Document:

THIRD OMNIBUS AMENDMENT,

AGREEMENT AND CONSENT

(Apple Ridge)

 

THIS Third Omnibus Amendment, Agreement and Consent (this "Agreement") is entered into this 12th day of May, 2006 for the purpose of making amendments to the documents described in this Agreement.

WHEREAS, this Agreement is among (i) Cendant Mobility Services Corporation, a Delaware corporation ("CMSC"), (ii) Cendant Mobility Financial Corporation, a Delaware Corporation ("CMF"), (iii) Apple Ridge Services Corporation, a Delaware corporation ("ARSC"), (iv) Cendant Mobility Client-Backed Relocation Receivables Funding LLC, a limited liability company organized under the laws of the State of Delaware (the "Issuer"), (v) JPMorgan Chase Bank, National Association, a national banking association, as Indenture Trustee (the "Indenture Trustee"), (vi) The Bank of New York, a New York state banking corporation (the "Paying Agent"), as paying agent, authentication agent and transfer agent and registrar, (vii) the Conduit Purchasers, Committed Purchasers and Managing Agents party to the Note Purchase Agreement defined below, and (viii) Calyon Corporate and Investment Bank, as Administrative Agent and Lead Arranger (the "Administrative Agent").

WHEREAS, this Agreement relates to the following documents (as such documents may previously have been amended by that certain Omnibus Amendment, Agreement and Consent dated December 20, 2004, that certain Second Omnibus Amendment, Agreement and Consent dated January 31, 2005, that certain Omnibus Amendment dated as of April 7, 2005, and that certain Amendment, Agreement and Consent dated January 30, 2006):

--Purchase Agreement dated as of April 25, 2000 (the "Purchase Agreement") by and between CMSC, as originator and CMF, as buyer;

--Receivables Purchase Agreement dated as of April 25, 2000 (the "Receivables Purchase Agreement") by and between CMF, as originator and seller and ARSC, as buyer;

--Transfer and Servicing Agreement dated as of April 25, 2000 (the "Transfer and Servicing Agreement") by and between ARSC, as transferor, CMSC, as originator and servicer, CMF, as originator, the Issuer, as transferee and the Indenture Trustee;

--Master Indenture dated as of April 25, 2000 (the "Master Indenture") among the Issuer, the Indenture Trustee and the Paying Agent; 

--Indenture Supplement dated as of January 31, 2005 (the "Indenture Supplement") among the Issuer, the Indenture Trustee and the Paying Agent;

--Note Purchase Agreement dated as of January 31, 2005 (the "Note Purchase Agreement") among the Issuer, CMSC, as servicer, the Conduit Purchasers, Committed Purchasers and Managing Agents party thereto, and the Administrative Agent; and

--those documents listed on Attachment D;

WHEREAS, the Purchase Agreement, Receivables Purchase Agreement, Transfer and Servicing Agreement, Master Indenture, Indenture Supplement, Note Purchase Agreement and those documents listed on Attachment D are, in this Agreement, collectively the "Affected Documents";

WHEREAS, the parties hereto wish to consent to the name changes of CMSC, CMF and the Issuer, as further described below;

WHEREAS, Cendant Corporation ("Cendant") has announced its desire to spin off several new entities, including a new entity named Realogy Corporation ("Realogy"), which at the time of the spin off shall be the new parent (either directly or indirectly) of ARSC, CMF, CMSC and the Issuer (the "Spin Off"); 

WHEREAS, the parties hereto wish to consent to the Spin Off, and to the release of Cendant and Cendant Real Estate Services Group LLC ("CRESG") as Performance Guarantors; provided, that Realogy shall execute a new performance guaranty (the "Realogy Guaranty");

WHEREAS, certain aspects of the proposed name changes and the Spin Off are currently not permitted by the Affected Documents;

WHEREAS, terms used in this Agreement and not defined herein shall have the meanings assigned to such terms in the Purchase Agreement, and, if not defined therein, as defined in the Master Indenture. 

NOW, THEREFORE, the parties hereto hereby recognize and agree:

	Effective upon the dates specified below, the parties hereto hereby agree as follows:

	Effective upon the date that the conditions specified in Section 16(a) hereof have been satisfied (the "Amendment Effective Date"), the parties hereby agree as follows:

	The Managing Agents and the Investors (each as defined in the Note Purchase Agreement) hereby consent to the following name changes (the "Name Changes"): (a) Cendant Mobility Services Corporation shall change its name to "Cartus Corporation", (b) Cendant Mobility Financial Corporation shall change its name to "Cartus Financial Corporation", and (c) Cendant Mobility Client-Backed Relocation Receivables Funding LLC shall change its name back to "Apple Ridge Funding LLC".
	Each of CMSC, CMF and the Issuer agrees to provide to the Administrative Agent the following documents concurrently with the effectiveness of the Name Changes (each to be in form and substance reasonably acceptable to the Administrative Agent):

	Copies of the certificates of incorporation or formation, bylaws and limited liability company agreement evidencing its Name Change including evidence of the filing of the amendments to the certificates of incorporation and certificate of formation; and
	Copies of the amendments to each UCC financing statement related to the Transaction Documents and the Affected Documents which is affected by its Name Change, filed with the appropriate state offices.

	Each of CMSC, CMF and the Issuer agrees to provide to the Administrative Agent an opinion of Richards, Layton & Finger as to perfection matters with respect to it if the Spin Off Effective Date shall not have occurred by June 30, 2006.
	The parties hereto hereby agree that upon the effectiveness of the Name Changes, (x) each reference in the Transaction Documents and the Affected Documents to "Cendant Mobility Services Corporation" or to "CMSC" or "Cendant Mobility" is amended to replace such reference with a reference to Cartus Corporation or "Cartus," respectively, (y) each reference in the Transaction Documents and the Affected Documents to "Cendant Mobility Financial Corporation" or "CMF" is amended to replace such reference with a reference to Cartus Financial Corporation or "CFC," respectively, and (z) each reference in the Transaction Documents and the Affected Documents to "Cendant Mobility Client-Backed Relocation Receivables Funding LLC" is amended to replace such reference with a reference to Apple Ridge Funding LLC.  Notwithstanding any statement to the contrary contained in any Affected Document, no representation, warranty or covenant in any Affected Document shall be deemed to be breached or violated solely as a result of the Name Changes or the execution or filing of any amendments to the certificates of incorporation or formation, bylaws or limited liability company agreements of the entities named in this Section 1 which are put into place solely for the purpose of effecting the Name Changes. 
	Effective upon the date that the conditions specified in Sections 16(a) and 16(b) hereof have been satisfied (such date, the "Spin Off Effective Date"),

	the Issuer, the Managing Agents, the Conduit Purchasers, the Committed Purchasers, the Indenture Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar hereby consent to (i) the change of ownership of CMSC and its subsidiaries (including CMF, ARSC and the Issuer) from Cendant to Realogy and (ii) the release of Cendant and CRESG as Performance Guarantors under the respective Performance Guarantees executed by Cendant and CRESG.  
	the Issuer, CMF, the Managing Agents, the Conduit Purchasers, the Committed Purchasers, the Indenture Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar hereby:

	release and discharge Cendant completely and unconditionally from all obligations and liabilities under the Performance Guaranty dated as of April 25, 2000 executed by PHH Corporation in favor of CMF and Apple Ridge Funding LLC and assigned to and assumed by Cendant by that certain Assignment and Assumption Agreement Relating to Performance Guaranty entered into on December 20, 2004 between PHH Corporation and Cendant (the Performance Guaranty together with the Assignment and Assumption Agreement Relating to Performance Guaranty are, collectively, the "Cendant Performance Guaranty");
	release and discharge CRESG completely and unconditionally from all obligations under the Performance Guaranty dated as of January 31, 2005 executed by CRESG in favor of CMF and the Issuer (the "CRESG Performance Guaranty"); and
	agree that on the Spin Off Effective Date, the Realogy Guaranty shall be and hereby is substituted for both the Cendant Performance Guaranty and the CRESG Performance Guaranty and both of the Cendant Performance Guaranty and the CRESG Performance Guaranty shall be and hereby are declared to be satisfied in full, cancelled and of no further force and effect.

	Effective upon the Amendment Effective Date, the Purchase Agreement is hereby amended as follows:

	Clause (a)(v) of the definition of "Eligible Contract" in Appendix A is hereby amended to delete the reference to "65 days" and to replace the phrase "90 days" therefor.
	Schedule 6.1(s) is hereby deleted and a new Schedule 6.1(s) is attached hereto as Attachment A.

	Effective upon the Spin Off Effective Date, the Purchase Agreement is hereby amended as follows:  

	 Section 7.2(a) (regarding delivery of financial statements) is hereby amended (x) to delete each reference therein to "Cendant" and substitute therefor the phrase "the Performance Guarantor" and (y) to delete clause (iii) thereof.
	Section 7.3(j) is hereby amended to delete therefrom the phrase "CRESG, Cendant or any Affiliate thereof" and to substitute therefore the phrase "the Performance Guarantor or any Affiliate thereof."
	Section 7.4(a)(ix) is hereby amended to delete therefrom the phrase "of even date herewith" and to substitute the phrase "dated as of the date Realogy Corporation ceases to be a wholly owned Subsidiary of Cendant Corporation" therefor.
	Section 9.1(c) is hereby amended to delete clauses (ii) and (iii) thereof in their entirety and substitute therefor the following "(ii) the Performance Guarantor shall fail to make any required payment under its Performance Guaranty and such failure shall remain unremedied for one Business Day or (iii) the Performance Guarantor shall otherwise fail to perform under its Performance Guaranty".  
	Section 9.1(d) is hereby amended to delete therefrom the phrase "either Performance Guarantor" and substitute therefor the phrase "the Performance Guarantor".
	Section 9.1(g) is hereby amended to delete therefrom the phrase "or either of the Performance Guarantees" and to substitute therefor the phrase "or the Performance Guaranty."
	Section 11.17 is hereby amended to delete Section 11.17 in its entirety and to substitute the following therefor:

Section 11.17Confidentiality.  The Buyer agrees to maintain the confidentiality of any information regarding the Originator, Cendant Corporation, Realogy and PHH obtained in accordance with the terms of this Agreement that is not publicly available; provided, however, that the Buyer may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of this Agreement or its funding of Purchases under this Agreement or (b) as required by law, government regulation, court proceeding or subpoena.  Notwithstanding anything herein to the contrary, none of the Originator, Cendant Corporation, Realogy or PHH shall have any obligation to disclose to the Buyer or its assignees any personal and confidential information relating to a Transferred Employee.

	Appendix A is hereby amended to delete the definitions of "Cendant," "Cendant Guarantee," "CRESG," and "CRESG Guarantee" and to add the following new definition in the appropriate alphabetical order:

"Realogy" shall mean Realogy Corporation, a Delaware corporation, and any successors thereto.

	The definition of "Cartus Collections" in Appendix A is hereby amended to delete therefrom the phrase "from either Performance Guarantor in respect of any payments made by such Performance Guarantor as guarantor of the obligations of CMSC under the Performance Guarantee executed by it;" and to substitute therefor the phrase "from Performance Guarantor in respect of any payments made by Performance Guarantor as guarantor of the obligations of Cartus under the Performance Guaranty executed by it;".  
	The definition of "Performance Guarantee" in Appendix A is hereby deleted in its entirety and the following is substituted therefor:  

"Performance Guaranty" shall mean that certain performance guarantee dated as of May 12, 2006, executed by the Performance Guarantor in favor of the Buyer and the Issuer. 

	The definition of "Performance Guarantor" in Appendix A is hereby deleted in its entirety and the following is substituted therefor: 

"Performance Guarantor" shall mean Realogy.

	The definition of "Transaction Documents" in Appendix A is hereby amended to delete therefrom the phrase "the Performance Guarantees" and to substitute therefor the phrase "the Performance Guaranty." 
	Effective as of the Amendment Effective Date, the Receivables Purchase Agreement is hereby amended as follows:

	Schedule 6.1(q) is hereby deleted and a new Schedule 6.1(q) is attached hereto as Attachment B.

	Effective as of the Spin Off  Effective Date, the Receivables Purchase Agreement is hereby amended as follows:  

	Section 2.1(a)(i) is hereby amended to delete therefrom the phrase "the Performance Guarantees" and to substitute therefor the phrase "the Performance Guaranty."
	The definition of "CFC Collections" is hereby amended to delete clause (g) thereof in its entirety and to substitute the following therefor:  

from the Performance Guarantor in respect of any payments made by the Performance Guarantor as guarantor of the obligations of the Originator or the Servicer under the Performance Guaranty executed by it.  

	The definition of "CFC Pool Asset" is hereby amended to delete from clause (b) thereof the phrase "the Performance Guarantees" and to substitute therefor the phrase "the Performance Guaranty."
	The definition of "Transaction Documents" is hereby amended to delete therefrom the phrase "the Performance Guarantees" and substitute therefor the phrase "the Performance Guaranty".  
	Section 7.2(a) (regarding delivery of financial statements) is hereby amended (x) to delete each reference therein to "Cendant" and substitute therefor the phrase  "the Performance Guarantor".
	Section 7.4(a)(ix) is hereby amended to delete therefrom the phrase "of even date herewith" and to substitute the phrase "dated as of the date Realogy Corporation ceases to be a wholly owned Subsidiary of Cendant Corporation" therefor.
	Section 9.1(c) is hereby amended to delete clauses (iii) and (iv) thereof in their entirety and substitute therefor the following "(iii) the Performance Guarantor shall fail to make any required payment under its Performance Guaranty and such failure shall remain unremedied for one Business Day or (iv) the Performance Guarantor shall otherwise fail to perform under its Performance Guaranty".  
	Section 9.1(d) is hereby amended to delete therefrom the phrase "either Performance Guarantor" and substitute therefor the phrase "the Performance Guarantor".
	Section 9.1(g) is hereby amended to delete therefrom the phrase "or either of the Performance Guarantees" and substitute therefor the phrase "or the Performance Guaranty". 
	Section 11.18 is hereby deleted in its entirety and the following is substituted therefor:

Section 11.18Confidentiality.  ARSC agrees to maintain the confidentiality of any information regarding Cendant Mobility Services Corporation, Cartus, the Seller, Cendant Corporation, Realogy and PHH obtained in accordance with the terms of this Agreement that is not publicly available; provided, however, that ARSC may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of this Agreement or its funding of Purchases under this Agreement or (b) as required by law, government regulation, court proceeding or subpoena.  Notwithstanding anything herein to the contrary, none of Cendant Mobility Services Corporation, Cartus, the Seller, Cendant Corporation, Realogy or PHH shall have any obligation to disclose to ARSC or its assignees any personal and confidential information relating to a Transferred Employee. 

	Effective as of the Amendment Effective Date, the Master Indenture is hereby amended as follows:

	The definition of "Excess Longer Term Receivable Amount" in Section 1.01 is hereby amended to delete the reference to "35 days" and to substitute the phrase "60 days" therefor.

	Effective as of the Spin Off Effective Date, the Master Indenture is hereby amended as follows:

	The Granting Clause is hereby amended to delete therefrom the phrase "the Performance Guarantees" and substitute therefor the phrase "the Performance Guaranty". 
	The definition of "Transaction Documents" in Section 1.01 is hereby amended to delete therefrom the phrase "the Performance Guarantees" and substitute therefor the phrase "the Performance Guaranty".  
	Section 3.06(e) is hereby amended to delete therefrom the phrase "or either Performance Guarantor of its obligations under the Performance Guarantee executed by it" and substitute therefor the phrase "or the Performance Guarantor of its obligations under the Performance Guaranty executed by it". 

	Effective as of the Amendment Effective Date, the Transfer and Servicing Agreement is hereby amended as follows:

	Section 1.01 is hereby amended to delete the definition of "Reported EBITDA" and to substitute therefor the following definition: 

"Reported EBITDA" shall mean the consolidated income of Realogy from continuing operations before non-program related depreciation and amortization, non-program related interest, amortization of pendings and listings, income taxes and minority interest as reported initially in the Form 10 filed by Realogy with the Securities and Exchange Commission and, at such time as Realogy has filed a Form 10-Q or a Form 10-K which contains twelve months of non-pro forma financial or operational information for Realogy, as reported in Realogy's consolidating financial statements filed under such Form 10-K for the most recent fiscal year preceding such 10-K filing, and under such Form 10-Q for the period from the beginning of the most recent fiscal year through the end of the fiscal quarter preceding such 10-Q filing.

	Effective as of the Spin Off Effective Date, the Transfer and Servicing Agreement is hereby amended as follows:

	Section 2.05(e)(ix) is hereby amended to delete therefrom the phrase "of even date herewith" and to substitute the phrase "dated May 12, 2006" therefor.
	Section 3.01(b) is hereby amended to delete therefrom the phrase "any Affiliates of Cendant" and substitute therefor the phrase "any Affiliates of Realogy".
	Section 5.02 is hereby amended to delete therefrom the phrase "the Performance Guarantees" and substitute therefor the phrase "the Performance Guaranty". 
	Section 7.05 is hereby amended to delete therefrom the phrase "any of its Affiliates that is a direct or indirect wholly owned subsidiary of the Performance Guarantors, subject to reaffirmation by each Performance Guarantor of its Performance Guarantee with respect to such Successor Servicer" and substitute therefor the phrase "any of its Affiliates that is a direct or indirect wholly owned subsidiary of the Performance Guarantor, subject to reaffirmation by the Performance Guarantor of its Performance Guaranty with respect to such Successor Servicer".  
	Section 9.01 is hereby amended to delete clauses (e) and (f) in their entirety and to substitute therefor the following sub-clauses (e) and (f): 

"(e) the Performance Guaranty shall cease to be in full force and effect for any reason other than in accordance with its terms; or

(f) as of the end of any fiscal quarter, commencing with the first fiscal quarter ended after the date Realogy ceased to be a wholly owned subsidiary of Cendant Corporation, Realogy shall fail to have maintained a Reported EBITDA of at least $750,000,000 calculated for the twelve-month period then ending; provided, that for the first twelve months after such date Realogy ceased to be a wholly owned subsidiary of Cendant Corporation, Reported EBITDA shall be calculated on a pro forma basis consistent with such number as reported in Realogy's Form 10;"  

	Section 11.12 is hereby deleted in its entirety and the following is substituted therefor:

Section 11.12Confidentiality <*> .  The Issuer and the Transferor each agree to maintain the confidentiality of any information regarding Cendant Mobility Services Corporation, Cartus, Cendant Corporation, Realogy and PHH obtained in accordance with the terms of this Agreement that is not publicly available; provided, however, that the Issuer or the Transferor may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of this Agreement or the Issuer's issuance of Notes under the Indenture or (b) as required by law, government regulation, court proceeding or subpoena.  Notwithstanding anything herein to the contrary, none of Cendant Mobility Services Corporation, Cartus, Cendant Corporation, Realogy nor PHH shall have any obligation to disclose to the Issuer or its assignees and assigns any personal and confidential information relating to a Transferred Employee.  

	Effective as of the Amendment Effective Date, the Note Purchase Agreement is hereby amended as follows:

	The definition of "Commitment Termination Date" is hereby amended to delete the date "May 30, 2006" and to substitute the date "May 11, 2007" therefor. 

	Effective as of the Spin Off Effective Date, the Note Purchase Agreement is hereby amended as follows:

	Section 1.01 is hereby amended to delete the definitions of "Cendant" and "CRESG."
	Section 1.01 is hereby amended to add the following definition in the appropriate alphabetical order:

"Realogy" shall mean Realogy Corporation, a Delaware corporation, and its successors.

	Section 3.02 is hereby amended to delete the reference to "Cendant" and to substitute "Realogy" therefor.
	Clauses (c)(i), (c)(ii) and (c)(iii) of Section 5.01 is hereby amended to delete each reference to "Cendant" and to substitute "Realogy" therefor.
	The word "and" is hereby added to the end of clause (c)(iv) of Section 5.01.
	Clauses (c)(vi) and (c)(vii) of Section 5.01 are hereby deleted.
	The last paragraph of Section 5.01(c) is hereby deleted and the following is substituted therefor:

As long as Realogy is required or permitted to file reports under the Securities Exchange Act of 1934, as amended, a copy of its Form 10 registration statement, or a copy of its most recent report on Form 10-K shall satisfy the requirements of Section 5.01(c)(ii) of this Agreement and a copy of its Form 10 or its most recent report on Form 10-Q shall satisfy the requirements of Section 5.01(c)(i) of this Agreement.  Information required to be delivered pursuant to Section 5.01(c)(i), (ii) and (iii) shall be deemed to have been delivered on the date on which it has been posted on (i) Realogy's website on the Internet at www.realogy.com or (ii) sec.gov/edgar/searchedgar/webusers.htm.

	Section 5.01(e)(iv) is hereby amended to delete the reference to "the Servicer, Cendant or CRESG" and to substitute the phrase "the Servicer or Realogy" therefor.
	Section 5.01(f)(iv) is hereby amended to delete the reference to "any of the Servicer, Cendant or CRESG" and to substitute the phrase "any of the Servicer or Realogy" therefor.
	Section 6.03 is hereby amended to delete the reference to "Cendant, CRESG" and to substitute the word "Realogy" therefor.
	Section 7.11 is hereby deleted and the following is substituted therefor:

SECTION 7.11.Confidentiality.  Each Purchaser, Managing Agent and the Administrative Agent agree to maintain the confidentiality of any and all information regarding the Originator, Cendant, Cendant Mobility Services Corporation, Cendant Mobility Financial Corporation, ARSC, Cartus, Cartus Financial Corporation, the Issuer, Realogy and CRESG obtained in accordance with the terms of this Agreement or provided to the Managing Agents and the Administrative Agent in contemplation of entering into this Agreement and that is, in either such case, not publicly available (including, without limitation, financial and operational information and reports concerning the above-described parties and/or the Receivables); provided, however, that any Purchaser, Managing Agent and/or the Administrative Agent may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of this Agreement or such Purchaser's funding of its purchase of a Series 2005-1 Note hereunder, (b) as required by law, government regulation, court proceeding or subpoena, (c) to applicable Rating Agencies, any Liquidity Provider, Program Support Provider, participant, assignee or potential Liquidity Provider, Program Support Provider, participant or assignee or (d) to legal counsel and auditors of such Purchaser and the Administrative Agent.  Notwithstanding anything herein to the contrary, none of the Originator, Cendant, Cendant Mobility Services Corporation, Cendant Mobility Financial Corporation, ARSC, Cartus, Cartus Financial Corporation, the Issuer, Realogy or CRESG shall have any obligation to disclose to any Purchaser, Managing Agent or the Administrative Agent or their assignees any personal and confidential information relating to a Transferred Employee. Anything herein to the contrary notwithstanding, each party hereto and any successor or assign of any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any and all Persons, without limitation of any kind, the "tax treatment" and "tax structure" (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all materials of any kind (including opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized since the commencement of discussions regarding the transactions.

	Effective as of the Amendment Effective Date, the Indenture Supplement is hereby amended as follows:

	Clause (a)(i)(A)(1) of the definition of "Yield Reserve" is hereby amended to delete the reference to "2.25" and to substitute the figure "1.25" therefor.

	Effective as of the Spin Off  Effective Date, the Indenture Supplement is hereby amended as follows:

	Section 2.01 is hereby amended to delete the definition of "CRESG."
	Section 2.01 is hereby amended to add the following definition in the appropriate alphabetical order:

"Realogy" shall mean Realogy Corporation, a Delaware corporation, and its successors.

	Clause (y) of the definition of "Change in Control" in Section 2.01 is hereby deleted in its entirety and the following is substituted therefor:

(y) any of Cartus, CFC, the Transferor or the Issuer ceases to be a wholly owned subsidiary of Realogy.

	Section 6.01(u) is deleted in its entirety and the following is substituted therefor:

(u)an Event of Bankruptcy shall occur with respect to the Issuer, the Transferor, Realogy, Cartus or CMF; or

	Each of the parties to this Agreement agree that on the Spin Off Effective Date, the Cendant Performance Guaranty and the CRESG Performance Guaranty are each released and discharged as provided in Section 2 of this Agreement.  In recognition thereof, following the Spin Off Effective Date, the Indenture Trustee, upon the written direction of the Administration Agent, CMF and the Issuer, shall mark a copy of each of the Cendant Performance Guaranty and the CRESG Performance Guaranty as discharged and cancelled and deliver such copies to Cendant and to CRESG, respectfully, for their files.
	Conditions Precedent.

	The Amendment Effective Date shall occur upon satisfaction of the following conditions precedent:  the Indenture Trustee shall have previously received (a) counterparts of the signature pages hereto executed by all parties hereto, (b) counterparts of the signature pages to the amended and restated Fee Letter (as defined in the Indenture Supplement) executed by all parties thereto, and (c) the consent of the Majority Investors to the execution of this Agreement, which consent shall be evidenced by their execution of the signature pages attached to this Agreement.
	The Spin Off Effective Date shall occur upon satisfaction of the following conditions precedent:

	The Administrative Agent shall have received counterparts of the signature pages executed by all parties to the following documents (each such document substantially in the form of the most recent drafts submitted to the Administrative Agent): 

	Tax Sharing Agreement among Realogy, ARSC and the Issuer; and
	Performance Guaranty executed by Realogy.

	The Administrative Agent shall have received, prior to or concurrent with the Spin Off, copies of the following documents and approvals:

	Written notice from Realogy that the Securities and Exchange Commission has declared the Form 10 of Realogy effective;
	Opinions of counsel to Realogy, CMF, CMSC, ARSC and the Issuer, in the forms attached hereto as Attachment C; 
	Copies of (i) the letter dated April 7, 2006 from Moody's Investors Service assigning a rating of Baa2 to long-term obligations of Realogy and (ii) the letter dated April 7, 2006 from Standard & Poor's assigning a rating of BBB to long-term obligations of Realogy; and
	The Spin Off shall have occurred.

For the purposes of the signature pages hereto, the term "Investor" is synonymous with the term "Noteholder" as defined in the Master Indenture.

	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.
	This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
	Upon the effectiveness of this Agreement: (i) all references in any Affected Document to "this Agreement", "hereof", "herein" or words of similar effect referring to such Affected Document shall be deemed to be references to such Affected Document as amended by this Agreement; (ii) each reference in any of the Affected Documents to any other Affected Document and each reference in any of the other Transaction Documents to any of the Affected Documents shall each mean and be a reference to such Affected Document as amended by this Agreement; and (iii) each reference in any Transaction Document to any of the terms or provisions of an Affected Document which are redefined or otherwise modified hereby shall mean and be a reference to such terms or provisions as redefined or otherwise modified by this Agreement; provided, that, notwithstanding the foregoing or any other provisions of this Agreement , the amendments contained in this Agreement shall not be effective to (x) modify on a retroactive basis any representations or warranties previously made under the Purchase Agreement, Receivables Purchase Agreement or Transfer and Servicing Agreement with respect to Receivables transferred or purported to have been transferred thereunder prior to the Spin Off Effective Date, which representations and warranties shall continue to speak as of the dates such Receivables were transferred and based on the terms and provisions of the Affected Documents as in effect at such time or (y) otherwise modify the terms of any transfer or purported transfer of any Receivable transferred or purported to be transferred pursuant to the Purchase Agreement prior to the Spin Off Effective Date. 
	This Agreement shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Affected Documents other than as set forth herein, each of which Affected Document, as modified hereby, remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  
	By its signature hereto each of the investors signing hereto as an Investor (constituting all of the Investors in Series 2005-1) hereby direct the Indenture Trustee to agree, consent to and accept this Agreement. 
	The Issuer represents and warrants that the Cendant Mobility Client-Backed Relocation Receivables Funding LLC Secured Variable Funding Notes, Series 2005-1 (the "Series 2005-1 Notes") are the only Notes outstanding under the Master Indenture.  Each Conduit Purchaser party hereto represents and warrants that (i) they are the beneficial owners of the Series 2005-1 Notes currently outstanding; (ii) it is duly authorized to consent to this Agreement and to direct the Indenture Trustee as set forth herein; and (iii) its authorization has not been granted or assigned to any other person or entity.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

 
CENDANT MOBILITY SERVICES CORPORATION

 

 

By: /s/ David M. Rapp_______

      Name:  David M. Rapp

      Title:    Vice President

 

CENDANT MOBILITY FINANCIAL CORPORATION

 

By: /s/ David M. Rapp_______

      Name:  David M. Rapp

      Title:    Vice President

APPLE RIDGE SERVICES CORPORATION

 

By: /s/ David M. Rapp_______

      Name:  David M. Rapp

      Title:    Vice President

CENDANT MOBILITY CLIENT-BACKED RELOCATION RECEIVABLES FUNDING LLC

 

By: /s/ David M. Rapp_______

      Name:  David M. Rapp

      Title:    Vice President

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Indenture Trustee

 

 

By: /s/ Jame P. Bowden____________

      Name:  James P. Bowden

      Title:    Assistant Treasurer

 

THE BANK OF NEW YORK,

as Paying Agent

 

 

By: /s/ Catherine Murray___________

      Name:  Catherine Murray

      Title:     Assistant Vice President

The undersigned hereby consent to the execution of the above Amendment:

CALYON CORPORATE AND INVESTMENT BANK, as Administrative Agent

and a Managing Agent

 

By: /s/ Kostantina Kourmpetis_______

Name:  Kostantina Kourmpetis

Title:    Managing Director

 

By: /s/ Anthony Brown_____________

Name:  Anthony Brown

Title:     Vice President

CALYON NEW YORK BRANCH,

as a Committed Purchaser

By: /s/ Kostantina Kourmpetis_______

Name:  Kostantina Kourmpetis

Title:    Managing Director

 

By: /s/ Anthony Brown_____________

Name:  Anthony Brown

Title:     Vice President

 

ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Purchaser

By: /s/ Kostantina Kourmpetis_______

Name:  Kostantina Kourmpetis

Title:    Managing Director

 

By: /s/ Anthony Brown_____________

Name:  Anthony Brown

Title:     Vice President

 

 

 

HARRIS NESBITT CORP., as a Managing Agent

 

By: /s/ Brian T. Zaban_____________

Name:  Brian T. Zaban

Title:     Vice President

 

BANK OF MONTREAL, as a Committed Purchaser

 

By: /s/ Masami Hida________________

Name:  Masami Hida

Title:    Vice President

 

FAIRWAY FINANCE COMPANY, LLC,

as a Conduit Purchaser

 

By: /s/ Jill A. Gordon_________________

Name:  Jill A. Gordon

Title:    Vice President

THE BANK OF NOVA SCOTIA,

as a Managing Agent and a Committed Purchaser

 

By: /s/ Norman Last________________

Name:  Norman Last 

Title:    Managing Director

 

LIBERTY STREET FUNDING CORP.,

as a Conduit Purchaser

 

By:  /s/ Tony Wong__________________

Name:  Tony Wong

Title:     Vice President

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., New York Branch, as a Managing Agent

By:  /s/ Aditya Reddy_______________

Name:  Aditya Reddy

Title:     VP

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., New York Branch, as a Committed Purchaser

 

By:  /s/ Linda Tam_____________________

Name:  Linda Tam

Title:     Authorized Signatory

VICTORY RECEIVABLES CORPORATION,

as a Conduit Purchaser

By:  /s/ R. Douglas Donaldson___________

Name:  R. Douglas Donaldson

Title:  TreasurerEXECUTION COPY

PERFORMANCE GUARANTY

This Performance Guaranty (this "Guaranty"), dated as of May 12, 2006 and effective on and after the Effective Date (as defined herein), is executed by Realogy Corporation, a Delaware corporation (the "Performance Guarantor") in favor of Cendant Mobility Financial Corporation (which is expected to become known as Cartus Financial Corporation), a Delaware corporation ("CFC"), and Cendant Mobility Client-Backed Relocation Receivables Funding LLC (which is expected to become known as Apple Ridge Funding LLC), a Delaware limited liability company, as Issuer (the "Issuer") under the Master Indenture dated as of April 25, 2000 (as amended by that certain Omnibus Amendment dated December 20, 2004, that certain Second Omnibus Amendment dated January 31, 2005, that certain Amendment, Agreement and Consent dated January 30, 2006, that certain Third Omnibus Amendment, Agreement and Consent dated May 12, 2006 and as such may be amended, restated, supplemented or otherwise modified from time to time, the "Indenture") among the Issuer, JPMorgan Chase Bank, National Association (successor by merger to Bank One, NA), a national banking association, as indenture trustee and The Bank of New York, as paying agent.  Unless otherwise defined herein, all capitalized terms used herein shall have the respective meanings ascribed to them in the Indenture or that certain Purchase Agreement dated as of April 25, 2000 (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase Agreement") between CFC and Cendant Mobility Services Corporation (which is expected to become known as Cartus Corporation), a Delaware corporation ("Cartus").

WHEREAS, Cartus on the Effective Date will be a wholly-owned Subsidiary of the Performance Guarantor and the Performance Guarantor is expected to receive substantial direct and indirect benefits from the transactions contemplated in the Purchase Agreement, the Receivables Purchase Agreement, the Transfer and Servicing Agreement and the Indenture;

WHEREAS, as an inducement for (i) CFC to make purchases under the Purchase Agreement and (ii) the Issuer to acquire the ARSC Purchased Assets under the Transfer and Servicing Agreement, the Performance Guarantor has agreed to guaranty the due and punctual payment and performance of Cartus's obligations, whether as Originator under the Purchase Agreement or as Servicer under the Transfer and Servicing Agreement; 

NOW, THEREFORE, the Performance Guarantor hereby agrees with CFC and the Issuer as follows: 

Section 1.Definitions.

As used herein:

"Effective Date" means, the date on which Realogy Corporation and its subsidiaries cease to be subsidiaries of the entity known on the date of this Guaranty as Cendant Corporation.

"Obligations" means, collectively, all covenants, agreements, terms, conditions and other obligations to be performed and observed by Cartus (whether in its capacity as Originator under the Purchase Agreement or as Servicer under the Transfer and Servicing Agreement) under the Purchase Agreement or the Transfer and Servicing Agreement (including Cartus's obligation to fund the Marketing Expenses Account as and when required under the Transfer and Servicing Agreement), and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by Cartus under the Purchase Agreement or the Transfer and Servicing Agreement, whether in respect of fees, expenses (including counsel fees), indemnified amounts, amounts required to be paid by Cartus pursuant to Section 4.3 of the Purchase Agreement or Section 3.10 of the Transfer and Servicing Agreement, advances required to be made pursuant to Section 3.12 of the Transfer and Servicing Agreement or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any Insolvency Proceeding with respect to Cartus (in each case whether or not allowed as a claim in such Insolvency Proceeding).

Section 2.Guaranty of Obligations.  The Performance Guarantor on and after the Effective Date hereby guarantees to CFC and the Issuer (each, a "Guarantied Party"), the full and punctual payment and performance by Cartus of all of the Obligations.  This Guaranty is, on and after the Effective Date, an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the Obligations and is in no way conditioned upon any requirement that any Guarantied Party first attempt to collect any amounts owing by Cartus to such Guarantied Party from Cartus or resort to any collateral security, any balance of any deposit account or credit on the books of any Guarantied Party in favor of Cartus or any other Person or other means of obtaining payment. Should Cartus default in the payment or performance of any of the Obligations, any Guarantied Party may cause the immediate performance by the Performance Guarantor of the Obligations and cause any payment Obligations to become forthwith due and payable to such Guarantied Party, without demand or notice of any nature (other than as expressly provided herein or in the Transaction Documents), all of which are expressly waived by the Performance Guarantor. 

Section 3.Performance Guarantor's Further Agreements to Pay.  The Performance Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay to each Guarantied Party, forthwith upon demand in funds immediately available to such Guarantied Party, all reasonable costs and expenses (including court costs and legal expenses) incurred or expended by such Guarantied Party in connection with the Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this Guaranty from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed based on a 360 day year) equal to the rate or interest most recently published in The Wall Street Journal as the "Prime Rate" plus 2%.  Changes in the rate payable hereunder shall be effective on each date on which a change in the "Prime Rate" is published. 

Section 4.Waivers by Performance Guarantor; Freedom to Act.  The Performance Guarantor waives notice of acceptance of this Guaranty, notice of any action taken or omitted by any Guarantied Party in reliance on this Guaranty, and any requirement that any Guarantied Party be diligent or prompt in making demands under this Guaranty, giving notice of any Purchase Termination Event or Servicer Default (so long as Cartus is the Servicer) or asserting any other rights of any Guarantied Party under this Guaranty.  The Performance Guarantor also irrevocably waives all defenses that at any time may be available in respect of the Obligations by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now or thereafter in effect. Each Guarantied Party shall be at liberty, without giving notice to or obtaining the consent of the Performance Guarantor, to deal with Cartus and with each other party who now is or after the date hereof becomes liable in any manner for any of the Obligations, in such manner as such Guarantied Party in its sole discretion deems fit, and to this end the Performance Guarantor agrees that the validity and enforceability of this Guaranty, including without limitation the provisions of Section 7 hereof, shall not be impaired or affected by any of the following:  (a) an amendment or modification of, or supplement to, any Transaction Document, including without limitation any extension, modification or renewal of, or indulgence with respect to, or substitution for, the Obligations or any part thereof at any time; (b) any waiver, consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect of any Transaction Document or any Obligation (including without limitation with respect to any Purchase Termination Event or Servicer Default (so long as Cartus is the Servicer)) or any right, power or remedy with respect thereto; (c) any Insolvency Proceeding with respect to Cartus or any other Person; (d) any exercise or non-exercise of any right, power or remedy with respect to the Obligations or any part thereof or any Transaction Document, or any collateral securing the Obligations or any part thereof; (e) any law, regulation or order of any jurisdiction affecting any term of any Obligation or rights of Cartus with respect thereto; (f) any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Obligations or any part thereof; (g) any invalidity or any unenforceability of, or any misrepresentation (other than by CFC or the Issuer), irregularity or other defect in, any Transaction Document or any Obligation; (h) the existence of any claim, setoff or other rights that the Performance Guarantor may have at any time against Cartus in connection herewith or any unrelated transaction; (i) any failure on the part of Cartus to perform or comply with any term of the Purchase Agreement, the Transfer and Servicing Agreement or any other Transaction Document; or (j) any other circumstance that might otherwise constitute a defense (other than payment and performance) available to, or a discharge of, a guarantor or Cartus, all whether or not the Performance Guarantor shall have had notice or knowledge of any event or circumstance referred to in the foregoing clauses (a) through (j) of this Section 4.

Section 5.Unenforceability of Obligations Against Cartus.  Notwithstanding (a) any change of ownership of Cartus or any Insolvency Proceeding with respect to Cartus or any other change in the legal status of Cartus; (b) the change in or the imposition of any law, decree, regulation or other governmental act that does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Obligations; (c) the failure of Cartus or the Performance Guarantor to maintain in full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents required in connection with the Obligations or this Guaranty, or to take any other action required in connection with the performance of all obligations pursuant to the Obligations or this Guaranty; or (d) if any of the moneys included in the Obligations have become irrecoverable from Cartus for any other reason other than final payment in full of the payment Obligations in accordance with their terms, this Guaranty shall nevertheless be binding on the Performance Guarantor.  This Guaranty shall be in addition to any other guaranty or other security for the Obligations, and it shall not be rendered unenforceable by the invalidity of any such other guaranty or security. In the event of acceleration of the time for payment of any of the Obligations, such amounts then due and owing under the terms of the Purchase Agreement or the Transfer and Servicing Agreement in connection with the Obligations shall be immediately due and payable by the Performance Guarantor. 

Section 6.Representations and Warranties.  The Performance Guarantor represents and warrants that: 
(a)Organization and Good Standing. The Performance Guarantor is a corporation duly organized and validly existing in good standing under the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted. 

(b)Due Qualification.  The Performance Guarantor is duly qualified to do business and is in good standing as a foreign corporation, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification, licenses or approvals and where the failure so to qualify to obtain such licenses and approvals or to preserve and maintain such qualification, licenses or approvals could reasonably be expected to give rise to a material adverse effect with respect to the Performance Guarantor. 

(c)Power and Authority; Due Authorization.  The Performance Guarantor has (i) all necessary corporate power and authority to execute and deliver this Guaranty and to perform all its obligations hereunder and (ii) duly authorized by all necessary corporate action the execution, delivery and performance of this Guaranty. 

(d)Binding Obligations.  This Guaranty constitutes the legal, valid and binding obligation of the Performance Guarantor, enforceable against the Performance Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e)No Conflict or Violation.  The execution, delivery and performance of this Guaranty, and the fulfillment of the terms hereof, will not (i) conflict with, violate, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, (A) the certificate of incorporation or the bylaws of the Performance Guarantor or (B) any indenture, loan agreement, mortgage, deed of trust, or other material agreement or instrument to which the Performance Guarantor is a party or by which it or any of its properties is bound or (ii) conflict with or violate any federal, state, local or foreign law or any decision, decree, order, rule or regulation applicable to the Performance Guarantor or any of its properties of any court or of any federal, state, local or foreign regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Performance Guarantor or any of its properties, which conflict or violation described in this clause (ii), individually or in the aggregate, could reasonably be expected to have a material adverse effect on the ability of the Performance Guarantor to perform its obligations under this Guaranty or the validity of enforceability of this Guaranty.

Section 7.Subordination.  The payment of any amounts due with respect to any indebtedness of Cartus now or hereafter owed to the Performance Guarantor is hereby subordinated to the prior payment in full of all the Obligations. The Performance Guarantor agrees that, after the occurrence and during the continuation of a Cartus Purchase Termination Event or a Servicer Default or an Unmatured Servicer Default (so long as Cartus is the Servicer), the Performance Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of Cartus to it until all of the Obligations shall have been paid and performed in full. If, notwithstanding the foregoing sentence, the Performance Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any Obligations are still unperformed or outstanding, such amounts shall be collected, enforced and received by the Performance Guarantor as trustee for the Guarantied Parties and be paid over to the Indenture Trustee on account of the Obligations without affecting in any manner the liability of the Performance Guarantor under the other provisions of this Guaranty.  The provisions of this Section 7 shall be supplemental to and not in derogation of any rights and remedies which any Guarantied Party may at any time and from time to time have with respect to the Performance Guarantor. 

Section 8.Performance Guarantor's Acknowledgment and Agreements.

(a)The Performance Guarantor hereby acknowledges that the Guarantied Parties entered into the transactions contemplated by the Transaction Documents in reliance upon the identity of ARSC, the Issuer and CFC, as a legal entity separate from Cartus and the other CMS Persons. Therefore, from and after the date hereof until one year and one day after the Final Payout Date, the Performance Guarantor will, and will cause each of its Subsidiaries and Affiliates (other than CFC, ARSC and the Issuer) to, take such actions as shall be required in order that the covenants set forth in Section 7.1(e) of the Purchase Agreement are complied with at all times.  The Issuer  will become and then shall be at all times a wholly-owned subsidiary of the Performance Guarantor.

(b)The Performance Guarantor will make available to Cartus and its subsidiaries and any successor Servicer appointed pursuant to the Transfer and Servicing Agreement (each, a "Requesting Person") all computer equipment services requested or required by a Requesting Person in order to perform such Requesting Person's duties and exercise its rights under the Transaction Documents so long as such Requesting Person pays the Performance Guarantor a reasonable fee per annum for the equipment services provided; provided, however, that with respect to any computer software licensed from a third party, the Performance Guarantor will be required to make such licenses, sublicenses and/or assignments of such software available only to the extent that provision of the same would not violate the terms of any contracts of Cartus or the Performance Guarantor or any Affiliate thereof with such third party.

(c)The Performance Guarantor agrees that, if at any time after the Effective Date the Issuer ceases to be a wholly-owned subsidiary of the Performance Guarantor, then, in such event, the Performance Guarantor shall cause to be executed a tax sharing agreement between the Issuer and the ultimate parent of the Issuer, in form and substance satisfactory to the Majority Investors.

(d)The Performance Guarantor covenants and agrees to furnish to the "Managing Agents" (as defined in the Note Purchase Agreement for Series 2005-1 (such, agreement, the "Note Purchase Agreement")) and to the Issuer (i) notice of the occurrence of any event which has had or would reasonably be expected to have a material adverse effect on its condition or operations, financial or otherwise, and (ii) those financial statements of the Performance Guarantor required by Sections 5.01(c)(vi) and (vii) of the Note Purchase Agreement. 

Section 9.Termination of Guaranty.  The Performance Guarantor's obligations hereunder shall continue in full force and effect until the date that is one year and one day after the Final Payout Date, provided that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned in connection with any Insolvency Proceeding with respect to Cartus or any other Person, or otherwise, as though such payment had not been made or other satisfaction occurred, whether or not any Guarantied Party is in possession of this Guaranty.  No invalidity, irregularity or unenforceability by reason of the Bankruptcy Code or any insolvency or other similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations shall impair, affect, be a defense to or claim against the obligations of the Performance Guarantor under this Guaranty. 

Section 10.Effect of Bankruptcy.  This Guaranty shall survive the occurrence of any Insolvency Proceeding with respect to Cartus or any other Person. No automatic stay under the Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which Cartus is subject shall postpone the obligations of the Performance Guarantor under this Guaranty. 

Section 11.Successors and Assigns. This Guaranty shall be binding upon the Performance Guarantor and its successors and assigns, and shall inure to the benefit of and be enforceable by CFC, ARSC, the Issuer, the Indenture Trustee and their respective successors, transferees and assigns.  The Performance Guarantor hereby acknowledges that this Guaranty will be assigned by the Issuer to the Indenture Trustee.  The Performance Guarantor may not assign or transfer any of its obligations hereunder without the prior written consent of CFC, the Issuer and the Indenture Trustee, acting at the direction of the Majority Investors.  Without limiting the generality of the foregoing sentence, each Guarantied Party may, to the extent permitted by the Transaction Documents, assign or otherwise transfer all or any portion of its rights and obligations under the Transaction Documents, or sell participations in any interest therein, to any other entity or other Person, and such other entity or other Person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to such Guarantied Party herein. 

Section 12.Amendments and Waivers.  No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Performance Guarantor therefrom shall be effective unless the same shall be in writing and signed by CFC, the Issuer and the Indenture Trustee, acting at the direction of the Majority Investors. No failure on the part of any Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

Section 13.Notices.  All notices and other communications called for hereunder shall be made in writing and, unless otherwise specifically provided herein, shall be deemed to have been duly made or given when delivered by hand or mailed first class, postage prepaid, or, in the case of telegraphic, telecopied or telexed notice, when transmitted, answer back received, addressed as follows:  (i) if to the Performance Guarantor, 1 Campus Drive, Parsippany, New Jersey 07054, Attention: Treasurer, (ii) if to CFC, at its address for notices set forth in the Purchase Agreement, (iii) if to the Issuer, to its address for notices set forth in the Indenture and (iv) if to the Indenture Trustee, to its address for notices set forth in the Indenture. 

Section 14.GOVERNING LAW.  THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 

Section 15.SUBMISSION TO JURISDICTION.  EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, NEW YORK OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER TRANSACTION DOCUMENT, AND HEREBY (a) IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT; (b) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING; AND (c) IN THE CASE OF THE PERFORMANCE GUARANTOR, IRREVOCABLY APPOINTS CORPORATION SERVICE COMPANY (THE "PROCESS AGENT"), WITH AN OFFICE ON THE DATE HEREOF AT 80 STATE STREET, ALBANY, NEW YORK 12207-2543, UNITED STATES OF AMERICA, AS ITS AGENT TO RECEIVE ON BEHALF OF IT AND ITS PROPERTY SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY OTHER PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO THE PERFORMANCE GUARANTOR IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT'S ABOVE ADDRESS, AND THE PERFORMANCE GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH SERVICE ON ITS BEHALF. THE PERFORMANCE GUARANTOR AGREES TO ENTER INTO ANY AGREEMENT RELATING TO SUCH APPOINTMENT WHICH THE PROCESS AGENT MAY CUSTOMARILY REQUIRE, AND TO PAY THE PROCESS AGENT'S CUSTOMARY FEES UPON DEMAND. AS AN ALTERNATIVE METHOD OF SERVICE, THE PERFORMANCE GUARANTOR ALSO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OF SUCH PROCESS TO THE PERFORMANCE GUARANTOR AT ITS ADDRESS SPECIFIED HEREIN. NOTHING IN THIS SECTION 15 SHALL AFFECT THE RIGHT OF EITHER PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF EITHER PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTY HERETO OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. 

Section 16.WAIVER OF JURY TRIAL.  EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), ACTIONS OF EITHER OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY OR ANY OTHER TRANSACTION DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

Section 17.Miscellaneous. This Guaranty constitutes the entire agreement of the Performance Guarantor with respect to the matters set forth herein. No failure on the part of any Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of or collateral security for any of the Obligations.  The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of the Performance Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of the Performance Guaranty, the amount of such liability shall, without any further action by the Performance Guarantor, CFC or the Issuer be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding. The invalidity or unenforceability of any one or more sections of this Guaranty shall not affect the validity or enforceability of its remaining provisions. Captions are for ease of reference only and shall not affect the meaning of the relevant provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined. 

IN WITNESS WHEREOF, the Performance Guarantor has caused this Guaranty to be executed and delivered as of the date first above written. 

REALOGY CORPORATION

By: _/s/ David J. Weaving________

Name:  David J. Weaving

Title:Senior Vice President and Chief 

Financial Officer

Acknowledged and Accepted as of this 12th day of May, 2006

CENDANT MOBILITY FINANCIAL CORPORATION 

By    /s/ David M. Rapp________

Name: David M. Rapp

Title:    Vice President

CENDANT MOBILITY CLIENT-BACKED RELOCATION

RECEIVABLES FUNDING LLC, 

as Issuer

 

By /s/ David M. Rapp___________

Name:  David M. Rapp

Title:     Vice President

 

 

 

 

 

Signature Page to Performance Guaranty

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