREAS, such shares of Common Stock, when issued to the Participant, shall be subject to the
terms of this Agreement (including without limitation, the restrictions set forth in Sections 4 and 5 herein). 
 NOW, THEREFORE, the
Company and the Participant agree as follows: 
 1. Grant of Performance Share Award. Subject to the restrictions, terms and
conditions of the Plan and this Agreement, the Company hereby awards and grants to the Participant                    Performance Shares entitling the
Participant to receive, for each Performance Share earned in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Appendix A attached hereto (the “Performance Share Award”).

 2. Payment. Within sixty (60) days following the date of the achievement (the “Achievement Date”) of
the performance metric set forth on Appendix A attached hereto at the Minimum, Target, Intermediate or Maximum level set forth on Appendix A during the performance period beginning on January 15, 2015 and ending on
January 15, 2020 (the “Performance Period”), the Committee shall certify that such level of achievement of the performance metric has been achieved (the date of any such certification, a “Settlement Date”).
Subject to the Participant’s not incurring a Termination of Employment prior to a Settlement Date (except as otherwise specifically set forth in this Agreement), on such Settlement Date the Company shall award to the Participant the number of
Awarded Shares (as defined in Appendix A) reflecting the level of attainment of the performance metric on the applicable Achievement Date as set forth 

  
 -19- 

 
on Appendix A attached hereto. Pursuant to Sections 4 and 5 hereof, any Awarded Shares granted hereunder shall be subject to certain restrictions, which restrictions relate to the passage
of time as an employee of, or consultant to, the Company or its Affiliates, as described in Section 4.1 hereof. While such restrictions are in effect, the Awarded Shares granted subject to such restrictions shall be referred to herein as
“Restricted Stock.” The Performance Shares and, if any, the number of Awarded Shares and the number of shares of Restricted Stock are subject to adjustment under Section 4.2(b) of the Plan. The provisions in Section 9.1 of
the Plan regarding Detrimental Activity shall apply to the Performance Share Award and for such purpose the applicable Settlement Date shall be considered a vesting date with respect to the Awarded Shares awarded to the Participant on such
Settlement Date. 
 3. Termination of Employment/ Change in Control Prior to Settlement Date. 

3.1. Termination of Employment. 
  

	 	(a)	In the event of the Participant’s Termination of Employment by reason of death or Disability that in either case occurs within twelve (12) months prior to an Achievement Date, then on the applicable Settlement
Date the Participant (or the Participant’s estate in the event of the Participant’s death) shall receive the Awarded Shares that the Participant would have received if the Participant had been employed by the Company on such Settlement
Date, based on the level of achievement of the performance metric on the applicable Achievement Date, and all Restricted Stock corresponding to such Awarded Shares shall become immediately vested. 

 

	 	(b)	In the event of the Participant’s Termination of Employment by the Company without Cause or by the Participant for Good Reason that in either case occurs within twelve (12) months prior to an Achievement Date,
then on the applicable Settlement Date the Participant shall receive the Awarded Shares that the Participant would have received if the Participant had been employed by the Company on such Settlement Date, based on the level of achievement of the
performance metric on the applicable Achievement Date, 50% of the total number of shares of Restricted Stock corresponding to such Awarded Shares shall vest immediately and any remaining unvested shares of Restricted Stock corresponding to such
Awarded Shares shall be forfeited. 

 3.2. Change in Control. In the event of a Change in Control during the
Performance Period, if the highest price per share of Common Stock paid in the transaction related to such Change in Control equals a price per share of Common Stock under a Performance Level, as defined in and set forth on Appendix A, that
was not achieved prior to such Change in Control, then on the Change in Control the Participant shall receive the Awarded Shares payable with respect to such Performance Level and all Restricted Stock corresponding to such Awarded Shares shall
become immediately vested. In addition, the Committee, in its sole discretion, may treat any then unearned Performance Shares under this Performance Share Award in accordance with any one or more of the following methods as determined by the
Committee: 

  
 -20- 

	 	(a)	The Committee may determine that one or more of the levels of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the Change in Control would likely have been achieved
during the Performance Period and treat all or a portion of the Performance Share Award in accordance with any one of the following methods, as determined by the Committee: 

 

	 	(i)	The Committee may determine that a level of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the Change in Control is deemed achieved on the date of the Change in
Control, the Participant shall be granted the applicable number of Awarded Shares set forth on Appendix A, subject to the conditions of Section 4; provided, that all unvested shares of Restricted Stock corresponding to such Awarded
Shares shall become immediately vested if (x) such Change in Control occurs within three months following a Termination of Employment by the Participant for Good Reason or (y) the Participant incurs a Termination of Employment by the
Company without Cause within 24 months following such Change in Control; 

  

	 	(ii)	Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will not be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of
the Plan and the Participant will be granted the applicable number of Awarded Shares set forth on Appendix A with respect to the levels of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the
Change in Control that the Committee has determined would likely have been achieved during the Performance Period, and all shares of Restricted Stock corresponding to such Awarded Shares shall vest upon the Change in Control; or 

 

	 	(iii)	Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the
Plan. 

  

	 	(b)	The Committee may determine that one or more of the levels of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the Change in Control would likely not have been achieved
during the Performance Period and treat all or a portion of the Performance Share Award in accordance with any one of the following methods as determined by the Committee: 

 

	 	(i)	Immediately prior to the Change in Control, the Committee may determine the applicable number of Awarded Shares set forth on Appendix A with respect to a level of achievement of the performance metric set forth
on Appendix A not achieved upon or prior to the Change in Control that the Committee has determined would likely not have been achieved during the Performance Period will be canceled in their entirety; or 

  
 -21- 

	 	(ii)	Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the
Plan. 

  

	 	(c)	The Committee may elect not to make a determination of the likely achievement of the levels of achievement of the performance metrics set forth on Appendix A and treat the Performance Share Award in accordance
with Section 12.1 of the Plan. 

  

	 	(d)	Notwithstanding any other provision herein, the Committee may otherwise determine the treatment of the Performance Share Award, which shall not be inconsistent with any of the terms of the Plan. 

4. Restricted Stock. 

4.1. Vesting. Any Restricted Stock issued hereunder shall become vested and cease to be Restricted Stock (but shall remain
subject to the other terms of this Agreement and the Plan) as follows if the Participant has been continuously employed by or otherwise provides services to the Company or an Affiliate from the applicable Settlement Date until the applicable vesting
date: 
  

	 	(a)	If only the Minimum level of performance set forth on Appendix A is achieved during the Performance Period, then the Restricted Stock shall vest as follows: 

 

					
	 Vesting Date
	  	Percentage Vested	 
	 January 15, 2016
	  	 	0	% 
	 January 15, 2017
	  	 	0	% 
	 January 15, 2018
	  	 	0	% 
	 January 15, 2019
	  	 	0	% 
	 January 15, 2020
	  	 	100	% 

  

	 	(b)	If at any time during the Performance Period the performance metric set forth on Appendix A is achieved at any level higher than the Minimum level, then the Restricted Stock shall vest as follows:

  

					
	 Vesting Date
	  	Percentage Vested	 
	 January 15, 2016
	  	 	0	% 
	 January 15, 2017
	  	 	0	% 
	 January 15, 2018
	  	 	0	% 
	 January 15, 2019
	  	 	50	% 
	 January 15, 2020
	  	 	50	% 

  
 -22- 

 For the avoidance of doubt (i) notwithstanding Section 4.1(a), any shares of Restricted
Stock issued as a result of the achievement of the Minimum level prior to the achievement of a performance level higher than the Minimum level shall become vested as to the applicable aggregate Percentage Vested set forth in this Section 4.1(b)
upon the Achievement Date of such higher performance level and thereafter shall become vested in accordance with this Section 4.1(b); and (ii) any shares of Restricted Stock issued on or following January 31, 2018 as a result of
achievement of a performance level higher than the Minimum level shall be vested on the applicable Settlement Date as to the applicable aggregate Percentage Vested set forth in this Section 4.1(b) on such Settlement Date and thereafter shall
become vested in accordance with this Section 4.1(b). 
 Except as otherwise provided herein, there shall be no proportionate or partial vesting in the
periods prior to the applicable vesting dates and all vesting shall occur only on the appropriate vesting date. When any shares of Restricted Stock become vested, the Company shall promptly deliver to the Participant any related RS Property (as
defined below), subject to applicable withholding. 
 4.2. Detrimental Activity. The provisions in Section 8.1 of the
Plan regarding Detrimental Activity shall apply to the Restricted Stock. 
 4.3. Termination of Employment/ Change in Control.
 
  

	 	(a)	Termination of Employment. 

  

	 	(i)	In the event of the Participant’s Termination of Employment by reason of death or Disability, in either case on or after a Settlement Date, then all then issued and unvested Restricted Stock shall become
immediately vested. 

  

	 	(ii)	In the event of the Participant’s Termination of Employment by the Company without Cause or by the Participant for Good Reason, each on or after a Settlement Date, 50% of the total number of then issued and
unvested shares of Restricted Stock granted pursuant to this Agreement shall become immediately vest. Any remaining unvested shares of Restricted Stock that could vest pursuant to Section 4.3(b)(i)(x) below shall remain outstanding for a period
of three (3) months following the date of such termination; provided that such shares of Restricted Stock shall only vest in accordance with Section 4.3(b)(i)(x) below. 

 

	 	(b)	Change in Control. 

  

	 	(i)	If on or after a Settlement Date there is a Change in Control and (x) such Change in Control occurs within three months following a Termination of Employment by the Participant for Good Reason or (y) the
Participant incurs a Termination of Employment by the Company without Cause within 24 months following such Change in Control, all then issued and unvested Restricted Stock shall become immediately vested. 

  
 -23- 

	 	(ii)	If there is a Change in Control after a Settlement Date and immediately prior to the Change in Control it is determined that the Award will not be continued, assumed or have new rights substituted therefor in accordance
with Section 12.1(a) of the Plan, then immediately prior to the Change in Control, all then issued and unvested Restricted Stock shall become immediately vested. 

4.4. Rights as a Holder of Restricted Stock. From and after any Settlement Date, the Participant shall have, with respect to the
shares of Restricted Stock issued on such Settlement Date, all of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote such shares of Common Stock, to receive and retain all regular cash dividends
payable to holders of Common Stock of record on and after such Settlement Date (although such dividends will be treated, to the extent required by applicable law, as additional compensation for tax purposes), and to exercise all other rights, powers
and privileges of a holder of Common Stock with respect to the Restricted Stock, with the exceptions that (i) the Participant shall not be entitled to delivery of the stock certificate or certificates representing the Restricted Stock until
such shares are no longer Restricted Stock; (ii) the Company (or its designated agent) will retain custody of the stock certificate or certificates representing the Restricted Stock and any other property (“RS Property”) issued
in respect of the Restricted Stock, including stock dividends at all times such shares are Restricted Stock; (iii) no RS Property will bear interest or be segregated in separate accounts; and (iv) the Participant shall not, directly or
indirectly, Transfer the Restricted Stock in any manner whatsoever. Prior to a Settlement Date, the Participant shall have no rights as a stockholder with respect to the applicable shares of Common Stock covered by any Restricted Stock to be granted
for the applicable Achievement Date unless and until the Participant has become the holder of record of such Common Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such
shares, except as otherwise specifically provided for in the Plan (including, without limitation, Section 4.2(b) of the Plan). 
 4.5.
Taxes; Section 83(b) Election. The Participant acknowledges, subject to the last sentence of this Section 4.5, that (i) no later than the date on which any Restricted Stock shall have become vested, the Participant shall
pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any Federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so vested, including
by electing to reduce the number of shares of Common Stock otherwise deliverable to the Participant or by delivering shares of Common Stock already owned; (ii) the Company shall, to the extent permitted by law, have the right to deduct from any
payment of any kind otherwise due to the Participant any Federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so vested, including that the Company may, but shall not
be required to, sell a number of shares of Common Stock sufficient to cover applicable withholding taxes; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, the Company may to the extent permitted by
law, but shall not be required to, pay such required withholding and treat such amount as a demand loan to the Participant at the maximum rate permitted by 

  
 -24- 

 
law, with such loan, at the Company’s sole discretion and provided the Company so notifies the Participant within thirty (30) days of the making of the loan, secured by the Common Stock
and any failure by the Participant to pay the loan upon demand shall entitle the Company to all of the rights at law of a creditor secured by the Common Stock. The Company may hold as security any certificates representing any Common Stock and, upon
demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing the Common Stock together with a stock power duly endorsed in blank. The Participant also acknowledges that it is his or her
sole responsibility, and not the Company’s, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state tax laws, if the Participant wishes to utilize such election. 

4.6. Legend. In the event that a certificate evidencing Restricted Stock is issued, the certificate representing the Common
Stock shall have endorsed thereon the following legends: 
  

	 	(a)	“THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE
MARKETAXESS HOLDINGS INC. (THE “COMPANY”) 2012 INCENTIVE PLAN (THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE COMPANY DATED AS OF JANUARY 15, 2015. COPIES OF THE PLAN AND SUCH AGREEMENT ARE ON FILE
AT THE PRINCIPAL OFFICE OF THE COMPANY.” 

  

	 	(b)	Any legend required to be placed thereon by applicable blue sky laws of any state. Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Stock prior
to vesting as set forth in Section 4.1 hereof. 

 5. Restrictions on Transfer. The Participant shall not
sell, negotiate, transfer, pledge, hypothecate, assign, encumber or otherwise dispose of the Performance Share Award or, if any, the shares of Restricted Stock or grant any proxy with respect thereto, except as specifically permitted by the Plan and
this Agreement. Any attempted Transfer in violation of this Agreement and the Plan shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions
to its transfer agent. Notwithstanding the foregoing, nothing herein or in the Plan shall prohibit the Participant from pledging the Common Stock the Participant is granted hereunder to the Company pursuant to a stock pledge agreement entered into
between the parties hereto. 
 6. Issuance Restrictions. The Company is not obligated to issue any securities if, in the
opinion of counsel for the Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities
exchange. 

  
 -25- 

 7. Securities Representations. The shares of Common Stock will be issued to the
Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that: 

7.1. The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under
the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this section; 

7.2. The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration
requirements of the Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the resale of such Common Stock and the
Company is under no obligation to continue in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”); 

7.3. The exemption from registration under Rule 144 will not be available under current law unless (i) a public trading
market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of
the Common Stock may be made only in limited amounts in accordance with such terms and conditions. 
 8. Not an Employment
Agreement. Neither the execution of this Agreement nor the issuance of the Performance Share Award or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or
any portion of, the term of this Agreement, including but not limited to any period during which any shares of Common Stock are outstanding. 

9. Power of Attorney. The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of
substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the
Restricted Stock, other RS Property, Common Stock and property provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof. Nevertheless, the Participant shall, if
so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose. 

  
 -26- 

 10. Miscellaneous. 

10.1. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal
representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement
other than with respect to shares of Common Stock Transferred in compliance with the terms hereof. 
 10.2. This award of the Performance
Share Award, and upon the settlement thereof the issuance of Restricted Stock (if any), shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change
in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or
liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding. 
 10.3.
The Participant agrees that the award of the Performance Share Award hereunder, and upon any settlement thereof the issuance of Restricted Stock (if any), is special incentive compensation and that the Performance Share Award and Restricted Stock
(if applicable), any dividends paid thereon (even if treated as compensation for tax purposes) and any other RS Property will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount
of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company. 

10.4. No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party
against whom it is sought to be enforced. 
 10.5. This Agreement may be executed in one or more counterparts (including via facsimile or
PDF), all of which taken together shall constitute one contract. 
 10.6. The failure of any party hereto at any time to require performance
by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of
any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement. 

10.7. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or
modify any of the terms or provisions hereof. 

  
 -27- 

 10.8. All notices, consents, requests, approvals, instructions and other communications provided
for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at
the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to the Company’s
Head of Human Resources. 
 10.9. This Agreement shall be construed, interpreted and governed and the legal relationships of the parties
determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law. 
 10.10.
By executing this Agreement the Participant hereby accepts the terms and conditions of this Agreement and, effective as of the Settlement Date, shall be deemed to have accepted the award of Restricted Stock within the time period required under
Section 8.2(b) of the Plan. 
 11. Provisions of Plan Control. This Agreement is subject to all the terms, conditions and
provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan
is incorporated herein by reference. A copy of the Plan has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and
this Agreement shall be deemed to be modified accordingly. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. This Agreement contains the entire understanding of the
parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant. 

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

 

			
	 MARKETAXESS HOLDINGS INC.

 

	By:	 	  

	Name: Title:	 	 Antonio L. DeLise
 Chief Financial
Officer

	
	  
 Richard M.
McVey

  
 -28- 

 APPENDIX A 

Performance Metric and Number of Shares 

The Performance metric set forth herein is established for purposes of the grant of the Performance Shares for the Performance Period and is
intended to be “performance-based” under Section 162(m) of the Code. 
 The performance metric shall be, and the number of
shares of Common Stock awarded (the “Awarded Shares”) will be based on, the Company’s level of attainment of an average price per share of the Common Stock achieved calculated based on the closing price of the Common Stock over
any ten (10) consecutive trading days during the Performance Period, rounded up to the nearest whole cent (“Average Stock Price”) as specified below. The terms and conditions governing the Performance Share Award will be
construed and interpreted in a manner consistent with Section 162(m) of the Code and, without limiting the generality of the foregoing, the Committee will certify the attainment of the level of Average Stock Price achieved to the extent and in
the manner required by Section 162(m) of the Code. 
 Subject to the terms and conditions of this Agreement, the number of Awarded
Shares to be issued to the Participant on a Settlement Date shall be as follows: 
  

			
	 Average Stock Price Achieved

(“Performance Level”)
	  	 
Number of Awarded Shares

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

 Notwithstanding the foregoing, no shares of Common Stock will be issued to the Participant for achievement of a performance
level if prior to such achievement a higher performance level has been achieved. 
 The performance metric set forth on this Appendix A is subject to
adjustment under Section 4.2(b) of the Plan. 

  

 EXHIBIT C 

WAIVER AND GENERAL RELEASE 
 [DATE] 

Richard M. McVey 
 [ADDRESS] 

Dear Richard: 
 This Waiver and General Release
(this “Agreement”) serves to memorialize the terms of the termination of your employment with MarketAxess Holdings Inc.(“MarketAxess”). The terms of this Agreement, including your right to the payments and benefits
referred to in Paragraph 2 below, are contingent upon and subject to your executing and not revoking this Agreement. As used in this Agreement, the terms “you” and “your” refer to Richard M. McVey. 

 

	1	Termination of Employment. 

 You hereby acknowledge and agree that your employment with
MarketAxess was terminated effective [DATE] (the “Termination Date”), and that after the Termination Date you will not represent yourself as being an employee, officer, agent or representative of MarketAxess for any purpose. The
Termination Date will be the termination date of your employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or through MarketAxess, except as otherwise provided in this Agreement. 

 

	2	Severance Payments and Benefits. 

 Subject to your full compliance with all of your
obligations under this Agreement, including but not limited to the covenants contained in Paragraphs 3 and 4, in addition to payment of all unpaid vested compensation and benefits earned by you through the Termination Date ((a)-(d) below, the
“Severance Benefits”): 
 (a) You will continue to be paid your current semi-monthly pay of
[            ] ($[            ]) per pay period (less standard applicable tax withholdings and other deductions required by law),
for a period of [        ]3 months from the Termination Date; 
  

 

	3 	Insert applicable period from Section 4 of the Employment Agreement for payment of base salary continuation. 

  
 30 

 (b) You will be entitled to an amount equal to
[            ] ($[            ])4, payable in equal monthly installments
(less standard applicable tax withholdings and other deductions required by law), for a period of [        ]5 months from the Termination Date; 

(c) You will be paid any accrued and earned but unpaid annual bonus for [        ]6 that would have been paid but for your termination of employment, payable when such annual bonus would have otherwise been paid to you in accordance with the applicable annual performance incentive
plan; and 
 (d) If you timely elect to continue health coverage under the [NAME OF HEALTH PLAN] (the “Health Plan”) in accordance
with COBRA, MarketAxess will pay your, your spouse’s and your dependent’s continuation coverage premiums to the extent, and for so long as you remain eligible for such continuation coverage under the Health Plan and pursuant to applicable
law, but in no event for more than [        ]7 months from the Termination Date; provided, that the payments for such continuation coverage shall be
made only to the extent that such payments will not (i) subject MarketAxess or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law. 

 

	3	Employee’s General Release and Waiver. 

 (a) YOU HEREBY RELEASE MARKETAXESS AND ALL
OF ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY REFERRED TO HEREIN AS THE “RELEASEES”), JOINTLY AND SEVERALLY, FROM ANY AND ALL CLAIMS,
KNOWN OR UNKNOWN, WHICH YOU OR YOUR HEIRS, SUCCESSORS OR ASSIGNS HAVE OR MAY HAVE AGAINST ANY RELEASEE ARISING ON OR PRIOR TO THE DATE THAT YOU EXECUTE THIS AGREEMENT AND ANY AND ALL LIABILITY WHICH ANY SUCH RELEASEE MAY HAVE TO YOU, WHETHER
DENOMINATED CLAIMS, DEMANDS, CAUSES OF ACTION, OBLIGATIONS, DAMAGES OR LIABILITIES ARISING FROM ANY AND ALL BASES, HOWEVER DENOMINATED, INCLUDING BUT NOT LIMITED TO CLAIMS FOR WRONGFUL DISCHARGE, ACCRUED BONUS OR INCENTIVE PAY, THE AGE
DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS WITH 
  

	4 	Insert amount based on applicable multiple for Average Bonus in accordance with Section 4 of the Employment Agreement. 

	5 	Insert applicable period from Section 4 of the Employment Agreement for payment of Average Bonus. 

	6 	Insert calendar year prior to year of termination. 

	7 	 Insert applicable period from Section 4 of the Employment Agreement for continuation coverage.

  
 31 

 
DISABILITIES ACT OF 1990, THE FAMILY AND MEDICAL LEAVE ACT OF 1993, TITLE VII OF THE UNITED STATES CIVIL RIGHTS ACT OF 1964, 42 U.S.C. § 1981, WORKERS ADJUSTMENT AND RETRAINING NOTIFICATION
ACT, THE NEW YORK HUMAN RIGHTS LAW, INCLUDING NEW YORK EXECUTIVE LAW § 296, § 8-107 OF THE ADMINISTRATIVE CODE AND CHARTER OF NEW YORK CITY OR ANY OTHER FEDERAL, STATE, OR LOCAL LAW AND ANY WORKERS’ COMPENSATION OR DISABILITY CLAIMS
UNDER ANY SUCH LAWS. THIS RELEASE IS FOR ANY AND ALL CLAIMS, INCLUDING BUT NOT LIMITED TO CLAIMS ARISING FROM AND DURING YOUR EMPLOYMENT RELATIONSHIP WITH RELEASEES OR AS A RESULT OF THE TERMINATION OF SUCH RELATIONSHIP. NOTWITHSTANDING ANY
PROVISION CONTAINED IN THIS AGREEMENT, THIS RELEASE IS NOT INTENDED TO INTERFERE WITH YOUR RIGHT TO FILE A CHARGE WITH THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION IN CONNECTION WITH ANY CLAIM YOU BELIEVE YOU MAY
HAVE AGAINST ANY OF THE RELEASEES. HOWEVER, BY EXECUTING THIS AGREEMENT, YOU HEREBY WAIVE THE RIGHT TO RECOVER IN ANY PROCEEDING YOU MAY BRING BEFORE THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION OR IN ANY
PROCEEDING BROUGHT BY THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION ON YOUR BEHALF. THIS RELEASE IS FOR ANY RELIEF, NO MATTER HOW DENOMINATED, INCLUDING, BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WAGES, BACK PAY,
FRONT PAY, COMPENSATORY DAMAGES, OR PUNITIVE DAMAGES. THIS RELEASE SHALL NOT APPLY TO ANY OBLIGATION OF MARKETAXESS PURSUANT TO THIS AGREEMENT. 

YOU ACKNOWLEDGE THAT THE SEVERANCE BENEFITS THAT YOU WILL RECEIVE UNDER PARAGRAPH 2 OF THIS AGREEMENT REPRESENT GOOD AND VALUABLE
CONSIDERATION FOR YOUR ENTERING INTO THIS AGREEMENT TO WHICH YOU OTHERWISE DID NOT HAVE A RIGHT. 
 (b) In the event there is presently
pending any action, suit, claim, charge or proceeding with any federal, state or local court or agency relating to any claim within the scope of Paragraph 3(a), or if such a proceeding is commenced in the future, you shall, to the extent permitted
by law, promptly withdraw it, with prejudice, to the extent that you have the power to do so. 
 (c) Nothing in this Agreement shall affect
your vested rights, if any, to any equity award granted to you under the MarketAxess equity incentive plan(s). Your rights to benefits under any such plan(s) will be determined in accordance with the terms of such plan(s) and your award agreements.

  
 32 

 (d) Nothing in this Agreement shall affect your vested rights, if any, to retirement benefits
under any 401(k) retirement plan(s) offered by MarketAxess. Your rights to benefits under any such 401(k) Plan(s) and any other employee benefits plans will be determined in accordance with the terms of such plans. 

(e) Nothing in this Agreement shall affect your eligibility for indemnification in accordance with MarketAxess’s certificate of
incorporation, bylaws or other corporate governance document, or any applicable insurance policy, with respect to any liability you incurred or might incur as an employee, officer or director of MarketAxess. 

(f) You will receive payment for any accrued, unused vacation days. 
  

	4	Other Agreements. 

 (a) Return of Documents. You agree that on or before
[            ], 20        , you will return to MarketAxess all property and all information concerning the business of MarketAxess in your
possession, custody or control that has been furnished to you or is held by you, at your office, residence or elsewhere, and shall not retain any copies, duplicates, reproductions or excepts thereof. If necessary, arrangements will be made by
MarketAxess to ship MarketAxess property from your home to MarketAxess at no cost to you. 
 (b) Compliance with Existing Agreements.
You agree to comply with the confidential information statement and the intellectual property, and non-competition agreement that you previously executed which shall remain in full force and effect and which are expressly incorporated herein. 

(c) Non-Disparagement. You shall not make any public statements, encourage others to make statements or release information intended to
disparage or defame MarketAxess, any of its affiliates or any of their respective directors or officers. Notwithstanding the foregoing, nothing in this Paragraph 4(c) shall prohibit you from making truthful statements when required by order of a
court or other body having jurisdiction or as required by law. 
 (d) Future Cooperation. You agree to reasonably cooperate with
MarketAxess and its counsel (including attending meetings) with respect to any claim, arbitral hearing, lawsuit, action or governmental or other investigation relating to the conduct of the business of MarketAxess or its affiliates and agree to
provide full and complete disclosure to MarketAxess and its counsel in response to any inquiry in connection with any such matters, without further compensation (except as to reasonable out-of-pocket expenses actually incurred by you in complying
with this provision) and agree to cooperate with any other reasonable inquiry of MarketAxess. 
 (e) Forfeitures in Event of Breach.
You acknowledge and agree that, notwithstanding any other provision of this Agreement, in the event this Agreement does not become effective as provided in Paragraph 9, below, or you materially breach any of your obligations under Paragraphs 3 or 4
of this Agreement, you shall forfeit your right to receive the Severance Benefits that have not been paid or provided to you as of the date of such forfeiture and you shall be liable to MarketAxess for liquidated damages in the amount of the
consideration already paid pursuant to Paragraph 2, above. 

  
 33 

	5	Remedies. 

 You acknowledge and agree that the covenants, obligations and agreements
contained in Paragraph 4 herein relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause MarketAxess irreparable injury for which adequate remedies are not
available at law. Therefore, you agree that MarketAxess shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond or any other security) as a court of competent jurisdiction may deem
necessary or appropriate to restrain you from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies MarketAxess may have. MarketAxess and you
hereby irrevocably submit to the exclusive jurisdiction of the courts of New York, and the Federal courts of the United States of America, in each case located in New York City, in respect of the injunctive remedies set forth in this Paragraph 5 and
the interpretation and enforcement of this Paragraph 5 insofar as such interpretation and enforcement relate to any request or application for injunctive relief in accordance with the provisions of this Paragraph 5, and the parties hereto hereby
irrevocably agree that (a) the sole and exclusive appropriate venue for any suit or proceeding relating solely to such injunctive relief shall be in such a court, (b) all claims with respect to any request or application for such
injunctive relief shall be heard and determined exclusively in such a court, (c) any such court shall have exclusive jurisdiction over the person of such parties and over the subject matter of any dispute relating to any request or application
for such injunctive relief, and (d) each hereby waives any and all objections and defenses based on forum, venue or personal or subject matter jurisdiction as they may relate to an application for such injunctive relief in a suit or proceeding
brought before such a court in accordance with the provisions of this Paragraph 5, provided that MarketAxess may seek to enforce any such injunctive relief in any court of competent jurisdiction. 

 

	6	No Admission. 

 This Agreement does not constitute an admission of liability or
wrongdoing of any kind by MarketAxess or its affiliates. 
  

	7	Heirs and Assigns. 

 The terms of this Agreement shall be binding on the parties hereto
and their respective successors and assigns. 

  
 34 

	8	General Provisions. 

 (a) Integration. This Agreement constitutes the entire
understanding of MarketAxess and you with respect to the subject matter hereof and supersedes all prior understandings or agreements, written or oral between you and MarketAxess except for those agreements that are expressly incorporated herein. The
terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by the parties hereto. A failure of MarketAxess or you to insist on strict compliance with any provision of this Agreement shall not be deemed a
waiver of such provision or any other provision hereof. In the event that any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 

(b) Choice of Law. This Agreement shall be construed, enforced and interpreted in accordance with and governed by the laws of the state
of New York excluding rules of law that would lead to the application of the laws of any other jurisdiction. 
 (c) Construction of
Agreement. The rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both
parties hereto and not in favor or against either party. 
 (d) Counterparts. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same
Agreement. 
  

	9	Knowing and Voluntary Waiver. 

 You acknowledge that you received a copy of this
Agreement on [DATE] and that you reviewed and understand all of its provisions. You acknowledge that you have been advised to consult with an attorney prior to executing this Agreement, and you have been given the opportunity to consider this
Agreement for 21 days. You further acknowledge that by your free and voluntary act of signing below, you agree to all terms of this Agreement and intend to be legally bound thereby. 

If you wish to enter into this Agreement, you must sign it and return it to MarketAxess Holdings Inc., 299 Park Avenue, 10th Floor, New York, NY 10171, Attention: Head of Human Resources, no earlier than your Termination Date and no later than [DATE]. 

This Agreement shall not become effective until the eighth (8th) day following the
date on which you sign this Agreement (“Effective Date”). You may at any time prior to the Effective Date revoke this Agreement delivering a notice in writing of such revocation to MarketAxess Holdings Inc., 299 Park Avenue, 10th Floor, New York, NY 10171, Attention: Head of Human Resources. In the event you revoke this Agreement prior to the eight (8th) day after the
execution thereof, this Agreement, and the promises contained herein shall become null and void. 

  
 35 

 
			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	 
		 	 Name:
 Title:

	  
 ACCEPTED:

 

	  
 Richard M.
McVey

 Acknowledgment 

On the        day of
              , 20__, before me personally came Richard M. McVey, to me known and known to be to be the person described herein, and who executed, the foregoing Waiver and
General Release, and duly acknowledged to me that he executed the same. 

	
	   

	Notary Public

 Date:
                                         
                                        

Commission Expires:
                                         
                

  
 36

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