Document:

Tax Sharing Agreement, dated as of July 28, 2006

 Exhibit 10.1 
 TAX SHARING AGREEMENT 
 THIS TAX SHARING AGREEMENT (this “Agreement”) is made and
entered into as of the 28th day of July, 2006, by and among Cendant Corporation, a Delaware corporation (“Cendant”), Realogy Corporation, a Delaware corporation (“Realogy”), Wyndham Worldwide Corporation, a Delaware
corporation (“Wyndham”) and Travelport Inc., a Delaware corporation (“Travelport”). Each of Cendant, Realogy, Wyndham and Travelport is sometimes referred to herein as a “Party” and collectively, as
the “Parties”. 
 W I T N E S S E T H: 
 WHEREAS, Cendant, acting through its direct and indirect Subsidiaries, currently conducts a number of businesses, including (i) the Real Estate
Business, (ii) the Travel Business, (iii) the Hospitality Business and (iv) the Vehicle Rental Business; 
 WHEREAS, the Board
of Directors of Cendant has determined that it is appropriate, desirable and in the best interests of Cendant and its stockholders to separate Cendant into four separate, publicly traded companies, one for each of (i) the Real Estate Business,
which shall be owned and conducted, directly or indirectly, by Realogy, (ii) the Hospitality Business, which shall be owned and conducted, directly or indirectly, by Wyndham, (iii) the Travel Business, which shall be owned and conducted,
directly or indirectly, by Travelport and (iv) the Vehicle Rental Business, which shall be owned and conducted, directly or indirectly, by Cendant; 
 WHEREAS, in order to effect such separation, the Board of Directors of Cendant has determined that it is appropriate, desirable and in the best interests of Cendant and its stockholders (i) for Cendant and
certain of its subsidiaries to enter into a series of transactions whereby, among other things, (A) Cendant and/or Cendant Finance Holding Company, LLC, will contribute to Realogy certain assets relating to the Real Estate Business (and Realogy
will assume certain liabilities), and (B) Cendant and/or Cendant Finance Holding Company, LLC, will contribute to Wyndham certain assets relating to the Hospitality Business (and Wyndham will assume certain liabilities) and (ii) for
Cendant to distribute to the holders of Cendant Common Stock on a pro rata basis (in each case without consideration being paid by such stockholders) (A) all of the outstanding shares of common stock, par value $0.01 per share, of Realogy (the
“Realogy Common Stock”), (B) all of the outstanding shares of common stock, par value $0.01 per share, of Wyndham (the “Wyndham Common Stock”) and (C) all of the outstanding shares of common stock, par
value $0.01 per share, of Travelport (the “Travelport Common Stock”) (such transactions as they may be amended or modified from time to time, collectively, the “Plan of Separation”); 
 WHEREAS, Cendant announced that as part of the Plan of Separation, as an alternative to Cendant’s plan to distribute Travelport Common Stock to
holders of Cendant Common Stock, Cendant is also exploring the possible sale of Travelport to a third-party (whether by sale of stock, assets (direct or indirect) or merger, a “Travelport Sale”); 
 WHEREAS, it is the intention of the Parties that each of the contributions of assets to, and the assumption of liabilities by, Realogy and Wyndham
together with the corresponding 

 
distribution of all of the Realogy Common Stock and the Wyndham Common Stock, respectively, shall qualify as a reorganization within the meaning of Sections
368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, it is the intention of the
Parties that the distribution of Travelport Common Stock (if effected) shall qualify as a distribution within the meaning of Section 355(c) of the Code to Cendant; 
 WHEREAS, it is the intention of the Parties that each of the distribution of Realogy Common Stock, Wyndham Common Stock and Travelport Common Stock, respectively, to the stockholders of Cendant will qualify as a
tax-free distribution within the meaning of Section 355(a) of the Code to such stockholders; 
 WHEREAS, in connection with the Plan of
Separation, Realogy, Wyndham and Travelport shall, subject to the terms and provisions of the Separation and Distribution Agreement (as defined herein), enter into separate credit facilities for both revolving and term loan borrowings, all or a
portion of the proceeds which shall be distributed to Cendant; 
 WHEREAS, with respect to the debt proceeds distributed by Realogy and
Wyndham, respectively, to Cendant, such proceeds shall be placed by Cendant in a separate account and used by Cendant solely to repay its existing indebtedness; 
 WHEREAS, with respect to the debt proceeds distributed by Travelport to Cendant, such proceeds shall be placed by Cendant into a separate bank account and used by Cendant solely to reduce and/or repay its existing
indebtedness and certain other liabilities of Cendant; 
 WHEREAS, it is the intention of the Parties that the distribution of cash proceeds
from such borrowings by Realogy and Wyndham, respectively, to Cendant shall qualify as a tax-free distribution of cash pursuant to Section 361 of the Code; 
 WHEREAS, it is the intention of the Parties that the distribution of cash proceeds from such borrowings by Travelport shall be treated, in part, as a distribution of cash pursuant to Section 301 of the Code and
applicable Treasury Regulations; and 
 WHEREAS, in connection with the Plan of Separation, each of the Parties desire to set forth their
agreement on the rights and obligations with respect to handling and allocating Taxes and related matters. 
  

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 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of
this Agreement, each of the parties mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 Section 1.1 General. As used in this Agreement, the following terms shall have the following meanings: 
 (1)
“AAA” has the meaning set forth in Section 12.2. 
 (2) “Accounting Dispute” has the meaning
set forth in Section 12.2. 
 (3) “Affiliate” means a Person that directly, or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the
direction of, the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For purposes hereof, none of the Parties or their respective Subsidiaries (determined, in the case of
Cendant, immediately after the Final Separation Date, in the case of Realogy, immediately after the Realogy Distribution, in the case of Wyndham, immediately after the Wyndham Distribution and in the case Travelport, immediately after the Final
Separation Date) shall be considered an “Affiliate” of any of the other Parties or their respective Subsidiaries (determined on the same basis). 
 (4) “Agreement” has the meaning set forth in the preamble hereto. 
 (5) “Ancillary
Agreement” has the meaning set forth in the Separation and Distribution Agreement. 
 (6) “Applicable Realogy DCLs”
has the meaning set forth in Section 10.2(m)(iv). 
 (7) “Applicable Tax Benefit Party” means the Party or its
Affiliate that would have, but for a Final Determination with respect to a Pre-2007 Shared Entity Audit that results in an increase in the items of taxable income or gain of (or the disallowance of items of deduction, loss or credit with respect to)
a Shared Entity, been Apportioned net operating loss carryovers and/or Credit Carryovers as of its first Post-Distribution Tax Period. 
 (8)
“Applicable Travelport DCLs” has the meaning set forth in Section 10.2(m)(v). 
 (9) “Applicable Wyndham
DCLs” has the meaning set forth in Section 10.2(m)(iv). 
 (10) “Apportioned” has the meaning set forth
in Section 3.5. 
 (11) “Assets” has the meaning set forth in the Separation and Distribution Agreement.

 (12) “Audit” means any audit, assessment of Taxes, other examination by any Taxing Authority, proceeding, or appeal of
such a proceeding relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 
  

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 (13) “Business Day” means any day other than a Saturday, Sunday or a day on which banks
are required to be closed in New York, New York. 
 (14) “Business Entity” means any corporation, partnership, limited
liability company or other entity. 
 (15) “CCRG Audit Sharing Percentage” means a ratio: 
  

	 	(i)	the numerator of which is the sum of: 

  

	 	(I)	the aggregate amount of income and gain directly attributable to or resulting from any of the Distributions failing to qualify as a reorganization within the meaning of Sections
368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to any of the Distributions, to the extent such income or
gain results from or is directly attributable to the Fault of Cendant or any of its Affiliates; 

  

	 	(II)	in the event of a Pre-2007 Shared Entity Audit that results in a Pre-2007 Correlative Adjustment that is directly related or attributable to the business or operations any of the
CCRG Entities, the aggregate amount of disallowed deduction, loss and credit (and income and gain) resulting from such Pre-2007 Correlative Adjustment; and 

  

	 	(III)	the aggregate amount of income and gain (and all disallowed deduction, loss and credit) resulting from a breach by Cendant of a representation, covenant or obligation under this
Agreement; 

  

	 	(ii)	the denominator of which is the sum of: 

  

	 	(I)	the aggregate amount of income and gain resulting from such Pre-2007 Shared Entity Audit; and 

  

	 	(II)	the aggregate amount of disallowed deduction, loss and credit resulting from such Pre-2007 Shared Entity Audit. 

 provided, however, that, for purposes of this definition, all credits shall be deemed to equal 2.857143. 
  

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 (16) “CCRG Entities” means Avis Budget Holdings, LLC, and Avis Budget Car Rental LLC and
its direct and indirect Subsidiaries other than Cendant Canada. 
 (17) “CCRG Entity Tax Return” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Group of which a CCRG Entity is the Common Parent; 

  

	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by a CCRG Entity; and 

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by a CCRG Entity. 

 (18) “CCRG Entity Taxes” means all Taxes required to be paid by or imposed upon a CCRG Entity with respect to all CCRG Entity Tax
Returns. 
 (19) “Cendant” has the meaning set forth in the preamble of this Agreement. 
 (20) “Cendant Canada” means Cendant Canada, Inc., a Canadian corporation. 
 (21) “Cendant Common Stock” has the meaning set forth in the Separation and Distribution Agreement. 
 (22) “Cendant Contingent Assets” has the meaning set forth in the Separation and Distribution Agreement. 
 (23) “Cendant Employee” has the meaning set forth in the Separation and Distribution Agreement. 
 (24) “Cendant Group” means Cendant, CFHC LLC, Cendant Canada, Advance Ross Corporation, Advance Ross Intermediate Corporation, Advance
Ross Sub Company and each of the CCRG Entities and each Business Entity that becomes a Subsidiary of Cendant. 
 (25) “Cendant
Indemnitees” means Cendant, each member of the Cendant Group, each of their respective directors, officers, employees and agents and each of the heirs, executors, successors and assigns of any of the foregoing, except the Realogy
Indemnitees, the Travelport Indemnitees and the Wyndham Indemnitees. 
 (26) “Cendant Operations” has the meaning set forth
in Section 2.5(g). 
 (27) “Cendant Option” means an option to acquire Cendant Common Stock. 
 (28) “Cendant Option Holder” means a holder of a Cendant Option. 
 (29) “Cendant RSU” means a restricted stock unit payable in shares of Cendant Common Stock. 
 (30) “Cendant RSU Holder” means a holder of a Cendant RSU. 
  

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 (31) “Cendant Shared Entities” means: 
  

	 	(i)	Cendant or any entity that merged with and into Cendant; 

  

	 	(ii)	CFHC or its successor, CFHC LLC or any entity that merged with and into CFHC or CFHC LLC, including, without limitation, Cendant Internet Group, Inc., Cendant Operations, Inc., TM
Acquisition Corporation, Wizcom International, Ltd. and Travel Link Group, Inc.; 

  

	 	(iii)	Advance Ross Corporation, Advance Ross Intermediate Corporation and Advance Ross Sub Company; and 

  

	 	(iv)	CD Intellectual Property Holdings LLC and Cendant Canada. 

 (32) “Cendant Subsidiaries” means all direct and indirect Subsidiaries of Cendant, determined immediately after the Final Separation Date, including all CCRG Entities and all Cendant Shared Entities. 
 (33) “CFHC” means Cendant Finance Holding Corporation, a Delaware corporation and the predecessor of CFHC LLC. 
 (34) “CFHC LLC” means Cendant Finance Holding Company, LLC, a Delaware limited liability company that is directly and wholly-owned by
Cendant. 
 (35) “Code” has the meaning referred to in the recitals to this Agreement. 
 (36) “Common Parent” means (i) for U.S. federal income tax purposes, the “common parent corporation” of an
“affiliated group” (in each case, within the meaning of Section 1504 of the Code) filing a U.S. federal consolidated income tax return, or (ii) for state, local or foreign income tax purposes, the common parent (or similar term)
of a consolidated, unitary, combined or similar group. 
 (37) “Credit Carryover” means the aggregate of all alternative
minimum Tax credit carryovers, general business credit carryovers and foreign Tax credit carryovers. 
 (38) “DCL” has the
meaning set forth in Section 10.2(m)(i). 
 (39) “Dispute” means any dispute, controversy or claim arising out
of, in connection with, or in relation to the interpretation, performance, nonperformance, validity or breach of this Agreement or otherwise arising out of, or in any way related to, this Agreement or the transactions contemplated thereby, including
any claim based in contract, tort, statute or constitution. 
 (40) “Dispute Notice” has the meaning set forth in
Section 12.1. 
 (41) “Distributions” means, collectively, the Realogy Distribution, the Wyndham Distribution
and the Travelport Distribution (if effected). 
  

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 (42) “Distribution Taxes” means the sum of all Realogy Distribution Taxes, Wyndham
Distribution Taxes and Travelport Distribution Taxes, provided, however, if the Travelport Sale occurs, Travelport Distribution Taxes shall be deemed to equal zero. 
 (43) “DRC” has the meaning set forth in Section 10.2(m)(iii). 
 (44) “Due Date” means the date (taking into account all valid extensions) upon which a Tax Return is required to be filed. 

(45) “Estimated Tax Return” shall have the meaning set forth in Section 2.1(a)(iii)(E). 
 (46) “Extraordinary Transaction” means any transaction that is not in the Ordinary Course of Business and is not set forth or referred
to in the Steps Memorandum, provided, however, that Extraordinary Transaction shall not include any Travelport Sale. 
 (47)
“Fault” has the meaning set forth in Section 5.2. 
 (48) “Fifty Percent or Greater Interest”
means a “50-percent or greater interest” for purposes of Sections 355(d) and (e) of the Code and the Treasury Regulations promulgated thereunder. 
 (49) “Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of: 
  

	 	(i)	a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed;; 

  

	 	(ii)	a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other
jurisdictions, which resolves the entire Tax liability for any taxable period; 

  

	 	(iii)	any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered by the jurisdiction
imposing the Tax; or 

  

	 	(iv)	any other final disposition, including by reason of the expiration of the applicable statute of limitations. 

 (50) “Final Tax Attribute Allocation” has the meaning set forth in Section 10.1(b). 
 (51) “Final Separation Date” has the meaning set forth in the Separation and Distribution Agreement. 
 (52) “Group” means the Cendant Group, the Realogy Group, the Wyndham Group or the Travelport Group. 
  

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 (53) “Hospitality Business” has the meaning set forth in the Separation and Distribution
Agreement. 
 (54) “Hypothetical Tax Benefit Amount” means, with respect to an Applicable Tax Benefit Party, the sum of:

  

	 	(i)	product of (A) thirty-eight percent (38%) and (B) the excess, if any, of (x) the net operating loss carryovers (if any) that would have been Apportioned to the
Applicable Tax Benefit Party or its Affiliates for its first Post-Distribution Tax Period assuming that the applicable Pre-2007 Shared Entity Audit had not resulted in any increase of taxable income and gain (or the disallowance of deduction, loss
and credit) for such taxable period (but taking into account all increases of taxable income and gain (and all disallowances of items of deduction, loss and credit) resulting from Audits for all prior periods and utilization of net operating loss
carryovers and Credit Carryovers as a result thereof) over (y) the net operating loss carryovers (if any) that will be Apportioned to the Applicable Tax Benefit Party or its Affiliates as of its first Post-Distribution Tax Period taking into
account all increases of income and gain (and all disallowances of items of deductions, loss and credit) resulting from such applicable Pre-2007 Shared Entity Audit (and all increases of income and gain and all disallowances of deduction, loss and
credit resulting from all Audits for all prior periods and utilization of net operating loss carryovers and Credit Carryovers as a result thereof); and 

  

	 	(ii)	the excess, if any, of (A) the Credit Carryovers (if any) that would have been Apportioned to the Applicable Tax Benefit Party or its Affiliates as of its first
Post-Distribution Taxable Period assuming that the applicable Pre-2007 Shared Entity Audit had not resulted in any increases in taxable income and gain (or disallowances of deduction, loss or credit) for such taxable period (but taking into account
all increases of taxable income and gain (and all disallowances of deduction, loss and credit) resulting from Audits for all prior periods and utilization of net operating loss carryovers and Credit Carryovers as a result thereof) over (y) the
Credit Carryovers (if any) that will be Apportioned to the Applicable Tax Benefit Party or its Affiliates as of its first Post-Distribution Tax Period taking into account all increases of income and gain (and all disallowances of deduction, loss and
credit) resulting from such applicable Pre-2007 Shared Entity Audit (and increases of income and gain and all disallowances of deduction, loss and credit resulting from all Audits for all prior periods and utilization of net operating loss
carryovers and Credit Carryovers as a result thereof); 

  

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 provided, however, that, for the avoidance of doubt, the determination of amounts pursuant
to this definition shall be made in a manner consistent with the provisions of Article X and provided, further, that, for the avoidance of doubt, there shall be no Hypothetical Tax Benefit Amount except in the case of a
Section 8.9 Final Determination. 
 (55) “Income Tax Returns” mean all Tax Returns relating to Income Taxes.

 (56) “Income Taxes” means: (i) all Taxes based upon, measured by, or calculated with respect to: (A) net income
or profits (including, but not limited to, any capital gains, minimum Tax or any Tax on items of Tax preference, but not including sales, use, real or personal property, gross or net receipts, transfer or similar Taxes) or (B) multiple bases
(including, but not limited to, corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax may be based, measured by, or calculated with respect to, is described in clause (i)(A) above; or (ii) all U.S.,
state, local or foreign franchise Taxes, including in the case of each of (i) and (ii) any related interest and any penalties, additions to such Tax or additional amounts imposed with respect thereto by any Tax Authority. 
 (57) “Independent Firm” means a nationally recognized accounting firm other than Ernst & Young (LLP). 
 (58) “Indemnified Party” means the Party (or Indemnitee) which is or may be entitled pursuant to this Agreement to receive any payments
(including reimbursement for Taxes or costs and expenses) from another Party or Parties to this Agreement. 
 (59) “Indemnifying
Party” means the Party which is or may be required pursuant to this Agreement to make indemnification or other payments (including reimbursement for Taxes and costs and expenses) to another Party to this Agreement. 
 (60) “Indemnitee” means a Cendant Indemnitee, a Realogy Indemnitee, a Wyndham Indemnitee, or a Travelport Indemnitee. 
 (61) “IP Companies” means, collectively, ERA TM Corp., a California corporation, C21 TM Corp., a California corporation, and CB TM
Corp., a California corporation. 
 (62) “IRS” means the United States Internal Revenue Service or any successor thereto,
including, but not limited to its agents, representatives, and attorneys. 
 (63) “Law” means any U.S. or non-U.S. federal,
national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law). 
 (64) “Majority of the Parties” means the consent of three of the Parties, provided, however, that if a Travelport Sale
occurs, “Majority of the Parties” means the consent of two of the Parties (excluding Travelport). 
  

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 (65) “New Realogy Gain Recognition Agreements” has the meaning set forth in
Section 10.3(m)(vii). 
 (66) “New Travelport Gain Recognition Agreements” has the meaning set forth in
Section 10.3(m)(ii). 
 (67) “New Wyndham Gain Recognition Agreements” has the meaning set forth in
Section 10.3(m)(v). 
 (68) “New York Courts” has the meaning set forth in the Separation and Distribution
Agreement. 
 (69) “Non-Income Tax Returns” mean all Tax Returns other than Income Tax Returns. 
 (70) “Non-Income Taxes” mean all Taxes other than Income Taxes. 
 (71) “Non-Monetary Impairment” has the meaning set forth in the Separation and Distribution Agreement. 
 (72) “Ongoing Federal Income Tax Audit” has the meaning set forth in Section 8.9(a). 
 (73) “Ongoing State Income Tax Audit” has the meaning set forth in Section 8.9(a). 
 (74) “Options” means, collectively, and as the context requires, Cendant Options, Realogy Options, Wyndham Options and Travelport
Options. 
 (75) “Ordinary Course of Business” means an action taken by a Person only if such action is taken in the
ordinary course of the normal day-to-day operations of such Person consistent with the past practices of such Person. 
 (76) “Other
Dispute” has the meaning set forth in Section 12.2(b). 
 (77) “Party” has the meaning set forth in the
preamble hereto. 
 (78) “Person” means any natural person, firm, individual, corporation, business trust, joint venture,
association, company, limited liability company, partnership or other organization or entity, whether incorporated or unincorporated, or any governmental entity. 
 (79) “Plan of Separation” has the meaning set forth in the recitals hereto. 
 (80)
“Post-2006 Cendant Shared Entity Tax Return” means: 
  

	 	(i)	any Income Tax Return required to be filed by any Tax Group of which a Cendant Shared Entity is the Common Parent for Tax years beginning on or after January 1, 2007;

  

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	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by a Cendant Shared Entity for Tax years beginning on or after January 1, 2007; and

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by a Cendant Shared Entity for Tax years beginning on or after January 1, 2007.

 (81) “Post-2006 Cendant Shared Entity Taxes” means all Taxes required to paid by or imposed upon a Cendant
Shared Entity with respect to all Post-2006 Cendant Shared Entity Tax Returns. 
 (82) “Post-2006 Existing Realogy Gain Recognition
Agreements” has the meaning set forth in Section 10.3(m)(xi). 
 (83) “Post-2006 Existing Travelport Gain Recognition
Agreements” has the meaning set forth in Section 10.3(m)(ix). 
 (84) “Post-2006 Existing Wyndham Gain Recognition
Agreements” has the meaning set forth in Section 10.3(m)(x). 
 (85) “Post-2006 Shared Entity Tax Returns” means,
collectively, all Post-2006 Cendant Shared Entity Tax Returns and all Post-2006 Wyndham Shared Entity Tax Returns. 
 (86) “Post-2006
Shared Entity Taxes” means, collectively, all Post-2006 Cendant Shared Entity Taxes and all Post-2006 Wyndham Shared Entity Taxes. 
 (87) “Post-2006 Wyndham Shared Entity Tax Returns” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Group of which a Wyndham Shared Entity is the Common Parent for Tax years beginning on or after January 1, 2007;

  

	 	(ii)	any U.S. state, local or foreign separate Income Tax Return required to be filed by a Wyndham Shared Entity for Tax years beginning on or after January 1, 2007; and

  

	 	(iii)	any U.S. state, local or foreign Non-Income Tax Return required to be filed by a Wyndham Shared Entity for taxable years beginning on or after January 1, 2007.

 (88) “Post-2006 Wyndham Shared Entity Taxes” means all Taxes required to be paid or imposed upon a Wyndham
Shared Entity with respect to all Post-2006 Wyndham Shared Entity Tax Returns. 
 (89) “Post-Distribution Tax Detriment” has
the meaning set forth in Section 8.13. 
  

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 (90) “Post-Distribution Tax Period” means: 
  

	 	(i)	in the case of Cendant, a Tax year beginning on or after January 1, 2007; 

  

	 	(ii)	in the case of Realogy, a Tax year beginning after the Realogy Distribution Date; 

  

	 	(iii)	in the case of Wyndham, a Tax year beginning after the Wyndham Distribution Date; and 

  

	 	(iv)	in the case of Travelport, a Tax year beginning after the Travelport Distribution Date. 

 (91) “Pre-2007 Cendant Shared Entity Tax Returns” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Groups of which a Cendant Shared Entity is the Common Parent for Tax years ending on or prior to December 31, 2006;

  

	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by a Cendant Shared Entity for Tax years ending on or prior to December 31, 2006; and

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by a Cendant Shared Entity for Tax years ending on or prior to December 31, 2006.

 (92) “Pre-2007 Cendant Shared Entity Taxes” means all Taxes required to paid by or imposed upon a Cendant
Shared Entity with respect to all Pre-2007 Cendant Shared Entity Tax Returns. 
 (93) “Pre-2007 Correlative Adjustment”
means a disallowance of an item of deduction, loss or credit (or an increase of an item of income or gain) included in the applicable Pre-2007 Shared Entity Tax Return that is related or attributable to the business or operations of any of the CCRG
Entities, Realogy or its Subsidiaries, Wyndham or its Subsidiaries or Travelport or its Subsidiaries (as the case may be) and also is more likely than not to result in a related correlative increase of an item of deduction, loss or credit (or
reduction of an item of income or gain for a Post-Distribution Tax Period of such entity). For purposes of this Agreement, a Correlative Adjustment shall not include any such disallowance or increase that more likely than not will result in an
increase in basis in property the basis of which is neither deductible, depreciable or amortizable. 
 (94) “Pre-2007 Realogy
Separate Company Shared Tax Audit” means all Audits relating to or involving Realogy Separate Company Shared Taxes. 
 (95)
“Pre-2007 Realogy Separate Company Shared Taxes” means each of the separate company Taxes set forth on Schedule B (relating to periods ending on or prior to 

  

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December 31, 2006) that could be required to be paid by Realogy or any of its Subsidiaries relating to the specific Tax issue(s) set forth on such
Schedule; provided, however, that, notwithstanding anything to the contrary contained herein, each such Pre-2007 Realogy Separate Company Shared Tax shall be equal to the lesser of (i) the actual incremental Tax liability
resulting from any Pre-2007 Realogy Separate Company Shared Tax Audit relating solely to such specific Tax issues set forth on Schedule B and (ii) the amount set forth on Schedule B relating to such specific Tax issue. 
 (96) “Pre-2007 Separate Company Shared Tax Audits” means, collectively, all Audits relating to Pre-2007 Separate Company Shared Taxes.

 (97) “Pre-2007 Separate Company Shared Taxes” means, collectively, all Pre-2007 Realogy Separate Company Shared Taxes,
all Pre-2007 Travelport Separate Company Shared Taxes and all Pre-2007 Wyndham Separate Company Shared Taxes. 
 (98) “Pre-2007
Shared Entity Audit Other Adjustments” means the sum of all increases in income and gain and all disallowances of deductions and losses resulting from a Pre-2007 Shared Entity Audit other than: 
  

	 	(i)	the aggregate amount of income and gain set forth in clause (i)(I), and the aggregate amount of disallowed deduction, loss and credit (and increased income and gain) set forth in
clause (i)(II), of the defined term “CCRG Audit Sharing Percentage”; 

  

	 	(ii)	the aggregate amount of income and gain set forth in clause (i)(I), the aggregate amount of income and gain set forth in Clause (i)(II), the aggregate amount of disallowed
deduction, loss and credit (and increased income and gain) set forth in clause (i)(III) and the aggregate amount of income and gain set forth in clause (i)(IV), of the defined term “Realogy Audit Sharing Percentage”;

  

	 	(iii)	the aggregate amount of income and gain set forth in clause (i)(I), the aggregate amount of income and gain set forth in Clause (i)(II), the aggregate amount of disallowed
deduction, loss and credit (and increased income and gain) set forth in clause (i)(III) and the aggregate amount of income and gain set forth in clause (i)(IV), of the defined term “Wyndham Audit Sharing Percentage”, and

  

	 	(iv)	the aggregate amount of income and gain set forth in clause (i)(I), the aggregate amount of income and gain set forth in Clause (i)(II), the aggregate amount of disallowed
deduction, loss and credit (and increased income and gain) set forth in clause (i)(III) and the aggregate amount of income and gain set forth in clause (i)(IV), of the defined term “Travelport Audit Sharing Percentage”, provided,
however, that if the Travelport Sale occurs, all amounts referred to in this clause (iv) of this definition shall be deemed to equal zero. 

 provided, however, that, for purposes of this definition, all credits shall be deemed to equal 2.857143. 
  

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 (99) “Pre-2007 Shared Entity Audits” means all Audits relating to all Pre-2007 Shared
Entity Tax Returns. 
 (100) “Pre-2007 Shared Entity Audit Tax Amount” has the meaning set forth in Section 8.8.

 (101) “Pre-2007 Shared Entity Taxes” means, collectively, all Pre-2007 Cendant Shared Entity Taxes and all Pre-2007
Wyndham Shared Entity Taxes. 
 (102) “Pre-2007 Shared Entity Tax Returns” means, collectively, all Pre-2007 Cendant Shared
Entity Tax Returns and all Pre-2007 Wyndham Shared Entity Tax Returns. 
 (103) “Pre-2007 Travelport Separate Company Shared Tax
Audit” means all Audits relating to or involving Travelport Separate Company Shared Taxes. 
 (104) “Pre-2007 Travelport
Separate Company Shared Taxes” means each of the separate company Taxes set forth on Schedule B (relating to periods ending on or prior to December 31, 2006) that could be required to be paid by Travelport or any of its Subsidiaries
relating to the specific Tax issue(s) set forth on such Schedule; provided, however, that, notwithstanding anything to the contrary contained herein, each such Pre-2007 Travelport Separate Company Shared Tax shall be equal to the
lesser of (i) the actual incremental Tax liability resulting from any Pre-2007 Travelport Separate Company Shared Tax Audit relating solely to such specific Tax issues set forth on Schedule B and (ii) the amount set forth on Schedule B
relating to such specific Tax issue, provided, further, that Travelport Separate Company Shared Taxes shall be deemed to equal zero if the Travelport Sale occurs. 
 (105) “Pre-2007 Wyndham Separate Company Shared Tax Audit” means all Audits relating to or involving Wyndham Separate Company Shared
Taxes. 
 (106) “Pre-2007 Wyndham Separate Company Shared Taxes” means each of the separate company Taxes set forth on
Schedule B (relating to periods ending on or prior to December 31, 2006) that could be required to be paid by Wyndham or any of its Subsidiaries relating to the specific Tax issue(s) set forth on such Schedule; provided, however,
that, notwithstanding anything to the contrary contained herein, each such Pre-2007 Wyndham Separate Company Shared Tax shall be equal to the lesser of (i) the actual incremental Tax liability resulting from any Pre-2007 Wyndham Separate
Company Shared Tax Audit relating solely to such specific Tax issues set forth on Schedule B and (ii) the amount set forth on Schedule B relating to such specific Tax issue. 
 (107) “Pre-2007 Wyndham Shared Entity Tax Returns” means: 
  

	 	(i)	all Income Tax Returns required to be filed by all Tax Groups of which a Wyndham Shared Entity is the Common Parent for taxable years ending on or prior to December 31, 2006;

  

 14 

	 	(ii)	all U.S., state, local and foreign separate Income Tax Returns required to be filed by a Wyndham Shared Entity for taxable years ending on or prior to December 31, 2006; and

  

	 	(iii)	all U.S., state, local and foreign Non-Income Tax Returns required to be filed by a Wyndham Shared Entity for taxable years ending on or prior to December 31, 2006.

 (108) “Pre-2007 Wyndham Shared Entity Taxes” means all Taxes required to be paid or imposed upon a Wyndham
Shared Entity with respect to all Pre-2007 Wyndham Shared Entity Tax Returns. 
 (109) “Prime Rate” has the meaning set
forth in the Separation and Distribution Agreement. 
 (110) “Proposed Acquisition Transaction” means a transaction or
series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, to enter into a transaction or series of related transactions), as a
result of which any of the Parties (or any successor thereto) would merge or consolidate with any other Person or as a result of which any Person or any group of Persons would (directly or indirectly) acquire, or have the right to acquire (through
an option or otherwise) from any of the Parties (or any successor thereto) and/or one or more holders of their common stock, respectively, any amount of stock of any of the Parties, as the case may be, that would, when combined with any other
changes in ownership of the stock of such Party pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, comprise more than thirty–five percent (35%) or more of (i) the value of
all outstanding stock of such Party as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (ii) the total combined voting power of all outstanding stock of such Party
as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. For purposes of determining whether a transaction constitutes an indirect acquisition for purposes of the first sentence
of this definition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application
thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the parties in good faith. 
 (111) “Real Estate Business” has the meaning set forth in the Separation and Distribution Agreement. 
 (112) “Realizable Tax Benefit” means the Tax benefit potentially realizable (without applying a discount for the time value of money or
for the lack of certainty of realization) by a Party or its Affiliates, which potential Tax benefit is solely attributable to the accrual or payment of a Tax, cost, expense, liability or other amount by such Party or its Affiliates which accrual or
payment resulted in the right by such Party or it Affiliates to receive a payment from another Party pursuant to this Agreement, assuming an effective Tax rate of thirty-eight percent (38%). 
  

 15 

 (113) “Realogy” has the meaning set forth in the recitals to this Agreement. 

(114) “Realogy Audit Sharing Percentage” means a ratio: 
  

	 	(i)	the numerator of which is the sum of: 

  

	 	(I)	the Realogy Sharing Percentage of the aggregate amount of all income and gain directly attributable to or resulting from any of the Distributions failing to qualify as a
reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to any of the
Distributions, to the extent such items of income or gain does not result and is not directly attributable to the Fault of any Party and/or its Affiliates; 

  

	 	(II)	the aggregate amount of all income and gain directly attributable to or resulting from the Realogy Distribution failing to qualify as a reorganization within the meaning of Sections
368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to the Realogy Distribution, to the extent such items of
income or gain results from or is directly attributable to the Fault of Realogy or any of its Affiliates; 

  

	 	(III)	in the event of a Pre-2007 Shared Entity Audit that results in a Pre-2007 Correlative Adjustment that is directly related or attributable to the business or operations of Realogy or
any of its Subsidiaries, the aggregate amount of disallowed deduction, loss and credit (and increases of income and gain) resulting from such Pre-2007 Correlative Adjustment; 

  

	 	(IV)	the aggregate amount of income and gain (and disallowed deduction, loss and credit) resulting from a breach by Realogy of a representation, covenant or obligation under this
Agreement; and 

  

	 	(V)	the Realogy Sharing Percentage of the aggregate amount of all Pre-2007 Shared Entity Other Adjustments; and 

  

 16 

	 	(ii)	the denominator of which is the sum of: 

  

	 	(I)	all aggregate amount of income and gain resulting from such Pre-2007 Shared Entity Audit; and 

  

	 	(II)	all aggregate amount of all disallowed deduction, loss and credit resulting from such Pre-2007 Shared Entity Audit. 

 provided, however, that, for purposes of this definition, all credits shall be deemed to equal 2.857143. 
 (115) “Realogy Common Stock” has the meaning set forth in the recitals hereto. 
 (116) “Realogy Distribution” means the distribution on the Realogy Distribution Date to holders of record of shares of Cendant Common
Stock as of the Realogy Distribution Record Date of the Realogy Common Stock owned by Cendant on the basis of one (1) share of Realogy Common Stock for every four (4) outstanding shares of Cendant Common Stock.  
 (117) “Realogy Distribution Date” means the date on which Cendant distributes all of the issued and outstanding shares of Realogy Common
Stock to the holders of Cendant Common Stock. 
 (118) “Realogy Distribution Record Date” means such date as may be
determined by Cendant’s board of directors as the record date for the Realogy Distribution. 
 (119) “Realogy Distribution
Taxes” means any and all Taxes required to be paid by or imposed on Cendant (or any Tax Group of which it is a member) resulting from, or directly arising in connection with, the failure of the Realogy Distribution to qualify under
Section 355(a) or (c) of the Code or, if applicable, Section 361(c) of the Code, or the application of Sections 355(d) or (e) of the Code to the Realogy Distribution, or under the corresponding provisions of the Laws of other
jurisdictions. 
 (120) “Realogy Employee” has the meaning set forth in the Separation and Distribution Agreement.

 (121) “Realogy Group” means Realogy and each of the Realogy Subsidiaries and each Business Entity that becomes a
Subsidiary of Realogy. 
 (122) “Realogy Indemnitees” means Realogy, each member of the Realogy Group, each of their
respective directors, officers, employees and agents and each of the heirs, executors, successors and assigns of any of the foregoing. 
 (123) “Realogy Option” means an option to acquire Realogy Common Stock. 
 (124) “Realogy Option
Holder” means a holder of a Realogy Option. 
 (125) “Realogy RSU” means a restricted stock unit payable in shares
of Realogy Common Stock. 
  

 17 

 (126) “Realogy RSU Option” means a holder of a Realogy RSU. 
 (127) “Realogy Sharing Percentage” means fifty percent (50%); provided, however, that in the event a Travelport Sale
occurs, Realogy Sharing Percentage means sixty-two and one-half percent (62.5%) for all purposes (including with retroactive application). 
 (128) “Realogy Subsidiaries” means all direct and indirect Subsidiaries of Realogy, determined immediately after the Realogy Distribution (and predecessors of such entities). 
 (129) “Realogy Subsidiary Corporation” has the meaning as set forth in Section 10.3(m)(viii). 
 (130) “Realogy Tax Return” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Group of which Realogy or a Realogy Subsidiary is the Common Parent; 

  

	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by Realogy or a Realogy Subsidiary; and 

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by Realogy or a Realogy Subsidiary. 

 (131) “Realogy Taxes” means all Taxes required to be paid by or imposed upon Realogy or a Realogy Subsidiary with respect to all Realogy
Tax Returns. 
 (132) “Refund” means any refund of Taxes (including any overpayment of Taxes for a period ending on or prior
to December 31, 2006 that can be refunded or, alternatively, applied to future Taxes payable), including any interest paid on or with respect to such refund of Taxes, provided, however, that with respect to any refund of Taxes
imposed on any Person, refunds shall be net of any Taxes imposed on or related or attributable to the receipt or accrual of such refund. 
 (133) “Requesting Party” has the meaning set forth in Section 5.3. 
 (134) “Restricted
Period” means: 
  

	 	(i)	in the case of Cendant, the period beginning the day after the Travelport Distribution Date and ending on the two-year anniversary thereof, provided, however, that, if
the Travelport Sale occurs, the period beginning the day after the Wyndham Distribution Date and ending on the two-year anniversary thereof. 

  

	 	(ii)	in the case of Realogy, the period beginning the day after the Realogy Distribution Date and ending on the two-year anniversary thereof; 

  

 18 

	 	(iii)	in the case of Wyndham, the period beginning the day after the Wyndham Distribution Date and ending on the two-year anniversary thereof; and 

  

	 	(iv)	in the case of Travelport, the period beginning the day after the Travelport Distribution Date and ending on the two-year anniversary thereof. 

 (135) “RSU Effective Time” means August 15, 2006. 
 (136) “RSUs” means, collectively, Cendant RSUs, Realogy RSUs, Wyndham RSUs and Travelport RSUs. 
 (137) “Rules” has the meaning set forth in Section 13.2. 
 (138) “Section 8.9 Final
Determination” has the meaning set forth in Section 8.9(a). 
 (139) “Separation and Distribution
Agreement” means the Separation and Distribution Agreement by and among Cendant, Realogy, Travelport and Wyndham, dated as of July 27, 2006. 
 (140) “Shared Entities” means, collectively, all Cendant Shared Entities and all Wyndham Shared Entities. 
 (141) “Skadden” means Skadden, Arps, Slate, Meagher & Flom LLP. 
 (142)
“Specified Shared Expenses” has the meaning set forth in the Separation and Distribution Agreement. 
 (143) “Spinco
Parties” means, collectively, Realogy, Wyndham and Travelport. 
 (144) “Steps Memorandum” means the memorandum
attached hereto as Exhibit A. 
 (145) “SU” has the meaning set forth in Section 10.2(m)(ii). 
 (146) “Subsidiary” of any Person means, on any date, any Person of which securities or other ownership interests representing more than
50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests or more than 50% of the profits or losses of which are, as of such date, owned, controlled or held
by the applicable Person or one or more subsidiaries of such Person. For purposes hereof, none of the Parties or their respective Subsidiaries (determined, in the case of Cendant, immediately after the Final Distribution Date, in the case of
Realogy, immediately after the Realogy Distribution, in the case of Wyndham, immediately after the Wyndham Distribution and in the case Travelport, immediately after the Final Distribution Date) shall be considered a “Subsidiary” of any of
the other Parties or their respective Subsidiaries (determined on the same basis). 
  

 19 

 (147) “Tax Benefit Actually Realized” means an actual reduction in Taxes otherwise due
and payable by a Party or its Affiliates which reduction is solely attributable to the accrual or payment of a Tax, cost, expense, liability or other amount by such Party or its Affiliates which accrual or payment resulted in the right by such Party
or its Affiliates to receive a payment from another Party pursuant to this Agreement. 
 (148) “Taxes” means all taxes,
charges, fees, duties, levies, imposts, or other similar assessments imposed by any federal, state, local or foreign Taxing Authority, including, but not limited to, income, gross receipts, excise, property, sales, use, license, capital stock,
transfer, franchise, payroll, withholding, social security, value added and other taxes, and any interest, penalties or additions attributable thereto. 
 (149) “Tax-Free Status” means the qualification of the applicable Distribution and related transactions as a distribution in which no gain or loss is recognized, and no amount is included in income,
including by reason of Distribution Taxes, for U.S. federal income Tax purposes (other than intercompany items, excess loss accounts or other items required to be taken into account pursuant to Treasury Regulations promulgated under
Section 1502 of the Code). 
 (150) “Tax Group” means any U.S. federal, state, local or foreign affiliated,
consolidated, combined, unitary or similar group that files an Income Tax Return. 
 (151) “Tax Package” means: 

 

	 	(i)	a pro forma Tax Return relating to the operations of a Spinco Party and/or its Subsidiaries that are required to be included in any Tax Group of which a Shared Entity is or was the
Common Parent and such Spinco Party and/or such Subsidiaries is or was a member for one or more days in a taxable year; and 

  

	 	(ii)	all information relating to the operations of a Spinco Party and/or its Subsidiaries that is reasonably necessary to prepare and file the applicable Income Tax Return required to be
filed by any Tax Group of which a Shared Entity is or was the common parent and such Spinco Party or any of its Subsidiaries is or was a member for one or more days in a Tax year. 

 (152) “Tax Representation Letter” means a letter containing certain representations and covenants issued by a Party to Skadden, Arps,
Slate, Meagher & Flom LLP in connection with certain Tax opinions to be rendered by Skadden, Arps, Slate, Meagher & Flom LLP to Cendant in connection with the Plan of Separation. 
 (153) “Tax Return” means any return, report, certificate, form or similar statement or document (including any related or supporting
information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) required to be supplied to, or filed with, a Taxing Authority in connection with the determination, assessment
or collection of any Tax or the administration of any Laws, regulations or administrative requirements relating to any Tax. 
  

 20 

 (154) “Tax Sharing Agreement Termination Date” means, as between the applicable Parties
and their respective Subsidiaries: 
  

	 	(i)	in the case of Realogy or any of its Subsidiaries, on the one hand, and any other Party or its Subsidiaries, on the other hand, the Realogy Distribution Date;

  

	 	(ii)	in the case of Wyndham or any of its Subsidiaries, on the one hand, and any other Party or its Subsidiaries, on the other hand, the Wyndham Distribution Date; and

  

	 	(iii)	in the case of Travelport or any of its Subsidiaries, on the one hand, and any other Party or its Subsidiaries, on the other hand, the Travelport Distribution Date.

 (155) “Taxing Authority” means any governmental authority or any subdivision, agency, commission or
authority thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 
 (156) “Travelport” has the meaning set forth in the recitals to this Agreement. 
 (157) “Travelport Audit Sharing Percentage” means a ratio: 
  

	 	(i)	the numerator of which is the sum of: 

  

	 	(I)	the Travelport Sharing Percentage of the aggregate amount of all income and gain directly attributable to or resulting from any of the Distributions failing to qualify as a
reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to any of the
Distributions, to the extent such income or gain does not result and is not directly attributable to the Fault of any Party and/or its Affiliates; 

  

	 	(II)	the aggregate amount of all income and gain directly attributable to or resulting from the Travelport Distribution failing to qualify as a reorganization within the meaning of
Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to the Travelport Distribution, to the extent such
income or gain results from or is directly attributable to the Fault of Travelport or any of its Affiliates; 

  

 21 

	 	(III)	in the event of a Pre-2007 Shared Entity Audit that results in a Pre-2007 Correlative Adjustment that is directly related or attributable to the business or operations of Travelport
or any of its Subsidiaries, the aggregate amount of all disallowed deduction, loss and credit (and increases of income and gain) resulting from such Pre-2007 Correlative Adjustment; 

  

	 	(IV)	the aggregate amount of all income and gain (and disallowed deduction, loss and credit) resulting from a breach by Travelport of a representation, covenant or obligation under this
Agreement; 

  

	 	(V)	the Travelport Sharing Percentage of the aggregate amount of all Pre-2007 Shared Entity Other Adjustments; and 

  

	 	(ii)	the denominator of which is the sum of: 

  

	 	(I)	all aggregate amount of all income and gain resulting from such Pre-2007 Shared Entity Audit; and 

  

	 	(II)	all aggregate amount of all disallowed deduction, loss and credit resulting from such Pre-2007 Shared Entity Audit. 

 provided, however, that, for purposes of this definition, all credits shall be deemed to equal 2.857143; provided, further,
that if the Travelport Sale occurs, “Travelport Audit Sharing Percentage” shall be deemed to equal zero percent (0%). 
 (158)
“Travelport Common Stock” has the meaning set forth in the recitals hereto. 
 (159) “Travelport
Distribution” means the distribution (if effected) on the Travelport Distribution Date to holders of record of shares of Cendant Common Stock as of the Travelport Distribution Record Date of the Travelport Common Stock owned by Cendant on
the basis of one share of Travelport Common Stock for a number of outstanding shares of Cendant Common Stock, to be determined prior to such Distribution. 
 (160) “Travelport Distribution Date” means the date on which Cendant distributes (if effected) all of the issued and outstanding shares of Travelport Common Stock to the holders of Cendant Common
Stock. 
  

 22 

 (161) “Travelport Distribution Record Date” means such date as may be determined by
Cendant’s board of directors as the record date for the Travelport Distribution. 
 (162) “Travelport Distribution
Taxes” means any and all Taxes required to be paid by or imposed on Cendant (or any Tax Group of which Cendant is a member) resulting from, or directly arising in connection with, the failure of the Travelport Distribution to qualify under
Section 355(a) or (c) of the Code or, if applicable, Section 361(c) of the Code, or the application of Sections 355(d) or (e) of the Code to the Travelport Distribution, or under the corresponding provisions of the Laws of other
jurisdictions, provided, however, if the Travelport Sale occurs, Travelport Distribution Taxes shall be deemed to equal zero. 
 (163) “Travelport Employee” has the meaning set forth in the Separation and Distribution Agreement. 
 (164)
“Travelport Gain Recognition Agreements” has the meaning set forth in 10.3(m)(i). 
 (165) “Travelport
Group” means Travelport and each of the Travelport Subsidiaries and each Business Entity that becomes a Subsidiary of Travelport. 
 (166) “Travelport Indemnitees” means Travelport, each member of the Travelport Group, each of their respective directors, officers, employees and agents and each of the heirs, executors, successors and assigns of any of the
foregoing. 
 (167) “Travelport Option” means an option to acquire Travelport Common Stock. 
 (168) “Travelport Option Holder” means a holder of a Travelport Option. 
 (169) “Travelport RSU” means a restricted stock unit payable in shares of Travelport Common Stock. 
 (170) “Travelport RSU Holder” means a holder of a Travelport RSU. 
 (171) “Travelport Sale” has the meaning set forth in the recitals hereto. 
 (172) “Travelport Sale Income Tax Amount” has the meaning set forth in the Separation and Distribution Agreement. 
 (173) “Travelport Sharing Percentage” means twenty percent (20%); provided, however, that in the event a Travelport Sale
occurs, Travelport Sharing Percentage zero percent (0%) for all purposes (including with retroactive application). 
 (174)
“Travelport Subsidiary” means all direct and indirect Subsidiaries of Travelport, determined immediately after the Travelport Distribution. 
 (175) “Travelport Subsidiary Corporation” has the meaning set forth in Section 10.3(m)(iii). 
  

 23 

 (176) “Travelport Tax Return” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Group of which Travelport or a Travelport Subsidiary is the Common Parent; 

  

	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by Travelport or a Travelport Subsidiary; and 

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by Travelport or a Travelport Subsidiary. 

 (177) “Travelport Taxes” means all Taxes required to be paid by or imposed upon Travelport or a Travelport Subsidiary with respect to
all Travelport Tax Returns. 
 (178) “Travel Distribution Business” has the meaning set forth in the Separation and
Distribution Agreement. 
 (179) “Treasury Regulations” means the final and temporary (but not proposed) income tax
regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 (180) “Unqualified Tax Opinion” means an unqualified “will” opinion of a Law firm of nationally recognized standing in the field of taxation, which opinion is reasonably acceptable to a
Majority of the Parties and upon which each of the Parties may rely to confirm that a transaction (or transactions) will not result in Distribution Taxes, including confirmation in accordance with Circular 230 or otherwise that may be provided for
purposes of avoiding any applicable penalties or additions to Tax. 
 (181) “U.S.” shall mean United States. 
 (182) “Vehicle Rental Business” has the meaning set forth in the Separation and Distribution Agreement. 
 (183) “Wyndham” has the meaning set forth in the recitals hereto. 
 (184) “Wyndham Audit Sharing Percentage” means a ratio: 
  

	 	(i)	the numerator of which is the sum of: 

  

	 	(I)	 the Wyndham Sharing Percentage of the aggregate amount of all income and gain directly attributable to or resulting from any of the Distributions failing to qualify
as a reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to any of
the 

  

 24 

	 	 
Distributions, to the extent such items of income or gain do not result and is not directly attributable to the Fault of any Party and/or its Affiliates;

  

	 	(II)	the aggregate amount of all income and gain directly attributable to or resulting from the Wyndham Distribution failing to qualify as a reorganization within the meaning of Sections
368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to the Wyndham Distribution, to the extent such items of
income or gain result from or is directly attributable to the Fault of Wyndham or any of its Affiliates; 

  

	 	(III)	in the event of a Pre-2007 Shared Entity Audit that results in a Pre-2007 Correlative Adjustment that is directly related or attributable to the business or operations of Wyndham or
any of its Subsidiaries, the aggregate amount of all disallowed deduction, loss and credit (and increases of income and gain) resulting from such Pre-2007 Correlative Adjustment; 

  

	 	(IV)	the aggregate amount of all income and gain (or disallowed deduction, loss and credit) resulting from a breach by Wyndham of a representation, covenant or obligation under this
Agreement; 

  

	 	(V)	the Wyndham Sharing Percentage of the aggregate amount of all Pre-2007 Shared Entity Other Adjustments; and 

  

	 	(ii)	the denominator of which is the sum of: 

  

	 	(I)	all aggregate amount of all income and gain resulting from such Pre-2007 Shared Entity Audit; and 

  

	 	(II)	all aggregate amount of all disallowed deduction, loss and credit resulting from such Pre-2007 Shared Entity Audit. 

 provided, however, that, for purposes of this definition, all credits shall be deemed to equal 2.857143. 
  

 25 

 (185) “Wyndham Common Stock” has the meaning set forth in the recitals hereto.

 (186) “Wyndham Distribution” means the distribution on the Wyndham Distribution Date to holders of record of shares of
Cendant Common Stock as of the Wyndham Distribution Record Date of the Wyndham Common Stock owned by Cendant on the basis of one share of Wyndham Common Stock for every five (5) outstanding shares of Cendant Common Stock. 
 (187) “Wyndham Distribution Date” means the date on which Cendant distributes all of the issues and outstanding shares of Wyndham Common
Stock to the holders of Cendant Common Stock. 
 (188) “Wyndham Distribution Record Date” means such date as may be
determined by Cendant’s board of directors as the record date for the Wyndham Distribution. 
 (189) “Wyndham Distribution
Taxes” means any and all Taxes required to be paid by or imposed on Cendant (or any Tax Group of which Cendant is a member) resulting from, or directly arising in connection with, the failure of the Wyndham Distribution to qualify under
Section 355(a) or (c) of the Code or, if applicable, Section 361(c) of the Code, or the application of Sections 355(d) or (e) of the Code to the Wyndham Distribution, or under the corresponding provisions of the Laws of other
jurisdictions. 
 (190) “Wyndham Employee” has the meaning set forth in the Separation and Distribution Agreement.

 (191) “Wyndham Gain Recognition Agreement” has the meaning set forth in Section 10.3(m)(iv). 
 (192) “Wyndham Group” means Wyndham, each of the Wyndham Subsidiaries, each of the Wyndham Shared Entities and each Business Entity that
becomes a Subsidiary of Wyndham. 
 (193) “Wyndham Indemnitees” means Wyndham, each member of the Wyndham Group, each of
their respective directors, officers, employees and agents and each of the heirs, executors, successors and assigns of any of the foregoing. 
 (194) “Wyndham Option” means an option to acquire Wyndham Common Stock. 
 (195) “Wyndham Option
Holder” means a holder of a Wyndham Option. 
 (196) “Wyndham RSU” means a restricted stock unit payable in shares
of Wyndham Common Stock. 
 (197) “Wyndham RSU Holder” means a holder of a Wyndham RSU. 
  

 26 

 (198) “Wyndham Shared Entities” means: 
  

	 	(i)	Hospitality Operations, Inc. (fka Cendant Transportation Corporation); 

  

	 	(ii)	Wyndham Finance (UK); 

  

	 	(iii)	Pointlux S.a.r.l. (Luxembourg); 

  

	 	(iv)	Cendant Europe Limited (UK) and its Subsidiaries; 

  

	 	(v)	Pointeuro V Limited (UK); 

  

	 	(vi)	Pointeuro IV Limited (UK); 

  

	 	(vii)	RCI Global Vacation Network Aps (fka Cendant Denmark Aps) and its Subsidiaries; 

  

	 	(viii)	EMEA Holdings C.V. (Netherlands) and its Subsidiaries; 

  

	 	(ix)	RCI Global Vacation Network (UK) (fka Cendant (UK) Holdings Limited) and its Subsidiaries; 

  

	 	(x)	Pointtravel Co. Ltd. (UK) and its Subsidiaries; and 

  

	 	(xi)	Cycleagent Ltd. (UK). 

 (199) “Wyndham Sharing
Percentage” means thirty percent (30%); provided, however, that in the event a Travelport Sale occurs, Wyndham Sharing Percentage means thirty-seven and one-half percent (37.5%) for all purposes (including with
retroactive application). 
 (200) “Wyndham Subsidiaries” means all direct and indirect Subsidiaries of Wyndham, determined
immediately after the Wyndham Distribution (and predecessors of such entities), provided, however, that Wyndham Subsidiaries shall not include any Wyndham Shared Entity (or any direct or indirect Subsidiary of any Wyndham Shared
Entity). 
 (201) “Wyndham Subsidiary Corporation” has the meaning set forth in Section 10.3(m)(vi). 

(202) “Wyndham Tax Returns” means: 
  

	 	(i)	any Income Tax Returns required to be filed by any Tax Group of which Wyndham or a Wyndham Subsidiary is the Common Parent; 

  

	 	(ii)	any U.S., state, local or foreign separate Income Tax Return required to be filed by Wyndham or a Wyndham Subsidiary; and 

  

	 	(iii)	any U.S., state, local or foreign Non-Income Tax Return required to be filed by Wyndham or a Wyndham Subsidiary. 

  

 27 

 (203) “Wyndham Taxes” means all Taxes required to be paid by or imposed upon Wyndham or
a Wyndham Subsidiary with respect to all Wyndham Tax Returns. 
 Section 1.2 References; Interpretation. References in this Agreement
to any gender include references to all genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes” and “including”
when used in this Agreement shall be deemed to be followed by the phrase “without limitation”. Unless the context otherwise requires, references in this Agreement to Articles, Sections, Annexes, Exhibits and Schedules shall be deemed
references to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and “herein” and words of similar meaning when used in
this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. 
 Section
1.3 Effective Time; Suspension. 
 (a) This Agreement shall be effective as of the Realogy Distribution Date. 
 (b) Notwithstanding Section 1.3(a) above, as between any of the Parties that are Affiliates (without regard to the last sentence set forth in
the definition of Affiliates), the provisions of, and the obligations under, this Agreement shall be suspended as between such Parties until: 
  

	 	(i)	in the case of Cendant and Wyndham, the Wyndham Distribution Date; 

  

	 	(ii)	subject to Section 1.3(c), in the case of Wyndham and Travelport, the first to occur of the Wyndham Distribution Date or the Travelport Distribution Date; and

  

	 	(iii)	subject to Section 1.3(c), in the case of Cendant and Travelport, the Travelport Distribution Date. 

 (c) Notwithstanding anything to the contrary contained in this Agreement: 
  

	 	(i)	for so long as any Party is still an Affiliate (without regard to the last sentence set forth in such definition) of Cendant, Cendant shall be responsible for any Taxes or other
amounts required to be paid by such Party pursuant to this Agreement; and 

  

	 	(ii)	if a Travelport Sale occurs, any and all rights and obligations of and to Travelport pursuant to this Agreement (including any and all obligations of Travelport to any other Person
pursuant to Section 6.4 and any and all obligations of any of the Parties to Travelport Indemnitees pursuant to Article VI) shall be terminated and deemed null and void and be of no further force or effect. 

  

 28 

 For the avoidance of doubt, in the event of a conflict between this Section 1.3(c) and any
other provision of this Agreement, this Section 1.3(c) shall govern and control. 
 ARTICLE II 
 PREPARATION AND FILING OF TAX RETURNS 
 Section 2.1 Responsibility of Cendant to prepare and file Pre-2007 Cendant Shared Entity Tax Returns, Post-2006 Cendant Shared Entity Tax Returns and CCRG Entity Tax Returns. 
 (a) Pre-2007 Cendant Shared Entity Tax Returns. 
  

	 	(i)	General. To the extent not previously filed, subject to the rights and obligations of each of the Spinco Parties set forth herein, Cendant shall (at Cendant’s own cost
and expense) prepare and file or cause to be prepared and filed, all Pre-2007 Cendant Shared Entity Tax Returns, provided, however, that all reasonable out-of-pocket costs and expenses incurred by Cendant in connection therewith shall
be borne twenty-five percent (25%) by each of the Parties, provided, further, that, if the Travelport Sale occurs, such costs and expenses shall be borne thirty-three percent (33%) by each of Cendant, Realogy and Wyndham.
Such Pre-2007 Cendant Shared Entity Tax Returns shall be prepared in a manner consistent with the past practice of each Cendant Shared Entity unless otherwise required by applicable Law. Payments by Realogy, Wyndham and Travelport, respectively, to
Cendant for reasonable out-of-pocket costs and expenses incurred by Cendant shall be treated as amounts deductible by the paying Party pursuant to Section 162 of the Code, and none of the Parties shall take any position inconsistent with such
treatment, except to the extent a Final Determination with respect to the paying Party causes such payment to not be so treated. Notwithstanding anything to the contrary contained in this Section 2.1(a)(i), each of the state and local
Income Tax Returns required to be filed by Cendant set forth on Schedule A shall be prepared by the Party identified on Schedule A (at its own cost and expense, including any out-of-pocket costs and expenses) on or prior to the date referred to in
Schedule A. 

  

	 	(ii)	 Tax Package. To the extent not previously provided, each of the Spinco Parties (at its own cost and expense) shall prepare and provide or cause to be
prepared and provided to Cendant (and make available or cause to be made available to the other Spinco Parties) a Tax Package relating to each Pre-2007 Cendant Shared Entity Tax Return 

  

 29 

	 	 
required to be filed by any Tax Group of which a Cendant Shared Entity was the Common Parent and such Spinco Party or any of its Subsidiaries was a member
for one or more days in the relevant Tax year. The Tax Package shall: (A) with respect to any Tax year of a Cendant Shared Entity ending on or prior to December 31, 2005, be provided to Cendant no later than July 31, 2006; and
(B) with respect to any Tax year of a Cendant Shared Entity ending after December 31, 2005 and on or before December 31, 2006, be provided to Cendant no later than May 31, 2007 (other than U.S. Tax Returns for such Tax year of
any foreign Subsidiary of the relevant Spinco Party, which shall be provided no later than July 31, 2007). For the avoidance of doubt, in the event a Spinco Party does not fulfill its obligations pursuant to this Section 2.1(a)(ii),
Cendant shall be entitled, at the sole cost and expense of such Spinco Party to prepare or cause to be prepared the information required to be included in the Tax Package for purposes of preparing any such Pre-2007 Cendant Shared Entity Tax Return.

  

	 	(iii)	Procedures relating to the preparation and filing of Pre-2007 Cendant Shared Entity Tax Returns. 

 (A) Pre-2007 Cendant Shared Entity Tax Returns for Tax years ending on or prior to December 31, 2005. In the case of Pre-2007
Cendant Shared Entity Tax Returns for Tax years ending on or prior to December 31, 2005, to the extent not previously filed, no later than thirty (30) days prior to the Due Date of each such Tax Return, Cendant (or in the case of a state
or local Income Tax Return set forth in Schedule A, the Party responsible for preparing such Tax Return) shall make available or cause to be made available drafts of such Tax Return (together with all related work papers) to each of the
Spinco Parties (or in the case of a state or local Income Tax Return set forth in Schedule A, to the other Parties). Each of the Parties shall have access to any and all data and information necessary for the preparation of all such Pre-2007
Cendant Shared Entity Tax Returns and the Parties shall cooperate fully in the preparation and review of such Tax Returns. Subject to the preceding sentence, no later than September 1, 2006 (or in the case of a state or local Income Tax Return
set forth in Schedule A, the date set forth therein with respect to such Tax Return), a Party shall have a right to object to such Pre-2007 Shared Entity Tax Return (or items with respect thereto) by written notice to the other Parties; such
written notice shall contain such disputed item (or items) and the basis for its objection. 
 (B) Pre-2007 Cendant Shared
Entity Tax Returns for Tax years ending after December 31, 2005. In the case of Pre-2007 Cendant Shared Entity Tax Returns for Tax years ending after December 31, 2005, to the extent not previously filed, no later than sixty
(60) days prior to the Due Date of each such Pre-2007 Cendant Shared Entity Tax Return, Cendant 

  

 30 

 
shall make available or cause to be made available drafts of such Tax Return (together with all related work papers) to each of the Spinco Parties. Each of
the Spinco Parties shall have access to any and all data and information necessary for the preparation of all such Pre-2007 Cendant Shared Entity Tax Returns and the Parties shall cooperate fully in the preparation and review of such Tax Returns. No
later than August 1, 2007 (or in the case of a state or local Income Tax Return set forth in Schedule A, forty-five days prior to the Due Date of such Tax Return), a Spinco Party shall have a right to object by written notice to Cendant
and the other Spinco Parties; such written notice shall contain such disputed item (or items) and the basis for its objection. 
 (C) With respect to a Pre-2007 Cendant Shared Entity Tax Return prepared by Cendant (or in the case of a state or local Income Tax Return set forth in Schedule A, another Party) and submitted to the Spinco Parties (or Cendant)
pursuant to Section 2.1(a)(iii)(A) or Section 2.1(a)(iii)(B), as the case may be, if a Party does not object by proper written notice to the party responsible for preparing such Tax Return and the other Parties within the
time period described in such sections, such Pre-2007 Cendant Shared Entity Tax Return shall be deemed to have been accepted and agreed upon, and final and conclusive, for purposes of this Section 2.1(a)(iii). If a Party does object by
proper written notice to the other Parties within such applicable time period, the Parties shall act in good faith to resolve any such dispute as promptly as practicable, provided, however, that, notwithstanding anything to the
contrary contained herein, if the Parties have not reached a final resolution with respect to all disputed items for which proper written notice was given within fifteen (15) days prior to the Due Date for such Pre-2007 Cendant Shared Entity
Tax Return, such Tax Return shall be filed as prepared by the Party responsible for preparing such Tax Return pursuant to this Section 2.1(a) (revised to reflect all initially disputed items that the Parties have agreed upon prior to
such date). All Taxes required to be paid by a Spinco Party to Cendant with respect to a Pre-2007 Cendant Shared Entity Tax Return pursuant to Article III shall be based upon the amounts shown to be due and owing on such Tax Return as filed
by Cendant and such Taxes shall be paid by such Spinco Party to Cendant no later than 5 days prior to the Due Date of such Tax Return. 
 (D) In the event that Cendant files a Pre-2007 Cendant Shared Entity Tax Return that includes properly disputed items pursuant to this Section 2.1(a)(iii) that were not finally resolved and agreed upon,
such disputed item (or items) shall be resolved in accordance with Article XII. In the event that the resolution of such disputed item (or items) in accordance with Article XII with respect to a Pre-2007 Cendant Shared Entity Tax
Return is inconsistent with such Pre-2007 Cendant Shared Entity Tax Return as filed by Cendant, Cendant (with cooperation from the other Parties) shall, as promptly as practicable, amend such Tax Return 

  

 31 

 
to properly reflect the final resolution of the disputed item (or items). In the event that the amount of Taxes shown to be due and owing on a Pre-2007
Cendant Shared Entity Tax Return is adjusted as a result of a resolution pursuant to Article XII, proper adjustment shall be made to the amounts previously paid or required to be paid in accordance with Article III in a manner that
reflects such resolution. 
 (E) Pre-2007 Cendant Shared Entity Tax Returns for estimated Income Taxes.
Notwithstanding anything to the contrary in this Section 2.1, in the case of any Pre-2007 Cendant Shared Entity Tax Return for estimated Income Taxes (“Estimated Tax Returns”) for periods ending after December 31,
2005, to the extent not previously filed, as soon as practicable prior to the Due Date of each such Estimated Tax Return, Cendant shall make available or cause to be made available drafts of such Estimated Tax Return (together with all related work
papers) to each of the Spinco Parties. Each of the Spinco Parties shall have access to any and all data and information necessary for the preparation of such Estimated Tax Returns and the Parties shall cooperate fully in the preparation and review
of such Estimated Tax Return. Subject to the preceding sentence, a Spinco Party shall have a right to object by written notice to Cendant and the other Spinco Parties (and such written notice shall contain such disputed item (or items) and the basis
for its objection) and the principles of Section 2.1(a)(iii)(C) and Section 2.1(a)(iii)(D) shall apply to such Estimated Tax Return. 
 (b) Preparation and filing of Post-2006 Cendant Shared Entity Tax Returns and CCRG Entity Tax Returns. 
  

	 	(i)	To the extent not previously filed, no later than thirty (30) days prior to the Due Date of each CCRG Entity Tax Return for any Tax year ending on or prior to December 31,
2006 which CCRG Entity Tax Return includes income that is also included in a Pre-2007 Cendant Shared Entity Tax Return or a Pre-2007 Wyndham Shared Entity Tax Return, Cendant shall make available or cause to be made available drafts of such Tax
Return to each of the Spinco Parties. All such CCRG Entity Tax Returns shall be prepared in accordance with past practice unless otherwise required by applicable Law. 

  

	 	(ii)	Cendant shall (at its own cost and expense) prepare and file or cause to be prepared and filed: 

 (A) all Post-2006 Cendant Shared Entity Tax Returns; and 
 (B) to the extent not previously filed and, subject to Section 2.1(b)(i), all CCRG Entity Tax Returns. 
  

 32 

 Section 2.2 Responsibility of Realogy to prepare and file Realogy Tax Returns. 
 (a) To the extent not previously filed, no later than thirty (30) days prior to the Due Date of each Realogy Tax Return for any taxable period
ending on or prior to December 31, 2006 which Realogy Tax Return includes income that is also included in a Pre-2007 Cendant Shared Entity Tax Return or a Pre-2007 Wyndham Shared Entity Tax Return, Realogy shall make available or cause to be
made available drafts of such Tax Return to each of the other Spinco Parties and Cendant. All such Realogy Tax Returns shall be prepared in accordance with past practice unless otherwise required by applicable Law. 
 (b) To the extent not previously filed, Realogy shall (at its own cost and expense), subject to Section 2.2(a), prepare and file or caused to
be prepared and filed all Realogy Tax Returns. 
 Section 2.3 Responsibility of Wyndham to prepare and file Pre-2007 Wyndham Shared Entity
Tax Returns, Post-2006 Wyndham Shared Entity Tax Returns and Wyndham Tax Returns. 
 (a) Pre-2007 Wyndham Shared Entity Tax
Returns. 
  

	 	(i)	General. To the extent not previously filed, subject to the rights and obligations of each of Realogy and Travelport set forth herein, Wyndham shall (at Wyndham’s own
cost and expense) prepare and file or cause to be prepared and filed all Pre-2007 Wyndham Shared Entity Tax Returns, provided, however, that all reasonable out-of-pocket costs and expenses incurred by Wyndham in connection therewith
shall be borne twenty-five percent (25%) by each of Cendant, Realogy, Wyndham and Travelport, provided, further, that, if the Travelport Sale occurs, such costs and expenses shall be borne thirty-three percent (33%) by each
of Cendant, Realogy and Wyndham. Such Pre-2007 Wyndham Shared Entity Tax Returns shall be prepared in a manner consistent with the past practice of each Wyndham Shared Entity unless otherwise required by applicable Law. Payments by Cendant, Realogy
and Travelport, respectively, to Wyndham for reasonable out-of-pocket costs and expenses incurred by Wyndham shall be treated as amounts deductible by the paying Party pursuant to Section 162 of the Code, and none of the Parties shall take any
position inconsistent with such treatment, except to the extent a Final Determination with respect to the Paying Party causes such payment to not be so treated. 

  

	 	(ii)	 Tax Package. To the extent not previously provided, each of the other Spinco Parties and Cendant (at its own cost and expense) shall prepare and provide or
cause to be prepared and provided to Wyndham (and make available or cause to be made available to the other Parties) a 

  

 33 

	 	 
Tax Package relating to each Pre-2007 Wyndham Shared Entity Tax Return required to be filed by any Tax Group of which a Wyndham Shared Entity was the Common
Parent and such Spinco Party or any of its Subsidiaries or Cendant or any of its Subsidiaries was a member for one or more days in the relevant Tax year. The Tax Package shall: (A) with respect to any Tax year of a Wyndham Shared Entity ending
on or prior to December 31, 2005, be provided to Wyndham no later than July 31, 2006; and (B) with respect to any Tax year of a Wyndham Shared Entity ending after December 31, 2005 and on or before December 31, 2006, be
provided to Wyndham no later than May 31, 2007 (other than U.S. Tax Returns for such Tax year of any foreign Subsidiary of the relevant Party, which shall be provided no later than July 31, 2007). For the avoidance of doubt, in the event a
Spinco Party does not fulfill its obligations pursuant to this Section 2.3(a)(ii), Wyndham shall be entitled, at the sole cost and expense of such Spinco Party, to prepare or cause to be prepared the information required to be included
in the Tax Package for purposes of preparing any such Pre-2007 Wyndham Shared Entity Tax Return. 

  

	 	(iii)	Procedures relating to the preparation and filing of Pre-2007 Wyndham Shared Entity Tax Returns. 

 (A) Pre-2007 Wyndham Shared Entity Tax Returns for Tax years ending on or prior to December 31, 2005. In the case of Pre-2007
Wyndham Shared Entity Tax Returns for Tax years ending on or prior to December 31, 2005, to the extent not previously filed, no later than thirty (30) days prior to the Due Date of each such Tax Return, Wyndham shall make available or
cause to be made available drafts of such Tax Return (together with all related work papers) to each of the other Spinco Parties. Each of the other Spinco Parties shall have access to any and all data and information necessary for the preparation of
all such Pre-2007 Wyndham Shared Entity Tax Returns and the Spinco Parties shall cooperate fully in the preparation and review of such Tax Returns. Subject to the preceding sentence, no later than September 1, 2006, a Spinco Party shall have a
right to object by written notice to Wyndham and the other Spinco Party; such written notice shall contain such disputed item (or items) and the basis for its objection. 
 (B) Pre-2007 Wyndham Shared Entity Tax Returns for Tax years ending after December 31, 2005. In the case of Pre-2007 Wyndham
Shared Entity Tax Returns for Tax years ending after December 31, 2005, to the extent not previously filed, no later than sixty (60) days prior to the Due Date of each such Pre-2007 Wyndham Shared Entity Tax Return, Wyndham shall make
available or cause to be made available drafts of such Tax Return (together with all related work papers) to each of the other Spinco Parties. Each of the other Spinco Parties shall have access to any and all data and information necessary for the
preparation of all such 

  

 34 

 
Pre-2007 Wyndham Shared Entity Tax Returns and the Spinco Parties shall cooperate fully in the preparation and review of such Tax Returns. No later than
August 1, 2007, a Spinco Party shall have a right to object by written notice to Wyndham and the other Spinco Party; such written notice shall contain such disputed item (or items) and the basis for its objection. 
 (C) With respect to a Pre-2007 Wyndham Shared Entity Tax Return prepared by Wyndham and submitted to the Spinco Parties pursuant to
Section 2.3(a)(iii)(A) or Section 2.3(a)(iii)(B), as the case may be, if a Spinco Party does not object by proper written notice to Wyndham and the other Spinco Party within the time period described in such sections, such
Pre-2007 Wyndham Shared Entity Tax Return shall be deemed to have been accepted and agreed upon, and final and conclusive, for purposes of this Section 2.3(a)(iii). If a Spinco Party does object by proper written notice to Wyndham and
the other Spinco Party within such applicable time period, Wyndham and such Spinco Party (or Parties) shall act in good faith to resolve any such dispute as promptly as practicable, provided, however, that, notwithstanding anything to
the contrary contained herein, if a Spinco Party (or Parties) and Wyndham have not reached a final resolution with respect to all disputed items for which proper written notice was given within fifteen (15) days prior to the Due Date for such
Pre-2007 Wyndham Shared Entity Tax Return, such Tax Return shall be filed as prepared by Wyndham (revised to reflect all initially disputed items that the Spinco Parties have agreed upon prior to such date). All Taxes required to be paid by a Spinco
Party to Wyndham with respect to a Pre-2007 Wyndham Shared Entity Tax Return pursuant to Article III shall be based upon the amounts shown to be due and owing on such Tax Return as filed by Wyndham and such Taxes shall be paid by such Spinco
Party to Wyndham no later than five (5) days prior to the Due Date of such Tax Return. 
 (D) In the event that Wyndham
files a Pre-2007 Wyndham Shared Entity Tax Return that includes properly disputed items pursuant to this Section 2.3(a)(iii) that were not finally resolved and agreed upon, such disputed item (or items) shall be resolved in accordance
with Article XII. In the event that the resolution of such disputed item (or items) in accordance with Article XII with respect to a Pre-2007 Wyndham Shared Entity Tax Return is inconsistent with such Pre-2007 Wyndham Shared Entity Tax
Return as filed by Wyndham, Wyndham shall, as promptly as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item (or items). In the event that the amount of Taxes shown to be due and owing on a Pre-2007
Wyndham Shared Entity Tax Return is adjusted as a result of a resolution pursuant to Article XII, proper adjustment shall be made to the amounts previously paid or required to be paid in accordance with Article III in a manner that
reflects such resolution. 
  

 35 

 (E) Pre-2007 Wyndham Shared Entity Tax Returns for estimated Income Taxes.
Notwithstanding anything to the contrary contained in this Section 2.3, in the case of any Estimated Tax Return for Pre-2007 Wyndham Shared Entity Taxes for periods ending after December 31, 2005, to the extent not previously filed,
as soon as practicable prior to the Due Date of each such Estimated Tax Return, Wyndham shall make available or cause to be made available drafts of such Estimated Tax Return (together with all related work papers) to each of the Parties. Each of
the Parties shall have access to any and all data and information necessary for the preparation of all such Estimated Tax Returns and the Parties shall cooperate fully in the preparation and review of such Estimated Tax Return. Subject to the
preceding sentence, a Party shall have a right to object by written notice to Wyndham and the other Parties (and such written notice shall contain such disputed item (or items) and the basis for its objection) and the principles of
Section 2.3(a)(iii)(C) and Section 2.3(a)(iii)(D) shall apply to such Estimated Tax Return. 
 (b) Filing of
Post-2006 Wyndham Shared Entity Tax Returns and Wyndham Tax Returns. 
  

	 	(i)	To the extent not previously filed, no later than 30 days prior to the Due Date of each Wyndham Tax Return for any Tax year ending on or prior to December 31, 2006 which
Wyndham Tax Return includes income that is also included in a Pre-2007 Cendant Shared Entity Tax Return or a Pre-2007 Wyndham Shared Entity Tax Return, Wyndham shall make available or cause to be made available drafts of such Tax Return to each of
the other Parties. All such Wyndham Tax Returns shall be prepared in accordance with past practice unless otherwise required by applicable Law. 

  

	 	(ii)	Wyndham shall (at its own cost and expense) prepare and file or cause to be prepared and filed: 

 (A) all Post-2006 Wyndham Shared Entity Tax Returns; and 
 (B) to the extent not previously filed and, subject to Section 2.3(b)(i), all Wyndham Tax Returns. 
 Section 2.4 Responsibility of Travelport to prepare and file Travelport Tax Returns. 
 (a) To the extent not previously filed, no later than thirty (30) days prior to the Due Date of each Travelport Tax Return for any taxable
period ending on or prior to December 31, 2006 which Travelport Tax Return includes income that is also included in a Pre-2007 Cendant Shared Entity Tax Return or a Pre-2007 Wyndham Shared Entity Tax Return, Travelport shall make available or
cause to be made available drafts of such Tax Return to each 

  

 36 

 
of the other Parties. All such Travelport Tax Returns shall be prepared in accordance with past practice unless otherwise required by applicable Law.

 (b) To the extent not previously filed, Travelport shall (at its own cost and expense), subject to Section 2.4(a), prepare and
file or caused to be prepared and filed all Travelport Tax Returns. 
 Section 2.5 Time of filing Tax Returns; manner of Tax Return
preparation. Each Tax Return shall be filed on or prior to the Due Date for such Tax Return by the Party responsible for filing such Tax Return hereunder. Unless otherwise required by a Taxing Authority pursuant to a Final Determination, the
Parties hereto shall prepare and file or cause to be prepared and filed all Tax Returns and take all other actions in a manner consistent with (and shall not take any position inconsistent with): 
 (a) the conversion of Cendant Car Rental Group, Inc. into a Delaware limited liability company as a tax-free liquidation under Section 332 of the
Code; 
 (b) the conversion of Avis Car Rental Group, Inc. into a Delaware limited liability company as a tax-free liquidation under
Section 332 of the Code; 
 (c) the conversion of Avis Group Holdings, Inc. into a Delaware limited liability company as a tax-free
liquidation under Section 332 of the Code; 
 (d) the conversion of Avis Rent A Car System, Inc. into a Delaware limited liability
company as a tax-free liquidation under Section 332 of the Code; 
 (e) the merger of TM Acquisition Corp. with and into CFHC LLC, with
CFHC LLC surviving the merger, as a tax-free liquidation under Section 332 of the Code; 
 (f) the merger of Wizcom International, Inc.
with and into CFHC LLC, with CFHC LLC surviving the merger, as a tax-free liquidation under Section 332 of the Code or as a reorganization under Section 368(a) of the Code; 
 (g) the contribution by Cendant Operations, Inc., a Delaware corporation (“Cendant Operations”), to CDRE TM Corp. (fka Nisbet
Corporation), a Delaware corporation, of certain assets (including goodwill) as a transaction described in Section 351 of the Code; 
 (h) the merger of Cendant Operations with and into CFHC LLC, with CFHC LLC surviving the merger, as a tax-free liquidation under Section 332 of the Code; 
 (i) the contributions by CFHC LLC to each of the IP Companies of certain assets formerly owned by TM Acquisition Corp. as transactions described in Section 351 of the Code; 
 (j) the contribution by CFHC LLC to Realogy of all of the outstanding stock of each of the IP Companies as transactions described in Section 351 of
the Code; 
  

 37 

 (k) the contributions to Realogy, together with the distributions of cash from Realogy to Cendant, which
cash will be distributed solely to creditors of Cendant, and the distribution by Cendant to its stockholders of all of the stock of Realogy, as a reorganization under Sections 368(a)(1)(D) and 355 of the Code (and to which Sections 355(d) and
(e) of the Code do not apply); 
 (l) the receipt by Cendant of approximately $2.225 billion (subject to adjustment) of cash distributed
to it by Realogy in connection with the Realogy Distribution (which cash will be distributed solely to creditors of Cendant) as not resulting in income or gain pursuant to Section 361 of the Code (subject to the limitations set forth therein);

 (m) the assumption by Realogy of liabilities, including Assumed Cendant Contingent Liabilities, pursuant to the Separation and
Distribution Agreement or other Ancillary Agreements, as not resulting in income or gain pursuant to Section 357 of the Code; 
 (n) the
distribution by Cendant to its stockholders of all of the stock of Realogy as a tax-free distribution under Section 355(a) of the Code to such stockholders; 
 (o) the contributions to Wyndham, together with the distributions of cash from Wyndham to Cendant, which cash will be distributed solely to creditors of Cendant, and the distribution by Cendant to its stockholders of
all of the stock of Wyndham, as a reorganization under Sections 361(c), 368(a)(1)(D) and 355 of the Code (and to which Sections 355(d) and (e) of the Code do not apply); 
 (p) the receipt by Cendant of approximately $1.36 billion (subject to adjustment) of cash distributed to it by Wyndham in connection with the Wyndham
Distribution (which cash will be distributed solely to creditors of Cendant) as not resulting in income or gain pursuant to Section 361 of the Code (subject to the limitations set forth therein); 
 (q) the assumption by Wyndham of liabilities, including Assumed Cendant Contingent Liabilities, pursuant to the Separation and Distribution Agreement or
other Ancillary Agreements, as not resulting in income or gain pursuant to Section 357 of the Code; 
 (r) the distribution by Cendant
to its stockholders of all of the stock of Wyndham as a tax-free distribution under Section 355(a) of the Code to such stockholders; and 
 (s) the distribution by Cendant to its stockholders of all of the stock of Travelport as a distribution within the meaning of Sections 355(a) and (c ) of the Code (and for which Sections 355(d) and (e) of the Code do not apply),
provided, however, that this Section 2.5(s) shall not apply if the Travelport Sale occurs. 
  

 38 

 ARTICLE III 
 RESPONSIBILITY FOR PAYMENT OF TAXES 
 Section 3.1 Responsibility of Cendant to pay Taxes.

 (a) General. Except as otherwise provided in this Agreement (e.g., Section 3.5, Section 8.8,
Section 8.13, Section 10.2(b) and Section 10.3(d)), Cendant shall be liable for and shall pay or cause to be paid to the applicable Taxing Authority: 
  

	 	(i)	all Post-2006 Cendant Shared Entity Taxes; 

  

	 	(ii)	all CCRG Entity Taxes; and 

  

	 	(iii)	amounts equal to the amounts Cendant actually receives from the Spinco Parties for Pre-2007 Cendant Shared Entity Taxes. 

 (b) Timing of Payments. All Taxes required to be paid or caused to be paid by Cendant to an applicable Taxing Authority pursuant to
Section 3.1(a) shall be paid or caused to be paid by Cendant to such applicable Taxing Authority on or prior to the Due Date of the applicable Tax Return. Notwithstanding anything to the contrary contained herein, amounts Cendant
actually receives from the other Parties for Pre-2007 Cendant Shared Entity Taxes shall be paid or caused to be paid by Cendant to the applicable Taxing Authority no later than the later of (x) the Due Date of the applicable Tax Return or
(y) within two (2) Business Days after Cendant actually receives such amounts from the applicable Spinco Parties. 
 Section 3.2
Responsibility of Realogy to pay Taxes. 
 (a) Except as otherwise provided in this Agreement (e.g., Section 3.5,
Section 3.6, Section 8.8, Section 8.13, Section 10.2(b) and Section 10.3(d)), Realogy shall be liable for and shall pay or cause to be paid: 
  

	 	(i)	to Cendant, the Realogy Sharing Percentage of all Pre-2007 Cendant Shared Entity Taxes; 

  

	 	(ii)	to Wyndham, the Realogy Sharing Percentage of all Pre-2007 Wyndham Shared Entity Taxes; 

  

	 	(iii)	to Wyndham, the Realogy Sharing Percentage of all Pre-2007 Wyndham Separate Company Shared Taxes; 

  

	 	(iv)	to Travelport, the Realogy Sharing Percentage of all Pre-2007 Travelport Separate Company Shared Taxes; 

  

	 	(v)	to the applicable Taxing Authority, the Realogy Sharing Percentage of all Pre-2007 Realogy Separate Company Shared Taxes; 

  

	 	(vi)	except to the extent of any Pre-2007 Realogy Separate Company Shared Taxes, to the applicable Taxing Authority, all other Realogy Taxes; and 

  

 39 

	 	(vii)	to the applicable Taxing Authority, amounts equal to the amounts Realogy actually receives from the other Parties for Pre-2007 Realogy Separate Company Shared Taxes.

 (b) Timing of Payments. 
  

	 	(i)	Payment of Taxes required to be made by Realogy to Taxing Authorities. All Taxes required to be paid or caused to be paid by Realogy to an applicable Taxing Authority
pursuant to Section 3.2(a) shall be paid or caused to be paid by Realogy to such applicable Taxing Authority on or prior to the Due Date of the applicable Tax Return. Notwithstanding anything to the contrary contained herein, amounts
Realogy actually receives from the other Parties for Pre-2007 Realogy Separate Company Shared Taxes shall be paid or caused to be paid by Realogy to the applicable Taxing Authority no later than the later of (x) the Due Date of the applicable
Tax Return or (y) within two (2) Business Days after Realogy actually receives such amounts from the applicable Parties. 

  

	 	(ii)	Payment of amounts required to be paid by Realogy to another Party pursuant to Section 3.2(a). All amounts required to be paid or caused to be paid by Realogy to another
Party pursuant to Section 3.2(a) shall be paid or caused to be paid by Realogy to such other Party no later than five (5) days prior to the Due Date of the applicable Tax Return. 

 Section 3.3 Responsibility of Wyndham to pay Taxes. 
 (a) Except as otherwise provided in this Agreement (e.g., Section 3.5, Section 3.6, Section 8.8, Section 8.13, Section 10.2(b) and
Section 10.3(d)), Wyndham shall be liable for and shall pay or cause to be paid: 
  

	 	(i)	to Cendant, the Wyndham Sharing Percentage of all Pre-2007 Cendant Shared Entity Taxes; and 

  

	 	(ii)	to the applicable Taxing Authority, the Wyndham Sharing Percentage of all Pre-2007 Wyndham Shared Entity Taxes; 

  

	 	(iii)	to the applicable Taxing Authority, all Post-2006 Wyndham Shared Entity Taxes; 

  

	 	(iv)	to Realogy, the Wyndham Sharing Percentage of all Pre-2007 Realogy Separate Company Shared Taxes; 

  

	 	(v)	to Travelport, the Wyndham Sharing Percentage of all Pre-2007 Travelport Separate Company Shared Taxes; 

  

 40 

	 	(vi)	to the applicable Taxing Authority, the Wyndham Sharing Percentage of all Pre-2007 Wyndham Separate Company Shared Taxes; 

  

	 	(vii)	except to the extent of any Pre-2007 Wyndham Separate Company Shared Taxes, to the applicable Taxing Authority, all other Wyndham Taxes; and 

  

	 	(viii)	to the applicable Taxing Authority, amounts equal to the amounts Wyndham actually receives from the other Parties for Pre-2007 Wyndham Shared Entity Taxes and Pre-2007 Wyndham
Separate Company Shared Taxes. 

 (b) Timing of Payments. 
  

	 	(i)	Payment of Taxes required to be made by Wyndham to Taxing Authorities. All Taxes required to be paid or caused to be paid by Wyndham to an applicable Taxing Authority
pursuant to Section 3.3(a) shall be paid or caused to be paid by Wyndham to such applicable Taxing Authority on or prior to the Due Date of the applicable Tax Return. Notwithstanding anything to the contrary contained herein, amounts
Wyndham actually receives from the other Parties for Pre-2007 Wyndham Shared Entity Taxes and Pre-2007 Wyndham Separate Company Shared Taxes shall be paid or caused to be paid by Wyndham to the applicable Taxing Authority no later than the later of
(x) the Due Date of the applicable Tax Return or (y) within two (2) Business Days after Wyndham actually receives such amounts from the applicable Parties. 

  

	 	(ii)	Payment of amounts required to be paid by Wyndham to another Party pursuant to Section 3.3(a). All amounts required to be paid or caused to be paid by Wyndham to another
Party pursuant to Section 3.3(a) shall be paid or caused to be paid by Wyndham to such other Party no later than five (5) days prior to the Due Date of the applicable Tax Return. 

 Section 3.4 Responsibility of Travelport to pay Taxes. 
 (a) Except as otherwise provided in this Agreement (e.g., Section 1.3(c), Section 3.5, Section 3.6, Section 8.8, Section 8.13, Section 10.2(b)
and Section 10.3(d)), Travelport shall be liable for and shall pay or cause to be paid: 
  

	 	(i)	to Cendant, the Travelport Sharing Percentage of all Pre-2007 Cendant Shared Entity Taxes; 

  

	 	(ii)	to Wyndham, the Travelport Sharing Percentage of all Pre-2007 Wyndham Shared Entity Taxes; 

  

 41 

	 	(iii)	to Realogy, the Travelport Sharing Percentage of all Pre-2007 Realogy Separate Company Shared Taxes; 

  

	 	(iv)	to Wyndham , the Travelport Sharing Percentage of all Pre-2007 Wyndham Separate Company Shared Taxes; 

  

	 	(v)	to the applicable Taxing Authority, the Travelport Sharing Percentage of all Pre-2007 Travelport Separate Company Shared Taxes; 

  

	 	(vi)	except to the extent of Pre-2007 Travelport Separate Company Shared Taxes, to the applicable Taxing Authority, all other Travelport Taxes; and 

  

	 	(vii)	to the applicable Taxing Authority, all amounts Travelport actually receives from the other Parties for Pre-2007 Travelport Separate Company Shared Taxes. 

(b) Timing of Payments. 
  

	 	(i)	Payment of Taxes required to be made by Travelport to Taxing Authorities. All Taxes required to be paid or caused to be paid by Travelport to an applicable Taxing Authority
pursuant to Section 3.4(a) shall be paid or caused to be paid by Travelport to such applicable Taxing Authority on or prior to the Due Date of the applicable Tax Return. Notwithstanding anything to the contrary contained herein, amounts
Travelport actually receives from the other Parties for Pre-2007 Travelport Separate Company Shared Taxes shall be paid or caused to be paid by Travelport to the applicable Taxing Authority no later than the later of (x) the Due Date of the
applicable Tax Return or (y) within two (2) Business Days after Travelport actually receives such amounts from the applicable Parties. 

  

	 	(ii)	Payment of amounts required to be paid by Travelport to another Party pursuant to Section 3.4(a). All amounts required to be paid or caused to be paid by Travelport to
another Party pursuant to Section 3.4(a) shall be paid or caused to be paid by Travelport to such other Party no later than five (5) days prior to the Due Date of the applicable Tax Return. 

 Section 3.5 Extraordinary Transactions. 
 (a) Cendant. From the period beginning on the Realogy Distribution Date and ending on December 31, 2006, none of the CCRG Entities shall effect or cause to be effected any Extraordinary Transaction. If any such Extraordinary
Transaction is effected by any CCRG Entity, then notwithstanding anything to the contrary in this Agreement, Cendant shall be liable for and shall pay or cause to be paid to the applicable Taxing Authority with respect to any Cendant Shared Entity
Tax Return all Taxes resulting from such Extraordinary Transaction and shall indemnify the other Parties for the aggregate amount of all net operating loss carryovers 

  

 42 

 
and Credit Carryovers that would have been allocated, apportioned or retained, as the case may be (“Apportioned”), to such Party and its
Subsidiaries under applicable principles of the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first Post-Distribution Tax Period had all the Extraordinary Transactions effected by the CCRG Entities not occurred
(without applying a discount for the time value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%)). Notwithstanding this Section 3.5(a), in the event of a
Pre-2007 Cendant Shared Entity Audit, (i) Section 8.8 shall control with respect to any additional Taxes imposed on a Cendant Shared Entity resulting from any Extraordinary Transactions and (ii) Section 8.9 shall
control with respect to any indemnification relating to net operating loss carryovers and Credit Carryovers utilized as a result of any Extraordinary Transactions. 
 (b) Realogy. On the Realogy Distribution Date, none of Realogy or its Subsidiaries shall effect or cause to be effected any Extraordinary Transaction. If any such Extraordinary Transaction is effected by
Realogy or any of its Subsidiaries, then notwithstanding anything to the contrary in this Agreement, Realogy shall be liable for and shall pay or cause to be paid to Cendant with respect to any Cendant Shared Entity Tax Return all Taxes resulting
from such Extraordinary Transaction and shall indemnify the other Parties for the aggregate amount of all net operating loss carryovers and Credit Carryovers that would have been Apportioned to such Party and its Subsidiaries under applicable
principles of the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first Post-Distribution Tax Period had all the Extraordinary Transactions effected by Realogy and its Subsidiaries not occurred (without applying
a discount for the time value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%)). Notwithstanding this Section 3.5(b), in the event of a Pre-2007 Cendant Shared
Entity Audit, (i) Section 8.8 shall control with respect to any additional Taxes imposed on a Cendant Shared Entity resulting from Extraordinary Transactions and (ii) Section 8.9 shall control with respect to any
indemnification relating to net operating loss carryovers and Credit Carryovers utilized as a result of any Extraordinary Transactions. 
 (c) Wyndham. From the period beginning on the Realogy Distribution Date and ending on and including the Wyndham Distribution Date, none of Wyndham or its Subsidiaries shall effect or cause to be effected any Extraordinary
Transaction. If any such Extraordinary Transaction is effected by Wyndham or any of its Subsidiaries, then notwithstanding anything to the contrary in the Agreement, Wyndham shall be liable for and shall pay or cause to be paid to Cendant or the
applicable Taxing Authority (as the case may be) with respect to any Shared Entity Tax Return all Taxes resulting from such Extraordinary Transaction and shall indemnify the other Parties for the aggregate amount of all net operating loss carryovers
and Credit Carryovers that would have been Apportioned to such Party and its Subsidiaries under applicable principles of the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first Post-Distribution Tax Period had
all the Extraordinary Transactions effected by Wyndham and its Subsidiaries not occurred (without applying a discount for the time value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight
percent (38%)). Notwithstanding this Section 3.5(c), in the event of a Pre-2007 Shared Entity Audit, (i) Section 8.8 shall control with respect to any additional Taxes imposed on a Shared Entity resulting from any
Extraordinary Transactions and (ii) Section 8.9 shall control with respect to any indemnification relating to net operating loss carryovers and Credit Carryovers utilized as a result of any Extraordinary Transactions. 
  

 43 

 (d) Travelport. From the period beginning on the Realogy Distribution Date and ending on and
including the Final Separation Date, none of Travelport or its Subsidiaries shall effect or cause to be effected any Extraordinary Transaction. If any such Extraordinary Transaction is effected by Travelport or any of its Subsidiaries, then
notwithstanding anything to the contrary in the Agreement other than Section 1.3(c), Travelport shall be liable for and shall pay or cause to be paid to Cendant with respect to any Cendant Shared Entity Tax Return all Taxes resulting from such
Extraordinary Transaction and shall indemnify the other Parties for the aggregate amount of all net operating loss carryovers and Credit Carryovers that would have been Apportioned to such Party and its Subsidiaries under applicable principles of
the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first Post-Distribution Tax Period had all the Extraordinary Transactions effected by Travelport and its Subsidiaries not occurred (without applying a discount
for the time value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%)). Notwithstanding this Section 3.5(d), in the event of a Pre-2007 Cendant Shared Entity
Audit, Section 8.8 shall control with respect to any additional Taxes imposed on a Cendant Shared Entity resulting from any Extraordinary Transactions and Section 8.9 shall control with respect to any indemnification relating
to net operating loss carryovers and Credit Carryovers utilized as a result of any Extraordinary Transactions. 
 Section 3.6 Credit for
Travelport Sale Income Tax Amount withheld by Cendant for estimated Taxes imposed on Cendant as a result of a Travelport Sale. 
 (a)
General. Notwithstanding anything to the contrary contained in this Article III, if a Travelport Sale occurs, subject to Section 3.6(b): 
  

	 	(i)	Realogy shall be deemed to have paid to Cendant in respect of Cendant Shared Entity Taxes an amount equal to the Realogy Sharing Percentage of the Travelport Sale Income Tax Amount
(as determined in accordance with Section 12.3(a)(iii) of the Separation and Distribution Agreement); 

  

	 	(ii)	Wyndham shall be deemed to have paid to Cendant in respect of Cendant Shared Entity Taxes an amount equal to the Wyndham Sharing Percentage of the Travelport Sale Income Tax Amount
(as determined in accordance with Section 12.3(a)(iii) of the Separation and Distribution Agreement). 

 (b) Amounts deemed
paid by Realogy or Wyndham, as the case may be, pursuant to Section 3.6(a)(i) shall be deemed paid: 
  

	 	(i)	first, in respect of the amount of Income Taxes required to be paid by such Party to Cendant pursuant to this Article III in respect of U.S. federal consolidated income Taxes
of Cendant due and owing; 

  

 44 

	 	(ii)	second, in respect of the amount of Income Taxes required to be paid by such Party to Cendant pursuant to this Article III in respect of any state, local or foreign Income
Taxes of Cendant due and owing; and 

  

	 	(iii)	third, any other Taxes required to be paid by such Party to Cendant pursuant to this Article III in respect of any Taxes not described in Section 3.6(b)(i) or
Section 3.6(b)(ii) of Cendant due and owing. 

 (c) In the event that the amounts deemed paid by Realogy or
Wyndham, as the case may be, pursuant to Section 3.6(a)(i) are in excess of the aggregate amounts required to be paid by Realogy or Wyndham, as the case may be, pursuant to this Article III, Cendant shall pay to: 
  

	 	(i)	Realogy, the Realogy Sharing Percentage of such excess; and 

  

	 	(ii)	Wyndham, the Wyndham Sharing Percentage of such excess. 

 ARTICLE IV 
 REFUNDS AND OTHER MATTERS 
 Section 4.1 Refunds relating to Pre-2007 Shared Entity Tax Returns. 
 (a) Realogy. Subject to
Section 8.2(h), Realogy shall be entitled to the Realogy Sharing Percentage of all Refunds of Taxes with respect to: (i) all Pre-2007 Cendant Shared Entity Tax Returns and (ii) all Pre-2007 Wyndham Shared Entity Tax Returns.

 (b) Wyndham. Subject to Section 8.2(h), Wyndham shall be entitled to the Wyndham Sharing Percentage of all Refunds of Taxes
with respect to: (i) all Pre-2007 Cendant Shared Entity Tax Returns and (ii) all Pre-2007 Wyndham Shared Entity Tax Returns. 
 (c)
Travelport. Subject to Section 8.2(h), Travelport shall be entitled to the Travelport Sharing Percentage of all Refunds of Taxes with respect to: (i) all Pre-2007 Cendant Shared Entity Tax Returns and (ii) all Pre-2007 Wyndham
Shared Entity Tax Returns. 
 (d) Refunds resulting in correlative detriment. Notwithstanding anything to the contrary contained in
Sections 4.1(a), Section 4.1(b) or Section 4.1(c), to the extent a Refund is reasonably likely to result in a correlative detriment to one or more of the Parties for an applicable Post Distribution Tax Period, such
Refund shall to the extent thereof be paid proportionately to the Parties that are reasonably likely to realize such detriment, provided, however, if the Travelport Sale occurs, any correlative detriment to Travelport or any Travelport
Subsidiary that is reasonable likely to occur as a result of a Refund shall be ignored. 
  

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 Section 4.2 Refunds for the benefit of Cendant. Cendant shall be entitled to all Refunds of Taxes
with respect to: 
 (a) all Post-2006 Cendant Shared Entity Tax Returns; and 
 (b) all CCRG Entity Tax Returns. 
 Section
4.3 Refunds for the benefit of Realogy. Realogy shall be entitled to all Refunds of Taxes with respect to all Realogy Tax Returns. 
 Section 4.4 Refunds for the benefit of Wyndham. Wyndham shall be entitled to all Refunds of Taxes with respect to: 
 (a) all
Post-2006 Wyndham Shared Entity Tax Returns; and 
 (b) all Wyndham Tax Returns. 
 Section 4.5 Refunds for the benefit of Travelport. Travelport shall be entitled to all Refunds of Taxes with respect to all Travelport Tax
Returns. 
 Section 4.6 Carrybacks. Each of the Parties shall be permitted (but not required) to carry back net operating losses or
other Tax attributes realized in any Post-Distribution Tax Period of such Party to any period preceding or including any of the Distributions, provided, however, that a Party shall not be permitted to carry back a net operating loss or
other Tax attribute to: 
 (a) any Tax period relating to a Pre-2007 Cendant Shared Entity Tax Return without the consent of each of the
Parties (not including Travelport if the Travelport Sale occurs); and 
 (b) any Tax period relating to a Pre-2007 Wyndham Shared Entity Tax
Return without the consent of each of the Spinco Parties (not including Travelport if the Travelport Sale occurs). 
 Section 4.7 Amended
Tax Returns. 
 (a) Pre-2007 Shared Entity Tax Returns and Post-2006 Shared Entity Tax Returns. Subject to Article VIII
(relating to Audits): 
  

	 	(i)	Pre-2007 Cendant Shared Entity Tax Returns. Subject to Section 2.1(a)(iii)(D), Cendant shall not amend or cause to be amended any Pre-2007 Cendant Shared Entity
Tax Return without the consent of each of the Spinco Parties (except for Travelport if the Travelport Sale occurs). 

  

 46 

	 	(ii)	Post-2006 Cendant Shared Entity Tax Returns. Cendant shall be entitled to amend or cause to be amended all Post-2006 Cendant Shared Entity Tax Returns.

  

	 	(iii)	Pre-2007 Wyndham Shared Entity Tax Returns. Subject to Section 2.3(a)(iii)(D), Wyndham shall not amend or cause to be amended any Pre-2007 Wyndham Shared Entity
Tax Return without the consent of each of Realogy and Travelport (or, if the Travelport Sale occurs, without the consent of Realogy). 

  

	 	(iv)	Post-2006 Wyndham Shared Entity Tax Returns. Wyndham shall be entitled to amend or cause to be amended all Post-2006 Wyndham Shared Entity Tax Returns.

 (b) CCRG Entity Tax Returns. Subject to Article VIII (relating to Audits), Cendant shall be entitled to amend
or cause to be amended all CCRG Entity Tax Returns. 
 (c) Realogy Tax Returns. Subject to Article VIII (relating to Audits),
Realogy shall be entitled to amend or cause to be amended all Realogy Tax Returns, provided, however, that Realogy shall not amend or cause to be amended any Realogy Tax Return to the extent such amendment affects Pre-2007 Realogy
Separate Company Shared Taxes without the consent of each of Wyndham and Travelport (or, if the Travelport Sale occurs, without the consent of Wyndham). 
 (d) Wyndham Tax Returns. Subject to Article VIII (relating to Audits), Wyndham shall be entitled to amend or cause to be amended all Wyndham Tax Returns, provided, however, that Wyndham
shall not amend or cause to be amended any Wyndham Tax Return to the extent such amendment affects Pre-2007 Wyndham Separate Company Shared Taxes, without the consent of Realogy and Travelport (or, if the Travelport Sale occurs, without the consent
of Realogy). 
 (e) Travelport Tax Returns. Subject to Article VIII (relating to Audits), Travelport shall be entitled to amend
or cause to be amended all Travelport Tax Returns, provided, however, that Travelport shall not amend or cause to be amended any Travelport Tax Return to the extent such amendment affects Pre-2007 Travelport Separate Company Shared
Taxes, without the consent of each of Realogy and Wyndham. 
 Section 4.8 Payments of Refunds. 
 (a) Any Refund to which a Party is entitled pursuant to this Article IV that is received by another Party shall be paid by such other Party to
such Party in immediately available funds within five (5) Business Days of receipt. 
  

 47 

 (b) Notwithstanding Section 4.8(a), to the extent a Party applies or causes to be applied an
overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Taxing Authority requires such application in lieu of a Refund) and such Refund, if received, would have been payable by such Party to another Party (or Parties)
pursuant to this Article IV, such Party shall be deemed to have actually received a Refund to the extent thereof and shall pay (in immediately available funds) such Refund to the Parties no later than the Due Date of the Tax Return on which
such Refund is applied to reduce Taxes otherwise payable. 
 ARTICLE V 
 DISTRIBUTION TAXES 
 Section 5.1 Liability for Distribution Taxes. In the
event that, following a Final Determination relating to a Pre-2007 Shared Entity Audit, it is determined Distribution Taxes are due and payable to a Taxing Authority, notwithstanding Article III, Section 8.8 and
Section 8.9 shall govern and control the payment of amounts owed hereunder. 
 Section 5.2 Definition of Fault. For
purposes of this Agreement, Distribution Taxes shall be deemed to result from the fault (“Fault”) of a Party if such Taxes are directly attributable to, or result from: 
 (a) any action, or failure or omission to act, by such Party or such Party’s Affiliates following a Distribution, including, without limitation, a
cessation, transfer to Affiliates or others, disposition of its active trade or business within the meaning of Section 355(b) of the Code or other businesses, failure to maintain continuity of business enterprise, an issuance of stock, stock
buyback, or payment of an extraordinary dividend by such Party or such Party’s Affiliates following such Distribution; 
 (b) the direct
or indirect acquisition of all or a portion of such Party’s stock and/or its assets (or any transaction or series of related transactions that is deemed to be such an acquisition for purposes of Section 355(e) of the Code and the Treasury
Regulations promulgated thereunder) by any means whatsoever by any person including pursuant to an issuance of stock by such Party or its Affiliates; 
 (c) any negotiations, understandings, agreements or arrangements by or involving such Party or its Affiliates with respect to transactions or events (including, without limitation, stock issuances pursuant to the
exercise of stock options or otherwise, option grants, capital contributions or acquisitions of stock, or a series of such transactions or events) that cause any of the Distributions or related transactions to be treated as part of a plan pursuant
to which one or more persons acquire directly or indirectly a Fifty Percent or Greater Interest in any such Party; or 
  

 48 

 (d) any act or failure to act that is described in Section 5.3 hereof of any such Party
(regardless of whether such act or failure to act is covered by a ruling, Unqualified Tax Opinion or waiver, described below). 
 Section 5.3
Limits on Proposed Acquisition Transactions and other transactions for Restricted Period. For the Restricted Period applicable to each of the Parties, respectively, such Party (a “Requesting Party”) shall not: 
 (a) enter into any Proposed Acquisition Transaction, approve any Proposed Acquisition Transaction for any purpose or permit any Proposed Acquisition
Transaction to occur; 
 (b) merge or consolidate with any other person or liquidate or partially liquidate; 
 (c) sell or otherwise transfer in a single transaction or series of transactions 50% or more of the gross or net assets of the active trade or business
(for purposes of Section 355(b) of the Code) or 50% or more of the consolidated gross or net assets of its businesses (such percentages to be measured based on fair market values as of the date of the applicable Distribution); 
 (d) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or
otherwise, affecting the voting rights of the stock of such Party; or 
 (e) take any other action or actions (including any action or
transaction that would be reasonably likely to be inconsistent with any representations or covenants made by such Party in the Tax Representation Letter issued by such Party to Skadden in connection with the issuance by Skadden of its opinion
relating to the Tax consequences of a Distribution or any of the positions set forth in Section 2.5) which in the aggregate (taking into account other transactions described in this section) would be reasonably likely to have the effect
of causing or permitting one or more Persons (whether or not acting in concert) to acquire, directly or indirectly, stock of any of the Parties representing a Fifty Percent or Greater Interest in such Party or otherwise jeopardize Tax-Free Status;

 provided, however, that such Requesting Party shall be permitted to take such action or one or more actions set forth in the foregoing
clauses (a) through (e) if, prior to taking each such action(s): (1) such Requesting Party shall have requested that Cendant obtain a private letter ruling from the Internal Revenue Service and Cendant shall have received such ruling
(or if Cendant is the Requesting Party, Cendant shall have received a ruling) in form and substance reasonably satisfactory to a Majority of the Parties that confirms that such action or actions will not result in Distribution Taxes, taking into
account such actions and any other relevant transactions in the aggregate, (2) such Requesting Party shall provide each of the other Parties with an Unqualified Tax Opinion in form and substance reasonably satisfactory to a Majority of the
Parties that confirms that such action or actions will not result in Distribution Taxes, taking into account such actions and any other relevant transactions in the aggregate, or (3) such 

  

 49 

 
Requesting Party shall have received a written statement from each of the other Parties that provides that such other Party waives the requirement to obtain
a ruling or opinion described in this paragraph. In determining whether such ruling or opinion is reasonably satisfactory, the Parties may consider, among other factors, the appropriateness of any underlying assumptions, representations and
covenants made in connection with such ruling or opinion. The Requesting Party shall bear all costs and expenses of securing any such ruling or opinion and shall reimburse the other Parties for all reasonable out-of-pocket costs and expenses that
such Parties may incur in good faith in seeking to obtain or evaluate any such ruling or opinion. 
 ARTICLE VI 
 INDEMNIFICATION 
 Section 6.1
Indemnification obligations of Cendant. Cendant shall and shall cause its Subsidiaries to indemnify the Realogy Indemnitees, the Travelport Indemnitees and the Wyndham Indemnitees and hold them harmless from and against (without duplication):

 (a) all Taxes and other amounts for which Cendant is responsible under this Agreement; and 
 (b) all Taxes and reasonable out-of-pocket costs for advisors and other expenses attributable to a breach of any representation, covenant or obligation
of Cendant under this Agreement. 
 Section 6.2 Indemnification obligations of Realogy. Realogy shall and shall cause its Subsidiaries
to indemnify the Cendant Indemnitees, the Travelport Indemnitees and the Wyndham Indemnitees and hold them harmless from and against (without duplication): 
 (a) all Taxes and other amounts for which Realogy is responsible under this Agreement; and 
 (b) all Taxes
and reasonable out-of-pocket costs for advisors and other expenses attributable to a breach of any representation, covenant or obligation of Realogy under this Agreement. 
 Section 6.3 Indemnification obligations of Wyndham. Wyndham shall and shall cause its Subsidiaries to indemnify the Cendant Indemnitees, the Realogy Indemnitees and the Travelport Indemnitees and hold them
harmless from and against (without duplication): 
 (a) all Taxes and other amounts for which Wyndham is responsible under this Agreement;
and 
  

 50 

 (b) all Taxes and reasonable out-of-pocket costs for advisors and other expenses attributable to a breach
of any representation, covenant or obligation of Wyndham under this Agreement. 
 Section 6.4 Indemnification obligations of
Travelport. Travelport shall and shall cause its Subsidiaries to indemnify the Cendant Indemnitees, the Realogy Indemnitees and the Wyndham Indemnitees and hold them harmless from and against (without duplication): 
 (a) all Taxes and other amounts for which Travelport is responsible under this Agreement; and 
 (b) all Taxes and reasonable out-of-pocket costs for advisors and other expenses attributable to a breach of any representation, covenant or obligation
of Travelport under this Agreement. 
 Notwithstanding anything to the contrary contained herein, in the event that the Travelport Sale occurs, this
Section 6.4 shall be deemed null and void and be of no further force or effect. 
 ARTICLE VII 
 PAYMENTS 
 Section 7.1 General.

 (a) All payments required to be made by one Party to another Party pursuant to this Agreement shall be made within the time prescribed for
payment in this Agreement, or if no such time is prescribed, within fifteen (15) Business Days after delivery in accordance with Section 13.4 of written notice of the amount due and owing, together with a schedule calculating in
reasonable detail such amounts (and including any relevant Tax Return, statement, bill or invoice related to Taxes, costs, expenses or other amounts due and owing). To the extent a cost or expense incurred by a Party is required to be borne by
another Party to this Agreement, such cost or expense shall be paid (or reimbursed) by the Party required to bear such cost and expense to the Party incurring such cost or expense. Payments shall be deemed made when received. Any payment that is not
made when due shall bear interest at a rate per annum equal to the Prime Rate plus 4 percent (4%), or the maximum legal rate, whichever is lower, provided, however, that, to the extent that the amount due and owing consists of Taxes,
no interest shall accrue pursuant to this Section 7.1 until the later of the time prescribed for payment pursuant to this Agreement or the time such Taxes are actually paid by the Indemnified Party. 
 Section 7.2 Treatment of payments made pursuant to Tax Sharing Agreement. 
 (a) General. Unless otherwise required by a Final Determination or this Agreement or permitted under Section 1552 of the Code (or applicable
state, local or foreign Law), for U.S. federal income Tax purposes, any payment made pursuant to this Agreement by: 
  

	 	(i)	a Spinco Party to Cendant shall be treated for all Tax purposes as a distribution with respect to stock under Section 301 of the Code occurring immediately before the
applicable Distribution; 

  

 51 

	 	(ii)	Cendant to any of the Spinco Parties shall be treated for all Tax purposes as a tax-free contribution occurring immediately before the applicable Distribution;

  

	 	(iii)	a Spinco Party to another Spinco Party shall be treated for all Tax purposes as a distribution to Cendant with respect to stock under Section 301 of the Code occurring
immediately before the applicable Distribution followed by a tax-free contribution by Cendant to the recipient Spinco Party occurring immediately prior to the applicable Distribution; and 

 in each case, none of the Parties shall take any position inconsistent with such treatment, except to the extent that a Final Determination with respect
to a recipient party causes any such payment to not be so treated. In the event that a Taxing Authority asserts that a Party’s treatment of a payment pursuant to this Agreement should be other than as required pursuant to this Agreement
(ignoring any potential inconsistent or adverse Final Determination), such Party shall use its reasonable best efforts to contest such challenge. 
 (b) Certain Payments made net of Tax benefits. In calculating amounts payable by a Party to another Party pursuant to this Agreement, the amount payable shall: 
  

	 	(i)	if the Indemnified Party is Cendant, be reduced by any Tax Benefit Actually Realized by Cendant or any of its Affiliates during a Post-Distribution Tax Period before such payment is
made; 

 (A) To the extent that any such Tax Benefit Actually Realized by Cendant or its Affiliates during a
Post-Distribution Tax Period shall arise after a payment is made to Cendant pursuant to this Agreement, then no later than five (5) Business Days after the filing of a Tax Return reflecting such Tax Benefit Actually Realized, Cendant shall pay
to the Indemnifying Party or Indemnifying Parties, proportionately in accordance with the amounts paid by each of the Spinco Parties for the Tax, cost, expense, or other amounts accrued by Cendant that gave rise to such payment, the amount of any
such Tax Benefit Actually Realized; 
 (B) For the avoidance of doubt, in the event that a deduction or other Tax attribute
does not result in a Tax Benefit Actually Realized by Cendant or its Affiliates, this Section 7.2(b)(i) shall continue to apply until such deduction or other Tax attribute results in a Tax Benefit Actually Realized or the deduction or other
applicable Tax attribute expires without being utilized. In the event that the amount of a Tax Benefit Actually Realized by Cendant or its Affiliates is subsequently reduced or denied, 

  

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the Indemnified Party shall promptly repay to Cendant the amount subtracted from or refunded with respect to any payment pursuant to this
Section 7.2(b)(i); 
  

	 	(ii)	if the Indemnified Party is Realogy, Wyndham or Travelport, as the case may be, be reduced by any Realizable Tax Benefit available to such Party or its Affiliates during any
Post-Distribution Tax Period. 

 (c) Gross-up if payments determined to be taxable upon Final Determination. If,
pursuant to a Final Determination, any amount paid by one Party to another Party pursuant to this Agreement (or treated as paid by one Party to another Party pursuant to such Final Determination) is treated other than as required under
Section 7.2(a) and results in an increase in gross income of the receiving (or deemed receiving) Party, then it shall be assumed that the increase in gross income resulted in an increase in Taxes to the receiving (or deemed receiving
Party) and the paying (or deemed paying) Party shall pay to the receiving (or deemed receiving) Party an additional amount equal to the net amount of increased Taxes assumed to be imposed (i) on the receipt of such payment and (ii) on the
receipt of the payment made pursuant to clause (i) of this sentence and this clause (ii), assuming in each case that the recipient (or deemed recipient) pays Taxes at the highest combined federal, state and local statutory rate. 
 (d) If, pursuant to a Final Determination, a payment made pursuant to this Agreement is treated in a manner other than as required herein, then:

  

	 	(i)	if such Final Determination also results in Cendant or any of its Affiliates being entitled to a net deduction or loss as a result of the Taxes, costs, expense or other amount that
gave rise to the payment, then Cendant shall be required to pay to the Indemnifying Party (or Parties) the amounts of any Tax Benefits Actually Realized in accordance with the principles of Section 7.2(b); and 

  

	 	(ii)	if such Final Determination also results in any of the Spinco Parties or their respective Affiliates being entitled to a net deduction or loss as a result of the Taxes, costs,
expense or other amount that gave rise to the payment, then such Spinco Party shall be required to pay to the Indemnifying Party (or Parties) the amounts of any Realizable Tax Benefits available to such Spinco Party or its Affiliates during any
Post-Distribution Tax Period. 

 Section 7.3 Treatment of payments made pursuant to Separation and Distribution
Agreement. 
 (a) General. 
  

	 	(i)	 Unless otherwise required by a Final Determination or this Article VII, for U.S. federal income Tax purposes, payments made pursuant to the Separation and
Distribution Agreement shall be treated in accordance with the principles set forth in Section 7.2(a) and none of the Parties shall take any position inconsistent with such treatment, except to the 

  

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extent a Final Determination with respect to the recipient Party causes any such payment to not be so treated. In the event that a Taxing Authority asserts
that a Party’s treatment of a payment pursuant to the Separation and Distribution Agreement should be other than as set forth in this Agreement (ignoring any potential inconsistent or adverse Final Determination), such Party shall use its
reasonable best efforts to contest such challenge. 

  

	 	(ii)	Certain Payments made net of Tax benefits. In calculating the amounts payable by a Party to another Party pursuant to the Separation and Distribution Agreement, the amount
payable shall be reduced by the Tax Benefit Actually Realized or Realizable Tax Benefit, as applicable, in accordance with, and subject to, the principles set forth in Section 7.2(b). 

  

	 	(iii)	Gross-up if indemnity payments determined to be taxable upon Final Determination. If, pursuant to a Final Determination, any amount paid by a Party to another Party pursuant
to the Separation and Distribution Agreement (or treated as paid by one Party to another Party pursuant to such Final Determination) is treated other than as required under Section 7.3(a) and results in an increase in gross income of the
receiving (or deemed receiving) Party, then it shall be assumed that the increase in gross income resulted in an increase in Taxes to the receiving (or deemed receiving) Party and the paying (or deemed paying ) Party shall pay to the receiving (or
deemed receiving) Party, an additional amount calculated in accordance with the principles set forth in Section 7.2(c). 

  

	 	(iv)	If, pursuant to a Final Determination, a payment pursuant to the Separation and Distribution Agreement is treated in a manner other than as required pursuant to this Agreement,
then: 

 (A) if such Final Determination also results in Cendant or any of its Affiliates being entitled to a
deduction or loss as a result of the Taxes, costs, expense or other amount that gave rise to the payment, then Cendant shall be required to pay to the paying Party (or Parties) the amounts of any Tax Benefits Actually Realized in accordance with the
principles of Sections 7.2(b) and (d); and 
 (B) if such Final Determination also results in any of the Spinco Parties or
their respective Affiliates being entitled to a deduction or loss as a result of the Taxes, costs, expense or other amount that gave rise to the payment, then such Spinco Party shall be required to pay to the paying Party (or Parties) the amounts of
any Realizable Tax Benefits available to such Party or its Affiliates during any Post-Distribution Tax Period. 
  

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 (b) Treatment of payments for Assumed Cendant Contingent Liabilities pursuant to the Separation and
Distribution Agreement. 
  

	 	(i)	Payments made by Realogy and Wyndham. In accordance with Revenue Ruling 95-74, 1995-2, C.B. 36, payments made by Realogy or Wyndham for Assumed Cendant Contingent Liabilities
pursuant to this Agreement that, but for such assumption by Realogy or Wyndham, as the case may be, would have been deductible by Cendant under Section 162 of the Code (and applicable provisions of state and local Law) or capitalized by Cendant
under Section 263 of the Code (and applicable provisions of state and local Law) or otherwise, as the case may be, pursuant to applicable principles of Tax Law if such amounts had been actually paid by Cendant shall be treated for all Tax
purposes as payments actually made by Realogy or Wyndham, as applicable, to unrelated third parties that are deductible to Realogy or Wyndham, as applicable, under Section 162(a) of the Code (and applicable provisions of state and local Law) or
capitalized under Section 263 of the Code or otherwise, as the case may be. None of the Parties shall take any position inconsistent with such treatment, except to the extent that Realogy or Wyndham, as the case may be, is required to treat
such payment differently as a result of a Final Determination. In the event a Taxing authority asserts that a Party’s treatment of a payment in respect of Assumed Cendant Contingent Liabilities pursuant to this Agreement should be other than as
required pursuant to this Section 7.3(b), such Party shall use its reasonable best efforts to contest such challenge. 

  

	 	(ii)	Payments made by Travelport. Payments made by Travelport pursuant to the Separation and Distribution Agreement for Assumed Cendant Contingent Liabilities shall be treated for
all Tax purposes as distributions in respect of stock pursuant to Section 301 of the Code occurring immediately before the Travelport Distribution (and, in appropriate circumstances, followed by tax-free capital contributions), and none of the
Parties shall take any position inconsistent with such treatment, except to the extent that a Final Determination with respect to the recipient party causes any such payment to not be so treated. 

 (c) Treatment of payments pursuant to Separation and Distribution Agreement for costs and expenses relating to Assumed Cendant Contingent Liabilities
or otherwise pursuant to the Separation and Distribution Agreement and for Specified Shared Expenses. Payments made by a Party for costs and expenses relating to Assumed Cendant Contingent Liabilities or otherwise pursuant to the Separation and
Distribution Agreement and for Specified Shared Expenses shall be treated as amounts deductible by such Party pursuant to Section 162 of the Code, and none of the Parties shall take any position inconsistent with such treatment, except to the
extent that there is a Final Determination with respect to the paying Party that such payment is not deductible. 
  

 55 

 (d) Treatment of payments made upon the exercise of Options and for RSUs. A payment of cash or
transfer of stock by a Party upon the exercise of Cendant Options, Realogy Options, Wyndham Options or Travelport Options or the vesting of Cendant RSUs, Realogy RSUs, Wyndham RSUs or Travelport RSUs, as applicable, shall be treated for all Tax
purposes consistent with the principles of Revenue Ruling 2002-1, C.B. 268 and this Section 7.3(d), and none of the Parties shall take any position inconsistent with such treatment, except to the extent that there is a Final Determination that
the Party (or its Subsidiary) of whom such Option Holder or RSU Holder is considered an employee for purposes of the Separation and Distribution Agreement is not entitled to a deduction under Section 162 of the Code with respect to such payment
or transfer. In accordance with the foregoing, (i) a payment made by any Party to an Option Holder or RSU Holder who is a Cendant Employee, Realogy Employee, Wyndham Employee or a Travelport Employee shall be deducted by the Party (or its
Subsidiary) of whom such Option Holder or RSU Holder is considered an employee for purposes of the Separation and Distribution Agreement under Section 162 of the Code (and corresponding provisions of state and local Law) and (ii) the
Parties shall treat such exercise and vesting and corresponding payments as not resulting in gain or loss to any of the Parties or their respective Affiliates. 
 ARTICLE VIII 
 AUDITS 
 Section 8.1 Notice. Within 15 Business Days after a Party receives a written notice or other information from a Taxing Authority of the existence
of an Audit that may require indemnification pursuant to this Agreement, the receiving Party shall notify the other Parties of such receipt and, thereafter, shall promptly forward to the other Parties copies of all notices and material
communications with any Taxing Authority relating to such Audit. The failure of one Party to notify the other Parties of an Audit shall not relieve such other Party of any liability and/or obligation which it may have under this Agreement, except to
the extent that the Indemnifying Party’s rights under this Agreement are materially prejudiced by such failure. 
 Section 8.2
Pre-2007 Shared Entity Audits. 
 (a) Administration. Subject to Section 8.2(b) and Section 8.2(c),
Cendant shall administer all Pre-2007 Shared Entity Audits. 
 (b) Settlement of Pre-2007 Shared Entity Audits. Subject to
Section 8.2(d) and Section 8.2(e): 
  

	 	(i)	 Cendant shall settle any Pre-2007 Shared Entity Audit upon the request and in the manner directed by a majority of Realogy, Wyndham and Travelport, provided,
however, that if the Travelport Sale occurs, Cendant shall settle any Pre-2007 Shared Entity Audit 

  

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upon the request and in the manner directed by Realogy in its sole discretion; and 

  

	 	(ii)	in the event of any disagreement with respect to any matter relating to any decisions to be made in connection with the conduct, or administration by Cendant, of any Pre-2007 Shared
Entity Audit, such matter shall be resolved in the manner directed by a majority of Realogy, Wyndham and Travelport, provided, however, that if the Travelport Sale occurs, such matter shall be resolved in the manner directed by Realogy
in its sole discretion. 

 (c) Participating rights of Spinco Parties with respect to Pre-2007 Shared Entity Audits.
Each of the Parties shall be permitted to fully participate in all Pre-2007 Shared Entity Audits, including as set forth in this Section 8.2(c). 
  

	 	(i)	Cendant (in the case of an Audit relating to Pre-2007 Cendant Shared Entity Tax Returns) or Wyndham (in the case of an Audit relating to Pre-2007 Wyndham Shared Entity Tax Returns)
shall notify each of the other Parties in writing within 15 Business Days of the commencement of any such Pre-2007 Shared Entity Audit, or at such earlier time that would allow the Parties to timely respond to the commencement of such Pre-2007
Shared Entity Audit. 

  

	 	(ii)	Promptly after such notification, Cendant shall arrange for a meeting or conference call that includes all of the Spinco Parties to plan for the management of such Pre-2007 Shared
Entity Audit. The Parties shall in good faith cooperate with each other in connection with such Audit and provide such information to each other as may be necessary or useful with respect to such Audit in a timely manner (including with respect to
any Party, providing an initial draft of an answer to an IRS Form 4564 (information document request) or similar document or providing a copy of any request from a Taxing Authority relating or attributable to such Party’s direct or indirect
historic operations). 

  

	 	(iii)	Cendant (with cooperation from Wyndham in the case of an Audit relating to Pre-2007 Wyndham Shared Entity Tax Returns) shall (A) promptly forward to each of the other Parties
copies of any correspondence or notices received from any Taxing Authority or judicial authority with respect to Pre-2007 Shared Entity Audits, and (B) provide each of the other Parties with draft copies of any correspondence or filings to be
submitted to any Taxing Authority or judicial authority with respect to such Audit for such Party’s review and comment reasonably in advance of the date that such correspondence or filings are to be submitted to the Taxing Authority or judicial
authority. 

  

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	 	(iv)	Cendant (with cooperation from Wyndham in the case of an Audit relating to Pre-2007 Wyndham Shared Entity Tax Returns) shall provide each of the other Parties with written notice
reasonably in advance of, and each of the other Parties shall have the right to attend (or participate in), any meetings (or material conference calls of which Cendant has reasonable advance notice) with Taxing Authorities or before any judicial
authorities in connection with all Pre-2007 Shared Entity Audits, and Cendant (or Wyndham, as the case may be) shall execute any documents required by the Taxing Authority to allow for the other Parties to attend (or participate in) such meetings
(or conference calls). The Parties shall consult in good faith to determine the submission and content of documentation, protests, memoranda of fact and Law and briefs, the conduct of oral arguments and presentations, the selection of witnesses and
the negotiation of stipulations of fact in connection with such Pre-2007 Shared Entity Audits. 

 (d) Notwithstanding anything
to the contrary contained in Section 8.2(a), Section 8.2(b) or Section 8.2(c): 
  

	 	(i)	in the event of a Pre-2007 Cendant Shared Entity Audit for Income Taxes that results in a Pre-2007 Correlative Adjustment related or attributable to the business or operations of
the CCRG Entities, then (A) Cendant shall be entitled to control such Pre-2007 Cendant Shared Entity Audit solely to the extent of the issues that are the subject of such Pre-2007 Correlative Adjustment, (B) each of the other Parties shall
be entitled to participate (in accordance with the principles set forth in Section 8.2(c)) in such Audit to the extent related to such issues, (C) Cendant and the other Parties shall use their reasonable best efforts to sever the
issues that are the subject of such Pre-2007 Correlative Adjustment from all other issues arising in such Audit and (D) Cendant shall be entitled to resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed
in connection with or as a result of, such issues. 

  

	 	(ii)	 in the event of a Pre-2007 Cendant Shared Entity Audit for Income Taxes that results in a Pre-2007 Correlative Adjustment related or attributable to the business or
operations of any of Realogy or its Subsidiaries, then (A) Realogy shall be entitled to control such Pre-2007 Cendant Shared Entity Audit solely to the extent of the issues that are the subject of such Pre-2007 Correlative Adjustment,
(B) each of the other Parties shall be entitled to participate (in accordance with the principles set forth in Section 8.2(c)) in such Audit to the extent related to such issues, (C) Cendant and the other Parties shall use
their reasonable best efforts to sever the issues that are the subject of such Pre-2007 Correlative Adjustment from all other issues arising in such Audit and (D) Realogy shall be entitled to resolve, settle or agree to 

  

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any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of, such issues; 

  

	 	(iii)	in the event of a Pre-2007 Shared Entity Audit for Income Taxes that results in a Pre-2007 Correlative Adjustment related or attributable to the business or operations of any of
Wyndham or its Subsidiaries, then (A) Wyndham shall be entitled to control such Pre-2007 Shared Entity Audit solely to the extent of the issues that are the subject of such Pre-2007 Correlative Adjustment, (B) each of the other Parties
shall be entitled to participate (in accordance with the principles set forth in Section 8.2(c)) in such Audit to the extent related to such issues, (C) Cendant and the other Parties shall use their reasonable best efforts to sever
the issues that are the subject of such Pre-2007 Correlative Adjustment from all other issues arising in such Audit and (D) Wyndham shall be entitled to resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or
assessed in connection with or as a result of, such issues; and 

  

	 	(iv)	in the event of a Pre-2007 Cendant Shared Entity Audit for Income Taxes that results in a Pre-2007 Correlative Adjustment related or attributable to the business or operations of
any of Travelport or its Subsidiaries, then (A) Travelport shall be entitled to control such Pre-2007 Cendant Shared Entity Audit solely to the extent of the issues that are the subject of such Pre-2007 Correlative Adjustment, (B) each of
the other Parties shall be entitled to participate (in accordance with the principles set forth in Section 8.2(c)) to the extent related to such issues, (C) Cendant and the other Parties shall use their reasonable best efforts to
sever the issues that are the subject of such Pre-2007 Correlative Adjustment from all other issues arising in such Audit and (D) Travelport shall be entitled to resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted
or assessed in connection with or as a result of, such issues. 

 (e) Settlements of Pre-2007 Shared Entity Audits that
cause Non-Monetary Impairment. Notwithstanding anything to the contrary set forth in this Agreement: 
  

	 	(i)	with respect to a Pre-2007 Cendant Shared Entity Audit, if the effect of a settlement of any such Audit is or includes a Non-Monetary Impairment to any of Cendant or its Affiliates,
then such settlement may not be agreed to or entered into without the consent of Cendant in its sole discretion; and 

  

	 	(ii)	with respect to a Pre-2007 Wyndham Shared Entity Audit, if the effect of a settlement of any such Audit is or includes a Non-Monetary Impairment to any of Wyndham or its Affiliates,
then such settlement may not be agreed to or entered into without the consent of Wyndham in its sole discretion. 

  

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 (f) Sharing of costs and expenses related to Pre-2007 Shared Entity Audits. All costs and expenses
(including all costs and expenses relating to calculating Taxes and other amounts payable hereunder) incurred by Cendant relating to all Pre-2007 Shared Entity Audits shall be borne: 
  

	 	(i)	by Realogy, in any amount equal to the Realogy Sharing Percentage of all such costs and expenses; 

  

	 	(ii)	by Wyndham, in any amount equal to the Wyndham Sharing Percentage of all such costs and expenses; and 

  

	 	(iii)	by Travelport, in any amount equal to the Travelport Sharing Percentage of all such costs and expenses. 

 For purposes of this Section 8.2(f), costs and expenses shall include internal costs and expenses of Cendant (at the rates set forth in
Schedule D) relating to time that Cendant employees have devoted to such Pre-2007 Shared Entity Audits. 
 (g) Treatment of costs and
expenses related to Pre-2007 Shared Entity Audits. Payments borne by Realogy, Wyndham and Travelport, respectively, for costs and expenses relating to Pre-2007 Shared Entity Audits shall be treated as amounts deductible by the paying Party
pursuant to Section 162 of the Code, and none of the Parties shall take any position inconsistent with such treatment, except to the extent that a Final Determination with respect to paying Party causes any such payment to not be so treated.

 (h) Advance Payment of Taxes. 
  

	 	(i)	General. Notwithstanding anything to the contrary in this Agreement, if, in connection with a Pre-2007 Shared Entity Audit, a majority of Realogy, Wyndham and Travelport
decide (or, in the event the Travelport Sale has occurred, Realogy in its sole discretion decides) to contest an issue (or issues) arising in such Audit in a court or other venue whose rules or regulations require disputed Taxes to be paid in
advance, then, as promptly as practicable in order to allow such issue (or issues) to be litigated in such court: 

 (A) Cendant shall be required to pay the CCRG Tax Audit Sharing Percentage of all such Taxes to the applicable Taxing Authority; 
 (B) Realogy shall be required to pay the Realogy Tax Audit Sharing Percentage of all such Taxes to the applicable Taxing Authority; 
 (C) Wyndham shall be required to pay the Wyndham Tax Audit Sharing Percentage of all such Taxes to the applicable Taxing Authority; and

  

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 (D) Travelport shall pay be required to the Travelport Tax Audit Sharing Percentage of
all such Taxes to the applicable Taxing Authority. 
  

	 	(ii)	Refunds related to amounts paid pursuant to Section 8.2(h)(i). Notwithstanding anything to the contrary contained in Article IV, Refunds related to Taxes paid by
the parties pursuant to Section 8.2(h)(i) shall be paid proportionately to the Parties in the same manner as amounts paid by the Parties pursuant to such Section 8.2(h)(i). 

 Section 8.3 Pre-2007 Separate Company Shared Tax Audits. 
 (a) Pre-2007 Realogy Separate Company Shared Tax Audits. Realogy shall control all Pre-2007 Realogy Separate Company Shared Tax Audits. Each of Wyndham and Travelport shall be entitled to participate (in
accordance with the principles set forth in Section 8.2(c)) in any such Audit solely to the extent it relates to Pre-2007 Realogy Separate Company Shared Taxes, and Realogy shall use its reasonable best efforts to sever all issues
relating to Pre-2007 Realogy Separate Company Shared Taxes from all other issues arising in such Audit. Realogy shall not settle any issue relating to Pre-2007 Realogy Separate Company Shared Taxes without the consent of Wyndham and Travelport (or,
in the event the Travelport Sale has occurred, the consent of Wyndham), which consent shall not be unreasonably withheld or delayed. 
 (b)
Pre-2007 Wyndham Separate Company Shared Tax Audits. Wyndham shall control all Pre-2007 Wyndham Separate Company Shared Tax Audits. Each of Realogy and Travelport shall be entitled to participate (in accordance with the principles set forth
in Section 8.2(c)) in any such Audit solely to the extent it relates to Pre-2007 Wyndham Separate Company Shared Taxes, and Wyndham shall use its reasonable best efforts to sever all issues relating to Pre-2007 Wyndham Separate Company
Shared Taxes from all other issues arising in such Audit. Wyndham shall not settle any issue relating to Pre-2007 Wyndham Separate Company Shared Taxes without the consent of Realogy and Travelport (or in the case the Travelport Sale has occurred,
the consent of Realogy), which consent shall not be unreasonably withheld or delayed. 
 (c) Pre-2007 Travelport Separate Company Shared
Tax Audits. Travelport shall control all Pre-2007 Travelport Separate Company Shared Tax Audits. Each of Realogy and Wyndham shall be entitled to participate (in accordance with the principles set forth in Section 8.2(c)) in any such
Audit solely to the extent it relates to Pre-2007 Travelport Separate Company Shared Taxes, and Travelport shall use its reasonable best efforts to sever all issues relating to Pre-2007 Travelport Separate Company Shared Taxes from all other issues
arising in such Audit. Travelport shall not settle any issue relating to Pre-2007 Travelport Separate Company Shared Taxes without the consent of Realogy and Wyndham, which consent shall not be unreasonably withheld or delayed. 
  

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 (d) Costs and expenses related to contesting Pre-2007 Separate Company Shared Taxes. All costs and
expenses relating to contesting Pre-2007 Separate Company Shared Taxes that are incurred by the Party controlling such applicable Audit shall be borne: 
  

	 	(i)	by Realogy, in any amount equal to the Realogy Sharing Percentage of all such costs and expenses; 

  

	 	(ii)	by Wyndham, in any amount equal to the Wyndham Sharing Percentage of all such costs and expenses; and 

  

	 	(iii)	by Travelport, in any amount equal to the Travelport Sharing Percentage of all such costs and expenses. 

 For purposes of this Section 8.3(d), costs and expenses shall include internal costs and expenses of the Party controlling such applicable
Audit (at the rates set forth in Schedule D) relating to time that such Party’s employees have devoted to such Pre-2007 Shared Entity Audits. 
 (e) Treatment of payments for costs and expenses related to Pre-2007 Separate Company Shared Tax Audits. Payments made by Realogy, Wyndham and Travelport, respectively, for costs and expenses relating to contesting Pre-2007 Separate
Company Shared Taxes shall be treated as amounts deductible by the Party paying such expense pursuant to Section 162 of the Code, and none of the Parties shall take any position inconsistent with such treatment, except to the extent that a
Final Determination with respect to paying Party causes any such payment to not be so treated. 
 Section 8.4 Audits exclusively
controlled by Cendant. Except to the extent set forth in Section 8.3, Cendant shall have the exclusive right and sole discretion to control and contest, at Cendant’s own cost and expense and, in Cendant’s sole discretion,
to resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of, any Audit relating to: 
 (a) all Post-2006 Cendant Shared Entity Tax Returns; and 
 (b) all CCRG Entity Tax Returns. 
 Section 8.5 Audits exclusively controlled by Realogy. Except to the extent set forth in Section 8.3, Realogy shall have the exclusive
right and sole discretion to control and contest, at Realogy’s own cost and expense and, in Realogy’s sole discretion, to resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or
as a result of, any Audit relating to all Realogy Tax Returns. 
  

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 Section 8.6 Audits exclusively controlled by Wyndham. Except to the extent set forth in
Section 8.3, Wyndham shall have the exclusive right and sole discretion to control and contest, at Wyndham’s own cost and expense and, in Wyndham’s sole discretion, to resolve, settle or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of, any Audit relating to: 
 (a) all Post-2006 Wyndham Shared
Entity Tax Returns; and 
 (b) all Wyndham Tax Returns. 
 Section 8.7 Audits exclusively controlled by Travelport. 
 (a) Except to the extent set forth in
Section 8.3, Travelport shall have the exclusive right and sole discretion to control and contest, at Travelport’s own cost and expense and, in Travelport’s sole discretion, to resolve, settle or agree to any deficiency, claim
or adjustment proposed, asserted or assessed in connection with or as a result of, any Audit relating to all Travelport Tax Returns. 
 Section 8.8 Payment of Pre-2007 Shared Entity Audit Tax Amounts. 
 (a) In connection with any Final Determination with
respect to a Pre-2007 Shared Entity Audit that results in an additional amount of Tax required to be paid to a Taxing Authority (a “Pre-2007 Shared Entity Audit Tax Amount”), then, subject to Section 8.10 (relating to
the Caps and Incremental Costs): 
  

	 	(i)	Cendant shall be liable for and shall pay or cause to be paid to the applicable Taxing Authority an amount equal to the product of: 

  

	 	(A)	the Pre-2007 Shared Entity Audit Tax Amount; and 

  

	 	(B)	the CCRG Audit Sharing Percentage; 

  

	 	(ii)	Realogy shall be liable for and shall pay or cause to be paid to Cendant or Wyndham (as the case may be) an amount equal to the product of: 

  

	 	(A)	the Pre-2007 Shared Entity Audit Tax Amount; and 

  

	 	(B)	the Realogy Audit Sharing Percentage; 

  

	 	(iii)	Wyndham shall be liable for and shall pay or cause to be paid to the Applicable Taxing Authority or Cendant (as the case may be) an amount equal to the product of:

  

	 	(A)	the Pre-2007 Shared Entity Audit Tax Amount; and 

  

	 	(B)	the Wyndham Audit Sharing Percentage; and 

  

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	 	(iv)	Travelport shall be liable for and shall pay or cause to be paid to Cendant or Wyndham (as the case may be) an amount equal to the product of: 

  

	 	(A)	the Pre-2007 Shared Entity Audit Tax Amount; and 

  

	 	(B)	the Travelport Audit Sharing Percentage. 

 (b) In
connection with any Pre-2007 Shared Entity Audit that results in a Pre-2007 Shared Entity Audit Tax Amount, then Cendant or Wyndham, as the case may be, shall, within 20 Business Days following a final resolution of such Audit, submit in writing to
the Parties a preliminary determination (calculated in reasonable detail) of the portion of such Pre-2007 Shared Entity Audit Tax Amount that each Party is liable for pursuant to Section 8.8(a). Each of the Parties shall have access to all data
and information necessary to calculate such amounts and the Parties shall cooperate fully in the determination of such amounts. Within 20 Business Days following the receipt by a Party of the information described in this Section 8.8(b),
such Party shall have the right to object by written notice to the other Parties; such written notice shall contain such disputed item or items and the basis for its objection. If no Party objects by proper written notice to the other Parties within
the time period described in this Section 8.8(a), the calculation of the amounts due and owing from each Party shall be deemed to have been accepted and agreed upon, and final and conclusive, for purposes of this
Section 8.8(a). If any Party objects by proper written notice to the other Parties within such time period, the Parties shall act in good faith to resolve any such dispute as promptly as practicable. Any dispute shall be resolved in
accordance with Article XII. Amounts payable pursuant to this Section 8.8 shall be paid no later than five (5) Business Days following a final resolution of the portion of the Pre-2007 Shared Entity Audit Tax Amount that each party
is liable for pursuant to this Section 8.8. No later than three (3) Business Days after Cendant and Wyndham, respectively, receives an amount from another Party pursuant to this Section 8.8, such Party shall pay or cause
to be paid to the Applicable Taxing Authority amounts equal to the amounts such Party actually receives from the other Parties pursuant to this Section 8.8. 
 Section 8.9 Certain Tax Benefit Payments in connection with Section 8.9 Final Determinations. 
 (a) In connection with any Final Determination that occurs after the date hereof in respect of a Pre-2007 Shared Entity Audit (x) other than a Final Determination in respect of any federal Income Tax audit of the affiliated group of
which Cendant was the common parent for all taxable years through December 31, 2002 (the “Ongoing Federal Income Tax Audits”) or (y) a Final Determination as to the correlative state Income Tax consequences that follow from any
Final Determination with respect to such Ongoing Federal Income Tax Audits (the “Ongoing State Income Tax Audits”) (such Final Determination, after elimination of the Final Determinations described in clauses (x) and (y), a
“Section 8.9 Final Determination”), which Section 8.9 Final Determination results in the utilization of a net operating loss carryover or Credit Carryover as a result of an increase of items of taxable income or gain of (or the
disallowance of items of deduction, loss or credit with respect to) a Shared Entity relating to a 

  

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Pre-2007 Shared Entity Tax Return, then, with respect to each Applicable Tax Benefit Party, subject to Section 8.10 (relating to the
establishment of Caps and Incremental Costs): 
  

	 	(i)	Cendant shall pay to such Applicable Tax Benefit Party an amount equal to the product of: 

  

	 	(A)	Hypothetical Tax Benefit Amount; and 

  

	 	(B)	the CCRG Audit Sharing Percentage; 

  

	 	(ii)	Realogy shall pay to such Applicable Tax Benefit Party an amount equal to the product of: 

  

	 	(A)	Hypothetical Tax Benefit Amount; and 

  

	 	(B)	the Realogy Audit Sharing Percentage; 

  

	 	(iii)	Wyndham shall pay to such Applicable Tax Benefit Party an amount equal to the product of: 

  

	 	(A)	Hypothetical Tax Benefit Amount; and 

  

	 	(B)	the Wyndham Audit Sharing Percentage; and 

  

	 	(iv)	Travelport shall pay to the Applicable Tax Benefit Party an amount equal to the product of: 

  

	 	(A)	Hypothetical Tax Benefit Amount; and 

  

	 	(B)	the Travelport Audit Sharing Percentage. 

 (b) In
connection with any Section 8.9 Final Determination for a Pre-2007 Shared Entity Audit that results in the utilization of a net operating loss carryover or Credit Carryover, then the Applicable Tax Benefit Party shall, within 20 Business Days
following such Section 8.9 Final Determination, submit in writing to the Parties that would be responsible for amounts payable pursuant to this Section 8.9, a preliminary determination (calculated in reasonable detail) of the
portion of the Hypothetical Tax Benefit Amount that is payable by each of the Parties to such Applicable Tax Benefit Party pursuant to Section 8.9(a). Any calculation of such Hypothetical Tax Benefit Amount shall be based on and
consistent with the allocation of Tax attributes pursuant to Section 10.1, taking into account all prior Audit adjustments. Each of the Parties shall have access to all data and information necessary to calculate any such Hypothetical
Tax Benefit Amount (and the portion of such Hypothetical Tax Benefit Amount required to be paid by each of the Parties) and the Parties shall cooperate fully in the determination of such amounts. Within 20 Business Days following the receipt by a
Party of the information described in this Section 8.9(b) relating to the calculation of the Hypothetical Tax Benefit Amount (and the portion of such Hypothetical Tax Benefit Amount required to be paid by each of the Parties), each of
the Parties shall have the right to object by written notice to the other Parties; such written notice shall contain such disputed item or items and the basis for its 

  

 65 

 
objection. If no Party objects by proper written notice to the other Parties within the time period described in this Section 8.9(a), the
calculation of the Hypothetical Tax Benefit Amount (and the portion of such Hypothetical Tax Benefit Amount required to be paid by each of the Parties) shall be deemed to have been accepted and agreed upon, and final and conclusive, for purposes of
this Section 8.9(a). If any Party objects by proper written notice to the other Parties within such time period, the other Parties shall act in good faith to resolve any such dispute as promptly as practicable. Any dispute shall be
resolved in accordance with Article XII. Amounts payable pursuant to this Section 8.9 shall be paid no later than five (5) Business Days following a final resolution of the portion of the Hypothetical Tax Benefit Amount that
each Party is liable for pursuant to this Section 8.9. Notwithstanding anything to the contrary contained in this Section 8.9, no payment required to be made by a Party to another Party pursuant to this Section 8.9 shall be
required to be paid prior to November 30, 2007. 
 (c) Notwithstanding Section 8.9(a), if there is a Final Determination
with respect to an Ongoing Federal Income Tax Audit or an Ongoing State Income Tax Audit, and as a result of such Final Determination, Cendant is required to recognize an expense as determined under Generally Accepted Accounting Principles, which
expense is the result of the Final Determination being greater than the amount of the liability established on Cendant’s balance sheet at the end of the third quarter of 2006 in respect of the item or items covered by the relevant Final
Determination, then each of Realogy, Travelport and Wyndham shall reimburse Cendant for such excess in an amount equal to the Realogy Sharing Percentage, the Travelport Sharing Percentage, and the Wyndham Sharing Percentage, respectively.

 Section 8.10 Caps and Incremental Costs. Notwithstanding anything to the contrary in this Agreement, if the Travelport Sale does
not occur: 
 (a) for purposes of determining Realogy’s liability for additional Taxes imposed on a Shared Entity or for Hypothetical
Tax Benefit Amounts required to be paid to an Applicable Tax Benefit Party, in each case, as a result of a Pre-2007 Shared Entity Audit or for additional Taxes imposed on a Company as a result of a Pre-2007 Separate Company Shared Taxes,
respectively, the principles of Section 7.2(h) of the Separation and Distribution Agreement (relating to the establishment of a Cap, the payment of Incremental Costs, and the forfeiture of a right to vote to resolve any issue that is the
subject of the Cap chosen by a Settling Party (all as defined in the Separation and Distribution Agreement) shall apply to limit Realogy’s liability for the amounts required to be paid by Realogy pursuant to Section 8.8 and
Section 8.9 hereof; and 
 (b) In addition to the obligations of Wyndham and Travelport pursuant to Section 8.8 and
Section 8.9, Wyndham shall be liable for and shall pay or cause to paid sixty percent (60%), and Travelport shall be liable for and shall pay or cause to paid forty percent (40%), of: 
  

	 	(i)	 the excess of (A) the amount of Taxes Realogy would have been liable for pursuant to Section 8.8 without regard to this Section 8.10
over (B) the amount Realogy of Taxes would have been liable for pursuant to 

  

 66 

	 	 
Section 8.8, assuming that the relevant Audit was settled in accordance with the applicable settlement proposal voted on by Realogy; and

  

	 	(ii)	the excess of (A) the amount of the Hypothetical Tax Benefit Amount Realogy would have been liable for pursuant to Section 8.9 without regard to this
Section 8.10 over (B) the amount Realogy would have been liable for pursuant to Section 8.9, assuming that the relevant Audit was settled in accordance with the applicable settlement proposal voted on by Realogy.

 Section 8.11 Pre-2007 Cendant Shared Entity Audits resulting in certain Pre-2007 Correlative Adjustments. 

(a) General. In the event of a Pre-2007 Cendant Shared Entity Audit for Income Taxes that results in a Pre-2007 Correlative Adjustment related
or attributable to business or operations of a Cendant Shared Entity (but not, for the avoidance of doubt, the CCRG Entities, Realogy or its Subsidiaries, Wyndham or its Subsidiaries or Travelport or its Subsidiaries) and an increase in a related
correlative deduction, loss or credit (or reduction in income or gain) for a Post-Distribution Tax Period for such Cendant Shared Entity resulting in a Tax Benefit Actually Realized for such Post-Distribution Tax Period, then Cendant shall pay to:

  

	 	(i)	Realogy, the Realogy Audit Sharing Percentage (for such Pre-2007 Cendant Shared Entity Audit) of any such related correlative Tax Benefit Actually Realized by Cendant or any of its
Affiliates in a Post-Distribution Tax Period; 

  

	 	(ii)	Wyndham, the Wyndham Audit Sharing Percentage (for such Pre-2007 Cendant Shared Entity Audit) of any such related correlative Tax Benefit Actually Realized by Cendant or its
Affiliates in a Post-Distribution Tax Period; and 

  

	 	(iii)	Travelport, the Travelport Audit Sharing Percentage (for such Pre-2007 Cendant Shared Entity Audit) of any such related correlative Tax Benefit Actually Realized by Cendant or its
Affiliates in a Post-Distribution Tax Period. 

 (b) Timing of Payments. No later than five (5) Business Days after
the filing of a Tax Return reflecting the Tax Benefit Actually Realized, Cendant shall pay to each of the applicable Spinco Parties the amount required to be paid by Cendant to such Party pursuant to Section 8.11(a). 
  

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 Section 8.12 Certain Tax Attributes for Post-Distribution Periods. In connection with a Final
Determination with respect to a Pre-2007 Cendant Shared Entity Tax Return that results in the elimination (in whole or in part) of a basis step up in the assets described in Schedule C: 
 (a) Realogy shall indemnify Wyndham for an amount equal to the product of: 
  

	 	(i)	the Realogy Sharing Percentage; and 

  

	 	(ii)	thirty-eight percent (38%) of the amount of Wyndham’s deferred Tax asset set forth on Schedule C (reduced to take into account all amortization or depreciation accrued
through the Wyndham Distribution Date) that was eliminated as a result of such Final Determination; 

 (b) Wyndham shall
indemnify Realogy for an amount equal to the product of: 
  

	 	(i)	the Wyndham Sharing Percentage; and 

  

	 	(ii)	thirty-eight percent (38%) of the amount of Realogy’s deferred Tax asset set forth on Schedule C (reduced to take into account all amortization or depreciation accrued
through the Realogy Distribution Date) that was eliminated as a result of such Final Determination; 

 (c) Travelport shall
indemnify: 
  

	 	(i)	Realogy for an amount equal to the product of: 

 (A) the Travelport Sharing Percentage; and 
 (B) thirty-eight percent (38%) of the amount of Realogy’s
deferred Tax asset set forth on Schedule C (reduced to take into account all amortization or depreciation accrued through the Realogy Distribution Date) that was eliminated as a result of such Final Determination; 
  

	 	(ii)	Wyndham for an amount equal to the product of: 

 (A) the Travelport Sharing Percentage; and 
 (B) thirty-eight percent (38%) of the amount of Wyndham’s
deferred Tax asset set forth on Schedule C (reduced to take into account all amortization or depreciation accrued through the Wyndham Distribution Date) that was eliminated as a result of such Final Determination. 
 Section 8.13 Indemnity by Spinco Parties if settlement results in certain adverse consequences to Cendant. Notwithstanding anything to the
contrary contained in this Agreement, to the extent that Cendant notifies the other Parties that it reasonably expects that a settlement of a Pre-2007 Shared Entity Audit will more likely than not result in an increase in income and/or gain to, or,
decrease in loss, deduction or credit, for one or more Post-Distribution Tax Periods to 

  

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Cendant or any of its Affiliates (a “Post-Distribution Tax Detriment”) for which Cendant is not otherwise indemnified pursuant to this
Agreement: 
 (a) Realogy shall pay to Cendant an amount equal to the Realogy Audit Sharing Percentage (with respect to such Pre-2007 Shared
Entity Audit) of all such Post-Distribution Tax Detriments, without applying a discount for the time value of money or for lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%); 
 (b) Wyndham shall pay to Cendant an amount equal to the Wyndham Audit Sharing Percentage (with respect to such Pre-2007 Shared Entity Audit)of all such
Post-Distribution Tax Detriments, without applying a discount for the time value of money or for lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%); and 
 (c) Travelport shall pay to Cendant an amount equal to the Travelport Audit Sharing Percentage (with respect to such Pre-2007 Shared Entity Audit)of all
such Post-Distribution Tax Detriments, without applying a discount for the time value of money or for lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%). 
 ARTICLE IX 
 COOPERATION AND
EXCHANGE OF INFORMATION 
 Section 9.1 Cooperation and Exchange of Information. 
 (a) The Parties shall each cooperate fully (and each shall cause its respective Affiliates to cooperate fully) with all reasonable requests from another
Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for Refund, Audits, determinations by Cendant with respect to the allocation of Tax attributes and the
calculation of Taxes (including pursuant to Section 8.8) or other amounts (including pursuant to Section 8.9) required to be paid hereunder, in each case, related or attributable to or arising in connection with Taxes or Tax
attributes of any of the Parties or their respective Subsidiaries covered by this Agreement. Such cooperation shall include, without limitation, at each Party’s own cost: 
 (b) the retention until the expiration of the applicable statute of limitations, and the provision upon request, of Tax Returns of the Parties and their
respective Subsidiaries, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents
relating to rulings or other determinations by Taxing Authorities; 
 (c) the execution of any document that may be necessary or reasonably
helpful in connection with any Audit of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or Refund claim of the Parties or any of their respective Subsidiaries; 
  

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 (d) the use of the Party’s reasonable best efforts to obtain any documentation that may be necessary
or reasonably helpful in connection with any of the foregoing; 
 (e) the use of the Party’s reasonable best efforts to obtain any Tax
Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information that may be necessary or helpful in connection with any Tax Returns or any of the Parties or their Affiliates. 

Each Party shall make its employees and facilities available on a reasonable and mutually convenient basis in connection with the foregoing matters. 
 Section 9.2 Retention of Records. Subject to Section 9.1, if any of the Parties or their respective Subsidiaries intends to dispose of
documentation relating to the Taxes of the Parties or their respective Subsidiaries for which another Party to this Agreement may be responsible pursuant to the terms of this Agreement (including, without limitation, Tax Returns, books, records,
documentation and other information, accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities) after the expiration of the applicable statute of limitations (taking into account all
waivers and extensions), such Party shall or shall cause written notice to the other Parties describing the documentation to be destroyed or disposed of sixty (60) Business Days prior to taking such action. The other Party may arrange to take
delivery of the documentation described in the notice at its expense during the succeeding sixty (60) day period. 
 ARTICLE X 

 ALLOCATION OF TAX ATTRIBUTES, DUAL CONSOLIDATED LOSSES GAIN 
 RECOGNITION AGREEMENTS AND OTHER TAX MATTERS 
 Section 10.1 Allocation of Tax
Attributes. 
 (a) General. To the extent not already provided, no later than 20 Business Days after the end of each fiscal
quarter ending on or prior to June 30, 2007, Cendant shall provide to each of the Spinco Parties an estimate (or an updated estimate) of the Tax attributes (including earnings and profits, net operating loss carryovers, capital loss carryovers,
alternative minimum Tax credit carryovers and general business credits) allocated or inuring to such Party as a result of the Distributions and related transactions for U.S. federal, state, local and foreign income Tax purposes, provided,
however, that the allocation of Tax attributes by Cendant shall be in accordance with applicable Law (as reasonably determined by Cendant) and consistent with the allocations of Tax attributes reflected in the financial statements included in
the registration statement on Form 10 filed by each of Realogy, Wyndham and Travelport (if applicable). 
  

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 (b) No later than November 30, 2007, Cendant shall provide to each of the Spinco Parties a final
allocation of the Tax attributes allocated to such Party, which allocation shall be in accordance with the proviso in Section 10.1(a) (the “Final Tax Attribute Allocation”). 
 (c) None of the Parties shall take any position inconsistent with the estimated allocation of Tax attributes pursuant to Section 10.1(a) (in
the case of positions taken prior to the Final Tax Attribute Allocation) or the Final Tax Attribute Allocation pursuant to Section 10.1(b) (in the case of positions taken at the time of or after the Final Tax Attribute Allocation),
except to the extent: 
  

	 	(i)	a reallocation of such Tax attributes is required pursuant to a Final Determination with respect to a Pre-2007 Cendant Shared Entity Audit; or 

  

	 	(ii)	in connection with a Final Determination with respect to a Pre-2007 Cendant Shared Entity Audit, as a result of an increase in Taxable income or gain (or disallowance of a
deduction, loss, or credit) of such Cendant Shared Entity and the utilization of Tax attributes as a result thereof. 

 Section
10.2 Dual Consolidated Losses. 
 (a) For the U.S. federal affiliated group of which Cendant is the Common Parent filing U.S. federal
consolidated Income Tax Returns, Cendant (with assistance and cooperation from Wyndham) shall comply with all applicable reporting requirements contained in Treasury Regulation Sections 1.1503-2 and 1.1503-2T (or any successor Treasury Regulation)
with respect to the Applicable Wyndham DCLs for each Taxable year up to and including the Taxable year that includes the Wyndham Distribution. 
 (b) For the U.S. federal affiliated group of which Cendant is the Common Parent filing U.S. federal consolidated Income Tax Returns, Cendant (with assistance and cooperation from Travelport) shall comply with all applicable reporting
requirements contained in Treasury Regulation Sections 1.1503-2 and 1.1503-2T (or any successor Treasury Regulation) with respect to the Applicable Travelport DCLs for each Taxable year up to and including the Taxable year that includes the
Travelport Distribution. Notwithstanding anything to the contrary contained herein, in the event that the Travelport Sale occurs, this Section 10.2(b) shall be deemed null and void and be of no further force or effect. 
 (c) For the U.S. federal affiliated group of which Cendant is the Common Parent filing U.S. federal consolidated Income Tax Returns, Cendant (with
assistance and cooperation from Realogy) shall comply with all applicable reporting requirements contained in Treasury Regulation Sections 1.1503-2 and 1.1503-2T (or any successor Treasury Regulation) with respect to the Applicable Realogy DCLs for
each Taxable year up to and including the Taxable year that includes the Realogy Distribution. 
 (d) In conjunction with the Wyndham
Distribution, Cendant and Wyndham shall enter into a closing agreement with the Internal Revenue Service as described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) with respect to the Applicable Wyndham DCLs. 

  

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In the event of a successor Treasury Regulation, Cendant and/or Wyndham shall execute any agreement or election required in lieu of or in addition to the
closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i). If, as a result of an act or omission by Wyndham, such a closing agreement or successor agreement or election is not entered in conjunction with the Wyndham
Distribution, then Cendant shall include any Applicable Wyndham DCL recapture income in its U.S. federal consolidated Taxable income for the year of the Wyndham Distribution and Wyndham shall be liable for and shall indemnify Cendant and its
Affiliates for the U.S. Tax liability (before taking into account any Tax credit utilization) and all interest due pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) or any successor Treasury Regulation. 
 (e) In conjunction with the Travelport Distribution, Cendant and Travelport shall enter into a closing agreement with the Internal Revenue Service as
described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) with respect to the Applicable Travelport DCLs. In the event of a successor Treasury Regulation, Cendant and/or Travelport shall execute any agreement or election required in
lieu of or in addition to the closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i). If, as a result of an act or omission by Travelport, such a closing agreement or successor agreement or election is not
entered in conjunction with the Travelport Distribution, then Cendant shall include any Applicable Travelport DCL recapture income in its U.S. federal consolidated Taxable income for the year of the Travelport Distribution and Travelport shall be
liable for and shall indemnify Cendant and its Affiliates for the U.S. Tax liability (before taking into account any Tax credit utilization) and all interest due pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) or any successor
Treasury Regulation. Notwithstanding anything to the contrary contained herein, in the event that the Travelport Sale occurs, this Section 10.2(e) shall be deemed null and void and be of no further force or effect. 
 (f) In conjunction with the Realogy Distribution, Cendant and Realogy shall enter into a closing agreement with the Internal Revenue Service as described
in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) with respect to the Applicable Realogy DCLs. In the event of a successor Treasury Regulation, Cendant and/or Realogy shall execute any agreement or election required in lieu of or in
addition to the closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i). If, as a result of an act or omission by Realogy, such a closing agreement or successor agreement or election is not entered in conjunction
with the Realogy Distribution, then Cendant shall include any Applicable Realogy DCL recapture income in its U.S. federal consolidated Taxable income for the year of the Realogy Distribution and Realogy shall be liable for and shall indemnify
Cendant and its Affiliates for the U.S. Tax liability (before taking into account any Tax credit utilization) and all interest due pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) or any successor Treasury Regulation. 
 (g) If a closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) is entered into for the Applicable Wyndham DCLs, or
if a similar agreement or election is entered pursuant to a successor Treasury Regulation, Wyndham shall, with respect to the Applicable Wyndham DCLs, comply with all of the applicable DCL filing requirements contained in Treasury Regulation
Sections 1.1503-2 and 1.1503-2T or any successor Treasury Regulation, including the filing of a “new (g)(2) election” as described in Treasury Regulation 

  

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Section 1.1503-2T(g)(2)(iv)(B)(3)(iii) or any successor Treasury Regulation. This paragraph shall also apply in the event Wyndham files a Federal Income
Tax Return for a Taxable year following its Distribution at a time when a request for a closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) (or a request for a similar agreement under a successor Treasury
Regulation) is pending with the Internal Revenue Service. 
 (h) If a closing agreement described in Treasury Regulation
Section 1.1503-2(g)(2)(iv)(B)(3)(i) is entered into for the Applicable Travelport DCLs, or if a similar agreement or election is entered pursuant to a successor Treasury Regulation, Travelport shall, with respect to the Applicable Travelport
DCLs, comply with all of the applicable DCL filing requirements contained in Treasury Regulation Sections 1.1503-2 and 1.1503-2T or any successor Treasury Regulation, including the filing of a “new (g)(2) election” as described in Treasury
Regulation Section 1.1503-2T(g)(2)(iv)(B)(3)(iii) or any successor Treasury Regulation. This paragraph shall also apply in the event Travelport files a Federal Income Tax Return for a Taxable year following its Distribution at a time when a
request for a closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) (or a request for a similar agreement under a successor Treasury Regulation) is pending with the Internal Revenue Service. Notwithstanding
anything to the contrary contained herein, in the event that the Travelport Sale occurs, this Section 10.2(h) shall be deemed null and void and be of no further force or effect. 
 (i) If a closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i) is entered into for the Applicable Realogy DCLs, or
if a similar agreement or election is entered pursuant to a successor Treasury Regulation, Realogy shall, with respect to the Applicable Realogy DCLs, comply with all of the applicable DCL filing requirements contained in Treasury Regulation
Sections 1.1503-2 and 1.1503-2T or any successor Treasury Regulation, including the filing of a “new (g)(2) election” as described in Treasury Regulation Section 1.1503-2T(g)(2)(iv)(B)(3)(iii) or any successor Treasury Regulation.
This paragraph shall also apply in the event Realogy files a Federal Income Tax Return for a Taxable year following its Distribution at a time when a request for a closing agreement described in Treasury Regulation
Section 1.1503-2(g)(2)(iv)(B)(3)(i) (or a request for a similar agreement under a successor Treasury Regulation) is pending with the Internal Revenue Service. 
 (j) If, subsequent to the Wyndham Distribution, an event occurs that requires an Applicable Wyndham DCL to be recaptured pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or a closing agreement
described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i), or if an event occurs that requires an Applicable Wyndham DCL to be recaptured pursuant to a successor to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or an
agreement or election pursuant to a successor to Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i), Wyndham shall include the DCL recapture in its U.S. federal consolidated Taxable income and shall pay any associated interest due pursuant
to the applicable Treasury Regulation and/or agreement or election. 
 (k) If, subsequent to the Travelport Distribution, an event occurs
that requires an Applicable Travelport DCL to be recaptured pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or a closing agreement described in Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i), or if an event occurs
that requires an Applicable Travelport DCL to be recaptured pursuant to a successor to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or an 

  

 73 

 
agreement or election pursuant to a successor to Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i), Travelport shall include the DCL recapture in
its U.S. federal consolidated Taxable income and shall pay any associated interest due pursuant to the applicable Treasury Regulation and/or agreement or election. Notwithstanding anything to the contrary contained herein, in the event that the
Travelport Sale occurs, this Section 10.2(k) shall be deemed null and void and be of no further force or effect. 
 (l) If, subsequent
to the Realogy Distribution, an event occurs that requires an Applicable Realogy DCL to be recaptured pursuant to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or a closing agreement described in Treasury Regulation
Section 1.1503-2(g)(2)(iv)(B)(3)(i), or if an event occurs that requires an Applicable Realogy DCL to be recaptured pursuant to a successor to Treasury Regulation Section 1.1503-2(g)(2)(vii) and/or an agreement or election pursuant to a
successor to Treasury Regulation Section 1.1503-2(g)(2)(iv)(B)(3)(i), Realogy shall include the DCL recapture in its U.S. federal consolidated Taxable income and shall pay any associated interest due pursuant to the applicable Treasury
Regulation and/or agreement or election. 
 (m) For purposes of this Agreement: 
  

	 	(i)	“DCL” means “dual consolidated loss” within the meaning of Section 1503(d) of the Code and Treasury Regulation Section 1.1503-2(c)(5).

  

	 	(ii)	“SU” means “separate unit” within the meaning of Treasury Regulation Section 1.1503-2(c)(3). 

  

	 	(iii)	“DRC” means “dual resident corporation” within the meaning of Treasury Regulation Section 1.1503-2(c)(2). 

  

	 	(iv)	“Applicable Wyndham DCLs” means each of the DCLs with respect to interests in the following entities (or foreign branches of the following entities) that constitute
SUs, for the following years: 

 (A) 1997: RCI Colombia, Inc.; RCI Argentina Inc.; RCI Brazil Ltd.; RCI Chile,
Inc.; and RCI Russia. 
 (B) 1998: RCI Argentina Inc.; RCI Brazil Ltd.; RCI Russia; and Galileo Canada ULC. 
 (C) 1999: RCI Thailand; RCI Russia; and Galileo Canada ULC. 
 (D) 2000: RCI Asia Pacific Pte. Ltd.; RCI Brazil Ltd.; and RCI Russia. 
 (E) 2001: RCI Argentina Inc; RCI Brazil Ltd.; and RCI Chile, Inc. 
 (F) 2002: Vacation Care Israel, Inc. and RCI Thailand. 
  

 74 

 (G) 2003: RCI Asia Pacific Pte. Ltd.; Vacation Care Israel, Inc.; and RCI Thailand.

 (H) 2004: RCI Canada, Inc. and Hotel Dynamics International Ltd. 
 (I) Any DCLs for 2002, 2003 or 2004 attributable to Hotel Dynamics International Ltd. or to any separate unit owned directly or
indirectly by Hotel Dynamics International Ltd. 
 (J) 2005: any DCLs generated by any SUs or DRCs held by Wyndham that are
taken into account in computing Cendant’s U.S. federal consolidated Taxable income for the year ended December 31, 2005. 
 (K) 2006: any DCLs generated by any SUs or DRCs held by Wyndham that are taken into account in computing Cendant’s U.S. federal consolidated Taxable income for the year ended December 31, 2006. 
  

	 	(v)	“Applicable Travelport DCLs” means each of the DCLs with respect to interests in the following entities (or foreign branches of the following entities) that
constitute SUs, for the following years: 

 (A) 1998: Galileo Canada ULC. 
 (B) 1999: Galileo Canada ULC. 
 (C) 2000: Galileo Canada ULC. 
 (D) 2001: Galileo Canada ULC. 
 (E) 2003: Galileo International Services, Inc. and Galileo do Brazil & CIA. 
 (F) 2004: Galileo International Services, Inc. 
 (G) 2005: any DCLs generated by any SUs or DRCs held by Travelport that are taken into account in computing Cendant’s U.S. federal
consolidated Taxable income for the year ended December 31, 2005. 
 (H) 2006: any DCLs generated by any SUs or DRCs
held by Travelport that are taken into account in computing Cendant’s U.S. federal consolidated Taxable income for the year ended December 31, 2006. 
  

 75 

	 	(vi)	“Applicable Realogy DCLs” means each of the DCLs with respect to interests in the following entities (or foreign branches of the following entities) that constitute
SUs, for the following years: 

 (A) Any DCLs for 2002, 2003 or 2004 attributable to Cendant Mobility Holdings
Ltd. or to any separate unit owned directly or indirectly by Cendant Mobility Holdings Ltd. 
 (B) 2005: any DCLs generated
by any SUs or DRCs held by Realogy that are taken into account in computing Cendant’s U.S. federal consolidated Taxable income for the year ended December 31, 2005. 
 (C) 2006: any DCLs generated by any SUs or DRCs held by Realogy that are taken into account in computing Cendant’s U.S. federal
consolidated Taxable income for the year ended December 31, 2006. 
 (n) Notwithstanding anything to the contrary in this Agreement
(other than Section 1.3(c), in the event of a breach of an obligation of a Party pursuant to this Section 10.2, (i) in connection with any Tax liability for a Post-Distribution Tax Period, the breaching Party’s indemnification
obligation to the non-breaching Party (or Parties) pursuant to Article VI shall be determined without regard to any Tax credit utilization and (ii) in connection with any Tax period other than a Post-Distribution Tax Period, then in addition to
the obligations of a breaching Party pursuant to Article VI, the breaching Party shall indemnify the other Parties for the aggregate amount of all Credit Carryovers and/or other Tax attributes that would have been apportioned to such Party
and its Subsidiaries under applicable principles of the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first Post-Distribution Tax Period had the breach not occurred (without applying a discount for the time
value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%)). 
 Section 10.3 Gain Recognition Agreements. 
 (a) For the U.S. federal affiliated group of which Cendant is the Common Parent
filing U.S. federal consolidated Income Tax Returns, Cendant (with assistance and cooperation from Wyndham) shall include with its return for each Taxable year up to and including the Taxable year that includes the Wyndham Distribution any New
Wyndham Gain Recognition Agreements, including any related waivers of the statute of limitations under Treasury Regulation Section 1.367(a)-8(b)(4). Cendant shall also file any annual certification required by Treasury Regulation
Section 1.367(a)-8(b)(5) with respect to the Wyndham Gain Recognition Agreement or any New Wyndham Gain Recognition Agreement. These filings shall include any “new gain recognition agreements” required under Treasury Regulation
Section 1.367(a)-8(g), as well as any other reporting that may be required pursuant to Treasury Regulation Section 1.367(a)-8. 
 (b) For the U.S. federal affiliated group of which Cendant is the Common Parent filing U.S. federal consolidated Income Tax Returns, Cendant (with assistance and cooperation from Travelport) shall include with its return for each Taxable
year up to and including the Taxable year that includes the Travelport Distribution any New Travelport Gain Recognition Agreements, including any related waivers of the statute of limitations under Treasury Regulation Section 1.367(a)-8(b)(4).
Cendant shall also file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to the Travelport Gain 

  

 76 

 
Recognition Agreements and any New Travelport Gain Recognition Agreements. These filings shall include any “new gain recognition agreements”
required under Treasury Regulation Section 1.367(a)-8(g), as well as any other reporting that may be required pursuant to Treasury Regulation Section 1.367(a)-8. Notwithstanding anything to the contrary contained herein, in the event that
the Travelport Sale occurs, this Section 10.3(b) shall be deemed null and void and be of no further force or effect. 
 (c) For the U.S.
federal affiliated group of which Cendant is the Common Parent filing U.S. federal consolidated Income Tax Returns, Cendant (with assistance and cooperation from Realogy) shall include with its return for each Taxable year up to and including the
Taxable year that includes the Realogy Distribution any New Realogy Gain Recognition Agreements, including any related waivers of the statute of limitations under Treasury Regulation Section 1.367(a)-8(b)(4). Cendant shall also file any annual
certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to any New Realogy Gain Recognition Agreements. These filings shall include any “new gain recognition agreements” required under Treasury Regulation
Section 1.367(a)-8(g), as well as any other reporting that may be required pursuant to Treasury Regulation Section 1.367(a)-8. 
 (d) If the Travelport Distribution is effected on or before December 31, 2006, then, for the U.S. federal affiliated group of which Travelport is the Common Parent filing a U.S. federal consolidated Income Tax Return, Travelport shall
file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to the Travelport Gain Recognition Agreements and any New Travelport Gain Recognition Agreements, as well as comply with any other reporting
obligations that may be required pursuant to Treasury Regulation Section 1.367(a)-8. These filings shall include any “new gain recognition agreements” required under Treasury Regulation Section 1.367(a)-8(g). Notwithstanding
anything to the contrary contained herein, in the event that the Travelport Sale occurs, this Section 10.3(d) shall be deemed null and void and be of no further force or effect. 
 (e) If the Travelport Distribution is effected after December 31, 2006, then, for the U.S. federal affiliated group of which Travelport is the
Common Parent filing U.S. federal consolidated Income Tax Returns, Travelport shall file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to any Post-2006 Existing Travelport Gain Recognition
Agreements, and will comply with any other reporting obligations that may be required pursuant to Treasury Regulation Section 1.367(a)-8. These filings shall include any “new gain recognition agreements” required under Treasury
Regulation Section 1.367(a)-8(g). Notwithstanding anything to the contrary contained herein, in the event that the Travelport Sale occurs, this Section 10.3(e) shall be deemed null and void and be of no further force or effect. 

(f) If the Wyndham Distribution is effected on or before December 31, 2006, then, for the U.S. federal affiliated group of which Wyndham is the
Common Parent filing a U.S. federal consolidated Income Tax Return, Wyndham shall file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to the Wyndham Gain Recognition Agreement and any New Wyndham
Gain Recognition Agreements, as well as comply with any other reporting obligations that may be required pursuant to Treasury Regulation Section 

  

 77 

 
1.367(a)-8. These filings shall include any “new gain recognition agreements” required under Treasury Regulation Section 1.367(a)-8(g).

 (g) If the Wyndham Distribution is effected after December 31, 2006, then, for the U.S. federal affiliated group of which Wyndham is
the Common Parent filing U.S. federal consolidated Income Tax Returns, Wyndham shall file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to any Post-2006 Existing Travelport Gain Recognition
Agreements, and will comply with any other reporting obligations that may be required pursuant to Treasury Regulation Section 1.367(a)-8. These filings shall include any “new gain recognition agreements” required under Treasury
Regulation Section 1.367(a)-8(g). 
 (h) If the Realogy Distribution is effected on or before December 31, 2006, then, for the U.S.
federal affiliated group of which Realogy is the Common Parent filing a U.S. federal consolidated Income Tax Return, Realogy shall file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with respect to any New
Realogy Gain Recognition Agreements, as well as comply with any other reporting obligations that may be required pursuant to Treasury Regulation Section 1.367(a)-8. These filings shall include any “new gain recognition agreements”
required under Treasury Regulation Section 1.367(a)-8(g). 
 (i) If the Realogy Distribution is effected after December 31, 2006,
then, for the U.S. federal affiliated group of which Realogy is the Common Parent filing U.S. federal consolidated Income Tax Returns, Realogy shall file any annual certification required by Treasury Regulation Section 1.367(a)-8(b)(5) with
respect to the Post-2006 Existing Realogy Gain Recognition Agreements, and will comply with any other reporting obligations that may be required pursuant to Treasury Regulation Section 1.367(a)-8. These filings shall include any “new
gain recognition agreements” required under Treasury Regulation Section 1.367(a)-8(g). 
 (j) If, following the Travelport
Distribution, a Travelport Gain Recognition Agreement or a New Travelport Gain Recognition Agreement is “triggered” pursuant to such Agreement or pursuant to Treasury Regulation Section 1.367(a)-8, notwithstanding anything to the
contrary contained in this Agreement (including Article III), Travelport shall reimburse Cendant and its Affiliates for the US Tax liability and all interest due as a result of the trigger. Notwithstanding anything to the contrary contained herein,
in the event that the Travelport Sale occurs, this Section 10.3(j) shall be deemed null and void and be of no further force or effect. 
 (k) If, following the Wyndham Distribution, the Wyndham Gain Recognition Agreement or a New Wyndham Gain Recognition Agreement is “triggered” pursuant to such Agreement or pursuant to Treasury Regulation Section 1.367(a)-8,
notwithstanding anything to the contrary contained in this Agreement (including Article III), Wyndham shall reimburse Cendant and its Affiliates for the US Tax liability and all interest due as a result of the trigger. 
 (l) If, following the Realogy Distribution, a New Realogy Gain Recognition Agreement is “triggered” pursuant to such Agreement or pursuant to
Treasury Regulation Section 1.367(a)-8, notwithstanding anything to the contrary contained in this Agreement (including Article III), Realogy shall reimburse Cendant and its Affiliates for the US Tax liability and all interest due as a result
of the trigger. 
  

 78 

 (m) For purposes of this Agreement: 
  

	 	(i)	“Travelport Gain Recognition Agreements” means the “gain recognition agreements” that Cendant has entered into pursuant to Treasury Regulation
Section 1.367(a)-8(a)(3) with respect to the following “transferred foreign corporations:” 

 (A) Galileo Switzerland AG; 
 (B) Galileo Venezuela CLA; 
 (C) Galileo Belgium SA; 
 (D) Galileo Espana SA; 
 (E) Galileo Deutschland GmbH; 
 (F) Jogwin Ltd.; 
 (G) Galileo Portugal Ltd.; 
 (H) Galileo France S.a.r.l.; 
 (I) Trust International Hotel Reservation Services GmbH (Germany); 
 (J) Galileo Nederland B.V; and 
 (K) Galileo International B.V. 
  

	 	(ii)	“New Travelport Gain Recognition Agreements” means any gain recognition agreements pursuant to Treasury Regulation Section 1.367(a)-8(a)(3) that are required
in order to prevent gain recognition under Section 367(a) with respect to a transfer of a Travelport Subsidiary Corporation after December 31, 2004, but prior to the date of the Travelport Distribution. 

  

	 	(iii)	“Travelport Subsidiary Corporation” means any corporation in which Travelport owns a direct or indirect interest. 

  

	 	(iv)	“Wyndham Gain Recognition Agreement” means the “gain recognition agreement” that Cendant will enter into pursuant to Treasury Regulation
Section 1.367(a)-8(a)(3) with respect to Cendant Canada, Inc. as part of the 2006 Cendant consolidated Tax Return. 

  

	 	(v)	 “New Wyndham Gain Recognition Agreements” means any gain recognition agreements pursuant to Treasury Regulation Section 1.367(a)-8(a)(3) that
are required in order to prevent gain recognition under Section 367(a) with respect to a transfer of a Wyndham 

  

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Subsidiary Corporation after December 31, 2004, but prior to the date of the Wyndham Distribution. 

  

	 	(vi)	“Wyndham Subsidiary Corporation” means any corporation in which Wyndham owns a direct or indirect interest. 

  

	 	(vii)	“New Realogy Gain Recognition Agreements” means any gain recognition agreements pursuant to Treasury Regulation Section 1.367(a)-8(a)(3) that are required in
order to prevent gain recognition under Section 367(a) with respect to a transfer of a Realogy Subsidiary Corporation after December 31, 2004, but prior to the date of the Realogy Distribution. 

  

	 	(viii)	“Realogy Subsidiary Corporation” means any corporation in which Realogy owns a direct or indirect interest. 

  

	 	(ix)	“Post-2006 Existing Travelport Gain Recognition Agreements” means any New Travelport Gain Recognition Agreements that remain in effect, as well as the Travelport
Gain Recognition Agreement with respect to the following transferred foreign corporations: 

 (A) Trust
International Hotel Reservation Services GmbH (Germany); and 
 (B) Galileo Nederland B.V. 
 provided these Travelport Gain Recognition Agreements remain in effect. 
  

	 	(x)	“Post-2006 Existing Wyndham Gain Recognition Agreements” means any New Wyndham Gain Recognition Agreements that remain in effect, as well as the Wyndham Gain
Recognition Agreement, provided that Agreement remains in effect. 

  

	 	(xi)	“Post-2006 Existing Realogy Gain Recognition Agreements” means any New Realogy Gain Recognition Agreements that remain in effect. 

 (n) Notwithstanding anything to the contrary in this Agreement other than Section 1.3(c), in the event of a breach of an obligation of a Party
pursuant to this Section 10.3, in addition to the obligations of a breaching Party pursuant to Article VI, the breaching Party shall indemnify the other Parties for the aggregate amount of all net operating loss carryovers, Credit
Carryovers and/or other Tax attributes that would have been apportioned to such Party and its Subsidiaries under applicable principles of the Code and the Treasury Regulations thereunder (and Article X hereof) as of its first
Post-Distribution Tax Period had the breach not occurred (without applying a discount for the time value of money or for the future lack of certainty of realization and assuming an effective Tax rate of thirty-eight percent (38%)). 
  

 80 

 Section 10.4 Elections pursuant to Section 362(e)(2)(C) of the Code. 
 (a) Cendant and Wyndham, on the one hand, and Cendant and Realogy, on the other hand, shall each file the election pursuant to Section 362(e)(2)(C)
of the Code for each of the Cendant Contingent Assets set forth in Schedule 1.1(24) of the Separation and Distribution Agreement that are contributed to Wyndham or Realogy, as the case may be, in connection with the transactions contemplated by this
Agreement. 
 (b) At the request of Wyndham or Realogy, as the case may be, Cendant and such Party shall file the election pursuant to
Section 362(e)(2)(C) of the Code for each of any other assets contributed to such Party in connection with the transactions contemplated by this Agreement. 
 ARTICLE XI 
 DEFAULTED AMOUNTS 
 Section 11.1 General. 
 (a) In the
event that one or more Parties defaults on any of its obligations to pay any Taxes or other amounts required to be paid by a Party to another Party pursuant to this Agreement, then each non-defaulting Party (including Cendant but excluding
Travelport if the Travelport Sale has occurred) shall be required to pay an equal portion of the amount in default; provided, however, that any such payment by a non-defaulting Party shall in no way release the defaulting Party from
its obligations to pay amounts required to be paid pursuant to this Agreement and any non-defaulting Party may exercise any available legal remedies available against such defaulting Party; provided, further, that interest shall accrue
on any such defaulted amounts at a rate per annum equal to the Prime Rate plus 4 percent, or the maximum legal rate, whichever is lower. In connection with the foregoing, it is expressly understood that any defaulting Party’s share of the
proceeds from any Cendant Contingent Tax Asset or any other amounts entitled to be received by such defaulting Party hereunder may be used via a right of offset to satisfy, in whole or in part, the obligations of such defaulting Party (and
obligations for Assumed Cendant Contingent Liabilities as such term is defined for purposes of the Separation and Distribution Agreement) pursuant to the Separation and Distribution Agreement); such rights of offset shall be applied in favor of the
non-defaulting Party or Parties in proportion to the additional amounts paid by any such non-defaulting Party. 
 ARTICLE XII

 DISPUTE RESOLUTION 
 Section 12.1 Negotiation. In the event of a controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, validity or breach of this Agreement or otherwise
arising out of, or in any way related to this Agreement or the 

  

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transactions contemplated hereby, including any claim based on contract, tort, statute or constitution (collectively, “Disputes”), the
general counsels of the relevant Parties (or such other executive officers designated by the relevant Party) shall negotiate for a reasonable period of time to settle such Dispute; provided, that such reasonable period shall not, unless
otherwise agreed by the relevant Parties in writing, exceed forty-five (45) days from the date of receipt by a Party of written notice of such Dispute (“Dispute Notice”); provided, further, that in the event of
any arbitration in accordance with Section 12.2 hereof, the relevant Parties shall not assert the defenses of statute of limitations and laches arising during the period beginning after the date of receipt of the Dispute Notice, and any
contractual time period or deadline under this Agreement to which such Dispute relates occurring after the Dispute Notice is received shall not be deemed to have passed until such Dispute has been resolved. If the general counsels of the relevant
Parties (or such other executive officers designated by the relevant Party) are unable to resolve the Dispute within forty-five (45) days from the receipt by a Party (or Parties) of a Dispute Notice, the Dispute shall be resolved in accordance
with Section 12.2(a) or Section 12.2(b) as the case may be. 
 Section 12.2 Arbitration. 
 (a) Accounting Disputes. If (i) the Dispute arises out of the determination of any amount under Section 2.1 (relating to a
Pre-2007 Cendant Shared Entity Tax Return), Section 2.3 (relating to a Pre-2007 Wyndham Shared Entity Tax Return), Article III (relating to payment of Taxes and other amounts), Section 8.8 (relating to certain Tax
benefit payments in connection with Pre-2007 Shared Entity Audits), Section 8.9, Section 8.10, Section 8.11, Section 8.12 or Section 8.13 or (ii) any other Dispute under this Agreement
that, where there are two Parties to the Dispute, each agrees should be resolved pursuant to this Section 12.2(a) and, where there are more than two Parties to such Dispute, a majority of the Parties to such Dispute agrees should be
resolved pursuant to this Section 12.2(a) (each, an “Accounting Dispute”), then, subject to Section 12.1, the Parties to the Accounting Dispute shall jointly retain an Independent Firm acceptable to each of
the Parties to the Accounting Dispute to resolve the Accounting Dispute. If the Parties to the Accounting Dispute cannot agree upon an Independent Firm in accordance with this Section 12.2(a) within ten (10) days from the receipt by
a Party (or Parties) of the Dispute Notice relating to such Accounting Dispute, then any Party may request that the American Arbitration Association (“AAA”) appoint a partner in an Independent Firm (other than an accounting firm
that is then providing auditing services to any Party). The Independent Firm or partner selected by the Parties to the Dispute or the AAA, as the case may be (the “Accounting Arbitrator”), shall act in accordance with the Expedited
Procedures of the AAA’s Commercial Arbitration Rules to resolve all points of disagreement, and its decision shall be final and binding upon all Parties and may be entered and enforced in any court having jurisdiction. Following the decision of
the Accounting Arbitrator, the Parties to the Accounting Dispute shall each promptly take or cause to be taken any action necessary to implement the decision of such Accounting Arbitrator. 
 (b) Other Disputes. If a Dispute is not an Accounting Dispute (“Other Dispute”), then, subject to Section 12.1, such
Other Dispute shall be determined, at the request of any relevant Party, by arbitration conducted in New York City, in accordance with the then- 

  

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existing Commercial Arbitration Rules of the AAA (the “Rules”), except as modified herein. There shall be three arbitrators. If there are
only two Parties to the arbitration, each Party shall appoint one arbitrator within twenty (20) days of receipt by the requesting Party of a copy of the demand for arbitration. The two Party-appointed arbitrators shall have twenty
(20) days from the appointment of the second arbitrator to agree on a third arbitrator who shall chair the arbitral tribunal. If there are more than two Parties to the arbitration, such Parties shall have twenty (20) days to agree on a
panel of three arbitrators. On the request of any Party to the arbitration, any arbitrator not timely appointed by the Parties shall be appointed by the AAA in accordance with the listing, ranking and striking procedure in the Rules, and in any such
procedure, each party shall be given a limited number of strikes, excluding strikes for cause. 
 (c) Any controversy concerning whether a
Dispute is arbitrable, whether arbitration has been waived, whether a Party to or assignee of this Agreement is bound to arbitrate, or as to the interpretation, applicability or enforceability of this Article XII shall be determined by the
arbitrators. In resolving any Dispute, the Parties intend that the arbitrators shall apply applicable Tax Laws and the substantive Laws of the State of New York, without regard to any choice of Law principles thereof that would mandate the
application of the Laws of another jurisdiction. The Parties intend that the provisions to arbitrate set forth herein be valid, enforceable and irrevocable, and any award rendered by the arbitrators shall be final and binding on the Parties. The
Parties agree to comply and cause the members of their applicable Group to comply with any award made in any such arbitration proceedings and agree to enforcement of or entry of judgment upon such award, in any court of competent jurisdiction,
including but not limited to (a) the Supreme Court of the State of New York, New York County, or (b) the United States District Court for the Southern District of New York. The arbitrators shall be entitled, if appropriate, to award any
remedy in such proceedings in accordance with the terms of this Agreement and applicable Law, including monetary damages, specific performance and all other forms of legal and equitable relief; provided, however, the arbitrators shall
not be entitled to award punitive, exemplary, treble or any other form of non-compensatory damages unless in connection with indemnification for a third-party claim (and in such a case, only to the extent awarded in such third party claim). Without
limiting the provisions of the Rules, unless otherwise agreed in writing by or among the relevant Parties or permitted by this Agreement, the relevant Parties shall keep, and shall cause the members of their applicable Group to keep, confidential
all matters relating to the arbitration or the award, and any negotiations, conferences and discussions pursuant to Section 12.1 shall be treated as compromise and settlement negotiations and the existence of the arbitration, the
pleadings submitted therein and the outcome thereof shall be kept confidential by all of the Parties thereto; provided, that such matters may be disclosed (i) to the extent reasonably necessary in any proceeding brought to enforce the
award or for entry of a judgment upon the award and (ii) to the extent otherwise required by Law or the regulations of any stock exchange. Nothing said or disclosed, nor any document produced, in the course of any negotiations, conferences and
discussions that is not otherwise independently discoverable shall be offered or received as evidence or used for impeachment or for any other purpose in any current or future arbitration or litigation. Nothing contained herein is intended to or
shall be construed to prevent any Party, from applying to any court of competent jurisdiction for interim measures or other provisional relief in connection with the subject matter of any Disputes. Without prejudice to such provisional remedies as
may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court modify or vacate any temporary or preliminary 

  

 83 

 
relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. 
 Section 12.3 Continuity of Service and Performance. Unless otherwise agreed in writing, the Parties will continue to provide service and honor all
other commitments under this Agreement during the course of Dispute resolution pursuant to the provisions of this Article XII with respect to all matters not subject to such Dispute resolution. 
 Section 12.4 Costs. Except as otherwise may be provided in this Agreement, the costs of any mediation or arbitration pursuant to this Article XII
shall be borne by the losing Party or Parties in such proportion as the arbitrator or arbitrators determine based on the facts and circumstances. 
 ARTICLE XIII 
 MISCELLANEOUS 
 Section 13.1 Certain representations. 
 (a) Realogy represents and warrants that it has no plan or
intention (and it has no plan or intention to cause any of its Affiliates) to sell, transfer, exchange or otherwise dispose of (or cause to be sold, transferred or otherwise disposed of) any of the stock of Realogy Intellectual Property Holdings, I,
a Delaware corporation and a direct, wholly-owned subsidiary of Cendant Real Estate Services Group, LLC, or liquidate (or cause to be liquidated) Realogy Intellectual Property Holdings, I, convert (or cause to be converted) Realogy Intellectual
Property Holdings, I, into another Person, or merge (or cause to be merged) Realogy Intellectual Property Holdings, I with any other Person. 
 (b) Realogy represents and warrants that it has no plan or intention (and it has no plan or intention to cause any of its Affiliates) to sell, transfer, exchange or otherwise dispose of (or cause to be sold, transferred or otherwise
disposed of) any of the stock of Realogy Intellectual Property Holdings, II, a Delaware corporation and a direct, wholly-owned subsidiary of Cendant Real Estate Services Group, LLC, or liquidate (or cause to be liquidated) Realogy Intellectual
Property Holdings, II, convert (or cause to be converted) Realogy Intellectual Property Holdings, II into another Person, or merge (or cause to be merged) Realogy Intellectual Property Holdings, II with any other Person. 
  

 84 

 (c) Realogy represents and warrants that it has no plan or intention (and it has no plan or intention to
cause any of its Affiliates) to sell, transfer, exchange or otherwise dispose of (or cause to be sold, transferred or otherwise disposed of) any of the stock of: 
  

	 	(i)	ERA TM Corp. (fka Cleveland Financial Services Group, Inc.), a California corporation the issued and outstanding stock of which is held fifty percent (50%) by Realogy
Intellectual Property Holdings, I and fifty percent (50%) by Realogy Intellectual Property Holdings, II, or liquidate (or cause to be liquidated) ERA TM Corp. convert (or cause to be converted) ERA TM Corp. into another Person, or merge (or
cause to be merged) ERA TM Corp. with any other Person. 

  

	 	(ii)	C21 TM Corp. (fka Seville Properties, Inc.), a California corporation the issued and outstanding stock of which is held fifty percent (50%) by Realogy Intellectual Property
Holdings, I and fifty percent (50%) by Realogy Intellectual Property Holdings, II, or liquidate (or cause to be liquidated) C21 TM Corp., convert (or cause to be converted) C21 TM Corp. into another Person, or merge (or cause to be merged) C21
TM Corp. with any other Person. 

  

	 	(iii)	CB TM Corp. (fka Cornish & Carey Residential, Inc.), a California corporation the issued and outstanding stock of which is held fifty percent (50%) by Realogy
Intellectual Property Holdings, I and fifty percent (50%) by Realogy Intellectual Property Holdings, II, or liquidate (or cause to be liquidated) CB TM Corp., convert (or cause to be converted) CB TM Corp. into another Person, or merge (or
cause to be merged) CB TM Corp. with any other Person. 

 Section 13.2 Counterparts; Facsimile Signatures. This
Agreement may be executed in more than one counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other
Parties. For purposes of this Agreement, facsimile signatures shall be deemed originals. 
 Section 13.3 Survival. Except as otherwise
contemplated by this Agreement or any Ancillary Agreement, all covenants and agreements of the Parties contained in this Agreement and each Ancillary Agreement shall survive the Realogy Distribution Date and remain in full force and effect in
accordance with their applicable terms, provided, however, that all indemnification for Taxes shall survive until 90 days following the expiration of the applicable statute of limitations (taking into account all extensions thereof),
if any, of the Tax that gave rise to the indemnification, provided, further, that, in the event of notice for indemnification has been given within the applicable survival period, such indemnification shall survive until such time as
such claim is finally resolved. 
 Section 13.4 Notices. All notices, requests, claims, demands and other communications under this
Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile 

  

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with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return
receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 13.4): 
 To Cendant: 
 Prior to the Final
Separation Date: 
 Cendant Corporation 
 9 West 57th Street 
 New York, New York 10019 
 Attn: General Counsel 
 Facsimile:
(212) 413-1826 
 Prior to and following the Final Separation Date:  
 Cendant Corporation 
 Six Sylvan Way

 Parsippany, New Jersey 07054 
 Attn: General Counsel 
 Facsimile: (973) 496-3712 
 To Realogy: 
 Realogy Corporation 

One Campus Drive 
 Parsippany, New Jersey
07054 
 Attn: General Counsel 
 Facsimile: (973) 496-1127 
 To Wyndham: 
 Wyndham Worldwide Corporation 
 Seven Sylvan Way 
 Parsippany, New Jersey 07054 
 Attn: General
Counsel 
 Facsimile: (973) 496-5915 
 To Travelport: 
 Travelport, Inc. 
 339 Jefferson Road 
 Parsippany, New Jersey
07054 
 Attn: General Counsel 
 Facsimile: (973) 496-6160 
  

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 Section 13.5 Waivers. The failure of any Party to require strict performance by any other Party of
any provision in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. 
 Section 13.6 Amendments. Subject to the terms of Section 13.9 hereof, this Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 
 Section 13.7 Assignment. Except as otherwise provided for in this Agreement, this Agreement shall not be assignable, in whole or in part, directly
or indirectly, by any Party without the prior written consent of the other Parties, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided, that a Party may assign this Agreement
in connection with a merger transaction in which such Party is not the surviving entity or the sale by such Party of all or substantially all of its Assets; provided, that the surviving entity of such merger or the transferee of such Assets shall
agree in writing, reasonably satisfactory to the other Parties, to be bound by the terms of this Agreement as if named as a “Party” hereto. 
 Section 13.8 Successors and Assigns. The provisions of this Agreement and the obligations and rights hereunder shall be binding upon, inure to the benefit of and be enforceable by (and against) the Parties and
their respective successors and permitted transferees and assigns. 
 Section 13.9 Certain Termination and Amendment Rights. This
Agreement (including indemnification obligations hereunder) may be terminated and each Distribution may be amended, modified or abandoned at any time prior to the Realogy Distribution Date by and in the sole discretion of Cendant without the
approval of Realogy, Wyndham or Travelport or the stockholders of Cendant. In the event of such termination, no Party shall have any liability of any kind to any other Party or any other Person. 
 (a) Subject to Section 13.9(b): 
  

	 	(i)	after the Realogy Distribution Date but prior to the Wyndham Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by Cendant and Realogy.

  

	 	(ii)	after the Wyndham Distribution Date, but prior to the Travelport Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by Cendant, Realogy
and Wyndham; provided, that if the Travelport Distribution Date is prior to the Wyndham Distribution Date, by an agreement in writing signed by each of the Parties. 

  

 87 

	 	(iii)	after the Travelport Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by each of the Parties; provided, that if the Travelport
Distribution Date is prior to the Wyndham Distribution Date, by an agreement in writing signed by Cendant, Realogy and Travelport. 

  

	 	(iv)	Notwithstanding anything to the contrary contained in Section 13.9(a)(i), Section 13.9(a)(ii) or Section 13.9(a)(iii) (but, for the avoidance of
doubt, subject to Section 13.9(b)); 

 (A) any indemnification provided for hereunder shall not be
terminated or amended after the Realogy Distribution Date in a manner adverse to the third party beneficiaries thereof without the consent of any such Person; and 
 (B) this Agreement may be terminated or amended as among any Parties that remain Affiliates (without regard to the last sentence of such
definition), so long as such amendment does not adversely affect any Party that is no longer an Affiliate, in which case, only with the consent of such Party. 
 (b) In the event the Travelport Distribution occurs after December 31, 2006, Cendant shall amend this Agreement to provide: 
  

	 	(i)	for Travelport’s liability for Taxes imposed on a Cendant Shared Entity for Tax years beginning after December 31, 2006 (other than Travelport Distribution Taxes) and the
filing of Tax Returns and payments of Taxes relating to Tax years beginning after December 31, 2006, Refunds relating to Tax years beginning after December 31, 2006, amendment of Tax Returns for Tax years beginning after December 31,
2006 and certain other customary Tax matters relating to Tax years beginning after December 31, 2006, provided, however, that any such amendment shall be subject to the consent of Realogy and Wyndham, which consent shall not be
unreasonably withheld or delayed; 

  

	 	(ii)	 in connection with any Final Determination with respect to any Audit relating to the Tax year in which the Travelport Distribution occurs, that Realogy, Wyndham and
Travelport, respectively, shall be liable for and shall pay or cause to be paid to Cendant their respective portion of the Tax liability resulting from the aggregate amount of all income and gain directly attributable to or resulting from the
Travelport Distribution failing to qualify as a reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of
Sections 355(d) or (e) of the Code to the Travelport Distribution, to the extent such income or gain does not 

  

 88 

	 	 
result and is not directly attributable to the Fault of any Party and/or its Affiliates, which portion shall determined in a manner consistent with the
principles of the Realogy Audit Sharing Percentage, the Wyndham Audit Sharing Percentage, the Travelport Audit Sharing Percentage and Section 8.8, 

  

	 	(iii)	in connection with any Final Determination with respect to any Audit relating to the Tax year in which the Travelport Distribution occurs, that Cendant shall be liable for and shall
pay or cause to be paid to the applicable Taxing Authority the Tax liability resulting from the aggregate amount of all income and gain directly attributable to or resulting from the Travelport Distribution failing to qualify as a reorganization
within the meaning of Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to the Travelport
Distribution, to the extent such income or gain results or is directly attributable to the Fault of Cendant or its Affiliates, which liability shall determined in a manner consistent with the principles of the Cendant Audit Sharing Percentage and
Section 8.8; 

  

	 	(iv)	in connection with any Final Determination with respect to any Audit relating to the Tax year in which the Travelport Distribution occurs, that Travelport shall be liable for and
shall pay or cause to be paid to Cendant the Tax liability resulting from the aggregate amount of all income and gain directly attributable to or resulting from the Travelport Distribution failing to qualify as a reorganization within the meaning of
Sections 368(a)(1)(D) and 355 of the Code or as a distribution within the meaning of Section 355 of the Code, as the case may be, or the application of Sections 355(d) or (e) of the Code to the Travelport Distribution, to the extent such
income or gain results or is directly attributable to the Fault of Travelport or its Affiliates, which liability shall determined in a manner consistent with the principles of the Travelport Audit Sharing Percentage and Section 8.8; and

  

	 	(v)	provisions that are substantially similar to the principles set forth in Section 8.9 (relating to lost net operating loss carryovers or Credit Carryovers as a result of
an Audit) and to the other provisions of this Agreement to the extent not described above. 

 Section 13.10 No
Circumvention. The Parties agree not to directly or indirectly take any actions, act in concert with any Person who takes an action, or cause or allow any member of any such Party’s Group to take any actions (including the failure to take a
reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this Agreement, the Separation and Distribution Agreement or any other Ancillary Agreement (including adversely affecting the

  

 89 

 
rights or ability of any Party to successfully pursue indemnification or payment pursuant to the provisions of this Agreement). 
 Section 13.11 Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and
obligations set forth herein to be performed by any Subsidiary of such Party or by any entity that becomes a Subsidiary of such Party on and after the applicable Distribution Date. 
 Section 13.12 Third Party Beneficiaries. Except as provided in Article VI relating to Indemnitees, this Agreement is solely for the benefit of the
Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 
 Section 13.13 Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not intended
to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 13.14 Exhibits and Schedules. The Exhibits
and Schedules shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 
 Section 13.15 Governing Law. This Agreement shall be governed by and construed in accordance with the internal Laws, and not the Laws governing conflicts of Laws (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law), of the State of New York. 
 Section 13.16 Consent to Jurisdiction. Subject to the provisions of
Article XII, each of the Parties irrevocably submits to the exclusive jurisdiction of (a) the Supreme Court of the State of New York, New York County, and (b) the United States District Court for the Southern District of New York
(the “New York Courts”), for the purposes of any suit, action or other proceeding to compel arbitration or for provisional relief in aid of arbitration in accordance with Article XII or to prevent irreparable harm, and to the
non-exclusive jurisdiction of the New York Courts for the enforcement of any award issued there under. Each of the Parties further agrees that service of any process, summons, notice or document by U.S. registered mail to such Party’s
respective address set forth above shall be effective service of process for any action, suit or proceeding in the New York Courts with respect to any matters to which it has submitted to jurisdiction in this Section 13.16. Each of the
Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions 

  

 90 

 
contemplated hereby in the New York Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 13.17 Specific
Performance. The Parties agree that irreparable damage would occur in the event that the provisions of this Agreement were not performed in accordance with their specific terms. Accordingly, it is hereby agreed that the Parties shall be entitled
to an injunction or injunctions to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at Law or in equity.

 Section 13.18 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.18. 
 Section 13.19 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 13.20 Force Majeure. No Party (or any Person acting on its behalf) shall have any liability or responsibility for failure to fulfill any
obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure (as defined
in the Separation and Distribution Agreement). A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other applicable Parties of the nature and extent of
any such Force Majeure condition and (b) use due diligence to remove any such causes and resume performance under this Agreement as soon as feasible. 
  

 91 

 Section 13.21 Construction. The Parties have participated jointly in the negotiation and drafting
of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 
 Section 13.22 Changes in Law. 
 (a)
Any reference to a provision of the Code, Treasury Regulations, or a Law of another jurisdiction shall include a reference to any applicable successor provision or Law. 
 (b) If, due to any change in applicable Law or regulations or their interpretation by any court of Law or other governing body having jurisdiction subsequent to the date hereof, performance of any provision of this
Agreement or any transaction contemplated hereby shall become impracticable or impossible, the Parties hereto shall use their commercially reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such provision. 
 Section 13.23 Authority. Each of the Parties hereto represents to each of the other
Parties that (a) it has the corporate power (corporate or otherwise) and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all
necessary corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and general equity principles. 
 Section 13.24 Severability. If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of
competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof. The Parties shall engage in good faith negotiations to replace any provision which is declared invalid, illegal or unenforceable
with a valid, legal and enforceable provision, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision which it replaces. 
 Section 13.25 Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements, written or unwritten, as between any of the Parties
or their respective Subsidiaries, on the one hand, and any other Party or its respective Subsidiaries, on the other hand (other than this Agreement or in any other Ancillary Agreement or pursuant to any agreement relating to the Travelport Sale),
shall be or 

  

 92 

 
shall have been terminated as of the applicable Tax Sharing Agreement Termination Date and, after the Tax Sharing Agreement Termination Date, none of such
Parties (or their Subsidiaries) to any such Tax sharing, indemnification or similar agreement shall have any further rights or obligations under any such agreement. 
 Section 13.26 Exclusivity. Except as specifically set forth in the Separation and Distribution Agreement or any other Ancillary Agreement, all matters related to Taxes or Tax Returns of the Parties and their
respectively Subsidiaries shall be governed exclusively by this Agreement. In the event of a conflict between this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement with respect to such matters, this Agreement shall
govern and control. 
 Section 13.27 No Duplication; No Double Recovery. Nothing in this Agreement is intended to confer to or impose
upon any Party a duplicative right, entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances. 
  

 93 

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

	
	CENDANT CORPORATION
	
	/s/ Ronald L. Nelson
	Name: Ronald L. Nelson
	Title: President and Chief Financial Officer

  

	
	REALOGY CORPORATION
	
	/s/ Richard A. Smith
	Name: Richard A. Smith
	Title: Vice Chairman and President

  

	
	WYNDHAM WORLDWIDE CORPORATION
	
	/s/ Stephen P. Holmes
	Name: Stephen P. Holmes
	Title: Chairman and Chief Executive Officer

  

	
	TRAVELPORT INC.
	
	/s/ Eric J. Bock
	Name: Eric J. Bock
	Title: Executive Vice President and General Counsel

 SCHEDULE A 
 Scheduling of Combined State Tax Returns for 2005 
  

							
	 Jurisdiction
	 	 Assume Travelport Sold
	 	 Assume Travelport Spin
	 	 To be Completed by (2006)

				
	 AK
	 	Wyndham	 	Wyndham	 	9/15
				
	 AL
	 	Wyndham	 	Travelport	 	9/1
				
	 AR
	 	Wyndham	 	Wyndham	 	9/1
				
	 AZ
	 	Realogy	 	Realogy	 	9/15
				
	 CA
	 	Cendant	 	Cendant	 	9/29
				
	 CO
	 	Realogy	 	Travelport	 	9/15
				
	 CT
	 	Wyndham	 	Travelport	 	9/15
				
	 DC
	 	Realogy	 	Realogy	 	9/1
				
	 FL
	 	Cendant	 	Cendant	 	9/15
				
	 HI
	 	Realogy	 	Travelport	 	9/15
				
	 IA
	 	Cendant	 	Travelport	 	9/15
				
	 ID
	 	Realogy	 	Realogy	 	9/15
				
	 IL
	 	Cendant	 	Travelport	 	9/15
				
	 IN
	 	Wyndham	 	Wyndham	 	9/15
				
	 KS
	 	Wyndham	 	Wyndham	 	9/15
				
	 KY
	 	Realogy	 	Realogy	 	9/15
				
	 MA
	 	Realogy	 	Realogy	 	9/1
				
	 ME
	 	Wyndham	 	Wyndham	 	9/15
				
	 MN
	 	Cendant	 	Travelport	 	9/15
				
	 MS
	 	Cendant	 	Cendant	 	9/1
				
	 MT
	 	Realogy	 	Realogy	 	9/15
				
	 ND
	 	Wyndham	 	Wyndham	 	9/15
				
	 NE
	 	Wyndham	 	Wyndham	 	9/15
				
	 NH
	 	Realogy	 	Travelport	 	9/15
				
	 NM
	 	Cendant	 	Cendant	 	9/1
				
	 NYC
	 	Cendant	 	Cendant	 	10/31
				
	 NYS
	 	Cendant	 	Cendant	 	10/31
				
	 OH
	 	Wyndham	 	Wyndham	 	9/15
				
	 OK
	 	Cendant	 	Cendant	 	9/15
				
	 OR
	 	Cendant	 	Cendant	 	9/15
				
	 OR-M
	 	Cendant	 	Cendant	 	9/15

  

 1 

							
				
	 RI
	 	Wyndham	 	Wyndham	 	9/1
				
	 SC
	 	Realogy	 	Realogy	 	9/1
				
	 UT
	 	Wyndham	 	Travelport	 	9/15
				
	 VA
	 	Realogy	 	Realogy	 	9/15
				
	 VT
	 	Realogy	 	Realogy	 	9/15

  

 2 

 SCHEDULE B – Page 1 
 Pre-2007 Separate Company Shared Taxes 
  

									
	 Issue
	 	 Spinco Parties
	 	 Type of Return
	 	 Year(s)
	 	 Amount

					
	 Galileo India Income Tax Assessments
	 	Travelport	 	Income Tax	 	2005	 	3,109,000
					
	 Hotel Occupancy Tax Issues
	 	Wyndham	 	Sales & Occupancy Tax	 	2001-2004	 	2,454,594
					
	 Hotel Occupancy Tax Issues
	 	Travelport	 	Sales & Occupancy Tax	 	2001-2004	 	487,500
					
	 General Transfer Pricing
	 	Wyndham	 	Income Tax	 	2003-2005	 	6,644,000
					
	 General Transfer Pricing
	 	Travelport	 	Income Tax	 	2003-2005	 	10,719,000
					
	 Various State Tax Exposures
	 	Realogy	 	Income Tax	 	1994-2005	 	1,666,439
					
	 Various State Tax Exposures
	 	Wyndham	 	Income Tax	 	1992-2005	 	2,639,868
					
	 Various State Tax Expenses
	 	Travelport	 	Income Tax	 	1992-2005	 	103,563
					
	 Sales & Use Tax Issues
	 	Realogy	 	Sales & Use	 	2001-2004	 	3,660
					
	 Sales & Use Tax Issues
	 	Wyndham	 	Sales & Use	 	1990-2001	 	1,378,600

  

 3 

 SCHEDULE C 
 CERTAIN TAX ATTRIBUTES 
  

						
	 	  	Spinco Party	  	Approximate
Gross
Deferred Tax Asset at
12/31/05 (millions)
			
	 Tax basis difference in assets of foreign subsidiaries (as noted in footnote 6 of the Wyndham Worldwide Form 10)
	  	Wyndham	  	$	308
			
	 Tax basis in Coldwell Banker trademark
	  	Realogy	  	$	549

  

 4 

 SCHEDULE D 
 EMPLOYEE RATES 
  

						
	 Title of Employee
	  	Rate	  	 
			
	 Executive Vice President
	  	$	250	  	per hour
			
	 Vice President
	  	$	150	  	per hour
			
	 Director
	  	$	125	  	per hour
			
	 Manager and below
	  	$	100	  	per hour

  

 5 

 EXHIBIT A 
  

PROJECT NOVA — TRANSACTIONS STEPS 

 INDEX OF DEFINED TERMS 
  

			
	 Avis Budget Car Rental, LLC
	  	4
	 Avis Budget Holdings, LLC
	  	5
	 Avis Car Rental Group, LLC
	  	4
	 Avis Group Holdings, LLC
	  	4
	 Avis Rent A Car Systems, LLC
	  	4
	 BRACS
	  	8
	 CCRG Canada
	  	8
	 CD Intellectual Property Holdings Contribution
	  	6
	 CDRE TM Corp
	  	15
	 Cendant
	  	4
	 Cendant Hospitality
	  	4
	 Cendant Internet
	  	1
	 Cendant Internet Merger
	  	1
	 Cendant Operations
	  	2
	 Cendant Operations Dividend Note
	  	21
	 Cendant Operations Merger
	  	15
	 Cendant Supplier Services
	  	2
	 Cendant Supplier Services Dividend Note
	  	21
	 Century 21 Dividend Note
	  	22
	 Century 21 IP Company
	  	17
	 CFHC LLC
	  	1
	 Coldwell Banker Dividend Note
	  	21
	 Coldwell Banker IP Company
	  	17
	 Days Inn
	  	2
	 Days Inn Dividend Note
	  	21
	 Dividend Notes
	  	21
	 EMEA
	  	12
	 Equivest
	  	13
	 Equivest Capital
	  	14
	 Equivest Capital LLC
	  	14
	 ERA IP Company
	  	17
	 Fairfield
	  	2
	 Fairfield Dividend Note
	  	21
	 Fairfield Note
	  	9
	 Fairfield Resorts
	  	9
	 FMSI
	  	14
	 GIT
	  	12
	 GIW
	  	12
	 Knight/Villager Dividend Note
	  	21
	 Knights Dividend Note
	  	21
	 Ramada Worldwide Dividend Note
	  	21

  

 i 

			
	 RCI Dividend Note
	  	22
	 RCI Global
	  	1
	 RCI TM Corp.
	  	7
	 Real Estate IP Companies
	  	17
	 Realogy
	  	6
	 Realogy Distribution
	  	20
	 Realogy Franchise Group, Inc.
	  	7
	 Realogy Intellectual Property Holdings I, Inc.
	  	6
	 Realogy Intellectual Property Holdings II, Inc.
	  	7
	 Realogy Operations, Inc.
	  	7
	 Realogy Services Group LLC
	  	3
	 Super 8 Dividend Note
	  	21
	 TDS Operations
	  	7
	 TM Acquisition
	  	17
	 TM Acquisition Hospitality IP
	  	17
	 TM Acquisition IP
	  	17
	 TM Acquisition Merger
	  	17
	 TM Acquisition Patent Contribution
	  	19
	 TM Acquisition RCI IP
	  	17
	 TM Acquisition Real Estate IP
	  	17
	 Travel Link
	  	13
	 Travel Link Merger
	  	13
	 Travelodge Dividend Note
	  	21
	 Travelport
	  	5
	 Travelport Contribution
	  	6
	 Travelport Distribution
	  	20
	 Trendwest
	  	9
	 Trendwest Note
	  	10
	 WHG TM Corp.
	  	7
	 Wizcom
	  	5
	 Wizcom Merger
	  	5
	 Wizcom, Inc.
	  	5
	 WVO
	  	10
	 WWCI
	  	8
	 Wyndham Finance UK
	  	12
	 Wyndham Hotel Group, LLC
	  	7
	 Wyndham Worldwide
	  	2
	 Wyndham Worldwide Distribution
	  	20
	 Wyndham Worldwide Operations
	  	8

  

 ii 

 TO INSURE COMPLIANCE WITH TREASURY DEPARTMENT REGULATIONS, WE ADVISE YOU THAT, UNLESS OTHERWISE EXPRESSLY INDICATED, ANY
FEDERAL TAX ADVICE CONTAINED HEREIN WAS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE CODE OR (II) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY
ANY TAX-RELATED MATTERS ADDRESSED HEREIN. 
 Transaction effected on or prior to 12/31/05 
  

	1.	Cendant Internet Group, Inc. (DE) (“Cendant Internet”), Dividend Notes and Preferred Stock of Real Estate Services, Inc. 

  

	 	(a)	Cendant Finance Holding Company LLC (DE) (“CFHC LLC”) and Century 21 Real Estate LLC (DE) cancel the Century 21 Dividend Note. (Effected December 31,
2005.) 

  

	 	(b)	Cendant Vacation Holdco, Inc. (DE) (later renamed RCI Global Vacation Network, Inc.) (“RCI Global”) contributes the RCI Dividend Note to RCI General Holdco 2, Inc.
(DE). (Effected December 31, 2005.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(c)	Coldwell Banker Corporation (DE) contributes the Coldwell Banker Dividend Note to Coldwell Banker Real Estate Corporation (CA). (Effected December 31, 2005.)
Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(d)	Cendant Internet merges with and into CFHC LLC, with CFHC LLC surviving (the “Cendant Internet Merger”). (Effected December 31, 2005. 10:00 A.M.)
As a result of the merger, CFHC LLC will acquire the following 9 Dividend Notes: (1) the Cendant Operations Dividend Note; (2) the Cendant Supplier Services Dividend Note; (3) the Days Inn Dividend Note; (4) the Ramada
Worldwide Dividend Note; (5) the Super 8 Dividend Note, (6) the Knights/Villager Dividend Note; (7) the Knights Dividend Note; (8) the Travelodge Dividend Note; and (9) the Fairfield Dividend Note. 

 

	 	(e)	Immediately after the Cendant Internet Merger: 

  

	 	(a)	Fairfield Dividend Note. 

  

	 	(1)	CFHC LLC contributes the Fairfield Dividend Note to RCI Global, formerly known as Cendant Vacation Holdco, Inc. (Effected December 31, 2005 immediately after the Cendant
Internet Merger.) 

  

 1 

	 	(2)	Immediately thereafter, RCI Global, formerly known as Cendant Vacation Holdco, Inc., contributes the Fairfield Dividend Note to RCI General Holdco 2, Inc. (DE). (Effected
December 31, 2005 immediately after the contribution of the Fairfield Dividend Note by CFHC LLC to RCI Global) 

  

	 	(3)	Immediately thereafter, RCI General Holdco 2, Inc. (DE) contributes the Fairfield Dividend Note to Fairfield Resort Management Services, Inc. (IN) (“Fairfield”).
(Effected December 31, 2005 immediately after the contribution of the Fairfield Dividend Note by RCI Global. to RCI General Holdco 2, Inc.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.)

  

	 	(b)	Cendant Operations Dividend Note. CFHC LLC contributes to Cendant Operations, Inc. (DE) (“Cendant Operations”) the Cendant Operations Dividend Note.
(Effected December 31, 2005.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(c)	Cendant Supplier Services Dividend Note. CFHC LLC contributes to Cendant Supplier Services, Inc. (DE) (“Cendant Supplier Services”) the Cendant Supplier
Services Dividend Note. (Effected December 31, 2005.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(d)	Dividend Notes issued by subsidiaries of Cendant Hotel Group, Inc. (DE) (“Wyndham Worldwide”). 

  

	 	(1)	CFHC LLC contributes to Wyndham Worldwide: (i) the Days Inn Dividend Note, (ii) the Ramada Worldwide Dividend Note, (iii) the Super 8 Dividend Note, (iv) the
Knights/Villager Dividend Note, (v) the Knights Dividend Note and (vi) the Travelodge Dividend Note. (Effected December 31, 2005.) 

  

	 	(2)	Immediately thereafter: 

  

	 	(A)	Wyndham Worldwide contributes the Days Inn Dividend Note to Days Inn of America, Inc. (DE) (“Days Inn”). (Effected December 31, 2005 immediately after the
contribution of the Days Inn Dividend Note by CFHC LLC to Wyndham Worldwide.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

 2 

	 	(B)	Wyndham Worldwide contributes the Ramada Franchise Dividend Note to RamadaWorldwide, Inc. (DE). (Effected December 31, 2005 immediately after the contribution of the Ramada
Worldwide Dividend Note by CFHC LLC to Wyndham Worldwide.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(C)	Wyndham Worldwide contributes the Super 8 Dividend Note to Super 8 Motels, Inc. (DE). (Effected December 31, 2005 immediately after the contribution of the Super 8 Dividend
Note by CFHC LLC to Wyndham Worldwide.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(D)	Wyndham Worldwide contributes the Knights/Villager Dividend Note and the Knights Dividend Note to Knights Franchise Systems, Inc. (DE). (Effected December 31, 2005
immediately after the contribution of the Knights/Villager Dividend Note and the Knights Dividend Note by CFHC LLC to Wyndham Worldwide.) Immediately thereafter, both such notes are cancelled. (Effected December 31, 2005.)

  

	 	(E)	Wyndham Worldwide contributes the Travelodge Dividend Note to Travelodge Hotels, Inc. (DE). (Effected December 31, 2005 immediately after the contribution of the Travelodge
Dividend Note by CFHC LLC to Wyndham Worldwide.) Immediately thereafter, such note is cancelled. (Effected December 31, 2005.) 

  

	 	(e)	Real Estate Services, Inc. Preferred Stock. 

  

	 	(1)	CFHC LLC contributes all of the outstanding preferred stock of Real Estate Services, Inc. to Cendant Real Estate Services, Group LLC (DE) (“Realogy Services Group
LLC”). (Effected December 31, 2005.)  

  

	 	(2)	Immediately after such contribution, Realogy Services Group LLC contributes such preferred stock to NRT Incorporated (DE). (Effected December 31, 2005 immediately following
the contribution of the preferred stock of Real Estate Services, Inc. from CFHC LLC to Realogy Services Group LLC.) 

  

 3 

	2.	HFS Licensing, Inc. (DE). CFHC LLC contributes to Realogy Services Group LLC all of the outstanding stock of HFS Licensing, Inc. (DE). (Effected December 31,
2005.) 

  

	3.	Cendant Franchise Finance, Inc. (DE). CFHC LLC contributes to Realogy Services Group LLC and of the outstanding stock of Cendant Franchise Finance, Inc. (DE). (Effected
December 31, 2005.) 

  

	4.	Cendant Global Services, Inc. (DE). CFHC LLC contributes to Realogy Services Group LLC all of the outstanding stock of Cendant Global Services, Inc. (DE). (Effected
December 31, 2005.)  

  

	5.	Cendant Hospitality, Inc. (DE) (“Cendant Hospitality”). Cendant Corporation (DE) (“Cendant”) contributes to CFHC LLC all of the outstanding
stock of Cendant Hospitality. (Effected December 31, 2005.)  

 Transactions to be effected after December 31, 2005

  

	6.	Car Rental Group Restructuring. 

  

	 	(a)	Conversions. The following Delaware corporations will be converted into Delaware limited liability companies on the dates set forth below. 

  

	 	(a)	Cendant Car Rental Group, Inc. (DE) (resolutions executed and conversion effective as of January 9, 2006) (such successor limited liability company, “Avis Budget
Car Rental, LLC”). 

  

	 	(b)	Avis Car Rental Group, Inc. (DE) (resolutions executed and conversion effective as of January 12, 2006) (such successor limited liability company, “Avis Car
Rental Group, LLC”). 

  

	 	(c)	Avis Group Holdings, Inc. (DE) (resolutions executed and conversion effective as of January 17, 2006) (such successor limited liability company, “Avis Group
Holdings, LLC”). 

  

	 	(d)	Avis Rent A Car Systems, Inc. (DE) (resolution executed and conversion effective as of January 19, 2006) (such successor limited liability company, “Avis Rent A
Car Systems, LLC”). 

  

	 	(b)	Formation of limited liability company by CFHC LLC and contribution by CFHC LLC to newly formed limited liability company of all of the membership interests of Avis Budget Car
Rental, LLC. 

  

	 	(a)	CFHC LLC forms a Delaware limited liability company (“Avis Budget Holdings, LLC”) (effected March 16, 2006). 

  

 4 

	 	(b)	CFHC LLC contributes all of the outstanding membership interests in Avis Budget Car Rental, LLC to Avis Budget Holdings, LLC (effected April 3, 2006).

  

	 	(c)	Formation of corporation by Avis Budget Car Rental, LLC. 

  

	 	(a)	Avis Budget Car Rental, LLC forms a Delaware corporation, Avis Budget Finance, Inc. (effected March 16, 2006). 

  

	 	(d)	Wizcom International, Inc. (DE) (“Wizcom”) 

  

	 	(a)	Wizcom Merger. Wizcom merges with and into CFHC LLC, with CFHC LLC continuing as the surviving entity (“Wizcom Merger”) (effected March 23,
2006). 

  

	 	(b)	Contributions by CFHC LLC to Avis Budget Car Rental, LLC. After the Wizcom Merger, CFHC LLC contributes to Avis Budget Car Rental Group, LLC: 

  

	 	(1)	The real property in Virginia Beach and all assets and contracts relating to the Wizard System that it received in the Wizcom Merger (effected March 24, 2006);

  

	 	(2)	Any remaining assets and liabilities primarily related to the Car Rental business that it received in the Wizcom Merger not contributed pursuant to step (1) above (effected
May 17, 2006). 

  

	 	(c)	Contributions by CFHC LLC to Travelport. 

  

	 	(1)	Travelport Inc. (formerly known as Cendant Travel Distribution Services Group, Inc.) (DE) (“Travelport”) forms a Delaware corporation, Wizcom, Inc.
(“Wizcom, Inc.”) (effected January 5, 2006). 

  

	 	(2)	After the Wizcom Merger, CFHC LLC contributes to Travelport all assets and liabilities primarily related to the Travel Distribution services business that it received in the Wizcom
Merger (including the assets and contracts relating to Travelport’s Wizcom business) (such contribution, the “Travelport Contribution”) (effected May 22, 2006); and 

  

	 	(3)	After the Travelport Contribution, Travelport contributes those assets it received in the Travelport Contribution to Wizcom, Inc. (effected May 31, 2006).

  

	 	(e)	CD Intellectual Property Holdings, LLC (“CD Intellectual Property Holdings”) 

  

 5 

	 	(a)	Contributions by CD Intellectual Property Holdings to Realogy entities, Wyndham entities, Travelport entities and RCI TM Corp. 

  

	 	(1)	CD Intellectual Property Holdings contributes to Realogy, Wyndham, Travelport and RCI TM Corp. all assets and liabilities relating to certain patents and patent license rights (such
contribution, the “CD Intellectual Property Holdings Contribution”) (effected July 26, 2006); and 

  

	 	(2)	After the CD Intellectual Property Holdings Contribution, each of Realogy, Wyndham Worldwide and Travelport contributes those assets and liabilities it received in the CD
Intellectual Property Holdings Contribution to Realogy Operations, Inc., Wyndham Worldwide Operations, Inc. and Travelport Operations, Inc. (effected July 26, 2006). 

  

	 	(f)	Software Contributions 

  

	 	(a)	Cendant shall contribute to CFHC all of its rights to certain software (“Shared Corporate Proprietary Software”) (effected July 27, 2006);

  

	 	(b)	Thereafter CFHC shall (i) grant to Realogy, Wyndham and Travelport a license to certain Shared Corporate Proprietary Software (“Realogy Licenses”, “Wyndham
Licenses” and “Travelport Licenses”, as applicable), and (ii) contribute to Realogy a license to the Shared Corporate Proprietary Software known as “Cendant Legal Internet Portal” (“CLIP” and “CLIP
License”, as applicable) (effected July 27, 2006); 

  

	 	(c)	Thereafter CFHC shall (i) contribute to Realogy certain Shared Corporate Proprietary Software (“Realogy Owned Software”), (ii) contribute to Wyndham the CLIP and
certain Shared Corporate Proprietary Software (“Wyndham Owned Software”), and (iii) contribute to Travelport certain Shared Corporate Proprietary Software (“Travelport Owned Software”) (effected July 27, 2006);

  

	 	(d)	Thereafter (i) Realogy shall contribute to Realogy Operations, Inc. the Realogy Owned Software, the Realogy Licenses and the CLIP License, (ii) Wyndham shall contribute to
Wyndham Worldwide Operations, Inc. the Wyndham Owned Software and the Wyndham Licenses, and (iii) Travelport shall contribute to Travelport Operations, Inc. the Travelport Owned Software and the Travelport Licenses (effected July 27,
2006). 

  

	7.	Formation of Certain Corporations. 

  

	 	(a)	Realogy and Subsidiaries 

  

 6 

	 	(a)	CFHC LLC forms a Delaware corporation, Realogy Corporation (“Realogy”) (effected January 27, 2006); 

  

	 	 (b)
	 Realogy forms a Delaware corporation, Realogy Intellectual Property Holdings I, Inc. (“Realogy Intellectual
Property Holdings I, Inc.”) (effected March 14, 2006);1 

  

	 	 (c)
	 Realogy forms a Delaware corporation, Realogy Intellectual Property Holdings II, Inc. (“Realogy Intellectual
Property Holdings II, Inc.”) (effected March 14, 2006);2 

  

	 	(d)	Real Estate Operations, Inc. (formerly, Jon Douglas Company, now “Realogy Operations, Inc.”) (CA), a direct, wholly-owned subsidiary of Cendant Operations, forms a
Delaware corporation, FedState Strategic Consulting, Incorporated (effected March 27, 2006); and 

  

	 	 (e)
	 Realogy Services Group LLC forms a Delaware corporation, Real Estate Franchise Group, Inc. (“Realogy Franchise
Group, Inc.”) (effected January 10, 2006).3 

  

	 	(b)	Wyndham Worldwide and Subsidiaries. 

  

	 	(a)	Wyndham Worldwide forms a Delaware limited liability company, Wynhdam Hotel Group, LLC formerly known as CHG Brands Holdings, LLC (“Wyndham Hotel Group, LLC”)
(effected December 14, 2005); 

  

	 	(b)	Wyndham Worldwide forms a Delaware corporation, RCI TM Corp. (“RCI TM Corp.”) (effected December 14, 2005); and 

  

	 	(c)	Wyndham Worldwide forms a Delaware corporation, WHG TM Corp. (formerly known as CHG TM Corp.) (“WHG TM Corp.”) (effected December 14, 2005).

  

	 1
	 Will own 50% of each of the Real Estate IP Companies. 

  

	 2
	 Will own 50% of each of the Real Estate IP Companies 

  

	 3
	 Realogy Franchise Group, Inc. (formerly known as Real Estate Franchise Group, Inc.) will be the real estate operations
company for the brands only and will be renamed Realogy Franchise Group Inc. Realogy Operations, Inc. (formerly, Jon Douglas Company, a direct, wholly-owned subsidiary of Cendant Operations) will be the operations company for the remaining
operations of Realogy and will be renamed Realogy Operations, Inc. 

  

 7 

	 	(c)	Travelport and Subsidiaries. Travelport forms a Delaware corporation, TDS Operations, Inc. (“TDS Operations”) (effected January 5, 2006); and

  

	8.	Wyndham Worldwide Restructuring. 

  

	 	(a)	Cendant Hospitality. CFHC LLC contributes to Wyndham Worldwide all of the outstanding stock of Cendant Hospitality (effected January 13, 2006).

  

	 	 (b)
	 Cendant Transportation Corp. (DE) (“Wyndham Worldwide Operations”). CFHC LLC contributes to
Wyndham Worldwide all of the outstanding stock of Wyndham Worldwide Operations, formerly known as Cendant Transportation) (effected February 17, 2006).4 

  

	 	(c)	Cendant Canada. 

  

	 	(a)	Wyndham Worldwide forms a Canadian corporation, Wyndham Worldwide Canada Inc. (“WWCI”) (effected April 13, 2006). 

  

	 	(b)	WWCI purchases for $16.1 million Canadian from Cendant Canada all of its assets and liabilities related to lodging business (effected June 1, 2006).

  

	 	(c)	After the sale described in 8(c)(a), CFHC LLC effects a stock split with respect to the common shares of Cendant Canada from 1 share with a stated capital of $1.00 to 100 shares,
each with a stated capital of $0.01, and then contributes 96% of the outstanding stock of Cendant Canada to Avis International Ltd. (effected July 31, 2006) and 4% of the outstanding stock of Cendant Canada to Budget Rent a Car Systems
Inc. (DE) (“BRACS”) (effected July 31, 2006); 

  

	 	(d)	After the contributions described in 8(c)(c), Avis International Ltd. and BRACS each sell the outstanding stock of Cendant Canada to CCRG Canada ULC (“CCRG
Canada”) for 4 common shares of CCRG Canada and 96 common shares of CCRG Canada, respectively (effected August 1, 2006); 

  

	 	(e)	After the sale described in 8(c)(d), CCRG Canada sells all the outstanding stock of Cendant Canada to WTH Canada, Inc. in exchange for 100 shares of WTH Canada, Inc.
(effected August 2, 2006). 

  

	 4
	 Cendant Transportation was initially renamed Hospitality Operations, Inc and will be renamed Wyndham Worldwide
Operations, Inc. 

  

 8 

	 	(d)	INTENTIONALLY OMITTED 

  

	 	(e)	Wyndham Worldwide contributes to Wyndham Hotel Group, LLC the following assets: (effected July 21, 2006). 

  

	 	(a)	all of the outstanding stock of Wingate Inns International, Inc. (DE); 

  

	 	(b)	all of the outstanding stock of Super 8 Motels, Inc. (SD); 

  

	 	(c)	all of the outstanding stock of Travel Rewards, Inc. (DE); 

  

	 	(d)	all of the outstanding stock of Cendant Hotel Group International (EAST), Inc. (DE); 

  

	 	(e)	all of the outstanding stock of Cendant Hotel Group International, Inc. (DE); 

  

	 	(f)	all of the outstanding stock of Knights Franchise Systems, Inc. (DE); 

  

	 	(g)	all of the outstanding stock of AmeriHost Franchise Systems, Inc. (DE); 

  

	 	(h)	all of the outstanding stock of Days Inn; 

  

	 	(i)	all of the outstanding stock of Travelodge Hotels, Inc. (DE); 

  

	 	(j)	all of the outstanding membership interests of Wyndham Hotels & Resorts, LLC (DE); 

  

	 	(k)	all of the outstanding stock of Aston Hotels & Resorts International, Inc. (DE); 

  

	 	(l)	all of the outstanding stock of Howard Johnson International, Inc. (DE); 

  

	 	(m)	all of the outstanding stock of Ramada Worldwide Inc. (DE); 

  

	 	(n)	all of the outstanding stock of Cendant Hotel Management, Inc. (DE); 

  

	 	(o)	all of the outstanding stock of Hotel TM Corp. (DE); 

  

	 	(p)	all of the outstanding stock of Cendant Hotel Group (BVI) Inc., a British Virgin Islands corporation; and 

  

	 	(q)	all of the outstanding stock of WHG TM Corp. (DE). 

  

 9 

	 	(f)	Wyndham Worldwide Subsidiary Debt to Cendant 

  

	 	(a)	Cendant contributes the note owed by Fairfield Resorts, Inc. (DE) (“Fairfield Resorts”) to Cendant (the “Fairfield Note”) and the note owed by
Trendwest Resorts, Inc. (OR) (“Trendwest”) to Cendant (the “Trendwest Note”) to CFHC LLC (effected July 14, 2006); 

  

	 	(b)	CFHC LLC contributes the Fairfield Note and the Trendwest Note to Wyndham Vacation Ownership, Inc. (DE), formerly known as Cendant Timeshare Resort Group, Inc.
(“WVO”) (effected July 14, 2006); 

  

	 	(c)	WVO, formerly known as Cendant Timeshare Resort Group, Inc., contributes the Fairfield Note to Fairfield Resorts, and thereafter such Fairfield Note is cancelled (effected
July 14, 2006); and 

  

	 	(d)	WVO, formerly known as Cendant Timeshare Resort Group, Inc., contributes the Trendwest Note to Trendwest, and thereafter such Trendwest Note is cancelled (effected July 14,
2006). 

  

	 	(g)	CFHC LLC contributes the following assets to Wyndham Worldwide 

  

	 	(a)	all of the issued and outstanding stock of WVO, formerly known as Cendant Timeshare Resort Group, Inc. (effected July 28, 2006); and 

  

	 	(b)	all of the issued and outstanding stock of Cendant Supplier Services, which was renamed WWC Supplier Services (effected May 17, 2006). 

  

	 	(h)	INTENTIONALLY OMITTED 

  

	 	(i)	Wyndham Worldwide contributes to Wyndham Hotel Group, LLC Certain contracts relating to the lodging business (effected at various times on or prior to the date of the Wyndham
Worldwide Distribution, as defined below). 

  

	 	(j)	CFHC LLC contributes the following assets to RCI Global, formerly known as Cendant Vacation Holdco, Inc. (effected July 27, 2006). 

  

	 	(a)	all of the outstanding stock of RCI Pacific Pty. Ltd. (Australia); 

  

 10 

	 	(b)	224,173 quotas of the outstanding quotas of RCI Brazil Ltda. (Brazil);5

  

	 	(c)	all of the outstanding stock of Intercambios Endless Vacations IEV, Inc. (IN); 

  

	 	(d)	all of the outstanding stock of RCI Cayman Ltd.(Cayman); 

  

	 	(e)	99.98% (9,998 shares) of the outstanding stock of RCI Travel Club S.A. (Spain);6

  

	 	(f)	all of the outstanding stock of Resort Condominium International de Venezuela, C.A. (Venezuela); 

  

	 	(g)	.04% of the outstanding stock of Resort Condominium International de Mexico S. de RL de CV (Mexico);7 and 

  

	 	(h)	all of the outstanding stock of RCI Travel Pte. Ltd. (Singapore). 

  

	 	(k)	Certain international restructuring. The following have been or will be completed in the following and are necessary to complete the Wyndham spin. 

 

	 	(a)	Cendant pays $43 million to Galileo International, Inc. to pay down an intercompany payable balance (effected June, 2006). 

  

	 	(b)	Galileo International, Inc. purchases the stock of gta North America, Inc from Donvand, Ltd for $39,817,363 and the stock of Octopus Travel.com (USA) Ltd. from Octopus Travel Group
Ltd. for $3,182,637 million. The combined purchase price is $42,999,726, subject to a valuation to be completed by Deloitte (effected June 1, 2006). 

  

	5	CFHC LLC owns 224,173 quotas of the outstanding quotas of RCI Brazil Ltda; the remaining outstanding quotas are owned by Resort Condominiums International, LLC (DE) (an indirect
subsidiary of RCI Global). 

  

	6	CFHC LLC owns 99.98% (9,998 shares) of the outstanding stock of RCI Travel Club S.A.; the remaining stock is owned by the following two entities—.01% (1 share) is owned by RCI
Europe (UK) (an indirect subsidiary of RCI Global/EMEA Holdings C.V. (Netherlands)) and .01% (1 share) is owned by RCI Espana S.A. (and indirect subsidiary of RCI Global/EMEA Holdings C.V. (Netherlands)). 

  

	7	CFHC LLC owns .04% of the outstanding stock of Resort Condominium International de Mexico S. de RL de CV (Mexico); the remaining 99.96% is owned by Resort Condominiums
International, LLC (DE) (an indirect subsidiary of RCI Global). 

  

 11 

	 	(c)	Donvand, Ltd and Octopus Travel Group Ltd. deposit the cash received in 8(k)(b) with Wyndham Finance UK (effected June, 2006). 

  

	 	(d)	Wyndham Finance UK makes a loan of $40.6 million Australian Dollars (approximately $30 million) to Travel Acquisition Corporation Pty Ltd (Australia) (effected June, 2006)
(effected via book entry, interest on the loan is approximately LIBOR + 150 basis points). 

  

	 	(e)	Travel Acquisition Corporation Pty Ltd (Australia) repays a loan in the amount of $ 17.3 million Australian Dollars (approximately $12.8 million) that it owes to Trendwest
South Pacific Pty Ltd (Australia) (effected June 16, 2006). 

  

	 	(f)	Trendwest South Pacific Pty Ltd (Australia) deposits the cash it received in 8(k)(e) above with Wyndham Finance UK (effected June, 2006 via book entry). 

  

	 	(g)	Travel Acquisition Corporation Pty Ltd (Australia) repays a loan in the amount of $40.6 million Australian Dollars (approximately $30 million) that it owes to We Try Harder Pty.
Limited (effected June, 2006). 

  

	 	(h)	Avis Rent a Car Limited withdraws a deposit in the amount of 18.3 million New Zealand Dollars (approximately $11.3 million) from Wyndham Finance UK (effected June,
2006). 

  

	 	(i)	Cendant withdraws a deposit in the amount of $1.5 million from Wyndham Finance UK (effected June, 2006). 

  

	 	(j)	Cendant purchases all of the Wyndham Finance UK’s deposits and loans relating to Travelport entities for an amount equal to the net value of the assets (approximately $3.3
million) (effected via journal entry on July 21, 2006). As a result of such purchase, Cendant becomes the debtor and creditor with respect to all deposits and loans previously made by Wyndham Finance UK. Cendant records a payable to
Wyndham Finance UK. Such payable will be settled by means of a dividend for approximately $1.9 million declared by the Wyndham Finance UK to Cendant (effected July 26, 2006). 

  

	 	(k)	 RCI Global assumes the liability of Galileo International Technology, LLC, a Delaware limited liability company (“GIT”) on the loan from EMEA
Holdings C.V., a Netherlands limited partnership (“EMEA”) and the liability of GIW Holdings C.V., a Netherlands limited partnership (“GIW”) on its loan from EMEA. Both sides of 

  

 12 

	 	 
these loans are now within the Wyndham Worldwide chain. The parties shall treat such assumption as deemed capital contributions from Cendant to Travelport
(all the way down the Travelport chain to GIT and GIW), followed by a deemed distribution from RCI Global to Cendant (effected July 26, 2006). 

  

	 	(l)	RCI, LLC distributes $452,685 receivable to Cendant (effected July 27, 2006). 

  

	 	(m)	RCI Global assumes the liabilities listed on Schedule B1 pursuant to an assignment and assumption agreement (effective July 27, 2006). 

 

	 	(n)	Travelport assumes the liabilities listed on Schedule B2 pursuant to an assignment and assumption agreement (effective July 27, 2006). 

 

	 	(o)	Cendant contributes to RCI Global the receivables listed on Schedule C1 (effective July 27, 2006). 

  

	 	(p)	Cendant contributes to Travelport the receivables listed on Schedule C2 (effective July 27, 2006). 

  

	 	(l)	After the transactions described in 8(k)(a)-(p)above have been effected, CFHC LLC contributes to Wyndham Worldwide all of the outstanding stock of RCI Global, formerly known
as Cendant Vacation Holdco, Inc. (effected July 28, 2006). 

  

	 	(m)	Wyndham Finance UK. After the transactions described in 8(k)(a)-(p) above have been effected: 

  

	 	(a)	Cendant contributes 1% of the issued and outstanding stock of Wyndham Finance UK to Wyndham Worldwide (effected July 28, 2006); 

  

	 	(b)	Wyndham Worldwide contributes 1% of the issued and outstanding stock of Wyndham Finance UK to Wyndham Worldwide Operations (effected July 28, 2006); and

  

	 	(c)	CFHC LLC contributes the remaining 99% of the issued and outstanding stock of Wyndham Finance UK to Wyndham Worldwide after the contribution described above in 8(m)(b)is
effective (effective July 28, 2006). 

  

	 	(n)	Travel Rewards, Inc. (DE) (an indirect subsidiary of Wyndham Worldwide) purchases from Trip.com, Inc (DE) (an indirect subsidiary of Travelport) certain trademarks relating to Trip
Rewards for $2.2 million (effected June 21, 2006). 

  

 13 

	 	(o)	Travel Link Group, Inc. (DE) (“Travel Link”). 

  

	 	(a)	Travel Link Merger. Travel Link merges with and into CFHC LLC, with CFHC LLC continuing as the surviving entity (“Travel Link Merger”) (effected
July 27, 2006). 

  

	 	(b)	Contributions by CFHC LLC to Wyndham Worldwide. After the Travel Link Merger, CFHC LLC contributes to Wyndham Worldwide certain assets relating to the lodging business
(effected July 28, 2006). 

  

	 	(c)	Contributions by Wyndham Worldwide to Wyndham Hotel Group, LLC. After the Travel Link Merger and the contribution described in (b) above, Wyndham Worldwide contributes
to Wyndham Hotel Group, LLC the assets received in Step 8(o)(b) (effected July 28, 2006). 

  

	 	(p)	Fairfield Resorts and Equivest Finance, Inc. (DE) (“Equivest”) Excess Loss Accounts. The following steps will be completed in the following order to address
the Fairfield and Equivest excess loss accounts. 

  

	 	(a)	BFICP Corp. (DE) will merge with and into Equivest Capital, Inc. (DE) (“Equivest Capital”), with Equivest Capital continuing as the surviving entity (effected
July 26, 2006); 

  

	 	(b)	After reclassing the Equivest Capital allowance account Equivest Capital will convert into a Delaware limited liability company (“Equivest Capital LLC”)
(effected July 26, 2006); 

  

	 	(c)	St. Augustine Resort Development Group, Inc. (FL) will be converted into a Delaware limited liability company (effected July 26, 2006); 

  

	 	(d)	Equivest Florida, Inc. (DE) will merge with and into Equivest, with Equivest continuing as the surviving entity (effected July 26, 2006); 

  

	 	(e)	Equivest Texas, Inc. (DE) will convert into a limited liability company and will withdraw from Illinois (effected July 26, 2006); and 

  

	 	(f)	Fairfield Resorts will contribute all the of outstanding stock of the following entities to APEX Marketing, Inc. (AK) (“APEX”): 

  

	 	(1)	Vacation Break USA, Inc. (FL) (“Vacation Break”) (effected July 26, 2006); and 

  

 14 

	 	(2)	Fairfield Management Services, Inc. (FL) (“FMSI”) (effected July 26, 2006). 

  

	 	(g)	After the contribution described in 8(p)(f)(2), APEX will contribute all of the stock of Vacation Break to FSMI (effected July 26, 2006).

  

	 	(q)	RCI Technology Corp. RCI Technology Corp. converts into a Delaware limited liability company, RCI Technology LLC (effected July 26, 2006).

  

	9.	TDS Restructuring. 

  

	 	(a)	Galileo Danmark ApS (an indirect subsidiary of Travelport) purchases from Cendant Denmark ApS (UK) (an indirect subsidiary of RCI Global, formerly known as Cendant Vacation Holdco,
Inc.) all of the stock of Travelwire ApS for 1 Danish Kroner in cash (effected March 31, 2006). 

  

	 	(b)	Wizcom, Inc. purchases from Wizard Co., Inc. (a subsidiary of Avis Budget Car Rental, LLC) certain trademarks relating to Travelport’s Wizcom business for $500,000 (effected
June 21, 2006). 

  

	10.	Merger of Cendant Operations, Inc. 

  

	 	(a)	Prior to the Cendant Operations Merger (as defined below), Cendant Operations contributes certain IP assets relating to the real estate business to CDRE TM Corp, an Ohio corporation
(“CDRE TM Corp”, formerly named Nisbet Corporation) (effected May 31, 2006 prior to the Cendant Operations Merger as defined below). 

  

	 	(b)	Cendant Operations merges (the “Cendant Operations Merger”) with and into CFHC LLC, with CFHC LLC continuing as the surviving entity (effected May 31,
2006). 

  

	11.	Transfers of assets of Cendant Operations (other than Real Estate IP Companies). Immediately after the Cendant Operations Merger, CFHC LLC makes the following contributions.

  

	 	(a)	Real Estate related assets and liabilities. 

  

	 	(a)	After the Cendant Operations Merger, CFHC LLC contributes all assets and liabilities (other than its interests in the Real Estate IP Companies) relating to the real estate business
received in the Cendant Operations Merger (including all of the stock of Realogy Operations, Inc., formerly known as Jon Douglas Company, and all of the membership interests of NRT Relocation LLC) to Realogy Services Group LLC (effected
June 1, 2006); and 

  

 15 

	 	(b)	Thereafter, Realogy Services Group LLC contributes such assets (other than the stock or equity interest of any entity) and liabilities to Realogy Operations, Inc. (effected
June 1, 2006, immediately after the contribution described in Step 11(a)(a) above). 

  

	 	(b)	Hospitality/RCI related assets and liabilities. 

  

	 	(a)	After the Cendant Operations Merger, CFHC LLC contributes all assets and liabilities relating to the Hospitality and RCI businesses (which, for the avoidance of doubt shall not
include interests in the Real Estate IP Companies) received in the Cendant Operations Merger to Wyndham Worldwide (effected June 1, 2006); and 

  

	 	(b)	Thereafter, Wyndham Worldwide contributes all such assets and liabilities received by CFHC LLC in the Cendant Operations Merger and contributed to Wyndham Worldwide to Wyndham
Worldwide Operations (effected June 1, 2006 immediately after the contribution described in Step 11(b)(a) above). 

  

	 	(c)	Travel Link related assets and liabilities. 

  

	 	(a)	After the Cendant Operations Merger, CFHC LLC contributes all assets and liabilities relating to the Travel Link businesses (which, for the avoidance of doubt shall not include
interests in the Real Estate IP Companies) received in the Cendant Operations Merger to Wyndham Worldwide (effected June 1, 2006); and 

  

	 	(b)	Thereafter, Wyndham Worldwide contributes all such assets and liabilities received by CFHC LLC in the Cendant Operations Merger and contributed to Wyndham Worldwide to Wyndham Hotel
Group, LLC (effected June 1, 2006 immediately after the contribution described in Step 11(c)(b)(a) above). 

  

	 	(d)	TDS related assets and liabilities. 

  

	 	(a)	After the Cendant Operations Merger, CFHC LLC contributes all assets and liabilities relating to the TDS business (which, for the avoidance of doubt shall not include interests in
the Real Estate IP Companies) received in the Cendant Operations Merger to Travelport (effected June 1, 2006); and 

  

	 	(b)	Thereafter, Travelport contributes such assets and liabilities to TDS Operations (effected June 1, 2006 immediately after the contribution described in Step
11(d)(a) above). 

  

	 	(e)	 Car Rental related assets and liabilities. After the Cendant Operations Merger, CFHC LLC contributes all assets and liabilities relating to the Car Rental
business (which, for the avoidance of doubt shall not include 

  

 16 

	 	 
interests in the Real Estate IP Companies) received in the Cendant Operations Merger to Avis Budget Car Rental, LLC (effected June 1, 2006).

  

	12.	Real Estate Restructuring. 

  

	 	(a)	CFHC LLC contributes to Realogy all of the issued and outstanding membership interests of Realogy Services Group LLC (effected June 30, 2006). 

 

	 	(b)	Realogy contributes all of the outstanding stock of Realogy Intellectual Property Holdings I, Inc. and Realogy Intellectual Property Holdings II, Inc. to Realogy Services Group LLC
(effected June 30, 2006). 

  

	 	(c)	Reincorporation of CDRE TM Corp., formerly known as Nisbet Corporation. 

  

	 	(a)	Cendant Operations forms a Delaware limited liability company and 

  

	 	(b)	CDRE TM Corp reincorporates in Delaware via merger with and into such Delaware corporation (effected June 5, 2006). 

  

	 	(d)	Cendant Mobility Limited (Hong Kong). Cendant contributes to Realogy Services Group LLC (DE) 1% of the outstanding stock of Cendant Mobility Limited (Hong Kong) that it owns
(effected June 9, 2006). 

 Transactions to be effected after the record date of the Realogy Distribution and Wyndham
Worldwide Distribution, and before the Realogy Distribution and Wyndham Worldwide Distribution. 
  

	13.	TM Acquisition Corporation (DE) (“TM Acquisition”). TM Acquisition owns intellectual property relating to the real estate services businesses (“TM
Acquisition Real Estate IP”), the lodging businesses (“TM Acquisition Lodging IP”) and the RCI business (the “TM Acquisition RCI IP” and, together with the TM Acquisition Real Estate IP and the TM
Acquisition Lodging IP the “TM Acquisition IP”)). 

  

	 	(a)	After the record date for the Realogy Distribution, TM Acquisition merges (the “TM Acquisition Merger”) with and into CFHC LLC, with CFHC LLC continuing as the
surviving corporation (effected July 25, 2006); and 

  

	 	(b)	TM Acquisition Real Estate IP. After both the Cendant Operations Merger and the TM Acquisition Merger, each of the following transactions will be effected in the following
order. 

  

	 	(a)	CFHC LLC contributes (effected July 26, 2006): 

  

 17 

	 	(1)	TM Acquisition Real Estate IP relating to ERA to NRT TM Corp. (CA), formerly known as Cleveland Financial Services Group (CA) (Name to be changed to ERA TM Corp.) (“ERA IP
Company”); 

  

	 	(2)	CFHC LLC contributes the TM Acquisition Real Estate IP relating to Century 21 to C21 TM Corp. (CA), formerly known as Seville Properties, Inc. (CA) (“Century 21 IP
Company”); 

  

	 	(3)	CFHC LLC contributes the TM Acquisition Real Estate IP relating to Coldwell Banker to CB TM Corp. (CA), formerly known as Cornish & Carey Residential, Inc. (CA)
(“Coldwell Banker IP Company” and together with ERA IP Company, and Century 21 IP Company, the “Real Estate IP Companies”); and 

  

	 	(b)	CFHC LLC contributes the TM Acquisition Real Estate IP other than any IP set forth above to Realogy (effected July 26, 2006). 

  

	 	(c)	CFHC LLC contributes all of the outstanding stock of (i) each of the Real Estate IP Companies, and (ii) CDRE TM Corp. (DE), formerly known as Nisbet Corporation to Realogy
(effected July 26, 2006 after the transactions described in 13(b)(a)). 

  

	 	(d)	Realogy contributes 50% of each of the Real Estate IP Companies to Realogy Intellectual Property Holdings I, Inc., and 50% of each of the Real Estate IP Companies to Realogy
Intellectual Property Holdings II, Inc. (effected July 26, 2006 after the transactions described in 13(b)(c)). 

  

	 	(e)	Realogy contributes all of the outstanding stock of CDRE TM Corp. to NRT Inc. (effected July 26, 2006 after the transactions described in 13(b)(c)).

  

	 	(c)	TM Acquisition Lodging IP. After both the Cendant Operations Merger and the TM Acquisition Merger, each of the following transactions will be effected in the following order:

  

	 	 (a)
	 CFHC LLC contributes to Wyndham Worldwide all of the TM Acquisition Lodging IP, its 99% of the membership interests of
Two Flags Joint Venture LLC (owned by TM Acquisition prior to the TM Acquisition Merger)8 and all of the stock of TM 

 

	 8
	 TM Acquisition currently owns 99% of Two Flags Joint Venture LLC (DE); the remaining 1% is owned by TM Acquisition Sub,
Inc., a direct, wholly-owned, subsidiary of TM Acquisition. 

  

 18 

	 	 
Acquisition Sub. Inc. (DE) (owns 1% of Two Flags Joint Venture LLC) (effected July 26, 2006); 

  

	 	 (b)
	 Wyndham Worldwide contributes to WHG TM Corp. all of the TM Acquisition Lodging IP except for the TM Acquisition Lodging
IP described in 13(c)(c) below, its 99% of the membership interests of Two Flags Joint Venture LLC (owned by TM Acquisition prior to the TM Acquisition Merger)9 and all of the stock of TM Acquisition Sub. Inc. (DE) (owns 1% of Two Flags Joint Venture LLC) (effected July 26, 2006); and 

  

	 	(c)	Wyndham Worldwide makes the following contributions of TM Acquisition Lodging IP (effected July 26, 2006): 

  

	 	(1)	Certain international marks relating to the Super 8 brand to Super 8 Motels, Inc. 

  

	 	(2)	Certain international marks relating to the Howard Johnson brand to Howard Johnson International, Inc. 

  

	 	(3)	Certain international marks relating to the Days Inn brand to Days Inn Worldwide, Inc. 

  

	 	(4)	Certain international marks relating to the Knights brand to Knights Franchise Systems, Inc. 

  

	 	(5)	Certain international marks relating to the Ramada brand to Ramada International, Inc. 

  

	 	(d)	TM Acquisition RCI IP. After both the Cendant Operations Merger and the TM Acquisition Merger, the following transactions will be effected in the following order:

  

	 	(a)	CFHC LLC contributes to Wyndham Worldwide all of the TM Acquisition RCI IP (effected July 26, 2006); and 

  

	 	(b)	Wyndham Worldwide contributes to RCI TM Corp. all of the TM Acquisition RCI IP (effected July 26, 2006). 

  

	 	(e)	TM Acquisition’s Patents 

  

	 	(a)	After both the Cendant Operations Merger and the TM Acquisition Merger, CFHC LLC contributes to Realogy certain patents and 

  
  

	 9
	 TM Acquisition currently owns 99% of Two Flags Joint Venture LLC (DE); the remaining 1% is owned by TM Acquisition Sub,
Inc., a direct, wholly-owned, subsidiary of TM Acquisition. 

  

 19 

	 	 
Realogy assumes certain related liabilities (such contribution and assumption, the “TM Acquisition Patent Contribution”) (effected
July 26, 2006); and 

  

	 	(b)	After the TM Acquisition Patent Contribution, Realogy contributes to Realogy Operations, Inc. the assets referred to in (a) and Realogy Operations assumes the related
liabilities (effected July 26, 2006). 

  

	14.	Realogy Distribution (distribution to be effected 7/31/06). 

  

	 	(a)	Immediately prior to the Realogy Distribution, Realogy issues to CFHC LLC a stock dividend (effected June 15, 2006). 

  

	 	(b)	CFHC LLC distributes to Cendant all of the outstanding stock of Realogy (effected July 27, 2006). 

  

	 	(c)	Distribution of Cash by Realogy to Cendant—which cash will be placed into a separate account and used solely to repay debt of Cendant. Realogy distributes cash to
Cendant in an amount equal to $2.225 billion, which cash is placed into a separate account and used solely to repay Cendant debt (effected July 27, 2006). 

  

	 	(d)	Cendant distributes all of the stock of Realogy pro rata to its shareholders (the “Realogy Distribution”) (effective July 31, 2006).

 Transactions to be effected at the Realogy Distribution 
  

	15.	Wyndham Worldwide Distribution (distribution to be effected 7/31/06). 

  

	 	(a)	Immediately prior to the Wyndham Worldwide Distribution, Wyndham Worldwide issues to CFHC LLC a stock dividend (effected July 13, 2006). 

  

	 	(b)	CFHC LLC distributes to Cendant all of the outstanding stock of Wyndham Worldwide (effected July 27, 2006). 

  

	 	(c)	Distribution of Cash by Wyndham Worldwide to Cendant—which cash will be placed into a separate account and used solely to repay debt of Cendant. Wyndham Worldwide
distributes cash to Cendant in an amount equal to $1.36 billion, which cash is placed into a separate account and used solely to repay Cendant debt (effected July 27, 2006). 

  

	 	(d)	Cendant distributes all of the stock of Wyndham Worldwide pro rata to its shareholders (the “Wyndham Worldwide Distribution”) (effective July 31, 2006).

 Transactions to be effected after the Wyndham Worldwide Distribution. 
  

 20 

 16. Closing of Travelport Sale; or 
 17. Travelport Distribution (the following steps to occur only if the closing of the sale of Travelport does not occur). 
  

	 	(a)	Immediately prior to the Travelport Distribution, Travelport issues to CFHC LLC a stock dividend. 

  

	 	(b)	CFHC LLC Distributes to Cendant all of the outstanding stock of Travelport. 

  

	 	(c)	Dividend declaration date for the Travelport Distribution to occur after October 2, 2006; and 

  

	 	(d)	Cendant distributes all of the stock of Travelport pro rata to its shareholders (the “Travelport Distribution”). 

  

 21 

 SCHEDULE A 
 CENDANT CORPORATION DIVIDEND NOTES (collectively, “Dividend Notes”) 
  

							
	 CURRENT OBLIGOR
	  	PAYEE	 	PRINCIPAL	  	 
				
	 1. Cendant Operations, Inc.
	  	Cendant Internet
Group, Inc.	 	850,000,000	  	“Cendant Operations
Dividend Note”
				
	 2. Cendant Supplier Services, Inc.
	  	Cendant Internet
Group, Inc.	 	20,000,000	  	“Cendant Supplier
Services Dividend
Note”
				
	 3. Days Inn of America, Inc.
	  	Cendant Internet
Group, Inc.	 	240,000,000	  	“Days Inn Dividend
Note”
				
	 4. Ramada Worldwide, Inc. (Ramada Franchise Systems, Inc.’s name was changed to Ramada Worldwide, Inc.)
	  	Cendant Internet
Group, Inc.	 	262,000,000	  	“Ramada Worldwide
Dividend Note”
				
	 5. Super 8 Motels, Inc.
	  	Cendant Internet
Group, Inc.	 	100,000,000	  	“Super 8 Dividend
Note”
				
	 6. Knights Franchise Systems, Inc. (Villager Franchise Systems, Inc. was merged into Knights Franchise System, Inc. in 2004)
	  	Cendant Internet
Group, Inc.	 	1,500,000	  	“Knights/Villager
Dividend Note”
				
	 7. Knights Franchise Systems, Inc.
	  	Cendant Internet
Group, Inc.	 	5,200,000	  	“Knights Dividend
Note”
				
	 8. Travelodge Hotels, Inc.
	  	Cendant Internet
Group, Inc.	 	50,000,000	  	“Travelodge
Dividend Note”
				
	 9. Fairfield Resort Management Services, Inc. (f/k/a RCI Management, Inc.)
	  	Cendant Internet
Group, Inc.	 	96,000,000	  	“Fairfield Dividend
Note”
				
	 10. Coldwell Banker Real Estate Corporation
	  	Coldwell Banker
Corporation, Inc.	 	366,700,000	  	“Coldwell Banker
Dividend Note”
				
	 11. RCI General Holdco 2, Inc.
	  	Cendant Vacation
Holdco, Inc. (f/k/a RCI
General Holdco I, Inc.)	 	458,000,000	  	“RCI Dividend Note”
				
	 12. Century 21 Real Estate LLC
	  	Cendant Finance
Holding Company LLC	 	199,000,000	  	“Century 21
Dividend Note”

  

 22 

 SCHEDULE B1 
 The following inter-company payables of Cendant will be assumed by RCI Global effected July 27: 
  

					
	 Debtor (formerly Cendant Corp.)
	  	 Creditor
	  	Amount (US$)
	 RCI Global
	  	Pointspec II	  	12,736,521
	 RCI Global
	  	Pointeuro 4	  	37,394,000
	 RCI Global
	  	Cendant Europe Corporate	  	5,528,890
	 RCI Global
	  	Days Inns	  	970,943
	 RCI Global
	  	LANDAL	  	880,898
	 RCI Global
	  	RCI Europe	  	880,469
	 RCI Global
	  	Novasol	  	56,624
	 RCI Global
	  	Wyndham Finance UK	  	80,301
	 RCI Global
	  	Cendant Europe Corporate	  	101,106
	 RCI Global
	  	RCI North America	  	213,483

 SCHEDULE B2 
 The following inter-company payables of Cendant will be assumed by Travelport effected July 27: 
  

					
	 Debtor (formerly Cendant Corp.)
	  	 Creditor
	  	Amount (US$)
	 Travelport
	  	Southern Cross Australia	  	5,718
	 Travelport
	  	Southern Cross Australia	  	47,425
	 Travelport
	  	Trust GmbH	  	1,617
	 Travelport
	  	Southern Cross Australia	  	14,310
	 Travelport
	  	Trust GmbH	  	14,963
	 Travelport
	  	Galileo International Limited	  	139,757
	 Travelport
	  	Novi Scotia ULC	  	26,242
	 Travelport
	  	Southern Cross Australia	  	102,960
	 Travelport
	  	Neat Israel	  	18,550
	 Travelport
	  	Galileo International Inc.	  	4,354,665
	 Travelport
	  	Trust GmbH	  	57,636

  

 23 

 SCHEDULE C1 
 Cendant contributes the following receivable balances to RCI Global, as set forth below effected July 27, 2006: 
 Cendant will contribute the following receivables on July 27, 2006 
  

					
	 Entity Contributed to
	  	Amount (US $)	  	 Balance with

	 RCI Global
	  	55,327	  	Days Inn
	 RCI Global
	  	35,201	  	Vacation Rental Management
	 RCI Global
	  	5,739,777	  	Holiday Cottages Group Limited
	 RCI Global
	  	4,149,081	  	Vacation Rental Management
	 RCI Global
	  	17,652,207	  	EMEA Holdings CV
	 RCI Global
	  	2,804,714	  	LANDAL
	 RCI Global
	  	2,429,889	  	Novasol
	 RCI Global
	  	411,373	  	Cuendet
	 RCI Global
	  	7,290,125	  	Vacation Rental Management
	 RCI Global
	  	1,144,690	  	South Pacific
	 RCI Global
	  	915,186	  	RCI Indianapolis
	 RCI Global
	  	559,562	  	RCI Mexico Adjustment Company
	 RCI Global
	  	91,820	  	Cuendet
	 RCI Global
	  	462,880	  	Holiday Cottages Group Limited

 SCHEDULE C2 
 Cendant contributes the following receivable balances to Travelport, Inc., as set forth below, effected July 27, 2006: 

Cendant will contribute the following receivables on July 27, 2006 
  

					
	 Entity Contributed to
	  	Amount (US $)	  	 Balance with

	 Travelport
	  	34,028	  	Galileo Canada
	 Travelport
	  	100	  	Gullivers Jersey 2 Ltd
	 Travelport
	  	805	  	Octopus Travel.com (Hong Kong)
	 Travelport
	  	1,599,311	  	Ebookers Purchasing Account
	 Travelport
	  	2,250,095	  	Ebookers PLC ADJ
	 Travelport
	  	1,102,421	  	Trust GmbH
	 Travelport
	  	1,236,424	  	Neat Israel
	 Travelport
	  	2,833,031	  	GTA Donvand LTD London
	 Travelport
	  	16,494	  	Galileo Canada
	 Travelport
	  	452,685	  	Galileo Nederland BV -Operating Divn
	 Travelport
	  	156,473	  	Canada Parent Company
	 Travelport
	  	11,087	  	Galileo Canada
	 Travelport
	  	3,062	  	Galileo International Services
	 Travelport
	  	36,697	  	Galileo Travelware

  

 24Credit Agreement dated as of April 10, 2007

 Exhibit 10.2 
  
  
 $3,920,000,000 
 Term and Revolving Loans 
 $525,000,000

 Synthetic Letter of Credit Facility 
 CREDIT AGREEMENT 
 Dated as of April 10, 2007, 
 Among 
 DOMUS INTERMEDIATE HOLDINGS CORP., 
 REALOGY CORPORATION, 
 as Borrower, 
 THE LENDERS PARTY HERETO, 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent, 
 CREDIT SUISSE, 
 as Syndication Agent, 
 BEAR STEARNS CORPORATE LENDING INC., 
 CITICORP NORTH AMERICA, INC. 
 and 
 BARCLAYS BANK PLC 
 as Co-Documentation Agents 
 J.P. MORGAN
SECURITIES INC., 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 BEAR, STEARNS & CO. INC. 
 and 
 CITIGROUP GLOBAL MARKETS INC. 
 as Joint Bookrunners 
  
  
 J.P. MORGAN SECURITIES INC. 
 and 
 CREDIT SUISSE SECURITIES (USA) LLC 
 as Joint Lead Arrangers 
  
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	
	Definitions
			
	SECTION   1.01.	  	Defined Terms	  	1
	SECTION   1.02.	  	Terms Generally	  	56
	SECTION   1.03.	  	Effectuation of Transfers	  	57
	
	ARTICLE II
	
	The Credits
			
	SECTION   2.01.	  	Commitments	  	57
	SECTION   2.02.	  	Loans and Borrowings	  	58
	SECTION   2.03.	  	Requests for Borrowings	  	58
	SECTION   2.04.	  	Swingline Loans	  	59
	SECTION   2.05.	  	Letters of Credit	  	61
	SECTION   2.06.	  	Funding of Borrowings	  	69
	SECTION   2.07.	  	Interest Elections	  	69
	SECTION   2.08.	  	Termination and Reduction of Commitments; Return of Credit-Linked Deposits	  	71
	SECTION   2.09.	  	Repayment of Loans; Evidence of Debt	  	72
	SECTION   2.10.	  	Repayment of Term Loans and Revolving Facility Loans	  	72
	SECTION   2.11.	  	Prepayment of Loans	  	74
	SECTION   2.12.	  	Fees	  	75
	SECTION   2.13.	  	Interest	  	77
	SECTION   2.14.	  	Alternate Rate of Interest	  	78
	SECTION   2.15.	  	Increased Costs	  	78
	SECTION   2.16.	  	Break Funding Payments	  	79
	SECTION   2.17.	  	Taxes	  	80
	SECTION   2.18.	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	82
	SECTION   2.19.	  	Mitigation Obligations; Replacement of Lenders	  	84
	SECTION   2.20.	  	Incremental Commitments	  	85
	SECTION   2.21.	  	Credit-Linked Deposit Account	  	87
	SECTION   2.22.	  	Currency Equivalents	  	88
	
	ARTICLE III
	
	Representations and Warranties
			
	SECTION   3.01.	  	Organization; Powers	  	88

					
	SECTION   3.02.	  	Authorization	  	88
	SECTION   3.03.	  	Enforceability	  	89
	SECTION   3.04.	  	Governmental Approvals	  	89
	SECTION   3.05.	  	Financial Statements	  	89
	SECTION   3.06.	  	No Material Adverse Effect	  	90
	SECTION   3.07.	  	Title to Properties; Possession Under Leases	  	90
	SECTION   3.08.	  	Subsidiaries	  	90
	SECTION   3.09.	  	Litigation; Compliance with Laws	  	91
	SECTION   3.10.	  	Federal Reserve Regulations	  	91
	SECTION   3.11.	  	Investment Company Act	  	91
	SECTION   3.12.	  	Use of Proceeds	  	91
	SECTION   3.13.	  	Tax Returns	  	92
	SECTION   3.14.	  	No Material Misstatements	  	92
	SECTION   3.15.	  	Employee Benefit Plans	  	93
	SECTION   3.16.	  	Environmental Matters	  	94
	SECTION   3.17.	  	Security Documents	  	94
	SECTION   3.18.	  	Solvency	  	95
	SECTION   3.19.	  	Labor Matters	  	96
	SECTION   3.20.	  	Intellectual Property; Licenses, Etc.	  	96
	SECTION   3.21.	  	Senior Debt	  	97
	
	ARTICLE IV
	
	Conditions of Lending
			
	SECTION   4.01.	  	All Credit Events	  	97
	SECTION   4.02.	  	Effectiveness of Commitments	  	98
	
	ARTICLE V
	
	Affirmative Covenants
			
	SECTION   5.01.	  	Existence; Businesses and Properties	  	100
	SECTION   5.02.	  	Insurance	  	101
	SECTION   5.03.	  	Taxes	  	102
	SECTION   5.04.	  	Financial Statements, Reports, etc.	  	102
	SECTION   5.05.	  	Litigation and Other Notices	  	104
	SECTION   5.06.	  	Compliance with Laws	  	105
	SECTION   5.07.	  	Maintenance of Records; Access to Properties and Inspections	  	105
	SECTION   5.08.	  	Compliance with Environmental Laws	  	105
	SECTION   5.09.	  	Further Assurances; Additional Security	  	105
	SECTION   5.10.	  	Ratings	  	108
	SECTION   5.11.	  	Compliance with Material Contracts	  	108
	SECTION   5.12.	  	Post-Closing Covenant	  	108

					
	
	ARTICLE VI
	
	Negative Covenants
			
	SECTION   6.01.	  	Indebtedness	  	108
	SECTION   6.02.	  	Liens	  	113
	SECTION   6.03.	  	Sale and Lease-Back Transactions	  	118
	SECTION   6.04.	  	Investments, Loans and Advances	  	118
	SECTION   6.05.	  	Mergers, Consolidations, Sales of Assets and Acquisitions	  	123
	SECTION   6.06.	  	Restricted Payments	  	126
	SECTION   6.07.	  	Transactions with Affiliates	  	129
	SECTION   6.08.	  	Business of the Borrower and the Subsidiaries	  	132
	SECTION   6.09.	  	 Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other
Agreements; etc.
	  	132
	SECTION   6.10.	  	Senior Secured Leverage Ratio	  	135
	SECTION   6.11.	  	No Other “Designated Senior Debt”	  	136
	
	ARTICLE VII
	
	Holdings Covenants
	
	ARTICLE VIII
	
	Events of Default
			
	SECTION   8.01.	  	Events of Default	  	136
	SECTION   8.02.	  	Exclusion of Immaterial Subsidiaries	  	140
	SECTION   8.03.	  	Right to Cure	  	140
	
	ARTICLE IX
	
	The Agents
			
	SECTION   9.01.	  	Appointment	  	140
	SECTION   9.02.	  	Delegation of Duties	  	142
	SECTION   9.03.	  	Exculpatory Provisions	  	142
	SECTION   9.04.	  	Reliance by Administrative Agent	  	143
	SECTION   9.05.	  	Notice of Default	  	144
	SECTION   9.06.	  	Non-Reliance on Agents and Other Lenders	  	144
	SECTION   9.07.	  	Indemnification	  	145
	SECTION   9.08.	  	Agent in Its Individual Capacity	  	145

					
	SECTION   9.09.	  	Successor Administrative Agent	  	146
	SECTION   9.10.	  	Agents and Arrangers	  	146
	
	ARTICLE X
	
	Miscellaneous
			
	SECTION 10.01.	  	Notices; Communications	  	146
	SECTION 10.02.	  	Survival of Agreement	  	147
	SECTION 10.03.	  	Binding Effect	  	148
	SECTION 10.04.	  	Successors and Assigns	  	148
	SECTION 10.05.	  	Expenses; Indemnity	  	153
	SECTION 10.06.	  	Right of Set-off	  	155
	SECTION 10.07.	  	Applicable Law	  	155
	SECTION 10.08.	  	Waivers; Amendment	  	155
	SECTION 10.09.	  	Interest Rate Limitation	  	157
	SECTION 10.10.	  	Entire Agreement	  	158
	SECTION 10.11.	  	WAIVER OF JURY TRIAL	  	158
	SECTION 10.12.	  	Severability	  	158
	SECTION 10.13.	  	Counterparts	  	158
	SECTION 10.14.	  	Headings	  	158
	SECTION 10.15.	  	Jurisdiction; Consent to Service of Process	  	159
	SECTION 10.16.	  	Confidentiality	  	159
	SECTION 10.17.	  	Platform; Borrower Materials	  	160
	SECTION 10.18.	  	Release of Liens and Guarantees	  	161
	SECTION 10.19.	  	Judgment Currency	  	161
	SECTION 10.20.	  	USA PATRIOT Act Notice	  	162
	SECTION 10.21.	  	No Liability of the Issuing Banks	  	162
	SECTION 10.22.	  	Securitization Acknowledgement	  	163

					
	Exhibits and Schedules	  	 
			
	Exhibit A	  	Form of Assignment and Acceptance	  	
	Exhibit B-1	  	Form of Borrowing Request	  	
	Exhibit B-2	  	Form of Swingline Borrowing Request	  	
	Exhibit C	  	Form of Interest Election Request	  	
	Exhibit D	  	Form of Guarantee and Collateral Agreement	  	
			
	Schedule 1.01A	  	Certain Subsidiaries	  	
	Schedule 1.01AA	  	Certain Domestic Subsidiaries	  	
	Schedule 1.01B	  	Mortgaged Properties	  	
	Schedule 1.01C	  	Existing Letters of Credit	  	
	Schedule 1.01D	  	Immaterial Subsidiaries	  	
	Schedule 1.01E	  	Refinanced Indebtedness	  	
	Schedule 1.01F	  	Subsidiary Loan Parties	  	
	Schedule 1.01G	  	Unrestricted Subsidiaries	  	
	Schedule 1.01H	  	Joint Ventures	  	
	Schedule 2.01	  	Commitments	  	
	Schedule 3.01	  	Organization and Good Standing	  	
	Schedule 3.04	  	Governmental Approvals	  	
	Schedule 3.07(b)	  	Intellectual Property	  	
	Schedule 3.08	  	Subsidiaries	  	
	Schedule 3.13	  	Taxes	  	
	Schedule 3.16	  	Environmental Matters	  	
	Schedule 3.20(d)	  	Intellectual Property Licenses and Franchises	  	
	Schedule 4.02(b)	  	Local Counsel	  	
	Schedule 4.02(d)	  	Certain Collateral Matters	  	
	Schedule 5.12	  	Post-Closing Matters	  	
	Schedule 6.01	  	Indebtedness	  	
	Schedule 6.02(a)	  	Liens	  	
	Schedule 6.04	  	Investments	  	
	Schedule 6.07	  	Transactions with Affiliates	  	
	Schedule 10.01	  	Notice Information	  	

 CREDIT AGREEMENT dated as of April 10, 2007 (this “Agreement”), among DOMUS
INTERMEDIATE HOLDINGS CORP., a Delaware corporation (“Holdings”), REALOGY CORPORATION, a Delaware corporation (the “Borrower”), the LENDERS party hereto from time to time, JPMORGAN CHASE BANK, N.A.
(“JPMCB”), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders, CREDIT SUISSE, as syndication agent (in such capacity, the “Syndication Agent”), and BEAR STEARNS
CORPORATE LENDING INC., CITICORP NORTH AMERICA, INC. and BARCLAYS BANK PLC, as co-documentation agents (in such capacities, the “Documentation Agents”). 
 WHEREAS, Apollo Management VI, L.P. and other affiliated co-investment partnerships (collectively, the “Fund”) have indirectly formed Holdings and Domus Acquisition Corp., a Delaware corporation
(“Merger Sub”), for the purpose of entering into that certain Agreement and Plan of Merger by and among Holdings, Merger Sub and Realogy Corporation, a Delaware corporation (“Target”), dated as of December 15,
2006 (as amended or supplemented as of the date hereof, the “Merger Agreement”), pursuant to which (a) Merger Sub will merge (the “Merger”) with and into Target, with Target surviving as a Wholly Owned
Subsidiary of Holdings; and 
 WHEREAS, in connection with the consummation of the Merger, the Borrower has requested the Lenders to extend
credit in the form of (a) Term B Loans on the Closing Date, and delayed draw Term B Loans in an aggregate principal amount not in excess of $3.17 billion, (b) Revolving Facility Loans and Letters of Credit at any time and from time to time
prior to the Revolving Facility Maturity Date, in an aggregate principal amount (or Dollar Amount, in the case of Revolving L/C Exposure) at any time outstanding not in excess of $750.0 million and (c) a synthetic letter of credit facility in
an aggregate Dollar Amount not in excess of $525.0 million; 
 NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrower
on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01.
Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
 “ABR” shall
mean, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Effective Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as announced from time to time by JPMCB as its “prime
rate” at its principal office in New York, New York. Any change in such rate announced by JPMCB shall take effect at the opening of business on the day specified in the announcement of such change. 
 “ABR Borrowing” shall mean a Borrowing comprised of ABR Loans. 
 “ABR Loan” shall mean any ABR Term Loan, ABR Revolving Loan or Swingline Loan. 

 “ABR Revolving Facility Borrowing” shall mean a Borrowing comprised of ABR Revolving
Loans. 
 “ABR Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to
the ABR in accordance with the provisions of Article II. 
 “ABR Term Loan” shall mean any Term Loan bearing interest
at a rate determined by reference to the ABR in accordance with the provisions of Article II. 
 “Accepting Lender”
shall have the meaning assigned to such term in Section 2.11(f). 
 “Additional Mortgage” shall have the meaning
assigned to such term in Section 5.09(c). 
 “Adjusted LIBO Rate” shall mean, with respect to any Eurocurrency
Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any. 
 “Adjustment Date” shall have the meaning assigned to such term in the definition of “Pricing Grid.” 
 “Administrative Agent” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 
 “Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.12(d). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the person specified. 
 “Agents” shall mean
the Administrative Agent, the Collateral Agent, the Syndication Agent and the Documentation Agents. 
 “Agreement” shall
have the meaning assigned to such term in the introductory paragraph of this Agreement. 
 “Agreement Currency” shall have
the meaning assigned to such term in Section 10.19. 
 “AHYDO Payment” shall mean the Mandatory Principal Redemption
Amount applicable to the Senior Toggle Notes, as each such term is defined in the Notes Offering Memorandum. 
  

 2 

 “Alternative Currency” shall mean any currency other than Dollars in which an Issuing
Bank is willing to issue a Letter of Credit. 
 “Apple Ridge Documents” shall mean the Transfer and Servicing Agreement,
dated as of April 25, 2000, among Apple Ridge Services Corporation, Cartus Corporation, Cartus Financial Corporation, Apple Ridge Funding LLC and The Bank of New York; the Receivables Purchase Agreement, dated as of April 25, 2000, between
Cartus Financial Corporation and Apple Ridge Services Corporation; the Purchase Agreement, dated as of April 25, 2000, between Cartus Corporation and Cartus Financial Corporation; the Note Purchase Agreement, dated as of April 10, 2007,
among Apple Ridge Funding LLC, Cartus Corporation, Calyon New York Branch and the other parties thereto; the Master Indenture, April 25, 2000, among Apple Ridge Funding LLC and The Bank of New York; the Indenture Supplement, dated as of
April 10, 2007, among Apple Ridge Funding LLC and The Bank of New York; the Guaranty, dated as of May 12, 2006, by Realogy Corporation in favor of Cartus Financial Corporation and Apple Ridge Funding LLC; the Assignment Agreement, dated as
of April 10, 2007, among Cartus Corporation, Cartus Relocation Corporation, Cartus Financial Corporation, Kenosia Funding, LLC and The Bank of New York; and each other agreement or other document contemplated by or entered into in connection
with and/or in replacement of the foregoing; each as amended, restated, refinanced, modified or supplemented on or prior to the Closing Date. 
 “Applicable Commitment Fee” shall mean for any day 0.50% per annum; provided, that on and after the first Adjustment Date occurring after delivery of the financial statements and certificates required by
Section 5.04 upon the completion of one full fiscal quarter of the Borrower after the Closing Date, the Applicable Commitment Fee will be determined pursuant to the Pricing Grid. 
 “Applicable Insurance Regulatory Authority” shall mean, when used with respect to any Insurance Subsidiary, the insurance department or
similar administrative authority or agency located in (x) the state or other jurisdiction in which such Insurance Subsidiary is domiciled or (y) to the extent asserting regulatory jurisdiction over such Insurance Subsidiary, the insurance
department, authority or agency in each state or other jurisdiction in which such Insurance Subsidiary is licensed, and shall include any Federal insurance regulatory department, authority or agency that may be created in the future and that asserts
regulatory jurisdiction over such Insurance Subsidiary. 
 “Applicable Margin” shall mean for any day (i) with respect
to any Term B Loan, 3.00% per annum in the case of any Eurocurrency Loan and 2.00% per annum in the case of any ABR Loan and (ii) with respect to any Revolving Facility Loan, 2.25% per annum in the case of any Eurocurrency Loan
and 1.25% per annum in the case of any ABR Loan; provided, that on and after the first Adjustment Date occurring after delivery of the financial statements and certificates required by Section 5.04 upon the completion of one full
fiscal quarter of the Borrower after the Closing Date, the Applicable Margin with respect to Revolving Facility Loans will be determined pursuant to the Pricing Grid. 
 “Applicable Period” shall mean an Excess Cash Flow Period or an Excess Cash Flow Interim Period, as the case may be. 
  

 3 

 “Approved Fund” shall have the meaning assigned to such term in Section 10.04(b).

 “Arbitrage Programs” shall mean Indebtedness and Investments relating to operational escrow accounts of NRT or Title
Resources Group. 
 “Arrangers” shall mean J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC, Bear,
Stearns & Co., Inc. and Citigroup Global Markets Inc. in their capacities as joint lead arrangers and joint bookrunners, as applicable. 
 “Asset Sale” shall mean any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of Real Property) to, any person of
any asset or assets of the Borrower or any Subsidiary. 
 “Assignee” shall have the meaning assigned to such term in
Section 10.04(b). 
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and
an Assignee, and accepted by the Administrative Agent and the Borrower (if required by Section 10.04), in the form of Exhibit A or such other form as shall be approved by the Administrative Agent and reasonably satisfactory to the
Borrower. 
 “Availability Period” shall mean the period from and including the Closing Date to but excluding (a) in
the case of the Revolving Facility (including Swingline Loans and Revolving Letters of Credit thereunder), the earlier of the Revolving Facility Maturity Date and the date of termination of the Revolving Facility Commitments, (b) in the case of
the Delayed Draw Term B Loans, the earlier of (x) for $950.0 million of the Delayed Draw Term B Loan Commitments, July 31, 2007 and for the remainder of the Delayed Draw Term B Loan Commitments, October 31, 2007, and (y) the date
of termination of the Delayed Draw Term B Loan Commitments and (c) in the case of Synthetic Letters of Credit, the Synthetic L/C Maturity Date. 
 “Available Unused Commitment” shall mean, with respect to (a) a Revolving Facility Lender at any time, an amount equal to the amount by which (i) the Revolving Facility Commitment of such
Revolving Facility Lender at such time exceeds (ii) the Revolving Facility Credit Exposure of such Revolving Facility Lender at such time and (b) a Delayed Draw Term B Lender at any time, an amount equal to the amount by which the
(i) Delayed Draw Term B Loan Commitment of such Delayed Draw Term B Lender exceeds (ii) the Delayed Draw Term B Loans made by such Delayed Draw Term B Lender. 
 “Benchmark LIBOR Rate” shall have the meaning assigned to such term in Section 2.21(b). 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States of America. 
 “Board of Directors” shall mean, as to any person, the board of directors or other governing body of such person, or if such person is owned or managed by a single entity, the board of directors or other governing body of
such entity. 
  

 4 

 “Borrower” shall have the meaning assigned to such term in the introductory paragraph of
this Agreement. 
 “Borrower Qualified IPO” shall mean an initial public offering of Equity Interests of the Borrower
constituting a Qualified IPO. 
 “Borrowing” shall mean a group of Loans of a single Type under a single Facility and made
on a single date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Minimum” shall mean $5.0 million, except in the case of Swingline Loans, $1.0 million. 
 “Borrowing Multiple”
shall mean $1.0 million, except in the case of Swingline Loans, $500,000. 
 “Borrowing Request” shall mean a request by a
Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit B-1. 
 “Budget” shall have the meaning assigned to such term in Section 5.04(e). 
 “Business Day”
shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided, that when used in connection with a Eurocurrency Loan, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the applicable currency in the London interbank market. 
 “Capital Expenditures” shall mean, for any person in respect of any period, the aggregate of all expenditures incurred by such person during such period that, in accordance with GAAP, are or should be
included in “additions to property, plant or equipment” or similar items reflected in the statement of cash flows of such person, provided, however, that Capital Expenditures for the Borrower and the Subsidiaries shall not
include, without duplication: 
 (a) expenditures to the extent they are made with proceeds of the issuance of Equity
Interests of Holdings or any Parent Entity after the Closing Date or funds that would have constituted any Net Proceeds under clause (a) of the definition of the term “Net Proceeds” (but for the application of the first proviso to
such clause (a)), 
 (b) expenditures with proceeds of insurance settlements, condemnation awards and other settlements
in respect of lost, destroyed, damaged or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets, equipment or other property or otherwise to
acquire, maintain, develop, construct, improve, upgrade or repair assets or properties useful in the business of the Borrower and the Subsidiaries within 15 months of receipt of such proceeds (or, if not made within such period of 15 months, are
committed to be made during such period), 
 (c) interest capitalized during such period, 
  

 5 

 (d) expenditures that are accounted for as capital expenditures of such person and that
actually are paid for by a third party (excluding Holdings, the Borrower or any Subsidiary thereof) and for which neither Holdings, the Borrower nor any Subsidiary has provided or is required to provide or incur, directly or indirectly, any
consideration or obligation to such third party or any other person (whether before, during or after such period), 
 (e) the
book value of any asset owned by such person prior to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such person reusing or beginning to reuse such asset during such
period without a corresponding expenditure actually having been made in such period; provided, that (i) any expenditure necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period
that such expenditure actually is made and (ii) such book value shall have been included in Capital Expenditures when such asset was originally acquired, 
 (f) the purchase price of equipment purchased during such period to the extent the consideration therefor consists of any combination of
(i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of business, 
 (g) Investments in respect of a Permitted Business Acquisition, 
 (h) the Merger, 
 (i) expenses constituting transition expenses attributable to the Borrower becoming an independent operating company in connection with the Cendant Spin-Off, or 
 (j) the purchase of property, plant or equipment made within 18 months of the sale of any asset (other than inventory) to the extent
purchased with the proceeds of such sale (or, if not made within such period of 18 months, to the extent committed to be made during such period and actually made within a one-year period following such 18-month period). 
 “Capital Lease Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or
other similar arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP and, for
purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
 “Cash Interest Expense” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Interest Expense for such period, less the sum of, without duplication,
(a) pay in kind Interest Expense or other noncash Interest Expense (including as a result of the effects of purchase accounting), (b) to the extent included in Interest Expense, the amortization of any debt issuance costs, commissions,
financing fees and other fees (including fees with respect to Swap Agreements) paid by, or on behalf of, Holdings or any 

  

 6 

 
Subsidiary in connection with the incurrence of Indebtedness, including such fees paid in connection with the Transactions or upon entering into a Permitted
Securitization Financing, (c) the amortization of debt discounts included in Interest Expense and (d) cash interest income of the Borrower and the Subsidiaries for such period. 
 “Cash Management Line” shall have the meaning assigned to such term in Section 6.01(w). 
 “Cendant Contingent Assets” shall have the meaning assigned to “Cendant Contingent Asset” in the Separation and Distribution
Agreement and shall also include any tax benefits and attributes allocated or inuring to the Borrower and its subsidiaries under the Tax Sharing Agreement. 
 “Cendant Contingent Liabilities” shall have the meaning assigned to “Assumed Cendant Contingent Liabilities” as defined in the Separation and Distribution Agreement and shall also include
any liabilities that are related or attributable to or arising in connection with the Taxes or Tax Returns as defined the Tax Sharing Agreement. 
 “Cendant Spin-Off” shall mean the distribution of all of the capital stock of the Borrower by Cendant Corporation to its shareholders and the transactions related thereto as described in that certain Information Statement
of Realogy Corporation dated July 13, 2006, as filed with the SEC. 
 A “Change in Control” shall be deemed to occur
if: 
 (a) at any time, (i) prior to a Borrower Qualified IPO, Holdings shall fail to own, directly or indirectly,
beneficially and of record, 100% of the issued and outstanding Equity Interests of the Borrower, (ii) a majority of the seats (other than vacant seats) on the Board of Directors of Holdings (prior to a Borrower Qualified IPO) or the Borrower
(following a Borrower Qualified IPO) shall at any time be occupied by persons who were neither (A) nominated by the Board of Directors of Holdings (prior to a Borrower Qualified IPO) or the Borrower (following a Borrower Qualified IPO) or a
Permitted Holder, (B) appointed by directors so nominated nor (C) appointed by a Permitted Holder or (iii) a “change of control” (or similar event) shall occur under the Senior Unsecured Notes Indenture, the Senior
Subordinated Notes Indenture or any Permitted Refinancing Indebtedness in respect of any of the foregoing; 
 (b) at any time
prior to a Qualified IPO, any combination of Permitted Holders shall fail to own beneficially (within the meaning of Rules 13d-3 and 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity
Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings; or 
 (c) at any time after a Qualified IPO, any person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the
Exchange Act as in effect on the Closing Date), other than any combination of the Permitted Holders or any “group” including any Permitted Holders, shall have acquired beneficial ownership of 35% or more on a fully diluted basis of the
voting interest in Equity Interests of Holdings (prior to a Borrower 

  

 7 

 
Qualified IPO) or the Borrower (following a Borrower Qualified IPO) and the Permitted Holders shall own, directly or indirectly, less than such person or
“group” on a fully diluted basis of the voting interest in Equity Interests of Holdings (prior to a Borrower Qualified IPO) or the Borrower (following a Borrower Qualified IPO). 
 “Change in Law” shall mean (a) the adoption of any law, treaty, rule or regulation after the Closing Date, (b) any change in
law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by such
Lender’s or Issuing Bank’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date. 
 “Charges” shall have the meaning assigned to such term in Section 10.09. 
 “Closing Date” shall mean April 10, 2007. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated and rulings issued thereunder. 
 “Collateral” shall mean all the “Collateral” as defined in any Security Document and shall also include the Mortgaged
Properties and all other property that is subject to any Lien in favor of the Administrative Agent or any Subagent for the benefit of the Lenders pursuant to any Security Documents. 
 “Collateral Agent” shall mean the party acting as collateral agent for the Secured Parties under the Security Documents. On the Closing
Date, the Collateral Agent shall mean the Administrative Agent. Unless the context otherwise requires, the term “Administrative Agent” shall include the Collateral Agent, notwithstanding any express reference to the Collateral Agent
herein. 
 “Collateral Agreement” shall mean the Guarantee and Collateral Agreement, as amended, supplemented or otherwise
modified from time to time, in the form of Exhibit D, among Holdings, the Borrower, each Subsidiary Loan Party and the Collateral Agent. 
 “Collateral and Guarantee Requirement” shall mean the requirement that: 
 (a) on the Closing Date, the Collateral Agent shall have received (i) from Holdings, the Borrower and each Subsidiary Loan Party, a counterpart of the Collateral Agreement duly executed and delivered on behalf of such person and
(ii) an Acknowledgment and Consent in the form attached to the Collateral Agreement, executed and delivered by each issuer of Pledged Collateral, if any, that is a Subsidiary of the Borrower but is not a Loan Party; 
 (b) on the Closing Date, (i) the Collateral Agent shall have received (A) a pledge of all the issued and outstanding Equity
Interests of (x) the Borrower and (y) each Wholly Owned Domestic Subsidiary and Special Purpose Securitization Subsidiary (other than Subsidiaries listed on Schedule 1.01A) owned on the Closing Date directly by or on behalf of
the Borrower or any Subsidiary Loan Party and (B) a pledge of 65% of 

  

 8 

 
the outstanding Equity Interests of each (1) “first tier” Wholly Owned Foreign Subsidiary directly owned by any Loan Party and (2) each
“first tier” Qualified CFC Holding Company directly owned by any Loan Party (in each case, other than Subsidiaries listed on Schedule 1.01A) and (ii) subject to Section 5.12, the Collateral Agent shall have received all
certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 
 (c) (i) all Indebtedness of Holdings (prior to a Borrower Qualified IPO), the Borrower and each Wholly-Owned Domestic Subsidiary having,
in the case of each instance of Indebtedness, an aggregate principal amount in excess of $5.0 million (other than (A) intercompany current liabilities in connection with the cash management operations of Holdings and its Subsidiaries or
(B) to the extent that a pledge of such promissory note or instrument would violate applicable law) that is owing to any Loan Party shall be evidenced by a promissory note or an instrument and shall have been pledged pursuant to the Collateral
Agreement (or other applicable Security Document as reasonably required by the Collateral Agent), and (ii) the Collateral Agent shall have received all such promissory notes or instruments, together with note powers or other instruments of
transfer with respect thereto endorsed in blank; 
 (d) in the case of any person that becomes a Subsidiary Loan Party after
the Closing Date, the Collateral Agent shall have received a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Subsidiary Loan Party; 
 (e) in the case of any person that becomes a “first tier” Wholly-Owned Foreign Subsidiary directly owned by Holdings (prior to a
Borrower Qualified IPO), the Borrower or a Subsidiary Loan Party after the Closing Date, subject to Section 5.09(g), the Collateral Agent shall have received, as promptly as practicable following a request by the Collateral Agent, a Foreign
Pledge Agreement, duly executed and delivered on behalf of the direct parent company of such Wholly-Owned Foreign Subsidiary; 
 (f) after the Closing Date, (i) all the outstanding Equity Interests of (A) any person that becomes a Subsidiary Loan Party after the Closing Date and (B) subject to Section 5.09(g), all the Equity Interests that are
acquired by a Loan Party after the Closing Date (other than (x) the Equity Interests of any Insurance Subsidiary established after the Closing Date or (y) to the extent that a pledge of such Equity Interests would violate applicable law or
regulation), shall have been pledged pursuant to the Collateral Agreement or a Foreign Pledge Agreement; provided, that in no event shall more than 65% of the issued and outstanding Equity Interests of (1) any “first tier”
Foreign Subsidiary or (2) any “first tier” Qualified CFC Holding Company directly owned by such Loan Party be pledged to secure the Obligations, and in no event shall any of the issued and outstanding Equity Interests of any Foreign
Subsidiary that is not a “first tier” Foreign Subsidiary of a Loan Party or any Qualified CFC Holding Company that is not a “first tier” Subsidiary of a Loan Party be pledged to secure Obligations, and (ii) the Collateral
Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 
  

 9 

 (g) except as otherwise contemplated by any Security Document, all documents and
instruments, including Uniform Commercial Code financing statements and other similar statements or forms used in any other relevant jurisdiction, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to
create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required by, the Security Documents, shall have been filed,
registered or recorded or delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document; 
 (h) on the Closing Date, the Collateral Agent shall have received (i) counterparts of each Mortgage to be entered into with respect
to each Mortgaged Property set forth on Schedule 1.01B duly executed and delivered by the record owner of such Mortgaged Property and suitable for recording or filing and (ii) such other documents including, but not limited to, any
consents, agreements and confirmations of third parties, as the Collateral Agent may reasonably request with respect to any such Mortgage or Mortgaged Property; 
 (i) on the Closing Date the Collateral Agent shall have received a policy or policies or marked-up unconditional binder of title
insurance, as applicable, paid for by the Borrower, issued by a nationally recognized title insurance company insuring the Lien of each Mortgage to be entered into on the Closing Date as a valid first Lien on the Mortgaged Property described
therein, free of any other Liens except Permitted Liens, together with such customary endorsements, coinsurance and reinsurance as the Collateral Agent may reasonably request; 
 (j) evidence of the insurance required by the terms of this Agreement and the Mortgages; 
 (k) except as otherwise contemplated by any Security Document, each Loan Party shall have obtained all consents and approvals required to
be obtained by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party and the granting by it of the Liens thereunder and (ii) the performance of its obligations
thereunder; and 
 (l) after the Closing Date, the Collateral Agent shall have received (i) such other Security Documents
as may be required to be delivered pursuant to Section 5.09, and (ii) upon reasonable request by the Collateral Agent, evidence of compliance with any other requirements of Section 5.09. 
 “Commitment Fee” shall have the meaning assigned to such term in Section 2.12(a). 
  

 10 

 “Commitments” shall mean with respect to any Lender, such Lender’s
(a) Revolving Facility Commitment (including any Incremental Revolving Facility Commitment), (b) Term Loan Commitment (including any Initial Term B Loan Commitment, Delayed Draw Term B Loan Commitment and Incremental Term Loan Commitment),
(c) Synthetic L/C Commitment and (d) with respect to any Swingline Lender, its Swingline Commitment. 
 “Conduit
Lender” shall mean any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided,
that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating
Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender; provided, further, that no Conduit
Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.15, 2.16, 2.17 or 10.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or
(b) be deemed to have any Commitment. 
 “Consolidated Debt” at any date shall mean the sum of (without duplication)
all Indebtedness (excluding (i) any letters of credit or bank guarantees, to the extent undrawn and (ii) Indebtedness in respect of Permitted Securitization Financings) consisting of Indebtedness for borrowed money (including any L/C
Disbursements), Capital Lease Obligations and Disqualified Stock, and Indebtedness incurred in connection with notes and earn-out obligations (to the extent shown as a liability on a consolidated balance sheet of the Borrower and the Subsidiaries)
payable to sellers in joint ventures and Permitted Business Acquisitions, in each case, of the Borrower and the Subsidiaries and determined on a consolidated basis on such date. 
 “Consolidated Net Income” shall mean, with respect to any person for any period, the aggregate of the Net Income of such person and its
subsidiaries for such period, on a consolidated basis; provided, however, that, without duplication, 
 (i) any
net after tax extraordinary, nonrecurring or unusual gains or losses or income or expense or charge (less all fees and expenses relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, any expenses
related to any reconstruction, recommissioning or reconfiguration of fixed assets for alternative uses, fees, expenses or charges relating to new product lines, plant, store and office closure, consolidation, downsizing and/or shutdown costs
(including future lease commitments and contract termination costs with respect thereto), curtailments or modifications to pension and post-retirement employee benefit plans, acquisition integration costs, and expenses or charges related to any
offering of Equity Interests or debt securities of Holdings or any Parent Entity, any Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not
successful), and any fees, expenses, charges or change in control payments related to the Transactions (including any transition-related expenses incurred before, on or after the Closing Date), in each case, shall be excluded, 
  

 11 

 (ii) any net after-tax income or loss from disposed, abandoned, transferred, closed or
discontinued operations and any net after-tax gain or loss on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 
 (iii) any net after-tax gain or loss (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by the Borrower) shall be excluded, 
 (iv) any net after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness, Swap Agreements or other derivative instruments shall be excluded, 
 (v) (A) except with respect to joint ventures related to Title Resources Group and the mortgage origination business (whether conducted
through PHH Home Loans, LLC or other joint ventures of the Borrower or the Subsidiaries), the Net Income for such period of any person that is not a subsidiary of such person, or is an Unrestricted Subsidiary, or that is accounted for by the equity
method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period and
(B) the Net Income for such period shall include any ordinary course dividend, distribution or other payment in cash received from any person in excess of the amounts included in clause (A), 
 (vi) Consolidated Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period, 
 (vii) effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such
person and its Subsidiaries) in component amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to the Transactions or any consummated acquisition or the amortization or write-off of any amounts
thereof, net of taxes, shall be excluded, 
 (viii) any impairment charges or asset write-offs, in each case pursuant to GAAP,
and the amortization of intangibles arising pursuant to GAAP, shall be excluded, 
 (ix) any non-cash costs or expenses
realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, long-term incentive plans or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or
other rights shall be excluded, 
 (x) accruals and reserves that are established or adjusted within twelve months after the
Closing Date in each case related to or as a result of the Transactions and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded, 

 

 12 

 (xi) non-cash gains, losses, income and expenses resulting from fair value accounting
required by Statement of Financial Accounting Standards No. 133 and related interpretations shall be excluded, 
 (xii)
any currency translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from Swap Agreements for currency exchange risk, shall be excluded, 
 (xiii) (i) the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of
“straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included, 
 (xiv) non-cash charges for deferred tax asset valuation allowances shall be excluded, 
 (xv) any expenses or income
(including increases or reversals of reserves) relating to the Cendant Contingent Assets or Cendant Contingent Liabilities shall be excluded; provided that any economic benefits accruing to the Borrower and its Subsidiaries pursuant to assets
arising from payments to be received under Article III of the Tax Receivable Agreement dated as of February 22, 2005 by and among Cendant Corporation, Cendant Mobility Services Corporation and Wright Express Corporation shall be included, and

 (xvi) fees, expenses and charges incurred in connection with the Cendant Spin-Off shall be excluded. 
 “Consolidated Total Assets” shall mean, as of any date, the total assets of the Borrower and the consolidated Subsidiaries, determined
in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of such date. 
 “Control” shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling”
and “Controlled” shall have meanings correlative thereto. 
 “Credit Event” shall have the meaning assigned
to such term in Article IV. 
 “Credit-Linked Deposit” shall mean, as to each Synthetic L/C Lender, the cash deposit
made by such Lender pursuant to Section 2.05, as such deposit may be (a) reduced from time to time pursuant to Section 2.05(e)(iii) or Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 10.04 and (c) increased from time to time pursuant to Section 2.05(e) and Section 2.21. The amount of each Synthetic L/C Lender’s Credit-Linked Deposit on the Closing Date is set forth in
Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Synthetic L/C Lender shall have acquired its Credit-Linked Deposit, as applicable. The initial Dollar Amount of Credit-Linked Deposits is $525.0 million.

  

 13 

 “Credit-Linked Deposit Account” shall mean the account established by the Administrative
Agent under its sole and exclusive control maintained at the office of JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, NY 10017, designated as the “Credit-Linked Deposit Account” that shall be used solely to hold the Credit-Linked
Deposits. 
 “Cumulative Credit” shall mean, at any date, an amount, not less than zero in the aggregate, determined on a
cumulative basis equal to, without duplication: 
 (a) $175.0 million, plus 
 (b) the Cumulative Retained Excess Cash Flow Amount at such time, plus 
 (c) the aggregate amount of proceeds received after the Closing Date and prior to such time that would have constituted Net Proceeds pursuant to clause
(a) of the definition thereof except for the operation of clause (x), (y) or (z) of the second proviso thereof (the “Below Threshold Asset Sale Proceeds”), plus 
 (d) the cumulative amount of proceeds (including cash and the fair market value (as determined in good faith by the Borrower) of property other than
cash) from the sale of Equity Interests of Holdings or any Parent Entity after the Closing Date and on or prior to such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the
Borrower and common Equity Interests of the Borrower issued upon conversion of Indebtedness of the Borrower or any Subsidiary owed to a person other than the Borrower or a Subsidiary not previously applied for a purpose other than use in the
Cumulative Credit; provided, that this clause (d) shall exclude (i) Permitted Cure Securities and the proceeds thereof, (ii) sales of Equity Interests financed as contemplated by Section 6.04(e) and (iii) any amounts
used to finance the payments or distributions in respect of any Junior Financing pursuant to Section 6.09(b)(i)(C), plus 
 (e)
100% of the aggregate amount of contributions to the common capital of the Borrower received in cash (and the fair market value (as determined in good faith by the Borrower) of property other than cash) after the Closing Date (subject to the same
exclusions as are applicable to clause (d) above), plus 
 (f) 100% of the aggregate principal amount of any Indebtedness
(including the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock) of the Borrower or any Subsidiary thereof issued after the Closing Date (other than Indebtedness issued to a Subsidiary), which
has been converted into or exchanged for Equity Interests (other than Disqualified Stock) in the Borrower, Holdings or any Parent Entity, plus 
 (g) without duplication of any amounts included in the calculation of Cumulative Retained Excess Cash Flow Amount pursuant to clause (b) above, 100% of the aggregate amount received by Borrower or any Subsidiary
in cash (and the fair market value (as determined in good faith by the Borrower) of property other than cash received by the Borrower or any Subsidiary) after the Closing Date from: 
 (A) the sale (other than to the Borrower or any Subsidiary) of the Equity Interests of an Unrestricted Subsidiary, or 
  

 14 

 (B) any dividend or other distribution by an Unrestricted Subsidiary, plus 
 (h) in the event any Unrestricted Subsidiary has been redesignated as a Subsidiary or has been merged, consolidated or amalgamated with or into, or
transfers or conveys its assets to, or is liquidated into, the Borrower or any Subsidiary, the fair market value (as determined in good faith by the Borrower) of the Investments of the Borrower or any Subsidiary in such Unrestricted Subsidiary at
the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), plus 
 (i) an
amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower or any Subsidiary in respect of any Investments made pursuant
to Section 6.04(j) (other than any amounts thereof used to increase the amount of Investments permitted to be made pursuant to Section 6.04(j)(i)), minus 
 (j) any amounts thereof used to make Investments pursuant to Section 6.04(b)(y) after the Closing Date prior to such time, minus 
 (k) any amounts thereof used to make Investments pursuant to Section 6.04(j)(ii) after the Closing Date prior to such time, minus 

(l) the cumulative amount of Restricted Payments made pursuant to Section 6.06(e) prior to such time, minus 
 (m) any amounts thereof used to make payments or distributions in respect of Junior Financings pursuant to Section 6.09(b)(i) (other than payments
made with proceeds from the issuance of Equity Interests that were excluded from the calculation of the Cumulative Credit pursuant to clause (d)(iii) above); 
 provided, however, for purposes of Section 6.06(e), the calculation of the Cumulative Credit shall not include any Below Threshold Asset Sale Proceeds except to the extent they are used as contemplated in clauses
(j) and (k) above. 
 “Cumulative Retained Excess Cash Flow Amount” shall mean, at any date, an amount, not less
than zero in the aggregate, determined on a cumulative basis equal to: 
 (a) the aggregate cumulative sum of the Retained Percentage of
Excess Cash Flow for all Excess Cash Flow Periods ending after the Closing Date and prior to such date, plus 
 (b) for the Excess
Cash Flow Interim Period (if any) most recently ended prior to such date but as to which the corresponding Excess Cash Flow Period has not ended, an amount equal to the Retained Percentage of Excess Cash Flow for such Excess Cash Flow Interim
Period. 
 “Cure Amount” shall have the meaning assigned to such term in Section 8.03. 
  

 15 

 “Cure Right” shall have the meaning assigned to such term in Section 8.03.

 “Current Assets” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of
determination, the sum of (a) all assets (other than cash and Permitted Investments or other cash equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and the Subsidiaries as current
assets at such date of determination, other than amounts related to current or deferred Taxes based on income or profits, and (b) in the event that a Permitted Securitization Financing is accounted for off balance sheet, (x) gross accounts
receivable comprising part of the Securitization Assets subject to such Permitted Securitization Financing less (y) collections against the amounts sold pursuant to clause (x). 
 “Current Liabilities” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of
determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and the Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of
any Indebtedness, (b) accruals of Interest Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d) accruals, if any, of transaction costs resulting from
the Transactions, (e) accruals of any costs or expenses related to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension and other post-retirement benefit obligations, and (f) accruals for
add-backs to EBITDA included in clauses (a)(iv) through (a)(vi) of the definition of such term. 
 “Debt Service” shall
mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for such period plus scheduled principal amortization of Consolidated Debt for such period. 
 “Default” shall mean any event or condition which, but for the giving of notice, lapse of time or both would constitute an Event of
Default. 
 “Defaulting Lender” shall mean any Lender with respect to which a Lender Default is in effect. 
 “Delayed Draw Term B Borrowing” shall mean a Borrowing comprised of Delayed Draw Term B Loans. 
 “Delayed Draw Term B Lender” shall mean a Lender with a Delayed Draw Term B Loan Commitment or an outstanding Delayed Draw Term B Loan.

 “Delayed Draw Term B Loan” shall mean a Loan made by a Delayed Draw Term B Lender pursuant to Section 2.01(a)(ii).

 “Delayed Draw Term B Loan Commitment” shall mean, with respect to each Delayed Draw Term B Lender, the commitment of such
Lender to make Delayed Draw Term B Loans to the Borrower as set forth in Section 2.01(a)(ii). The initial amount of each Lender’s Delayed Draw Term B Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Delayed Draw Term B Loan Commitment. The aggregate amount of the Delayed Draw Term B Loan Commitments on the Closing Date is $1,220.0 million. 
  

 16 

 “Delayed Draw Term B Loan Installment Date” shall have the meaning assigned to such term
in Section 2.10(a)(ii). 
 “Delayed Draw Term B Tranche” shall mean the Delayed Draw Term B Loan Commitments and the
Delayed Draw Term B Loans made thereunder. 
 “Delayed Draw Term Loan Funding Event” shall mean the making of Delayed Draw
Term B Loans by the Delayed Draw Term B Lenders. 
 “Designated Non-Cash Consideration” shall mean the fair market value (as
determined in good faith by the Borrower) of non-cash consideration received by the Borrower or one of its Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of a
Responsible Officer, setting forth the basis of such valuation, less the amount of cash or cash equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration. 
 “Disinterested Director” shall mean, with respect to any person and transaction, a member of the Board of Directors of such person who
does not have any material direct or indirect financial interest in or with respect to such transaction. 
 “Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such person that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or
upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination
of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) at the option of
the holders thereof, is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the earlier of
(x) the Term B Facility Maturity Date and (y) the date on which the Loans and all other Obligations that are accrued and payable are repaid in full and the Commitments are terminated; provided, however, that only the portion
of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided
further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not
constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability;
provided further, however, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall
not be deemed to be Disqualified Stock. 
  

 17 

 “Documentation Agents” shall have the meaning assigned to such term in the introductory
paragraph of this Agreement. 
 “Dollars” or “$” shall mean lawful money of the United States of America.

 “Dollar Amount” shall mean, at any time, (a) with respect to any L/C Exposure (or any risk participation therein),
(i) if denominated in Dollars, the amount thereof and (ii) if denominated in an Alternative Currency, the amount thereof converted to Dollars in accordance with Section 2.22, and (b) with respect to the Credit-Linked Deposit, the
principal amount thereof in Dollars then held in the Credit-Linked Deposit Account. 
 “Domestic Subsidiary” shall mean any
Subsidiary that is not a Foreign Subsidiary, a Qualified CFC Holding Company, a Special Purpose Securitization Subsidiary, an Insurance Subsidiary or a subsidiary listed on Schedule 1.01AA. 
 “EBITDA” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, the Consolidated Net
Income of the Borrower and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses (i) through (xii) of this clause (a)
reduced such Consolidated Net Income (and were not excluded therefrom) for the respective period for which EBITDA is being determined): 
 (i) provision for Taxes based on income, profits or capital of the Borrower and the Subsidiaries for such period, including, without limitation, state, franchise and similar taxes and foreign withholding taxes, and
Tax Distributions made by the Borrower during such period, 
 (ii) Interest Expense (and to the extent not included in
Interest Expense, (x) all cash dividend payments (excluding items eliminated in consolidation) on any series of preferred stock of Disqualified Capital Stock and (y) costs of surety bonds in connection with financing activities and
insurance) of the Borrower and the Subsidiaries for such period (net of interest income of the Borrower and its Subsidiaries for such period), 
 (iii) depreciation and amortization expenses of the Borrower and the Subsidiaries for such period including the amortization of intangible assets, deferred financing fees and capitalized software expenditures and
amortization of unrecognized prior service costs, actuarial gains and losses related to pensions and other post-employment benefits, and, for the avoidance of doubt, amortization of expenses attributable to pending real estate brokerage transactions
and property listings of acquired persons or acquired operations, 
 (iv) any expenses or charges (other than depreciation or
amortization expense as described in the preceding clause (iii)) related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be
incurred by this Agreement (including a 

  

 18 

 
refinancing thereof) (whether or not successful), including (w) such fees, expenses or charges related to the offering of the Senior Unsecured Notes,
Senior Subordinated Notes, and the Obligations, (x) any amendment or other modification of the Obligations or other Indebtedness, (y) any “additional interest” with respect to the Senior Unsecured Notes and Senior Subordinated
Notes and (iv) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Permitted Securitization Financing, 
 (v) storefront conversion costs relating to acquired stores by the Borrower or any Subsidiary, 
 (vi) restructuring charges including those relating to NRT and Title Resource Group office consolidation and closure, 
 (vii) other business optimization expenses and other restructuring charges or reserves (which, for the avoidance of doubt, shall include,
without limitation, the effect of store closure, office closure, plant closure, facility consolidations, retention, severance and systems establishment costs); provided, that with respect to each business optimization expense or other
restructuring charge or reserve, the Borrower shall have delivered to the Administrative Agent an officers’ certificate specifying and quantifying such expense, charge or reserve, 
 (viii) any other non-cash charges; provided, that, for purposes of this subclause (viii) of this clause (a), any non-cash
charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made (but excluding, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a
prior period), 
 (ix) the amount of management, consulting, monitoring, transaction and advisory fees and related expenses
paid to the Fund or any Fund Affiliate (or any accruals related to such fees and related expenses) during such period; provided, that such amount shall not exceed in any four quarter period the sum of (i) the greater of $20.0 million and
2.5% of EBITDA for such four quarter period, plus (ii) the amount of deferred fees (to the extent such fees would otherwise have been permitted to be included in clause (i) if paid, but were not included in such clause (i)),
plus (iii) 2.0% of the value of transactions permitted hereunder and entered into by the Borrower or any of the Subsidiaries with respect to which the Fund or any Fund Affiliate provides any of the aforementioned types of services,

 (x) the amount of loss on any sale of Securitization Assets to a Special Purpose Securitization Subsidiary in connection
with any Permitted Securitization Financing that is not shown as a liability on a consolidated balance sheet prepared in accordance with GAAP, 
 (xi) any costs or expenses incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the
extent that such costs or expenses are 

  

 19 

 
funded with cash proceeds contributed to the capital of the Borrower or a Subsidiary Loan Party solely to the extent that such net cash proceeds are excluded
from the calculation of the Cumulative Credit, and 
 (xii) non-operating expenses, and 
 minus (b) the sum of (without duplication and to the extent the amounts described in this clause (b) increased such Consolidated Net Income for the
respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of the Borrower and the Subsidiaries for such period (but excluding any such items (A) in respect of which cash was received in a prior
period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period). 
 For purposes of determining EBITDA under this Agreement, EBITDA for the fiscal quarter ended March 31, 2006 shall be deemed to be $134.0 million,
EBITDA for the fiscal quarter ended June 30, 2006 shall be deemed to be $333.0 million, EBITDA for the fiscal quarter ended September 30, 2006 shall be deemed to be $296.0 million, and EBITDA for the fiscal quarter ended December 31,
2006 shall be deemed to be $162.0 million. 
 “Environment” shall mean ambient and indoor air, surface water and groundwater
(including potable water, navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, or as otherwise defined in any Environmental Law. 
 “Environmental Laws” shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders, decrees,
treaties, directives, judgments, or legally binding agreements promulgated or entered into by or with any Governmental Authority, relating in any way to the Environment, preservation or reclamation of natural resources, the generation, management,
Release or threatened Release of, or exposure to, any Hazardous Material or to health and safety matters (to the extent relating to the Environment or Hazardous Materials). 
 “Equity Financing” shall mean, in connection with the consummation of the Merger, the purchase or contribution by the Permitted Holders,
directly or indirectly, of cash equity to or of a Parent Entity in an aggregate amount equal to not less than $1,900.0 million on the Closing Date, which amount shall be used to (a) finance a portion of the Transactions on the Closing Date,
(b) pay Transaction Expenses and (c) make a contribution to Holdings and then to the Borrower as cash equity. 
 “Equity
Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants, options, participations or other equivalents of or interests in (however designated) equity or ownership of such person,
including any preferred stock, any limited or general partnership interest and any limited liability company membership interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time and any final
regulations promulgated thereunder. 
  

 20 

 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with Holdings, the Borrower or a Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code. 
 “ERISA Event” shall mean (a) any Reportable Event or the requirements
of Section 4043(b) of ERISA apply with respect to a Single Employer Plan; (b) the existence with respect to any Single Employer Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA) and, on and after the effectiveness of the Pension Act, any failure by any Single Employer Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA)
applicable to such plan, whether or not waived; (c) the filing pursuant to Section 412 of the Code or Section 303 of ERISA of an application for a waiver of the minimum funding standard with respect to any Single Employer Plan, the
failure to make by its due date a required installment under Section 412(m) of the Code with respect to any Single Employer Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by Holdings, the
Borrower, a Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Single Employer Plan or Multiemployer Plan; (e) on and after the effectiveness of the Pension Act, a determination
that any Single Employer Plan is, or is expected to be, in “at-risk” status (within the meaning of Section 430(i)(4)(A) of the Code or Section 303(i)(4)(a) or ERISA), (f) the receipt by Holdings, the Borrower, a Subsidiary
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan under Section 4042 of ERISA; (g) the
incurrence by Holdings, the Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Single Employer Plan or Multiemployer Plan; (h) the receipt by Holdings, the Borrower, a
Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Holdings, the Borrower, a Subsidiary or any ERISA Affiliate (x) of any notice, concerning the impending imposition of Withdrawal Liability or
(y) a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA (or, after the effectiveness of the Pension Act, that a Multiemployer Plan is in endangered or
critical status within the meaning of Section 305 of ERISA); (i) the conditions for imposition of a lien under Section 302(f) of ERISA shall have been met with respect to any Single Employer Plan; or (j) the adoption of an
amendment to a Plan requiring the provision of security to such Single Employer Plan pursuant to Section 307 of ERISA. 
 “Eurocurrency Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans. 
 “Eurocurrency
Loan” shall mean any Eurocurrency Term Loan or Eurocurrency Revolving Loan. 
 “Eurocurrency Revolving Facility
Borrowing” shall mean a Borrowing comprised of Eurocurrency Revolving Loans. 
  

 21 

 “Eurocurrency Revolving Loan” shall mean any Revolving Facility Loan bearing interest at
a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II. 
 “Eurocurrency Term
Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II. 
 “Event of Default” shall have the meaning assigned to such term in Section 8.01. 
 “Excess Cash Flow” shall mean, with respect to the Borrower and its Subsidiaries on a consolidated basis for any Applicable Period, EBITDA of the Borrower and its Subsidiaries on a consolidated basis for such Applicable
Period, minus, without duplication, 
 (a) Debt Service for such Applicable Period, 
 (b) the amount of any voluntary prepayment permitted hereunder of term Indebtedness during such Applicable Period (other than any
voluntary prepayment of the Loans, which shall be the subject of Section 2.11(c)), so long as the amount of such prepayment is not already reflected in Debt Service, 
 (c) (i) Capital Expenditures by the Borrower and the Subsidiaries on a consolidated basis during such Applicable Period that are paid in
cash (to the extent permitted under this Agreement) and (ii) the aggregate consideration paid in cash during the Applicable Period in respect of Permitted Business Acquisitions and other Investments permitted hereunder less any amounts
received in respect thereof as a return of capital, 
 (d) Capital Expenditures or Permitted Business Acquisitions that the
Borrower or any Subsidiary shall, during such Applicable Period, become obligated to make in cash but that are not made during such Applicable Period (to the extent permitted under this Agreement); provided, that (i) the Borrower shall
deliver a certificate to the Administrative Agent not later than 90 days after the end of such Applicable Period, signed by a Responsible Officer of the Borrower and certifying that such Capital Expenditures and the delivery of the related equipment
or Permitted Business Acquisitions will be made in cash in the following Applicable Period, and (ii) any amount so deducted shall not be deducted again in a subsequent Applicable Period, 
 (e) Taxes and Tax Distributions paid in cash by the Borrower and its Subsidiaries on a consolidated basis during such Applicable Period or
that will be paid within six months after the close of such Applicable Period; provided, that with respect to any such amounts to be paid after the close of such Applicable Period, (i) any amount so deducted shall not be deducted again
in a subsequent Applicable Period, and (ii) appropriate reserves shall have been established in accordance with GAAP, 
 (f) an amount equal to any increase in Working Capital of the Borrower and its Subsidiaries for the second, third and fourth fiscal quarters of such Applicable Period, plus the good faith estimate of management of any increase in Working
Capital of the Borrower and its Subsidiaries for the first fiscal quarter of the next succeeding 12-month period, 
  

 22 

 (g) cash expenditures made in respect of Swap Agreements during such Applicable Period,
to the extent not reflected in the computation of EBITDA or Interest Expense, 
 (h) permitted Restricted Payments made in
cash by the Borrower during such Applicable Period and permitted Restricted Payments made by any Subsidiary to any person other than Holdings, the Borrower or any of the Subsidiaries during such Applicable Period, in each case in accordance with
Section 6.06 (other than Section 6.06(e)), 
 (i) amounts paid in cash during such Applicable Period on account of
(A) items that were accounted for as noncash reductions of Net Income in determining Consolidated Net Income or as noncash reductions of Consolidated Net Income in determining EBITDA of the Borrower and its Subsidiaries in a prior Applicable
Period and (B) reserves or accruals established in purchase accounting, 
 (j) to the extent not deducted in the
computation of Net Proceeds in respect of any asset disposition or condemnation giving rise thereto, the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document), together with
any interest, premium or penalties required to be paid (and actually paid) in connection therewith, 
 (k) the aggregate
amount of items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added to or not deducted from Consolidated Net Income in calculating EBITDA to the extent such items represented a cash payment (which
had not reduced Excess Cash Flow upon the accrual thereof in a prior Applicable Period), or an accrual for a cash payment, by the Borrower and its Subsidiaries or did not represent cash received by the Borrower and its Subsidiaries, in each case on
a consolidated basis during such Applicable Period, 
 (l) increases in long-term assets funded with cash during such
Applicable Period, and without duplication, increases in underwriting reserves funded in cash or in Permitted Investments during such Applicable Period for title insurance, and 
 (m) cash expenditures with respect to Cendant Contingent Liabilities in excess of cash received in respect of Cendant Contingent Assets
and (i) not otherwise deducted from Consolidated Net Income during such Applicable Period or (ii) reasonably expected by management of the Borrower during the first fiscal quarter of the next Applicable period; provided that, any
amount so deducted shall not be deducted again in a subsequent Applicable Period, 
 plus, without duplication, 
 (n) an amount equal to any decrease in Working Capital of the Borrower and its Subsidiaries for the second, third and fourth fiscal
quarters of such Applicable Period, 

  

 23 

 
plus the good faith estimate of management of any decrease in Working Capital of the Borrower and its Subsidiaries for the first fiscal quarter of the next
succeeding 12-month period, 
 (o) all amounts referred to in clauses (b), (c), (d) and (h) above to the extent
funded with the proceeds of the issuance or the incurrence of Indebtedness (including Capital Lease Obligations and purchase money Indebtedness, but excluding, solely as relating to Capital Expenditures, proceeds of Revolving Facility Loans), the
sale or issuance of any Equity Interests (including any capital contributions) and any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of
Real Property) to any person of any asset or assets, in each case to the extent there is a corresponding deduction from Excess Cash Flow above, 
 (p) to the extent any permitted Capital Expenditures or Permitted Business Acquisitions referred to in clause (d) above and the delivery of the related equipment do not occur in the following Applicable
Period of the Borrower specified in the certificate of the Borrower provided pursuant to clause (d) above, the amount of such Capital Expenditures or Permitted Business Acquisitions that were not so made in such following Applicable Period,

 (q) cash payments received in respect of Swap Agreements during such Applicable Period to the extent (i) not included
in the computation of EBITDA or (ii) such payments do not reduce Cash Interest Expense, 
 (r) any extraordinary or
nonrecurring gain realized in cash during such Applicable Period (except to the extent such gain consists of Net Proceeds subject to Section 2.11(b)), 
 (s) to the extent deducted in the computation of EBITDA, cash interest income, and 
 (t) the
amount related to items that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income or were deducted from or not added to Consolidated Net Income in calculating EBITDA to the extent either (i) such
items represented cash received by the Borrower or any Subsidiary or (ii) such items do not represent cash paid by the Borrower or any Subsidiary, in each case on a consolidated basis during such Applicable Period. 
 “Excess Cash Flow Interim Period” shall mean, (x) during any Excess Cash Flow Period, any one-, two-, or three-quarter period
(a) commencing on the end of the immediately preceding Excess Cash Flow Period and (b) ending on the last day of the most recently ended fiscal quarter (other than the last day of the fiscal year) during such Excess Cash Flow Period for
which financial statements are available and (y) during the period from the Closing Date until the beginning of the first Excess Cash Flow Period, any period commencing on the Closing Date and ending on the last day of the most recently ended
fiscal quarter for which financial statements are available. 
  

 24 

 “Excess Cash Flow Period” shall mean any of each fiscal year of the Borrower, commencing
with the fiscal year of the Borrower ending on December 31, 2008; provided that for purposes of determining the Cumulative Retained Excess Cash Flow Amount, the period beginning on January 1, 2007 and ending on December 31,
2007 shall be deemed to be an Excess Cash Flow Period subject to a Required Percentage of 50%. 
 “Excess Credit-Linked
Deposits” shall mean, at any time, the amount by which the total Credit-Linked Deposits of all Synthetic L/C Lenders at such time exceeds the Synthetic L/C Exposure at such time. The Excess Credit-Linked Deposit of any Synthetic L/C Lender
at any time shall mean its Pro Rata Share of the Excess Credit-Linked Deposits at such time. 
 “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended. 
 “Exchange Rate” means on any day with respect to any currency other than
Dollars, the rate at which such currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m. (London time) on such day on the Reuters World Currency Page for such currency; in the event that such rate does not appear on any
Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such
agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or
about 10:00 a.m. (New York City time) on such date for the purchase of Dollars for delivery two Business Days later. 
 “Excluded Indebtedness” shall mean all Indebtedness permitted to be incurred under Section 6.01. 
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder,
(a) income taxes imposed on (or measured by) its net income (or franchise taxes imposed in lieu of net income taxes) by the United States, any state or locality thereof, or the District of Columbia (including any political subdivision thereof)
or the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or any other jurisdiction as a result of such
recipient engaging (or having engaged) in a trade or business in such jurisdiction for tax purposes, (b) any branch profits tax or any similar tax that is imposed by any jurisdiction described in clause (a) above, and (c) any
withholding tax (including any backup withholding tax) imposed by the United States (or the jurisdiction under the laws of which such Lender is organized or in which its principal office is located or in which its applicable lending office is
located or any other jurisdiction as a result of such Lender engaging (or having engaged) in a trade or business in such jurisdiction for tax purposes) that (x) is in effect and would apply to amounts payable hereunder to such Lender at the
time such Lender becomes a party to such Loan to the Borrower (or designates a new lending office) except to the extent that such Lender’s assignor (if any) was entitled at the time of assignment, to receive additional amounts from the Borrower
with respect to such withholding tax pursuant to Section 2.17(a) or (y) is attributable to such Lender’s failure to comply with Section 2.17(e) with respect to such Loan. 
  

 25 

 “Existing Joint Ventures” shall mean the persons set forth on Schedule 1.01H.

 “Existing Letters of Credit” shall mean those Letters of Credit issued and outstanding as of the date hereof and set
forth on Schedule 1.01C. 
 “Existing Securitization Documents” shall mean the Apple Ridge Documents, the Kenosia
Documents and the UK Securitization Documents. 
 “Existing Securitization Financings” shall mean the financing programs
pursuant to the Apple Ridge Documents, the Kenosia Documents and the UK Securitization Documents, each as amended, restated, refinanced, modified or supplemented prior to the Closing Date. 
 “Existing Senior Notes” shall mean the collective reference to the Target’s (a) Floating Rate Senior Notes due 2009,
(b) 6.150% Senior Notes due 2011 and (c) 6.500% Senior Notes due 2016, in each case, issued pursuant to the Existing Senior Notes Indenture. 
 “Existing Senior Notes Indenture” shall mean the Indenture dated as of October 20, 2006 under which the Existing Senior Notes were issued, among the Target and the trustee named therein from time
to time, as in effect on the Closing Date and as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 
 “Existing Senior Notes Refinancing/Change of Control Payments” shall mean the refinancing (substantially with the proceeds of Delayed
Draw Term B Loans) of the Existing Senior Notes, whether by tender offer, change of control offer, discharge, defeasance or other legal means. 
 “Facility” shall mean any of (a) any Term Facility, (b) the Revolving Facility and (c) the Synthetic L/C Facility, as the context may require. 
 “Federal Funds Effective Rate” shall mean, for any day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that (a) if
such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to JPMCB on such day on such transactions as
determined by the Administrative Agent. 
 “Fee Letter” shall mean that certain Amended and Restated Fee Letter dated
January 17, 2007 by and among Holdings, JPMorgan Chase Bank, N.A., J.P. Morgan Securities Inc., Credit Suisse, Cayman Islands Branch, Credit Suisse Securities (USA) LLC, Bear Stearns Corporate Lending Inc., Bear, Stearns & Co. Inc.,
Citicorp North America, Inc., and Citigroup Global Markets, Inc. 
  

 26 

 “Fees” shall mean the Commitment Fees, the L/C Participation Fees, amounts payable by
the Borrower to the Synthetic L/C Lenders pursuant to Section 2.12(c) or Section 2.21(b), the Issuing Bank Fees and the Administrative Agent Fees. 
 “Financial Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such person. 
 “Financial Performance Covenant” shall mean the covenant of the Borrower set forth in Section 6.10. 
 “Flow Through Entity” shall mean an entity that is treated as a partnership not taxable as a corporation, a grantor trust or a
disregarded entity for U.S. federal income tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax law. 
 “Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction other than the United States of America, any State thereof or the District of Columbia. 
 “Foreign Pledge Agreement” shall mean a pledge agreement with respect to the Pledged Collateral that constitutes Equity Interests of a
“first tier” Foreign Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent; provided, that in no event shall more than 65% of the issued and outstanding Equity Interests of such Foreign Subsidiary be
pledged to secure the Obligations. 
 “Foreign Subsidiary” shall mean any Subsidiary that is incorporated or organized under
the laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia. 
 “Fund” shall have the meaning assigned to such term in the recitals hereto. 
 “Fund Affiliate”
shall mean (i) each Affiliate of the Fund and (ii) any individual who is a partner or employee of Apollo Management, L.P. or the Fund. 
 “Fund Termination Fee” shall have the meaning specified in Section 6.07(b)(xiv). 
 “GAAP”
shall mean generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in
Sections 3.13(b), 3.19, 5.03, 5.07 and 6.02(e) to a Foreign Subsidiary (and not as a consolidated Subsidiary of the Borrower) shall mean generally accepted accounting principles in effect from time to time in the jurisdiction of organization of such
Foreign Subsidiary. 
  

 27 

 “Governmental Authority” shall mean any federal, state, provincial, territorial,
municipal, local or foreign court or governmental agency, authority, instrumentality or regulatory or legislative body. 
 “Guarantee” of or by any person (the “Guarantor”) shall mean (a) any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or
other obligation of any other person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the Guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay or otherwise) or to purchase
(or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or
other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, (iv) entered into for the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or
(v) as an account party in respect of any letter of credit, bank guarantee or other letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the Guarantor securing any Indebtedness (or
any existing right, contingent or otherwise, of the holder of Indebtedness to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the Guarantor; provided, however, that
(i) the term “Guarantee” shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in
connection with any acquisition or disposition of assets permitted by this Agreement (other than such obligations with respect to Indebtedness) and (ii) for purposes of its use in the definition of the term “Indebtedness”, the term
“Guarantee” shall not include any legal or contractual obligation incurred by the Borrower or any Subsidiary in the ordinary course of business to pay the principal of or interest on any Indebtedness owing by a relocating employee of a
customer in the relocation services business of the Borrower or any Subsidiary secured by a mortgage on the home and related assets of such employee. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the Indebtedness in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such
person in good faith. 
 “Guarantor” shall have the meaning assigned to such term in the definition of the term
“Guarantee.” 
 “Hazardous Materials” shall mean all pollutants, contaminants, wastes, chemicals, materials,
substances and constituents, including, without limitation, explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls or radon gas, of any nature which can give
rise to liability under any Environmental Law. 
  

 28 

 “Holdings” shall have the meaning assigned to such term in the introductory paragraph of
this Agreement. 
 “Immaterial Subsidiary” shall mean any Subsidiary that (a) did not, as of the last day of the fiscal
quarter of the Borrower most recently ended, have assets with a value in excess of 5.0% of the Consolidated Total Assets or revenues representing in excess of 5.0% of total revenues of the Borrower and the Subsidiaries on a consolidated basis as of
such date, and (b) taken together with all Immaterial Subsidiaries as of the last day of the fiscal quarter of the Borrower most recently ended, did not have assets with a value in excess of 10% of Consolidated Total Assets or revenues
representing in excess of 10% of total revenues of the Borrower and the Subsidiaries on a consolidated basis as of such date. Each Immaterial Subsidiary as of the Closing Date shall be set forth in Schedule 1.01D. 
 “Increased Amount Date” shall have the meaning assigned to such term in Section 2.20(a). 
 “Incremental Amount” shall mean, at any time, the excess, if any, of (a) $650 million over (b) the aggregate amount of
all Incremental Term Loan Commitments and Incremental Revolving Facility Commitments established prior to such time pursuant to Section 2.20. 
 “Incremental Limit” shall have the meaning assigned to such term in Section 2.20(a). 
 “Incremental
Assumption Agreement” shall mean an Incremental Assumption Agreement in form and substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Term Lenders and/or
Incremental Revolving Facility Lenders. 
 “Incremental Revolving Facility Commitment” shall mean any increased or
incremental Revolving Facility Commitment provided pursuant to Section 2.20. 
 “Incremental Revolving Facility Lender”
shall mean a Lender with a Revolving Facility Commitment or an outstanding Revolving Facility Loan as a result of an Incremental Revolving Facility Commitment. 
 “Incremental Term Borrowing” shall mean a Borrowing comprised of Incremental Term Loans. 
 “Incremental Term Facility Maturity Date” shall mean, with respect to any series or tranche of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the maturity date as set forth in such
Incremental Assumption Agreement. 
 “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment
or an outstanding Incremental Term Loan. 
 “Incremental Term Loan Commitment” shall mean the commitment of any Lender,
established pursuant to Section 2.20, to make Incremental Term Loans to the Borrower. 
  

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 “Incremental Term Loan Installment Date” shall have, with respect to any series or
tranche of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the meaning assigned to such term in Section 2.10(a)(iii). 
 “Incremental Term Loans” shall mean Term Loans made by one or more Lenders to the Borrower pursuant to Section 2.01(d). Incremental Term Loans may be made in the form of additional Term B Loans
or, to the extent permitted by Section 2.20 and provided for in the relevant Incremental Assumption Agreement, Other Term Loans. 
 “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such person issued or assumed as the deferred purchase price of property or services (other than such obligations accrued in the ordinary course), to the extent the same would be required to be shown as a long-term
liability on a balance sheet prepared in accordance with GAAP, (d) all Capital Lease Obligations of such person, (e) all net payments that such person would have to make in the event of an early termination, on the date Indebtedness of
such person is being determined, in respect of outstanding Swap Agreements, (f) the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit and bank guarantees,
(g) the principal component of all obligations of such person in respect of bankers’ acceptances, (h) all Guarantees by such person of Indebtedness described in clauses (a) to (g) above) and (i) the amount of all
obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock); provided, that
Indebtedness shall not include (A) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase
price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy unperformed obligations of the seller of such asset, (D) earn-out obligations until such obligations become a
liability on the balance sheet of such person in accordance with GAAP, (E) the excess, if any, of the amount of the obligations under or in respect of a Permitted Securitization Financing over the aggregate receivables balances securing or
otherwise supporting such obligations but only to the extent that the Borrower or any Subsidiary of the Borrower other than a Special Purpose Securitization Subsidiary is not directly or indirectly liable for such excess, or (F) Cendant
Contingent Liabilities. The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly
limits the liability of such person in respect thereof. 
 “Indemnified Taxes” shall mean all Taxes other than Excluded
Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 10.05(b). 
 “Ineligible Institution” shall mean the persons identified in writing to the Administrative Agent by the Borrower on the Closing Date,
and as may be identified in writing to the Administrative Agent by the Borrower from time to time thereafter, with the written consent of the Administrative Agent, by delivery of a notice thereof to the Administrative Agent setting forth such person
or persons (or the person or persons previously identified to the Administrative Agent that are to be no longer considered “Ineligible Institutions”). 
  

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 “Information” shall have the meaning assigned to such term in Section 3.14(a).

 “Information Memorandum” shall mean the Confidential Information Memorandum dated March 1, 2007, as modified or
supplemented prior to the Closing Date. 
 “Initial Term B Borrowing” shall mean a Borrowing comprised of Initial Term B
Loans. 
 “Initial Term B Lender” shall mean a Lender with an Initial Term B Commitment or an outstanding Initial Term B
Loan. 
 “Initial Term B Loan” shall mean a Loan made by an Initial Term B Lender pursuant to Section 2.01(a)(i).

 “Initial Term B Loan Commitment” shall mean with respect to each Lender, the commitment of such Lender to make Initial
Term B Loans as set forth in Section 2.01(a). The initial amount of each Lender’s Initial Term B Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to
which such Lender shall have assumed its Initial Term B Loan Commitment. The aggregate amount of the Initial Term B Loan Commitments on the Closing Date is $1,950.0 million. 
 “Initial Term B Loan Installment Date” shall have the meaning assigned to such term in Section 2.10(a)(i). 
 “Initial Term B Tranche” shall mean the Initial Term B Loan Commitments and the Initial Term B Loans made thereunder. 
 “Insurance Business” shall mean one or more aspects of the business of soliciting, administering, selling, issuing or underwriting
insurance or reinsurance. 
 “Insurance Subsidiary” shall mean any Subsidiary that is licensed by any Applicable Insurance
Regulatory Authority to conduct, and conducts, an Insurance Business. 
 “Intellectual Property Rights” shall have the
meaning assigned to such term in Section 3.20. 
 “Interest Election Request” shall mean a request by the Borrower to
convert or continue a Term Borrowing or Revolving Facility Borrowing in accordance with Section 2.07. 
 “Interest
Expense” shall mean, with respect to any person for any period, the sum of (a) gross interest expense of such person and its subsidiaries for such period on a consolidated basis whether paid or accrued, including (i) the
amortization of debt discounts, (ii) the amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense, commissions, discounts and
other fees and charges incurred in respect of letters of credit or bankers’ 

  

 31 

 
acceptance financings and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense, and
(b) capitalized interest of such person; provided that commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Securitization Financing shall only be included to the extent such amounts have not
been deducted from consolidated revenues. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrower and the Subsidiaries with respect to Swap
Agreements, and interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 “Interest Payment Date” shall mean, (a) with respect to any Eurocurrency Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest
Periods of three months’ duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a Borrowing of a different Type, (b) with respect to any ABR Loan (other than a
Swingline Loan), the last Business Day of each March, June, September and December and (c) with respect to any Swingline Loan, the day that such Swingline Loan is required to be repaid pursuant to Section 2.09(a). 
 “Interest Period” shall mean, as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day
of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6
months thereafter (or 9 or 12 months, if at the time of the relevant Borrowing, all relevant Lenders consent to such interest periods), as the Borrower may elect, or the date any Eurocurrency Borrowing is converted to an ABR Borrowing in accordance
with Section 2.07 or repaid or prepaid in accordance with Section 2.09, 2.10 or 2.11; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of
an Interest Period to but excluding the last day of such Interest Period. 
 “Investment” shall have the meaning assigned to
such term in Section 6.04. 
 “Issuing Bank” shall mean JPMCB and each other Issuing Bank designated pursuant to
Section 2.05(k), in each case in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i). An Issuing Bank may, in its discretion, arrange for one or more Letters of
Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.12(b). 
  

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 “JPMCB” shall have the meaning assigned to such term in the introductory paragraph of
this Agreement. 
 “Judgment Currency” shall have the meaning assigned to such term in Section 10.19. 
 “Junior Financing” shall have the meaning assigned to such term in Section 6.09(b). 
 “Kenosia Documents” shall mean the Receivables Purchase Agreement, dated as of March 7, 2002, between Cartus Relocation Corporation
and Kenosia Funding, LLC; the CMGFSC Purchase Agreement, dated as of March 7, 2002, between Cartus Corporation and Cartus Relocation Corporation; the Note Purchase Agreement, dated as of April 10, 2007, among Kenosia Funding, LLC, Cartus
Relocation Corporation, Cartus Corporation, Calyon New York Branch and the other parties thereto; the Fee Receivables Purchase Agreement, dated as of March 7, 2002, between Cartus Corporation and Kenosia Funding, LLC; the Kenosia Funding, LLC
Secured Variable Funding Notes, Series 2002-1 Indenture, dated as of March 7, 2002, between Kenosia Funding, LLC and The Bank of New York, as trustee; the Amended and Restated Performance Guaranty, dated as of April 10, 2007, by Realogy
Corporation in favor of Cartus Relocation Corporation and Kenosia Funding, LLC; the Servicing Agreement, dated as of March 7, 2002, among Kenosia Funding, LLC, Cartus Corporation, Cartus Relocation Corporation and The Bank of New York; and each
other agreement or other document contemplated by or entered into in connection with and/or in replacement of the foregoing; each as amended, restated, refinanced, modified or supplemented on or prior to the Closing Date. 
 “L/C Disbursement” shall mean a payment or disbursement made by an Issuing Bank pursuant to a Revolving Letter of Credit or a Synthetic
Letter of Credit. 
 “L/C Exposure” shall mean, at any time, the sum, without duplication, of the Revolving L/C Exposure and
the Synthetic L/C Exposure at such time. 
 “L/C Participation Fee” shall have the meaning assigned such term in
Section 2.12(b). 
 “Lender” shall mean each financial institution listed on Schedule 2.01 (other than any
such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 10.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 10.04 or Section 2.20.

 “Lender Default” shall mean (i) the refusal (which has not been retracted) of a Lender to make available its portion
of any Borrowing, to acquire participations in a Swingline Loan pursuant to Section 2.04 or to fund its portion of any unreimbursed payment under Section 2.05(e), or (ii) a Lender having notified in writing the Borrower and/or the
Administrative Agent that it does not intend to comply with its obligations under Section 2.04, 2.05 or 2.06. 
  

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 “Letter of Credit” shall mean any letter of credit issued pursuant to Section 2.05.
Each Existing Letter of Credit shall be deemed to constitute a Letter of Credit issued hereunder on the Closing Date for all purposes of the Loan Documents. 
 “LIBO Rate” shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Bloomberg (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of
such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that if such rate is not available at such time for any reason, then the “LIBO
Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of
the Eurocurrency Loan being made, continued or converted by JPMorgan Chase Bank, N.A. and with a term equivalent to such Interest Period would be offered by JPMorgan Chase Bank, N.A.’s London Branch to major banks in the London interbank
Eurocurrency market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or
a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; provided that in no event shall
an operating lease, an option or an agreement to sell by itself be deemed to constitute a Lien. 
 “Loan Documents” shall
mean this Agreement, the Letters of Credit, the Security Documents and any Promissory Note. 
 “Loan Parties” shall mean
Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiary Loan Parties. 
 “Loans” shall mean the Term B
Loans, the Incremental Term Loans (if any), the Revolving Facility Loans and the Swingline Loans. 
 “Local Time” shall mean
New York City time. 
 “Majority Lenders” of any Facility shall mean, at any time, Lenders under such Facility having Loans
and/or L/C Exposure and unused Commitments (or in the case of the Synthetic L/C Facility, Excess Credit-Linked Deposits) representing more than 50% of the sum of all Loans and/or L/C Exposure outstanding under such Facility and unused Commitments
(or in the case of the Synthetic L/C Facility, Excess Credit-Linked Deposits) under such Facility at such time. 
 “Management
Group” shall mean the group consisting of the directors, executive officers and other management personnel of the Borrower, Holdings and their Subsidiaries, as the case may be, on the Closing Date together with (x) any new directors
whose election by such 

  

 34 

 
boards of directors or whose nomination for election by the shareholders of the Borrower or Holdings, as the case may be, was approved by a vote of a
majority of the directors of the Borrower or Holdings, as the case may be, then still in office who were either directors on the Closing Date or whose election or nomination was previously so approved and (y) executive officers and other
management personnel of the Borrower, Holdings and their Subsidiaries, as the case may be, hired at a time when the directors on the Closing Date together with the directors so approved constituted a majority of the directors of the Borrower or
Holdings, as the case may be. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean a material adverse effect on the business, property, operations or condition of the Borrower and
its Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder; provided, however, that solely for purposes
of determining whether the condition in Section 4.01(b) has been satisfied in connection with the Credit Events on the Closing Date, any reference to “Material Adverse Effect” in any of the representations and warranties referred to
in Section 4.01(b) shall mean “Material Adverse Effect” as defined in the Merger Agreement. 
 “Material
Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one or more of Holdings, the Borrower or any Subsidiary in an aggregate principal amount exceeding $100.0 million. Notwithstanding the foregoing, any
Indebtedness under Permitted Securitization Financings shall not be Material Indebtedness. 
 “Material Subsidiary” shall
mean any Subsidiary other than Immaterial Subsidiaries. 
 “Maximum Rate” shall have the meaning assigned to such term in
Section 10.09. 
 “Merger” shall have the meaning assigned to such term in the recitals hereto. 
 “Merger Agreement” shall have the meaning assigned to such term in the recitals hereto. 
 “Merger Documents” shall mean the collective reference to the Merger Agreement, all material exhibits and schedules thereto and all
agreements expressly contemplated thereby. 
 “Merger Sub” shall have the meaning assigned to such term in the recitals
hereto. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
 “Mortgaged Properties” shall mean the Real Properties owned in fee by the Loan Parties that are set forth on Schedule 1.01B
and each additional Real Property encumbered by a Mortgage pursuant to Section 5.09. 
  

 35 

 “Mortgages” shall mean, collectively, the mortgages, trust deeds, deeds of trust, deeds
to secure debt, assignments of leases and rents, and other security documents delivered with respect to Mortgaged Properties, each in form and substance reasonably satisfactory to the Administrative Agent. 
 “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Income” shall mean, with respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before
any reduction in respect of preferred stock dividends. 
 “Net Proceeds” shall mean: 
 (a) 100% of the cash proceeds actually received by the Borrower or any Subsidiary Loan Party (including any cash payments received by way
of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from any Asset
Sale (other than those pursuant to Section 6.05(a), (b), (c), (d) (except as contemplated by Section 6.03(b)(ii)), (e), (f), (h), (i), (j), (l), (m) (to the extent such proceeds are not cash proceeds), (n) or (r)), net of
(i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required
payments of other obligations relating to the applicable asset to the extent such debt or obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents) on such asset, other customary expenses and brokerage,
consultant and other customary fees actually incurred in connection therewith, (ii) Taxes paid or payable as a result thereof or any Tax Distributions resulting therefrom, and (iii) the amount of any reasonable reserve established in
accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (i) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the
Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such
reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Asset Sale occurring on the date of such reduction); provided, that, if no Event of Default exists and the Borrower
shall deliver a certificate of a Responsible Officer of the Borrower to the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrower’s intention to use any portion of such proceeds, to acquire, maintain,
develop, construct, improve, upgrade or repair assets useful in the business of the Borrower and the Subsidiaries or to make investments in Permitted Business Acquisitions, in each case within 18 months of such receipt, such portion of such proceeds
shall not constitute Net Proceeds except to the extent not, within 18 months of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such 18-month period but
within such 18-month period are contractually committed to be used, then 

  

 36 

 
upon the earlier to occur of (A) the termination of such contract and (B) the expiration of a 15-month period following such 18-month period, such
remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso); provided, further, that (x) no proceeds realized in a single transaction or series of related
transactions shall constitute Net Proceeds unless such proceeds shall exceed $10.0 million, (y) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all such proceeds in such fiscal year shall exceed $20.0
million, and (z) at any time during the 18-month or 15-month reinvestment period contemplated by the immediately preceding proviso above, if, on a Pro Forma Basis after giving effect to the Asset Sale and the application of the proceeds
thereof, the Senior Secured Leverage Ratio is less than or equal to 2.50 to 1.00, up to $200 million of such proceeds shall not constitute Net Proceeds; and 
 (b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any Subsidiary Loan Party of any Indebtedness
(other than Excluded Indebtedness), net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale. 
 For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Affiliate of any Borrower shall not
constitute an expense that is deducted from gross proceeds, except for financial advisory fees customary in type and amount paid to Affiliates of the Fund and otherwise not prohibited from being paid hereunder. 
 “Non-Consenting Lender” shall have the meaning assigned to such term in Section 2.19(c). 
 “Notes” shall mean the Senior Unsecured Notes and the Senior Subordinated Notes. 
 “Notes Offering Memorandum” shall mean the Offering Memorandum, dated April 5, 2007, in respect of the Notes. 
 “NRT” shall mean NRT Incorporated, a Delaware corporation, and any successors thereto. 
 “Obligations” shall have the meaning assigned to the term “Loan Obligations” in the Collateral Agreement. 
 “Other Taxes” shall mean any and all present or future stamp or documentary taxes or any other excise, transfer, sales, property,
intangible, mortgage recording, or similar Taxes, charges or levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, the Loan Documents. 
 “Other Term Loans” shall have the meaning assigned to such term in Section 2.20(a). 
  

 37 

 “Parent Entity” shall mean any direct or indirect parent of Holdings. 
 “Participant” shall have the meaning assigned to such term in Section 10.04(d). 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 
 “Pension Act” shall mean the Pension Protection Act of 2006, as amended. 
 “Perfection Certificate” shall mean the Perfection Certificate with respect to Borrower and the other Loan Parties in a form reasonably
satisfactory to the Administrative Agent. 
 “Permitted Business Acquisition” shall mean any acquisition of all or
substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger, consolidation or amalgamation with, a person or division or line of business of a person (or any subsequent investment made in
a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii) all
transactions related thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such acquisition or investment with a fair market value (as determined in good faith by the Borrower) in excess of $50.0 million,
the Borrower and its Subsidiaries shall be in Pro Forma Compliance after giving effect to such acquisition or investment and any related transactions; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except
for Indebtedness permitted by Section 6.01; (v) the Borrower and the Subsidiaries are in compliance with Section 5.09 to the extent required thereby with respect to any person acquired in such acquisition, and (vi) the aggregate
amount of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests in persons that are not Subsidiary Loan Parties or persons that do not become Subsidiary Loan Parties upon
consummation of such acquisition shall not exceed the greater of (x) 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such acquisition or investment for which financial statements have been
delivered pursuant to Section 5.04 and (y) $500.0 million. 
 “Permitted Cure Securities” shall mean any equity
securities of Holdings other than Disqualified Stock upon which all dividends or distributions, if any, shall, prior to 91 days after the Term B Facility Maturity Date, be payable solely in additional shares or such equity security. 
 “Permitted Holder” shall mean each of (i) the Fund and the Fund Affiliates and (ii) the Management Group. 
 “Permitted Investments” shall mean: 
 (a) direct obligations of the United States of America or any member of the European Union or any agency thereof or obligations guaranteed by the United States of America or any member of the European Union or any
agency thereof, in each case with maturities not exceeding two years; 
  

 38 

 (b) bank deposits, checking accounts, time deposit accounts, certificates of deposit and
money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United
States of America having capital, surplus and undivided profits in excess of $250 million and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one
nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act); 
 (c)
repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above; 
 (d) commercial paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of
the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of P-1 (or higher)
according to Moody’s, or A-1 (or higher) according to S&P (or such similar equivalent rating or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act));

 (e) securities with maturities of two years or less from the date of acquisition issued or fully guaranteed by any State,
commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s (or such similar equivalent rating or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the Securities Act)); 
 (f) shares of mutual
funds whose investment guidelines restrict 95% of such funds’ investments to those satisfying the provisions of clauses (a) through (e) above; 
 (g) money market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940,
(ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000.0 million; 
 (h) instruments equivalent to those referred to in clauses (a) through (g) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash
management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction; and 
 (i) U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or, in the case of any Foreign
Subsidiary, such local currencies held by it from time to time in the ordinary course of business. 
 “Permitted Liens”
shall have the meaning assigned to such term in Section 6.02. 
  

 39 

 “Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in exchange for,
or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing
Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so
Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) except with respect to Section 6.01(i), (i) the weighted
average life to maturity of such Permitted Refinancing Indebtedness is not shorter than the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the maturity of such Permitted Refinancing Indebtedness is not earlier
than 91 days after the Term B Facility Maturity Date (or, if earlier, the stated maturity of the Indebtedness being Refinanced), (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations or any Guarantee
thereof, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to the Obligations or such Guarantee, as the case may be, on terms at least as favorable to the Lenders as those contained in the documentation governing the
Indebtedness being Refinanced and (d) no Permitted Refinancing Indebtedness shall have different obligors, or greater guarantees or security, than the Indebtedness being Refinanced; (provided that (i) Indebtedness (other than the Notes)
(A) of any Loan Party may be Refinanced to add or substitute as an obligor another Loan Party that is reasonably satisfactory to the Administrative Agent and (B) of any Subsidiary that is not a Loan Party may be Refinanced to add or
substitute as an obligor another Subsidiary that is not a Loan Party and is reasonably satisfactory to the Administrative Agent and (ii) other guarantees and security may be added to the extent then permitted under Article VI) and (e) if
the Indebtedness being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be secured by such collateral (including in respect of
working capital facilities of Foreign Subsidiaries otherwise permitted under this Agreement only, any collateral pursuant to after acquired property clauses to the extent any such collateral secured the Indebtedness being Refinanced) on terms no
less favorable to the Secured Parties than those contained in the documentation (including any intercreditor agreement) governing the Indebtedness being Refinanced; provided, however, that any Lien on Collateral securing Permitted
Refinancing Indebtedness incurred pursuant to Section 6.01(b) shall be subordinated to the Liens granted under the Loan Documents and an intercreditor agreement reasonably satisfactory to the Administrative Agent shall be entered into providing
that such new Liens will be subordinated to the Liens granted under the Loan Documents on customary terms. 
 “Permitted
Securitization Documents” shall mean all documents and agreements evidencing, relating to or otherwise governing a Permitted Securitization Financing. 
 “Permitted Securitization Financings” shall mean one or more transactions pursuant to which Securitization Assets are sold, conveyed or otherwise transferred to (x) a Special Purpose
Securitization Subsidiary (in the case of the Borrower or a Subsidiary of the Borrower) or (y) any other person (in the case of a transfer by a Special Purpose Securitization Subsidiary), or Liens are granted in Securitization Assets (whether
existing on the Closing Date or arising in the future); provided, that (1) recourse to the Borrower or any Subsidiary (other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be 

  

 40 

 
limited to Standard Securitization Undertakings; (2) no property or assets of the Borrower or any other Subsidiary of the Borrower (other than a Special
Purpose Securitization Subsidiary) shall be subject to such Permitted Securitization Financing other than pursuant to Standard Securitization Undertakings; (3) any material contract, agreement, arrangement or understanding with the Borrower or
any Subsidiary of the Borrower included in the Permitted Securitization Documents with respect to such Permitted Securitization Financing shall be on terms which the Borrower reasonably believes to be not materially less favorable to the Borrower or
such Subsidiary than those that might be obtained at the time from persons that are not Affiliates of the Borrower; and (4) with respect to any Permitted Securitization Financing entered into after the Closing Date, the terms of such Permitted
Securitization Financing (including financing terms, advance rates, covenants, termination events and other provisions) are in the aggregate economically fair and reasonable to the Borrower and the Special Purpose Securitization Subsidiaries
involved in such Permitted Securitization Financing. For the avoidance of doubt, the Existing Securitization Financings as in effect on the Closing Date shall be Permitted Securitization Financings. 
 “person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability
company or government, individual or family trusts, or any agency or political subdivision thereof. 
 “Plan” shall mean any
employee benefit plan, as such term is defined in Section 3(3) of ERISA (other than a Multiemployer Plan) and in respect of which Holdings, the Borrower, any Subsidiary or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform”
shall have the meaning assigned to such term in Section 10.17. 
 “Pledged Collateral” shall have the meaning assigned
to such term in the Collateral Agreement. 
  

 41 

 “Pricing Grid” shall mean the table set forth below: 
 Pricing Grid for Revolving Loans 
  

										
	 Senior Secured Leverage Ratio
	  	Applicable Margin for
ABR Revolving Loans	 	 	Applicable Margin for
Eurocurrency
Revolving Loans	 	 	Applicable
Commitment Fee	 
	 Greater than 3.0 to 1.0
	  	1.25	% 	 	2.25	% 	 	0.50	% 
	 Less than or equal to 3.0 to 1.0 but greater than or equal to 2.5 to 1.0
	  	1.00	% 	 	2.00	% 	 	0.375	% 
	 Less than 2.5 to 1.0 but greater than or equal to 2.0 to 1.0
	  	0.75	% 	 	1.75	% 	 	0.375	% 
	 Less than 2.0 to 1.0
	  	0.50	% 	 	1.50	% 	 	0.25	% 

 For the purposes of the Pricing Grid, changes in the Applicable Margin and Applicable Commitment Fee resulting
from changes in the Senior Secured Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are delivered to the Lenders pursuant to
Section 5.04, commencing with the delivery of such financial statements for the first full fiscal quarter of the Borrower ending after the Closing Date, and shall remain in effect until the next change to be effected pursuant to this paragraph.
If any financial statements referred to above are not delivered within the time periods specified in Section 5.04, then, at the option of the Administrative Agent or the Required Lenders, until the date that is three Business Days after the
date on which such financial statements are delivered, the pricing level that is one pricing level higher than the pricing level theretofore in effect shall apply as of the first Business Day after the date on which such financial statements were to
have been delivered but were not delivered. Each determination of the Senior Secured Leverage Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 6.10. 
 “primary obligor” shall have the meaning given such term in the definition of the term “Guarantee.” 
 “Pro Forma Basis” shall mean, as to any person, for any events as described below that occur subsequent to the commencement of a period
for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation as will give pro forma effect to such events as if such events occurred on the first day of
the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any determination of EBITDA, effect shall be given to any Asset Sale, any acquisition,
Investment, disposition, merger, 

  

 42 

 
amalgamation, consolidation (including the Transactions) (or any similar transaction or transactions not otherwise permitted under Section 6.04 or 6.05
that require a waiver or consent of the Required Lenders and such waiver or consent has been obtained), any dividend, distribution or other similar payment, any designation of any Subsidiary as an Unrestricted Subsidiary and any Subsidiary
Redesignation, and any restructurings of the business of the Borrower or any of its Subsidiaries that the Borrower or any of its Subsidiaries has made and are expected to have a continuing impact and are factually supportable, which would include
cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings, which adjustments the Borrower determines are reasonable as set forth in a certificate of a Financial Officer of the Borrower
(the foregoing, together with any transactions related thereto or in connection therewith, the “relevant transactions”), in each case that occurred during the Reference Period (or, in the case of determinations made pursuant to the
definition of the term “Permitted Business Acquisition” or pursuant to Sections 2.11(b), 6.01(h), 6.01(r), 6.02(u) or 6.06(e), occurring during the Reference Period or thereafter and through and including the date upon which the respective
Permitted Business Acquisition or incurrence of Indebtedness or Liens or dividend is consummated), (ii) in making any determination on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness issued, incurred or assumed as a result
of, or to finance, any relevant transactions and for which the financial effect is being calculated, whether incurred under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for working capital
purposes and amounts outstanding after any Permitted Securitization Financing, in each case not to finance any acquisition) issued, incurred, assumed or permanently repaid during the Reference Period (or, in the case of determinations made pursuant
to the definition of the term “Permitted Business Acquisition” or pursuant to Sections 2.11(b), 6.01(h), 6.01(r), 6.02(u) or 6.06(e), occurring during the Reference Period or thereafter and through and including the date upon which the
respective Permitted Business Acquisition or incurrence of Indebtedness or Liens or dividend is consummated) shall be deemed to have been issued, incurred, assumed or permanently repaid at the beginning of such period and (y) Interest Expense
of such person attributable to interest on any Indebtedness, for which pro forma effect is being given as provided in preceding clause (x), bearing floating interest rates shall be computed on a pro forma basis as if the rates that would have been
in effect during the period for which pro forma effect is being given had been actually in effect during such periods and (iii) (A) any Subsidiary Redesignation then being designated, effect shall be given to such Subsidiary Redesignation
and all other Subsidiary Redesignations after the first day of the relevant Reference Period and on or prior to the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) any designation of a Subsidiary as
an Unrestricted Subsidiary, effect shall be given to such designation and all other designations of Subsidiaries as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then applicable
designation of a Subsidiary as an Unrestricted Subsidiary, collectively. 
 Pro forma calculations made pursuant to the definition of the term “Pro
Forma Basis” shall be determined in good faith by a Responsible Officer of the Borrower and may include, (i) adjustments to reflect (1) for any fiscal period ending on or prior to the second anniversary of any relevant pro forma
event, operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from such relevant pro forma event (including, to the extent applicable, the Transactions) and (2) for any fiscal
period ending on or prior to the second anniversary of the Closing Date, all adjustments of the type used in 

  

 43 

 
connection with the calculation of “Adjusted EBITDA” as set forth in footnote 7 to the “Summary historical and unaudited pro forma financial
data” under “Summary” in the Notes Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable. The Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer of the
Borrower setting forth such demonstrable or additional operating expense reductions and other operating improvements, synergies or cost savings and information and calculations supporting them in reasonable detail. 
 “Pro Forma Compliance” shall mean, at any date of determination, that the Borrower and its Subsidiaries shall be in compliance, on a Pro
Forma Basis after giving effect on a Pro Forma Basis to the relevant transactions (including the assumption, the issuance, incurrence and permanent repayment of Indebtedness), with the Financial Performance Covenant recomputed as at the last day of
the most recently ended fiscal quarter of the Borrower and its Subsidiaries for which the financial statements and certificates required pursuant to Section 5.04 have been delivered, and the Borrower shall have delivered to the Administrative
Agent a certificate of a Responsible Officer of the Borrower to such effect, together with all relevant financial information. To the extent that any provision of this Agreement requires or tests for Pro Forma Compliance prior to the first test date
under Section 6.10, such provision shall be deemed to refer to the first covenant level set forth therein. 
 “Pro Forma
Financial Statements” shall have the meaning assigned to such term in Section 3.05(a). 
 “Projections” shall
mean the projections of Holdings, the Borrower and the Subsidiaries included in the Information Memorandum and any other projections and any forward-looking statements (including statements with respect to booked business) of such entities furnished
to the Lenders or the Administrative Agent by or on behalf of Holdings, the Borrower or any of the Subsidiaries prior to the Closing Date. 
 “Promissory Note” shall have the meaning assigned to such term in Section 10.04(f). 
 “Pro Rata
Share” shall mean, (a) with respect to any Revolving Facility Lender at any time, the percentage of the total Revolving Facility Commitments represented by such Lender’s Revolving Facility Commitment, (b) with respect to any
Synthetic L/C Lender at any time, the percentage of the total Credit-Linked Deposits represented by such Lender’s Credit-Linked Deposit and (c) with respect to any Initial Term B Lender, Delayed Draw Term B Lender or Incremental Term
Lender at any time, the percentage of the sum of the total Commitments then in effect and Loans outstanding under the relevant Term Facility represented by the sum of such Lender’s total unused Commitment then in effect and Loans outstanding
under such Term Facility. If the Revolving Facility Commitments have terminated or expired, the Revolving Facility Lenders’ Pro Rata Shares shall be determined based upon the Revolving Facility Commitments most recently in effect, giving effect
to any assignments. If the Credit-Linked Deposits have been applied in full to reimburse Synthetic L/C Disbursements, the Synthetic L/C Lenders’ Pro Rata Shares shall be determined based upon the Credit-Linked Deposit most recently in effect,
giving effect to any assignments. 
  

 44 

 “Qualified CFC Holding Company” shall mean a Wholly Owned Subsidiary of the Borrower
that is a Delaware limited liability company that is treated as a disregarded entity for U.S. federal income tax purposes, the primary asset of which consists of Equity Interests in either (i) one or more Foreign Subsidiaries or (ii) a
Delaware limited liability company the primary asset of which consists of Equity Interests in one or more Foreign Subsidiaries. 
 “Qualified Equity Interests” shall mean any Equity Interests other than Disqualified Stock. 
 “Qualified
IPO” shall mean an underwritten public offering of the Equity Interests of the Borrower, Holdings or any direct or indirect parent of Holdings which generates cash proceeds of at least $250.0 million. 
 “Real Property” shall mean, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels
of or interests in real property owned in fee or leased by any Loan Party, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures incidental to the ownership or
lease thereof. 
 “Reference Period” shall have the meaning assigned to such term in the definition of the term “Pro
Forma Basis.” 
 “Refinance” shall have the meaning assigned to such term in the definition of the term “Permitted
Refinancing Indebtedness,” and “Refinanced” shall have a meaning correlative thereto. 
 “Refinanced
Indebtedness” shall mean the Indebtedness described on Schedule 1.01E. 
 “Register” shall have the meaning
assigned to such term in Section 10.04(b)(iv). 
 “Regulation U” shall mean Regulation U of the Board as from time to
time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X
of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Related
Parties” shall mean, with respect to any specified person, such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates. 
 “Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing, depositing, emanating or migrating in, into, onto or through the Environment. 
 “Remaining Present
Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such
lease reasonably determined at the time such lease was entered into. 
  

 45 

 “Reportable Event” shall mean any reportable event as defined in Section 4043(c) of
ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan. 
 “Required Lenders” shall mean, at any time, Lenders having (a) Loans (other than Swingline Loans) outstanding, (b) Revolving
L/C Exposures, (c) Swingline Exposures, (d) Synthetic L/C Exposures, (e) Excess Credit-Linked Deposits and (f) Available Unused Commitments, that taken together, represent more than 50% of the sum of (1) all Loans (other
than Swingline Loans) outstanding, (2) Revolving L/C Exposures, (3) Swingline Exposures, (4) Synthetic L/C Exposures, (5) Excess Credit-Linked Deposits and (6) the total Available Unused Commitments at such time. The Loans,
Revolving L/C Exposures, Swingline Exposures, Synthetic L/C Exposures, Excess Credit-Linked Deposits and Available Unused Commitment of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
 “Required Percentage” shall mean, with respect to an Excess Cash Flow Period (or Excess Cash Flow Interim Period), 50%; provided,
that (a) if the Senior Secured Leverage Ratio at the end of the Applicable Period (or Excess Cash Flow Interim Period) is greater than 2.50:1.00 but less than or equal to 3.25:1.00, such percentage shall be 25%, and (b) if the Senior
Secured Leverage Ratio at the end of the Applicable Period (or Excess Cash Flow Interim Period) is less than or equal to 2.50:1.00, such percentage shall be 0%. 
 “Required Prepayment Date” shall have the meaning assigned to such term in Section 2.11(f). 
 “Responsible Officer” of any person shall mean any executive officer or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person
in respect of this Agreement. 
 “Restricted Payments” shall have the meaning assigned to such term in Section 6.06.

 “Retained Percentage” shall mean, with respect to any Excess Cash Flow Period (or Excess Cash Flow Interim Period),
(a) 100% minus (b) the Required Percentage with respect to such Excess Cash Flow Period (or Excess Cash Flow Interim Period). 
 “Revolving Facility” shall mean the Revolving Facility Commitments (including any Incremental Revolving Facility Commitments) and the extensions of credit made hereunder by the Revolving Facility Lenders. 
 “Revolving Facility Borrowing” shall mean a Borrowing comprised of Revolving Facility Loans. 
 “Revolving Facility Commitment” shall mean, with respect to each Revolving Facility Lender, the commitment of such Revolving Facility
Lender to make Revolving Facility Loans pursuant to Section 2.01, expressed as an amount representing the maximum aggregate 

  

 46 

 
permitted amount of such Revolving Facility Lender’s Revolving Facility Credit Exposure hereunder, as such commitment may be (a) reduced from time
to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 10.04, and (c) increased as provided under Section 2.20. The initial amount of each
Lender’s Revolving Facility Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Revolving Facility Commitment (or
Incremental Revolving Facility Commitment), as applicable. The initial aggregate amount of the Lenders’ Revolving Facility Commitments (prior to giving effect to any Incremental Revolving Facility Commitments) is $750.0 million. 
 “Revolving Facility Credit Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of the Revolving
Facility Loans outstanding at such time, (b) the Swingline Exposure at such time and (c) the Revolving L/C Exposure at such time. The Revolving Facility Credit Exposure of any Revolving Facility Lender at any time shall be the product of
(x) such Revolving Facility Lender’s Pro Rata Share and (y) the aggregate Revolving Facility Credit Exposure of all Revolving Facility Lenders, collectively, at such time. 
 “Revolving Facility Lender” shall mean a Lender (including an Incremental Revolving Facility Lender) with a Revolving Facility
Commitment or with outstanding Revolving Facility Loans. 
 “Revolving Facility Loan” shall mean a Loan made by a Revolving
Facility Lender pursuant to Section 2.01(b). 
 “Revolving Facility Maturity Date” shall mean April 10, 2013.

 “Revolving L/C Disbursement” shall mean any L/C Disbursement pursuant to a Revolving Letter of Credit. 
 “Revolving L/C Exposure” shall mean at any time the sum of (a) the aggregate undrawn Dollar Amount of all Revolving Letters of
Credit outstanding at such time and (b) the aggregate Dollar Amount of all Revolving L/C Disbursements that have not yet been reimbursed at such time. The Revolving L/C Exposure of any Revolving Facility Lender at any time shall mean its Pro
Rata Share of the aggregate Revolving L/C Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation
of Rule 3.14 of the International Standard Practices (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in
effect at such time. 
 “Revolving Letter of Credit” shall mean any Letter of Credit that is not a Synthetic Letter of
Credit. 
  

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 “Revolving Letter of Credit Commitment” shall mean, with respect to each Issuing Bank,
the commitment of such Issuing Bank to issue Letters of Credit pursuant to Section 2.05. 
 “Revolving Letter of Credit
Sublimit” shall mean the aggregate Revolving Letter of Credit Commitments of the Issuing Banks, in a Dollar Amount not to exceed $200.0 million. 
 “S&P” shall mean Standard & Poor’s Ratings Group, Inc. 
 “Sale
and Lease-Back Transaction” shall have the meaning assigned to such term in Section 6.03. 
 “SEC” shall mean
the Securities and Exchange Commission or any successor thereto. 
 “Secured Parties” shall mean the “Secured
Parties” as defined in the Collateral Agreement. 
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “Securitization Assets” shall mean rights to receive payments and funds under relocation contracts and related contracts,
homes held for resale, receivables relating to mortgage payments, equity payments and mortgage payoffs, other related receivables, beneficial interests in such assets and assets relating thereto and other assets which are customarily transferred or
in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables and similar assets, made subject to a Permitted Securitization Financing, in each case related to the
relocation services business. 
 “Security Documents” shall mean the Mortgages, the Collateral Agreement, the Foreign Pledge
Agreements and each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.09. 
 “Senior Secured Leverage Ratio” shall mean, on any date, the ratio of (a) Total Senior Secured Net Debt as of such date to
(b) EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided, that EBITDA shall be determined for the relevant
Test Period on a Pro Forma Basis. 
 “Senior Subordinated Note Documents” shall mean the Senior Subordinated Notes and the
Senior Subordinated Notes Indenture. 
 “Senior Subordinated Notes” shall mean the Borrower’s 12.375% Senior
Subordinated Notes due 2015, issued pursuant to the Senior Subordinated Notes Indenture and any notes issued by the Borrower in exchange for, and as contemplated by, the Senior Subordinated Notes and the related registration rights agreement with
substantially identical terms as the Senior Subordinated Notes. 
  

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 “Senior Subordinated Notes Indenture” shall mean the Indenture dated as of
April 10, 2007 under which the Senior Subordinated Notes were issued, among the Borrower and certain of the Subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Closing Date and as amended, restated,
supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 
 “Senior
Unsecured Note Documents” shall mean the Senior Unsecured Notes and the Senior Unsecured Notes Indenture. 
 “Senior
Unsecured Notes” shall mean the Borrower’s 10.50% Senior Notes due 2014 and the Borrower’s 11.00/11.75% Senior Toggle Notes due 2014, each issued pursuant to the Senior Unsecured Notes Indenture and any notes issued by the
Borrowers in exchange for, and as contemplated by, the Senior Unsecured Notes and the related registration rights agreement with substantially identical terms as the Senior Unsecured Notes. 
 “Senior Unsecured Notes Indenture” shall mean the collective reference the Indentures dated as of April 10, 2007 under which the
Senior Unsecured Notes were issued, each among the Borrower and certain of the Subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Closing Date and as amended, restated, supplemented or otherwise modified
from time to time in accordance with the requirements thereof and of this Agreement. 
 “Separation and Distribution
Agreement” shall mean that certain Separation and Distribution Agreement, dated as of July 27, 2006, by and among Cendant Corporation, Realogy Corporation, Travelport Inc. and Wyndham Worldwide Corporation. 
 “Single Employer Plan” shall mean any Plan that is covered by Section 307 or Title IV of ERISA or Section 412 of the Code, but
that is not a Multiemployer Plan. 
 “Special Purpose Securitization Subsidiary” shall mean any Subsidiary (a) party as
of the Closing Date to any Existing Securitization Document or (b)(1) to which the Borrower or a Subsidiary of the Borrower transfers or otherwise conveys Securitization Assets, (2) which engages in no activities other than in connection with
the receipt, management, transfer and financing of those Securitization Assets and activities incidental or related thereto, (3) none of the obligations of which are guaranteed by the Borrower or any Subsidiary of the Borrower (other than
another Special Purpose Securitization Subsidiary) other than pursuant to Standard Securitization Undertakings, and (4) with respect to which neither the Borrower nor any Subsidiary of the Borrower has any obligation to maintain or preserve
such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 “Specified
Aircraft” shall mean that the Aircraft as defined in that certain Aircraft Purchase Agreement, dated as of July 29, 2005, by and between Bombardier Aerospace Corporation and Cendant Corporation. 
 “Specified Aircraft Sale and Leaseback” shall mean that certain contemplated sale and leaseback transaction in connection with the
Specified Aircraft. 
  

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 “Standard Securitization Undertakings” shall mean representations, warranties (and any
related repurchase obligations), servicer obligations, obligations to transfer Securitization Assets (including provisions similar to those found in the UK Securitization Documents as of the Closing Date) guarantees of performance and payments
(other than payments of the obligations backed by the Securitization Assets or obligations of Special Purpose Securitization Subsidiaries), and covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower of a type that
are customary in securitizations and/or are reasonably similar to those in the Existing Securitization Financings. 
 “Statutory
Reserves” shall mean, with respect to any currency, any reserve, liquid asset or similar requirements established by any Governmental Authority of the United States of America or of the jurisdiction of such currency or any jurisdiction in
which Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to Loans in such
currency are determined, expressed in the case of each such requirement as a decimal. Such reserves shall include those imposed pursuant to Regulation D of the Board. Statutory Reserves shall be adjusted automatically on and as of the effective date
of any change in any reserve, liquid asset, fee or similar requirement . 
 “Subagent” shall have the meaning assigned to
such term in Section 9.02. 
 “Subordinated Intercompany Debt” shall have the meaning assigned to such term in
Section 6.01(e). 
 “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”),
any corporation, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general
partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of
the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” shall mean, with respect to any
person, (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of Equity Interests entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or persons performing similar functions) is at the time of determination owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of such person or a combination thereof, (b) any partnership, joint venture or limited liability company or similar entity of which (i) more than 50% of the capital accounts, distribution
rights, total equity and voting interests or general or limited partnership interests, as applicable, is at the time of determination owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of such person
or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (ii) such person or any Subsidiary of such person is a controlling general partner or otherwise controls such
entity; provided that, except where the context otherwise require, the referred person means the Borrower. Notwithstanding the foregoing (and except for purposes of Sections 

  

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3.09, 3.13, 3.15, 3.16, 5.03, 5.06, 5.08 and 8.01(k), and the definition of Unrestricted Subsidiary contained herein), an Unrestricted Subsidiary shall be
deemed not to be a Subsidiary of the Borrower or any of its Subsidiaries for purposes of this Agreement. 
 “Subsidiary Loan
Party” shall mean (a) each Domestic Subsidiary of the Borrower listed on Schedule 1.01F on the Closing Date and (b) each additional Subsidiary described in Section 5.09(d). 
 “Subsidiary Redesignation” shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in this
Section 1.01. 
 “Swap Agreement” shall mean any agreement with respect to any swap, forward, future, or derivative or
foreign exchange spot transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of
economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former
directors, officers, employees or consultants of Holdings, the Borrower or any of the Subsidiaries shall be a Swap Agreement. 
 “Swingline Borrowing” shall mean a Borrowing comprised of Swingline Loans. 
 “Swingline Borrowing
Request” shall mean a request by a Borrower substantially in the form of Exhibit B-2. 
 “Swingline
Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans pursuant to Section 2.04. The aggregate amount of the Swingline Commitments on the Closing Date is $50.0 million. 
 “Swingline Exposure” shall mean at any time the aggregate principal amount of all outstanding Swingline Borrowings at such time. The
Swingline Exposure of any Revolving Facility Lender at any time shall mean its Pro Rata Share of the aggregate Swingline Exposure at such time. 
 “Swingline Lender” shall mean JPMCB, in its capacity as a lender of Swingline Loans. 
 “Swingline
Loans” shall mean the swingline loans made to the Borrower pursuant to Section 2.04. 
 “Syndication Agent”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 
 “Synthetic L/C Commitment”
shall mean, with respect to each Synthetic L/C Lender, the Dollar Amount that such Lender is required hereby to deposit as its Credit-Linked Deposit, as set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and
Acceptance pursuant to which such Lender assumed its Synthetic L/C Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 10.04 and (c) increased as provided under Section 2.21. 
  

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 “Synthetic L/C Disbursement” shall mean any L/C Disbursement pursuant to a Synthetic
Letter of Credit. 
 “Synthetic L/C Facility” shall mean the Credit-Linked Deposits and the Synthetic Letters of Credit.

 “Synthetic L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all
outstanding Synthetic Letters of Credit at such time and (b) the aggregate Dollar Amount of all Synthetic L/C Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The Synthetic L/C Exposure of any
Synthetic L/C Lender at any time shall be such Lender’s Pro Rata Share of the aggregate Synthetic L/C Exposure of all Lenders at such time. For all purposes of this Agreement, if on any date of determination a Synthetic Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any
Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 “Synthetic L/C Installment Date” shall have the meaning assigned to such term in Section 2.10(e). 
 “Synthetic L/C Lender” shall mean a Lender having a Credit-Linked Deposit or with Synthetic L/C Exposure. 
 “Synthetic Letter of Credit” shall mean, at any time, Letters of Credit in a Dollar Amount equal to the lesser of (a) the aggregate of the Credit-Linked Deposits of all Synthetic L/C Lenders at such time and
(b) the aggregate amount of Letters of Credit issued for the account of the Borrower outstanding at such time. Letters of Credit will from time to time be deemed to be Synthetic Letters of Credit or Revolving Letters of Credit in accordance
with the provisions of Section 2.05(a). 
 “Synthetic L/C Maturity Date” shall mean October 10, 2013. 

“Target” shall have the meaning assigned to such term in the recitals hereto. 
 “Taxes” shall mean any and all present or future taxes, levies, imposts, duties (including stamp duties), deductions, withholdings or
similar charges (including ad valorem charges) imposed by any Governmental Authority and any and all interest and penalties related thereto. 
  

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 “Tax Distributions” shall mean any Restricted Payments described in
Section 6.06(b)(y). 
 “Tax Sharing Agreement” shall mean the Tax Sharing Agreement, dated as of July 28, 2006, by
and among Cendant Corporation, Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc. 
 “Term B Facility”
shall mean (a) the Initial Term B Tranche, (b) the Delayed Draw Term B Tranche and (c) any tranche or series of Incremental Term Commitments under which Term B Loans are made. 
 “Term B Facility Maturity Date” shall mean October 10, 2013. 
 “Term B Loan Commitment” shall mean with respect to each Lender, the Initial Term B Loan Commitment of such Lender, the Delayed Draw
Term B Loan Commitment of such Lender and such Lender’s commitment to make Incremental Term Loans in the form of Term B Loans as set forth in Section 2.01(d). The aggregate amount of the Term B Loan Commitments on the Closing Date is $3.17
billion. 
 “Term B Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section 2.01(a)
and any Incremental Term Loans in the form of Term B Loans made by the Incremental Term Lenders to the Borrower pursuant to Section 2.01(d) 
 “Term B Loan Installment Date” shall mean any Initial Term B Loan Installment Date or any Delayed Draw Term B Loan Installment Date. 
 “Term Borrowing” shall mean any Initial Term B Borrowing, any Delayed Draw Term B Borrowing or any Incremental Term Borrowing. 
 “Term Facility” shall mean each Term B Facility and/or any or all of the Incremental Term Facilities that are not Term B Facilities.

 “Term Loan Commitment” shall mean any Term B Loan Commitment or any Incremental Term Commitment other than a Term B Loan
Commitment. 
 “Term Loan Installment Date” shall mean any Term B Loan Installment Date or any Incremental Term Loan
Installment Date. 
 “Term Loans” shall mean the Term B Loans and/or the Incremental Term Loans that are not Term B Loans.

 “Test Period” shall mean, on any date of determination, the period of four consecutive fiscal quarters of the Borrower
then most recently ended (taken as one accounting period). 
 “Title Resource Group” shall mean Title Resource Group LLC
(formerly known as Cendant Settlement Services Group LLC), a Delaware limited liability company, and any successor thereto. 
  

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 “Total Senior Secured Net Debt” at any date shall mean (i) the aggregate principal
amount of Consolidated Debt of the Borrower and its Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness that in each case is then secured by first priority Liens on property or assets of the Borrower and its
Subsidiaries (other than a Lien on property or assets held in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby), less (ii) without duplication, the Unrestricted Cash and Permitted
Investments of the Borrower and its Subsidiaries on such date. 
 “Tranche” shall mean a category of Commitments and
extensions of credit thereunder. For purposes hereof, each of the following comprises a separate Tranche: (i) the Initial Term B Tranche and (ii) the Delayed Draw Term B Tranche. 
 “Transaction Documents” shall mean the Merger Documents, the Senior Unsecured Note Documents, the Senior Subordinated Note Documents,
and the Loan Documents. 
 “Transaction Expenses” shall mean any fees or expenses incurred or paid by the Fund, Holdings,
the Borrower (or any direct or indirect parent of the Borrower) or any of its Subsidiaries in connection with the Transactions, this Agreement and the other Loan Documents (including expenses in connection with Swap Agreements) and the transactions
contemplated hereby and thereby. 
 “Transactions” shall mean, collectively, the transactions to occur pursuant to the
Transaction Documents, including (a) the consummation of the Merger; (b) the execution and delivery of the Loan Documents, the creation of the Liens pursuant to the Security Documents, and the initial borrowings hereunder; (c) the
Equity Financing; (d) the sale and issuance of the Senior Unsecured Notes; (e) the sale and issuance of the Senior Subordinated Notes; (f) the refinancing (or discharge) of the Refinanced Indebtedness (including the Existing Senior
Notes Refinancing/Change of Control Payments); (g) the restructuring of Existing Securitization Financings; and (h) the payment of all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing.

 “Type” shall mean, when used in respect of any Loan or Borrowing, the Rate by reference to which interest on such Loan or
on the Loans comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the ABR. 
 “UK Securitization Documents” shall mean the Transfer of Receivables Agreement and Trust Deed, dated as of April 10, 2007, among Cartus Limited, Cartus Services Limited, Cartus Funding Limited
and UK Relocation Receivables Funding Limited; the Receivables Servicing Agreement, dated as of April 10, 2007, among UK Relocation Receivables Funding Limited, Cartus Limited and Calyon S.A., London Branch; the Receivables Funding Agreement,
dated as of April 10, 2007, among UK Relocation Receivables Funding Limited and Calyon S.A., London Branch; the Master Schedule of Definitions, Interpretation and Construction, dated as of April 10, 2007, among UK Relocation Receivables
Funding Limited, Calyon S.A., London Branch, Realogy Corporation, Cartus Limited, Cartus Services Limited and Cartus Funding Limited; the Parent Undertaking Agreement, dated as of April 10, 2007, among 

  

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Realogy Corporation, UK Relocation Receivables Funding Limited and Calyon S.A., London Branch; the Security Agreement, dated as of April 10, 2007,
between UK Relocation Receivables Funding Limited and Calyon S.A., London Branch; and each other agreement or other document contemplated by or entered into in connection with and/or in replacement of the foregoing; each as amended, restated,
refinanced, modified or supplemented on or prior to the Closing Date. 
 “Unfunded Pension Liability” shall mean the excess
of a Single Employer Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of such plan’s assets, determined in accordance with the assumptions used for funding the Plan pursuant to Section 412 of
the Code for the applicable plan year. 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform
Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of
Collateral. 
 “Unrestricted Cash” shall mean (a) cash or cash equivalents of the Borrower or any of its Subsidiaries
that would not appear as “restricted” on a consolidated balance sheet of the Borrower or any of its Subsidiaries (including Permitted Investments made in connection with the Arbitrage Programs whether or not so restricted), minus
(b) cash or cash equivalents of any Insurance Subsidiary that is not permitted to be distributed or advanced to the Borrower or any other Subsidiary as a matter of law or regulation. 
 “Unrestricted Subsidiary” shall mean (1) any Subsidiary of the Borrower identified on Schedule 1.01G and (2) any
Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent; provided, that the Borrower shall only be permitted to so designate a new Unrestricted Subsidiary
after the Closing Date and so long as (a) no Default or Event of Default has occurred and is continuing or would result therefrom, (b) immediately after giving effect to such designation (as well as all other such designations theretofore
consummated after the first day of such Reference Period), the Borrower shall be in Pro Forma Compliance, (c) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the Borrower or any of its Subsidiaries) through
Investments as permitted by, and in compliance with, Section 6.04(j), and any prior or concurrent Investments in such Subsidiary by the Borrower or any of its Subsidiaries shall be deemed to have been made under Section 6.04(j),
(d) without duplication of clause (c), any assets owned by such Unrestricted Subsidiary at the time of the initial designation thereof shall be treated as Investments pursuant to Section 6.04(j), and (e) such Subsidiary shall have
been designated an “unrestricted subsidiary” (or otherwise not be subject to the covenants and defaults) under the Senior Unsecured Notes Indenture, the Senior Subordinated Notes Indenture, any other Indebtedness permitted to be incurred
hereunder (to the extent the concept of unrestricted subsidiaries exists in the documents governing such Indebtedness) and all Permitted Refinancing Indebtedness in respect of any of the foregoing and all Disqualified Stock. The Borrower may
designate any Unrestricted Subsidiary to be a Subsidiary for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that (i) such Unrestricted Subsidiary, both before and after giving effect to such
designation, shall be a Wholly Owned Subsidiary of the Borrower, (ii) no Default or Event of Default has occurred and is continuing or would result 

  

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therefrom, (iii) immediately after giving effect to such Subsidiary Redesignation (as well as all other Subsidiary Redesignations theretofore
consummated after the first day of such Reference Period), the Borrower shall be in Pro Forma Compliance, and (iv) the Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of
such Borrower, certifying to the best of such officer’s knowledge, compliance with the requirements of preceding clauses (i) through (iii), inclusive, and containing the calculations and information required by the preceding
clause (iii). 
 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 
 “Waivable Mandatory Prepayment” shall have the meaning assigned to such term in Section 2.11(f). 
 “Wholly Owned Domestic Subsidiary” of any person shall mean a Domestic Subsidiary of such person that is a Wholly Owned Subsidiary. 
 “Wholly Owned Foreign Subsidiary” of any person shall mean a Foreign Subsidiary of such person that is a Wholly Owned Subsidiary. 
 “Wholly Owned Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than
directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly Owned Subsidiary of such person. 
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Working Capital” shall mean,
with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided, that, for purposes
of calculating Excess Cash Flow, increases or decreases in Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or
liabilities, as applicable, between current and noncurrent, or (b) the effects of purchase accounting. 
 SECTION 1.02. Terms
Generally. The definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules
shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document
shall mean such document as amended, restated, supplemented or otherwise modified from time to time. Except as otherwise expressly provided herein, all terms of an accounting or financial nature 
  

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shall be construed in accordance with GAAP, as in effect from time to time; provided, that, if the Borrower notifies the Administrative Agent that the
Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 SECTION 1.03. Effectuation of Transfers. Each of the representations and warranties of Holdings and the Borrower contained in this Agreement
(and all corresponding definitions) are made after giving effect to the Transactions, unless the context otherwise requires. 
 ARTICLE II

 The Credits 
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein: 
 (a) (i) each Initial Term B Lender
agrees to make Initial Term B Loans to the Borrower on the Closing Date in a principal amount not to exceed its Initial Term B Loan Commitment and (ii) each Delayed Draw Term B Lender agrees to make Delayed Draw Term B Loans to the Borrower
after the Closing Date during the Availability Period in an aggregate principal amount not to exceed its Delayed Draw Term B Loan Commitment. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed; 

(b) each Lender agrees to make Revolving Facility Loans to the Borrower from time to time during the Availability Period in an aggregate principal
amount that will not result in (i) such Lender’s Revolving Facility Credit Exposure exceeding such Lender’s Revolving Facility Commitment or (ii) the Revolving Facility Credit Exposure exceeding the total Revolving Facility
Commitments; provided, that the aggregate principal amount of Revolving Facility Loans made on the Closing Date shall not exceed $250.0 million. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Revolving Facility Loans; 
 (c) each Synthetic L/C Lender agrees to fund its Credit-Linked Deposit
on the Closing Date in Dollars in an amount not to exceed its Synthetic L/C Commitment; and 
 (d) each Lender having an Incremental Term
Loan Commitment agrees, subject to the terms and conditions set forth in the applicable Incremental Assumption Agreement, to make Incremental Term Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan
Commitment. Amounts borrowed under this Section 2.01(d) and repaid or prepaid may not be reborrowed. 
  

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 SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing
consisting of Loans under the same Facility and of the same Type made by the Lenders ratably in accordance with their respective Commitments under the applicable Facility (or, in the case of Swingline Loans, in accordance with their respective
Swingline Commitments). The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to Section 2.14, each Borrowing (other than a
Swingline Borrowing) shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith. Each Swingline Borrowing shall be an ABR Borrowing. Each Lender at its option may make any ABR Loan or
Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the
terms of this Agreement and such Lender shall not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect of increased costs resulting from such exercise and existing at the time of such exercise. 
 (c) At the commencement of each Interest Period for any Eurocurrency Revolving Facility Borrowing, such Borrowing shall be in an aggregate amount that is
an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that each ABR Revolving Facility Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing
Multiple and not less than the Borrowing Minimum; provided, that an ABR Revolving Facility Borrowing or a Swingline Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Revolving Facility Commitments or
that is required to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e). Each Swingline Borrowing shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing
Minimum. Borrowings of more than one Type and under more than one Facility may be outstanding at the same time; provided, that there shall not at any time be more than a total of (i) ten Eurocurrency Borrowings outstanding under the Term
B Facility, (ii) ten Eurocurrency Borrowings outstanding under Incremental Term Facilities that are not Term B Facilities and (iii) ten Eurocurrency Borrowings outstanding under the Revolving Facility. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the Revolving Facility Maturity Date, the Term B Facility Maturity Date or the applicable Incremental Term Facility Maturity Date, as the case may be. 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone (a) in the case of a Eurocurrency Borrowing, not later than 12:00 p.m., Local Time, three Business Days (or, with respect to the Borrowings on the Closing Date, such fewer number of Business Days as may be acceptable to the
Administrative Agent) before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., Local Time, on the date of the proposed 

  

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Borrowing (which shall be a Business Day); provided, that any such notice of an ABR Revolving Facility Borrowing to finance the reimbursement of an L/C
Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Local Time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
 (i) whether such Borrowing is to be a Borrowing of Revolving Facility Loans, Initial
Term B Loans, Delayed Draw Term B Loans or Incremental Term Loans (and, in the case of Incremental Term Loans, whether such Loans are to be Term B Loans or Other Term Loans); 
 (ii) the aggregate amount of the requested Borrowing; 
 (iii) the date of such Borrowing, which shall be a Business Day; 
 (iv) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; 
 (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and 
 (vi) the location and number of the Borrower’s account to
which funds are to be disbursed. 
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance
with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline
Loans to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline
Commitment or (ii) the Revolving Facility Credit Exposure exceeding the total Revolving Facility Commitments; provided, that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline
Borrowing. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Borrowing, the Borrower shall notify the Administrative Agent and the Swingline Lender of such request by telephone (confirmed by a Swingline Borrowing Request by telecopy), not later than
1:00 p.m., Local Time, on the day of 

  

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a proposed Swingline Borrowing. Each such notice and Swingline Borrowing Request shall be irrevocable and shall specify (i) the requested date (which
shall be a Business Day) and (ii) the amount of the requested Swingline Borrowing. The Swingline Lender shall consult with the Administrative Agent as to whether the making of the Swingline Loan is in accordance with the terms of this Agreement
prior to the Swingline Lender funding such Swingline Loan. The Swingline Lender shall make each Swingline Loan in accordance with Section 2.02(a) on the proposed date thereof by wire transfer of immediately available funds by 4:00 p.m., Local
Time, to the account of the Borrower (or, in the case of a Swingline Borrowing made to finance the reimbursement of an L/C Disbursement as provided in Section 2.05(e), by remittance to the applicable Issuing Bank). 
 (c) The Swingline Lender may by written notice given to the Administrative Agent not later than 2:00 p.m., Local Time, on any Business Day require the
Revolving Facility Lenders to acquire participations on such Business Day in all or a portion of the outstanding Swingline Loans made by it. Such notice shall specify the aggregate amount of such Swingline Loans in which the Revolving Facility
Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each such Lender, specifying in such notice such Lender’s Revolving Facility Lender’s Pro Rata Share of such Swingline
Loan or Loans. Each Revolving Facility Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent for the account of the Swingline Lender, such Revolving Facility Lender’s
Pro Rata Share of such Swingline Loan or Loans. Each Revolving Facility Lender acknowledges and agrees that its respective obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not
be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or Event of Default or reduction or termination of the Revolving Facility Commitments, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. Each Revolving Facility Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to
Loans made by such Revolving Facility Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from
the Revolving Facility Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph (c), and thereafter payments in respect of such Swingline Loan shall be made to
the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds
of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Facility Lenders that shall
have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided, that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable,
if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

  

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 SECTION 2.05. Letters of Credit. (a) General. Subject to the terms and conditions set
forth herein (including, with respect to Synthetic Letters of Credit, Section 2.21), the Borrower may request the issuance of Revolving Letters of Credit and Synthetic Letters of Credit, in each case denominated in Dollars (or in any
Alternative Currency, not to exceed an aggregate Dollar Amount of $75.0 million for all such Letters of Credit), for its own account (or for the account of a Subsidiary, so long as such Borrower and such Subsidiary are co-applicants) in a form
reasonably acceptable to the applicable Issuing Bank, at any time and from time to time during the Availability Period prior to the date that is five Business Days prior to (i) the Revolving Facility Maturity Date (in the case of Revolving
Letters of Credit) and (ii) the Synthetic L/C Maturity Date (in the case of Synthetic Letters of Credit). For purposes hereof, (i) all Letters of Credit issued hereunder shall at all times and from time to time be deemed to be Synthetic
Letters of Credit up to the aggregate amount of the Credit-Linked Deposit as determined in the definition of the term “Credit-Linked Deposit” and be deemed to be Revolving Letters of Credit only to the extent, and in an amount by which,
the aggregate amount of outstanding Letters of Credit that are issued for the account of the Borrower exceeds such amount, (ii) drawings under any Letter of Credit shall be deemed to have been made under Revolving Letters of Credit for so long
as, and to the extent that, there are any undrawn Revolving Letters of Credit outstanding (and thereafter drawings under such Letters of Credit shall be deemed to have been made under Synthetic Letters of Credit) and (iii) any Letter of Credit
that expires or terminates will be deemed to be a Revolving Letter of Credit for so long as, and to the extent that, there are outstanding Revolving Letters of Credit immediately prior to such expiration or termination; provided,
however, that at any time during which an Event of Default shall have occurred and be continuing, (A) Letters of Credit shall be deemed to be in part Revolving Letters of Credit and in part Synthetic Letters of Credit, (B) drawings
under Letters of Credit shall be deemed to have been made under Revolving Letters of Credit and Synthetic Letters of Credit and (C) any Letter of Credit that expires or terminates shall be deemed to be in part a Revolving Letter of Credit and
in part a Synthetic Letter of Credit, in each case pro rata based upon (1) the total Revolving Facility Commitments at such time and (2) the sum of the total Credit-Linked Deposits of all Synthetic L/C Lenders at such time and the
amount of the total Credit-Linked Deposits of all Synthetic L/C Lenders that shall have been applied to reimburse outstanding Synthetic L/C Disbursements at such time. To the extent necessary to implement the foregoing, the identification of a
Letter of Credit as a Revolving Letter of Credit or a Synthetic Letter of Credit may change from time to time and a portion of a Letter of Credit may be deemed to be a Synthetic Letter of Credit and the remainder be deemed to be a Revolving Letter
of Credit. Notwithstanding the foregoing, the entire face amount of any Letter of Credit with an expiration date after the Revolving Facility Maturity Date shall be deemed to be a Synthetic Letter of Credit, subject to the limitations set forth in
clause (i) of the second sentence of this paragraph (a). In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by the Borrower to, or entered into by the Borrower with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Each Existing Letter of Credit shall be deemed to be a Letter of Credit under this
Agreement and each Lender that is an issuer of an Existing Letter of Credit shall be deemed to be an Issuing Bank with respect to such Existing Letter of Credit and shall have all rights of an Issuing Bank hereunder (but shall have no obligation to
extend or renew any Existing Letter of Credit or to issue additional Letters of Credit) until such Existing Letter of Credit has been terminated. 
  

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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance
of a Letter of Credit (or the amendment, renewal (other than an automatic extension in accordance with paragraph (c) of this Section) or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by
electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (three Business Days in advance of the requested date of issuance, amendment or
extension or such shorter period as the Administrative Agent and the Issuing Bank in their sole discretion may agree) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and
specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the
currency of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to issue, amend or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall
submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each
Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the Revolving L/C Exposure shall not exceed the Revolving Letter of Credit Sublimit, (ii) the
Revolving Facility Credit Exposure shall not exceed the total Revolving Facility Commitments, (iii) the Synthetic L/C Exposure will not exceed the total Credit-Linked Deposits of all Synthetic L/C Lenders, and (iv) all conditions precedent
in Section 4.01 have been satisfied (or waived by the (x) the Majority Lenders under the Revolving Facility and (y) Synthetic L/C Lenders with Synthetic L/C Exposure and Excess Credit-Linked Deposits representing greater than 50% of
the total Synthetic L/C Exposure and Excess Credit-Linked Deposits of all Synthetic L/C Lenders). No Issuing Bank shall permit any such issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit without
first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement. 
 (c) Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year (unless otherwise agreed upon by the Administrative Agent and the Issuing Bank in their sole discretion) after the date of
the issuance of such Letter of Credit (or, in the case of any extension thereof, one year (unless otherwise agreed upon by the Administrative Agent and the Issuing Bank in their sole discretion) after such renewal or extension) and (ii) the
date that is five Business Days prior to (A) in the case of any Revolving Letter of Credit, the Revolving Facility Maturity Date and (B) in the case of any Synthetic Letter of Credit, the Synthetic L/C Maturity Date; provided, that
any Letter of Credit with one year tenor may provide for automatic extension thereof for additional one year periods (which, in no event, shall extend beyond the date referred to in clause (ii) of this paragraph (c)) so long as such Letter of
Credit permits the applicable Issuing Bank to prevent any such extension at least once in such twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof at least
30 days prior to the then-applicable expiration date that such Letter of Credit 

  

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will not be renewed; provided further, that if the applicable Issuing Bank and the Administrative Agent each consent in their sole discretion, the
expiration date on any Letter of Credit may extend beyond the date referred to in clause (ii) above, provided, that if any such Letter of Credit is outstanding or the expiration date is extended to a date after the date that is five
Business Days prior to (A) in the case of any Revolving Letter of Credit, the Revolving Facility Maturity Date and (B) in the case of any Synthetic Letter of Credit, the Synthetic L/C Maturity Date the Borrower shall provide cash
collateral pursuant to documentation reasonably satisfactory to the Administrative Agent and the relevant Issuing Bank in an amount equal to 105% of the face amount of each such Letter of Credit or provide a back-to-back letter of credit, in form
and substance and from an issuing bank reasonably satisfactory to the relevant Issuing Bank, on or prior to the date that is five Business Days prior to (A) in the case of any Revolving Letter of Credit, the Revolving Facility Maturity Date and
(B) in the case of any Synthetic Letter of Credit, the Synthetic L/C Maturity Date. 
 (d) Participations. (i) By the
issuance of a Revolving Letter of Credit (or an amendment to a Revolving Letter of Credit increasing the amount thereof), and without any further action on the part of the applicable Issuing Bank or the Revolving Facility Lenders, such Issuing Bank
hereby grants to each Revolving Facility Lender, and each such Revolving Facility Lender hereby acquires from such Issuing Bank, a participation in such Revolving Letter of Credit equal to the product of (A) such Revolving Facility
Lender’s Pro Rata Share and (B) the aggregate amount available to be drawn under such Revolving Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Facility Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, an amount equal to the product of (A) such Revolving Facility Lender’s Pro Rata Share and (B) each Revolving L/C Disbursement made by such
Issuing Bank not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Facility Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph in respect of Revolving Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Revolving Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Facility Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 
 (ii) Each Synthetic L/C Lender hereby acknowledges that it holds a participation in each Synthetic Letter of Credit
equal to such Synthetic L/C Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Synthetic Letter of Credit. The Administrative Agent hereby acknowledges that it holds the Credit-Linked Deposit of each Synthetic L/C
Lender. Each Synthetic L/C Lender hereby absolutely and unconditionally agrees that if an Issuing Bank makes a Synthetic L/C Disbursement that is not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or is
required to refund any reimbursement payment in respect of a Synthetic L/C Disbursement to the Borrower for any reason, the Administrative Agent shall reimburse the applicable Issuing Bank for the amount of such Synthetic L/C Disbursement from such
Synthetic L/C Lender’s Credit-Linked Deposit on deposit in the Credit-Linked Deposit Account. In the event the Credit-Linked Deposit Account is charged by the Administrative Agent to reimburse the applicable Issuing Bank for an 

  

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unreimbursed Synthetic L/C Disbursement, the Borrower shall have the right, at any time prior to the Synthetic L/C Maturity Date, to pay over to the
Administrative Agent in reimbursement thereof an amount equal to the amount so charged and such payment shall be deposited by the Administrative Agent in the Credit-Linked Deposit Account. Each Synthetic L/C Lender acknowledges and agrees that its
obligation to acquire and fund participations in respect of Synthetic Letters of Credit pursuant to this subparagraph (ii) is unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any amendment,
renewal or extension of any Synthetic Letter of Credit or the occurrence and continuance of a Default or Event of Default or the return of the Credit-Linked Deposits, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. Without limiting the foregoing, each Synthetic L/C Lender irrevocably authorizes the Administrative Agent to apply amounts of its Credit-Linked Deposit as provided in this subparagraph (ii). 
 (e) Reimbursement. (i) If the applicable Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall
reimburse such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement in Dollars, or (subject to the two immediately succeeding sentences) the applicable Alternative Currency, not later than 3:00 p.m., Local
Time, on the next Business Day after the Borrower receives notice under paragraph (g) of this Section of such L/C Disbursement, together with accrued interest thereon from the date of such L/C Disbursement at the rate applicable to ABR
Loans; provided, that, in the case of any L/C Disbursement made in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with an
ABR Revolving Facility Borrowing or a Swingline Borrowing, as applicable, in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving
Facility Borrowing or Swingline Borrowing. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject the Administrative Agent, the applicable Issuing Lender or any Lender to any stamp
duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall, at its option, either (x) pay the amount of any such tax requested by the Administrative
Agent, the relevant Issuing Lender or Lender or (y) reimburse each L/C Disbursement made in such Alternative Currency in Dollars, in an amount equal to the Dollar Amount of such L/C Disbursement. If the Borrower fails to make such payment when
due, then (i) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action required, the Borrower’s obligation to reimburse the applicable L/C Disbursement shall be permanently converted
into an obligation to reimburse the Dollar Amount of such L/C Disbursement and (ii) the Administrative Agent shall promptly notify the applicable Issuing Lender of the applicable L/C Disbursement and the Dollar Amount thereof. 
 (ii) If the Borrower fails to reimburse any Revolving L/C Disbursement when due, then the applicable Issuing Bank shall promptly notify the
Administrative Agent, which shall promptly notify each Revolving Facility Lender of such L/C Disbursement (as converted to Dollars, if applicable), the amount of the payment then due from the Borrower in respect thereof and, such Lender’s Pro
Rata Share thereof. Promptly following receipt of such notice, each Revolving Facility Lender shall pay to the Administrative Agent in Dollars its Pro Rata Share of the payment then due from the Borrower in the same manner as provided in
Section 2.06 with 

  

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respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Facility
Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Facility Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower
pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Facility Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to
such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Facility Lender pursuant to this paragraph to reimburse an Issuing Bank for any L/C Disbursement (other than the funding of an ABR Revolving Loan or a
Swingline Borrowing as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such L/C Disbursement. 
 (iii) If the Borrower fails to reimburse any Synthetic L/C Disbursement when due, then the Administrative Agent shall notify each Synthetic L/C Lender of the applicable Synthetic L/C Disbursement (as converted to
Dollars, if applicable), the payment then due from the Borrower in respect thereof and such Lender’s Pro Rata Share thereof, and the Administrative Agent shall promptly pay to the applicable Issuing Bank each Synthetic L/C Lender’s Pro
Rata Share of such Synthetic L/C Disbursement from such Lender’s Credit-Linked Deposit. Promptly following the receipt by the Administrative Agent of any payment by the Borrower in respect of any Synthetic L/C Disbursement, the Administrative
Agent shall distribute such payment to the applicable Issuing Bank or, to the extent payments have been made from the Credit-Linked Deposits, to the Credit-Linked Deposit Account to be added to the Credit-Linked Deposits of the Synthetic L/C Lenders
in accordance with their Pro Rata Shares. The Borrower acknowledges that each payment made pursuant to this subparagraph (iii) in respect of any Synthetic L/C Disbursement is required to be made for the benefit of the distributees indicated in
the immediately preceding sentence. Any payment from the Credit-Linked Deposit Account, or from funds of the Administrative Agent, pursuant to this paragraph to reimburse an Issuing Bank for any Synthetic L/C Disbursement shall not constitute a Loan
and shall not relieve the Borrower of its obligation to reimburse such Synthetic L/C Disbursement. 
 (f) Obligations Absolute. The
obligation of the Borrower to reimburse L/C Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other
document that does not comply with the terms of such Letter of Credit or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility
by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission,
interruption, loss 

  

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or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Bank, or any of the circumstances referred to in clauses (i), (ii) or (iii) of the
first sentence; provided, that the foregoing shall not be construed to excuse the applicable Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are
hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are determined by a final and binding decision of a court of competent jurisdiction to have been caused by such Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the
applicable Issuing Bank, such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented
which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of any such demand for payment under a Letter of Credit and whether such
Issuing Bank has made or will make a L/C Disbursement thereunder; provided, that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Facility
Lenders or Synthetic L/C Lenders, as applicable, with respect to any such L/C Disbursement. 
 (h) Interim Interest. If an Issuing
Bank shall make any L/C Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C
Disbursement is made to but excluding the date that the Borrower reimburses such L/C Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided, that, if such L/C Disbursement is not reimbursed by the Borrower when
due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply; provided further that, in the case of an L/C Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with
respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on the Business Day immediately succeeding such L/C Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the
date of such L/C Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such L/C Disbursement plus the Applicable Margin applicable to
Eurocurrency Revolving Loans at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the Business Day immediately succeeding such L/C Disbursement (A) be payable in Dollars, (B) accrue on the 

  

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Dollar Amount of such L/C Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of
the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (e)(i) of this Section or from the Credit-Linked Deposit Account pursuant to paragraph (e)(ii) of
this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Synthetic L/C Lender, as applicable, to the extent of such payment. 
 (i) Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees
accrued for the account of the replaced Issuing Bank pursuant to Section 2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank
under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and
all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of such Issuing Bank under
this Agreement with respect to Letters of Credit issued by it prior to such replacement but shall not be required to issue additional Letters of Credit. 
 (j) Cash Collateralization. If required pursuant to Section 2.22(b) or if any Event of Default shall occur and be continuing, (i) in the case of an Event of Default described in Section 8.01(h)
or (i), on the Business Day or (ii) otherwise, on the third Business Day, in each case, following the date on which the Borrower receives notice from the Administrative Agent (or, if the maturity of the Loans has been accelerated, Majority
Lenders with respect to each of the Revolving Facility and the Synthetic L/C Facility) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in a separate account with or at the direction of the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid interest thereon or, as applicable, the
amount required pursuant to Section 2.22(b); provided, that (i) the portions of such amount attributable to undrawn Alternative Currency Letters of Credit or L/C Disbursements in an Alternative Currency that the Borrower is not late
in reimbursing shall be deposited in the applicable Alternative Currencies in the actual amounts of such undrawn Letters of Credit and L/C Disbursements and (ii) upon the occurrence of any Event of Default with respect to the Borrower described
in clause (h) or (i) of Section 8.01, the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind. Each such
deposit pursuant to this paragraph shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of (i) for so long as an Event of Default shall
be continuing, the Administrative Agent and (ii) at any other time, the Borrower, 

  

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in each case, in Permitted Investments and at the risk and expense of the Borrower, such deposits shall not bear interest. Interest or profits, if any, on
such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for L/C Disbursements for which such Issuing Bank has not been reimbursed and, to the extent not so
applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Majority Lenders with respect to each
of the Revolving Facility and the Synthetic L/C Facility), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of
an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. If the Borrower is required to provide an amount of cash
collateral hereunder pursuant to Section 2.22(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after Section 2.22(b) no longer requires the provision of such cash
collateral. 
 (k) Additional Issuing Banks. From time to time, the Borrower may by notice to the Administrative Agent designate any
Revolving Facility Lender (in addition to JPMCB) each of which agrees (in its sole discretion) to act in such capacity and is reasonably satisfactory to the Administrative Agent as an Issuing Bank with respect to Revolving Letters of Credit and
Synthetic Letters of Credit. 
 (l) Reporting. Unless otherwise requested by the Administrative Agent, each Issuing Bank shall
(i) provide to the Administrative Agent copies of any notice received from the Borrower pursuant to Section 2.05(b) no later than the next Business Day after receipt thereof and (ii) report in writing to the Administrative Agent
(A) on the first Business Day of each week, the activity for each day during the immediately preceding week in respect of Letters of Credit , including all issuances, extensions, amendments and renewals, all expirations and cancellations and
all disbursements and reimbursements, (B) on or prior to each Business Day on which the Issuing Bank expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment renewal or extension, and the aggregate
face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment or extension occurred (and whether the amount thereof changed), and no Issuing Bank shall be
permitted to issue, amend or extend such Letter of Credit without first obtaining written confirmation from the Administrative Agent that such issuance, amendment, renewal or extension is then permitted by the terms of this Agreement, (C) on
each Business Day on which such Issuing Bank makes any L/C Disbursement, the date of such L/C Disbursement and the amount of such L/C Disbursement and (D) on any other Business Day, such other information as the Administrative Agent shall
reasonably request, including but not limited to prompt verification of such information as may be requested by the Administrative Agent. 
 (m) Conversion. In the event that the Loans become immediately due and payable on any date pursuant to Section 8.01, all amounts (i) that the Borrower is at the time or thereafter becomes required to reimburse or otherwise
pay to the Administrative Agent in respect of L/C Disbursements made under any Alternative Currency Letter of Credit (other than amounts in respect of which such Borrower has deposited cash collateral pursuant to Section 

  

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2.05(j), if such cash collateral is deposited in the applicable Alternative Currency to the extent so deposited or applied), (ii) that the Revolving
Facility Lenders or the Synthetic L/C Lenders, as the case may be, are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the
applicable Issuing Lender pursuant to Section 2.05(e) in respect of unreimbursed L/C Disbursements made under any Alternative Currency Letter of Credit and (iii) of each Revolving Facility Lender’s or Synthetic L/C Lender’s, as
the case may be, participation in any Alternative Currency Letter of Credit under which an L/C Disbursement has been made shall, automatically and with no further action required, be converted into the Dollar Amount of such amounts. On and after
such conversion, all amounts accruing and owed to the Administrative Agent, the applicable Issuing Lender or any Lender in respect of the Obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise
applicable hereunder. 
 SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided, that
Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower as specified in the
Borrowing Request; provided, that ABR Revolving Loans and Swingline Borrowings made to finance the reimbursement of a L/C Disbursement and reimbursements as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the
applicable Issuing Bank. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of (A) the Federal Funds Effective Rate and (B) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans at such time. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing. In the event the Borrower pays such amount to the Administrative Agent, then such amount shall reduce the principal amount of such Borrowing (but exclusive of any
accrued and unpaid interest thereon). 
 SECTION 2.07. Interest Elections. (a) Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. 
  

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Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing,
may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall
be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the form of Exhibit C and signed by the Borrower. 
 (c) Each telephonic and written Interest Election Request shall be irrevocable and shall specify the following information in compliance with
Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall
be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by clause (a) of the definition of the term “Interest Period.” 
 If any such
Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request
relates of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a
timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall
be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at 

  

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the written request (including a request through electronic means) of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto. 
 SECTION 2.08. Termination and Reduction of Commitments; Return of Credit-Linked Deposits. (a) Unless previously
terminated, (i) the Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date, (ii) the Initial Term B Loan Commitments shall terminate on the Closing Date, (iii) $950.0 million of the Delayed Draw Term B
Loan Commitments shall terminate on July 31, 2007 and the remainder of the Delayed Draw Term B Loan Commitments shall terminate on October 31, 2007 and (iv) the Synthetic L/C Commitments shall terminate on the Closing Date.

 (b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments or the Delayed Draw Term Loan
Commitments; provided, that (i) each reduction of the Revolving Facility Commitments or the Delayed Draw Term Loan Commitments shall be in an amount that is an integral multiple of $1.0 million and not less than $5.0 million (or, if
less, the remaining amount of the Revolving Facility Commitments or Delayed Draw Term Loan Commitments, as applicable) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any
concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11, the Revolving Facility Credit Exposure would exceed the total Revolving Facility Commitments. The Borrower may at any time or from time to time direct the
Administrative Agent to reduce the total Credit-Linked Deposits; provided that (x) each reduction of the Credit-Linked Deposits shall be in an amount that is an integral multiple of $1.0 million and not less than $5.0 million (or, if
less, the remaining amount of the total Credit-Linked Deposits) and (y) the Borrower shall not direct the Administrative Agent to reduce the Credit-Linked Deposits if, after giving effect to such reduction (and to the provisions of
Section 2.05(a)), the aggregate Synthetic L/C Exposure would exceed the total Credit-Linked Deposits or the Revolving Facility Exposure would exceed the total Revolving Facility Commitments. In the event the total Credit-Linked Deposits shall
be reduced as provided in the immediately preceding sentence, the Administrative Agent shall return all amounts in the Credit-Linked Deposit Account in excess of the reduced total Credit-Linked Deposits to the Synthetic L/C Lenders, ratably in
accordance with their Pro Rata Shares of the total Credit-Linked Deposit (as determined immediately prior to such reduction). 
 (c) The
Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments, Delayed Draw Term Loan Commitments or the Credit-Linked Deposits, as applicable, under paragraph (b) of this Section at
least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders
of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided, that a notice of termination of the Revolving Facility Commitments or reduction of the aggregate Credit-Linked Deposits
delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be 

  

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revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any
termination or reduction of the Commitments or Credit-Linked Deposits shall be permanent. Each reduction of the Commitments or Credit-Linked Deposits shall be made ratably among the applicable Lenders in accordance with their respective Pro Rata
Shares. 
 SECTION 2.09. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay
(i) to the Administrative Agent for the account of each Revolving Facility Lender the then unpaid principal amount of each Revolving Facility Loan to the Borrower on the Revolving Facility Maturity Date, (ii) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender as provided in Section 2.10 and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the Revolving
Facility Maturity Date, it being understood that on the date of any Revolving Facility Borrowing, the Borrower shall repay all outstanding Swingline Loans. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the
amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder, the Facility and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from the Borrower to each Lender hereunder and (iii) any amount received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the
Loans in accordance with the terms of this Agreement. 
 SECTION 2.10. Repayment of Term Loans and Revolving Facility Loans.
(a) Subject to the other paragraphs of this Section: 
 (i) The Borrower shall repay to the Administrative Agent, for the
benefit of the Initial Term B Lenders, on the last day of March, June, September and December of each year (beginning September 30, 2007) or, if such date is not a Business Day, the next preceding Business Day (each such date being referred to
as an “Initial Term B Loan Installment Date”) through and including the Term B Facility Maturity Date, a principal amount of Initial Term Loans equal to the product of (x) the principal amount of Initial Term B Loans
outstanding after the Initial Term B Loan Borrowing on the Closing Date and (y) 0.25%, with the balance of the Initial Term B Loans due in full on the Term B Facility Maturity Date. 
  

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 (ii) The Borrower shall repay to the Administrative Agent, for the benefit of the Delayed
Draw Term B Lenders, on the last day of March, June, September and December of each year (beginning September 30, 2007) or, if such date is not a Business Day, the next preceding Business Day (each such date being referred to as a
“Delayed Draw Term B Loan Installment Date”) through and including the Term B Facility Maturity Date, a principal amount of Delayed Draw Term B Loans equal to the product of (x) the principal amount of Delayed Draw Term Loans
outstanding after giving effect to the most recent Delayed Draw Term B Borrowing and (y) 0.25%, with the balance of the Delayed Draw Term B Loans due in full on the Term B Facility Maturity Date. 
 (iii) in the event that any Incremental Term Loans are made on an Increased Amount Date, the Borrower shall repay such Incremental Term
Loans on the dates and in the amounts set forth in the Incremental Assumption Agreement (each such date being referred to as an “Incremental Term Loan Installment Date”); and 
 (iv) to the extent not previously paid, outstanding Term Loans shall be due and payable on the Term B Facility Maturity Date or the
applicable Incremental Term Facility Maturity Date, as the case may be. 
 (b) To the extent not previously paid, outstanding Revolving
Facility Loans shall be due and payable on the Revolving Facility Maturity Date. 
 (c) Prepayment of the Term Loans from: 
 (i) all Net Proceeds pursuant to Section 2.11(b) and Excess Cash Flow pursuant to Section 2.11(c) shall be applied to the Term
Loans ratably among the Term Facilities, with the application thereof reducing in direct order the remaining installments thereof in forward order of maturity, and 
 (ii) any optional prepayments of the Term Loans pursuant to Section 2.11(a) shall be applied to the remaining installments of the
Term Loans as the Borrowers may direct. 
 (d) Prior to the scheduled or voluntary repayment of any Loan or reduction of the Credit-Linked
Deposits, the Borrower shall select the Borrowing or Borrowings and/or Credit-Linked Deposits to be repaid or reduced and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 1:00 p.m., Local
Time, (i) in the case of an ABR Borrowing, one Business Day before the scheduled date of such repayment and (ii) in the case of a Eurocurrency Borrowing or Credit-Linked Deposit, three Business Days before the scheduled date of such
repayment. Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing and each reduction of the total Credit-Linked Deposits shall be applied ratably to the Credit-Linked Deposits of the Synthetic L/C
Lenders. Notwithstanding anything to the contrary in the immediately preceding sentence, prior to any repayment of a Swingline Loan hereunder, the Borrower shall select the Borrowing or Borrowings to be repaid and shall notify the Administrative
Agent by telephone (confirmed by telecopy) of such selection not later than 1:00 p.m., Local Time, on the scheduled date of such repayment. Repayments of Borrowings shall be accompanied by accrued interest on the amount repaid. 
  

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 (e) The Administrative Agent shall return the Credit-Linked Deposit to the Synthetic L/C Lenders, on the
last day of March, June, September and December of each year (beginning September 30, 2007) or, if such date is not a Business Day, the next preceding Business Day (each such date being referred to as a “Synthetic L/C Installment
Date”) through and including the Synthetic L/C Maturity Date, in an amount equal to the product of (x) the Credit-Linked Deposit held by the Administrative Agent on the Closing Date and (y) 0.25%, with the balance of the
Credit-Linked Deposit returned in full to the Synthetic L/C Lenders on the Synthetic L/C Maturity Date. Any optional return of Credit-Linked Deposits effected pursuant to Section 2.08 shall be applied to reduce the subsequent scheduled returns
of Credit-Linked Deposits to be effected pursuant to this Section as directed by the Borrower. Each return of Credit-Linked Deposits pursuant to this Section 2.10(e) shall be accompanied by accrued fees and other amounts payable by the Borrower
pursuant to Section 2.12(c) and Section 2.21(b) on the amount of such Credit-Linked Deposits paid to but excluding the date of return. 
 SECTION 2.11. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Loan in whole or in part, without premium or penalty (but subject to Section 2.16), in an
aggregate principal amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum or, if less, the amount outstanding, subject to prior notice in accordance with Section 2.10(d), which notice shall be
irrevocable except to the extent conditioned on a refinancing of all or any portion of the Facilities. 
 (b) Promptly upon receipt thereof
by Holdings or any of its Subsidiaries, all Net Proceeds shall be applied to prepay Term Loans in accordance with paragraphs (c) and (d) of Section 2.10. Notwithstanding the foregoing, the Borrower may retain Net Proceeds pursuant to
clause (b) of the definition thereof, provided that the Senior Secured Leverage Ratio on the last day of the Borrower’s then most recently completed fiscal quarter for which financial statements are available shall be less than or
equal to 2.50 to 1.00. 
 (c) Not later than 90 days after the end of each Excess Cash Flow Period, the Borrower shall calculate Excess Cash
Flow for such Excess Cash Flow Period and shall apply an amount equal to (i) the Required Percentage of such Excess Cash Flow, minus (ii) to the extent not financed using the proceeds of, without duplication, the incurrence of
Indebtedness and the sale or issuance of any Equity Interests (including any capital contributions), the sum of (A) the amount of any voluntary prepayments of Term Loans made during such Excess Cash Flow Period (plus, with respect to the
Excess Cash Flow Period ending December 31, 2008, the amount of any voluntary prepayments of Term Loans made prior to such Excess Cash Flow Period) and (B) the amount of any prepayments of Revolving Facility Loans made during such Excess
Cash Flow Period, solely to the extent of any permanent reductions in the Revolving Facility Commitments accompanying such prepayment, to prepay Term Loans in accordance with paragraphs (c) and (d) of Section 2.10. Not later than the
date on which the Borrower is required to deliver financial statements with respect to the end of each Excess Cash Flow Period under Section 5.04(a), the Borrower will deliver to the Administrative Agent a certificate signed by a Financial
Officer of the Borrower setting forth the amount, if any, of Excess Cash Flow for such fiscal year and the calculation thereof in reasonable detail. 
  

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 (d) In the event and on such occasion that the total Revolving Facility Credit Exposure exceeds the total
Revolving Facility Commitments, the Borrower shall prepay Revolving Facility Borrowings or Swingline Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to
Section 2.05(j)) in an aggregate amount equal to such excess. 
 (e) In the event and on such occasion as the Revolving L/C Exposure
exceeds the Revolving Letter of Credit Sublimit, the Borrower shall deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.05(j) in an amount equal to such excess. 
 (f) Anything contained herein to the contrary notwithstanding, in the event the Borrower is required to make any mandatory prepayment (a
“Waivable Mandatory Prepayment”) of the Term Loans, not less than three Business Days prior to the date (the “Required Prepayment Date”) on which the Borrower elects (or is otherwise required) to make such Waivable
Mandatory Prepayment, the Borrower shall notify Administrative Agent of the amount of such prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Term Loan of the amount of such Lender’s pro rata
share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to the Administrative Agent of its election to do so on or before the second Business
Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the Administrative Agent of its election to exercise such option on or before the first Business Day prior to the Required Prepayment Date shall be
deemed to have elected, as of such date, not to exercise such option.) On the Required Prepayment Date, the Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an
amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option (each, an “Accepting Lender”), to prepay the Term Loans of such Accepting Lenders (which
prepayment shall be applied to the scheduled Installments of principal of the Term Loans in accordance with Section 2.11(b)), and (ii) in an amount equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those
Lenders that have elected to exercise such option, to the Borrower. 
 SECTION 2.12. Fees. (a) The Borrower agrees to pay to
each Lender (other than any Defaulting Lender), through the Administrative Agent, three Business Days after the last Business Day of March, June, September and December in each year, and three Business Days after the date on which the Revolving
Facility Commitments of all the Lenders or Delayed Draw Term Loan Commitments, as applicable, shall be terminated as provided herein, a commitment fee (a “Commitment Fee”) on the average daily amount of the Available Unused
Commitment of such Lender during the preceding quarter (or other period commencing with the Closing Date or ending with the date on which the last of the Commitments of such Lender shall be terminated) at a rate equal to the Applicable Commitment
Fee. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days. For the purpose of calculating any Lender’s Commitment Fee, the outstanding Swingline Loans during 
  

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the period for which such Lender’s Commitment Fee is calculated shall be deemed to be zero. The Commitment Fee due to each Lender shall commence to
accrue on the Closing Date and shall cease to accrue on the date on which the last of the Commitments of such Lender shall be terminated as provided herein. 
 (b) The Borrower from time to time agrees to pay (i) to each Revolving Facility Lender (other than any Defaulting Lender), through the Administrative Agent, three Business Days after the last day of March, June,
September and December of each year and three Business Days after the date on which the Revolving Facility Commitments of all the Lenders shall be terminated as provided herein, a fee (an “L/C Participation Fee”) on such
Lender’s Pro Rata Share of the daily aggregate Revolving L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C Disbursements), during the preceding quarter (or shorter period commencing with the Closing Date or ending
with the Revolving Facility Maturity Date or the date on which the Revolving Facility Commitments shall be terminated) at the rate per annum equal to the Applicable Margin for Eurocurrency Revolving Facility Borrowings effective for each day in such
period and (ii) to each Issuing Bank, for its own account (x) three Business Days after the last Business Day of March, June, September and December of each year and three Business Days after the date on which the Revolving Facility
Commitments of all the Lenders shall be terminated as provided herein, a fronting fee in respect of each Revolving Letter of Credit issued by such Revolving Issuing Bank for the period from and including the date of issuance of such Revolving Letter
of Credit to and including the termination of such Revolving Letter of Credit, computed at a rate equal to 1/8 of 1% per annum of the daily stated amount of such Revolving Letter of Credit), plus (y) in connection with the issuance,
amendment or transfer of any such Letter of Credit or any L/C Disbursement thereunder, such Issuing Bank’s customary documentary and processing fees and charges (collectively, “Issuing Bank Fees”). All L/C Participation Fees
and Issuing Bank Fees that are payable on a per annum basis shall be computed on the basis of the actual number of days elapsed in a year of 360 days. 
 (c) The Borrower agrees to pay (i) in addition to the amounts payable by the Borrower to the Synthetic L/C Lenders pursuant to Section 2.21(b), to the Administrative Agent for the account of each Synthetic
L/C Lender, three Business Days after the last day of March, June, September and December of each year and three Business Days after the date on which the Credit-Linked Deposit shall be terminated as provided herein, a participation fee with respect
to its participations in Synthetic Letters of Credit, which shall accrue at the Applicable Margin from time to time in effect in respect of Eurocurrency Term Loans on the average daily amount of such Synthetic L/C Lender’s Credit-Linked Deposit
during the period from and including the Closing Date to but excluding the date on which the entire amount of such Lender’s Credit-Linked Deposit is returned to it and (ii) to each Issuing Bank, for its own account, (x) three Business
Days after the last day of March, June, September and December of each year and three Business Days after the date on which the Credit-Linked Deposits shall be terminated as provided herein, a fronting fee in respect of each Synthetic Letter of
Credit issued by such Issuing Bank for the period from and including the date of issuance of such Synthetic Letter of Credit to and including the termination of such Synthetic Letter of Credit, computed at a rate equal to 1/8 of 1% per annum of
the daily average stated amount of such Synthetic Letter of Credit (or as otherwise agreed with such Issuing Bank), plus (y) in connection with the issuance, amendment or transfer of any such Letter of Credit or any Synthetic L/C 

  

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Disbursement thereunder, such Issuing Bank’s customary documentary and processing charges; provided that all such fees shall be payable on the
date on which the Credit-Linked Deposits are returned to the Synthetic L/C Lenders and any such fees accruing after the date on which the Credit-Linked Deposits are returned to the Synthetic L/C Lenders shall be payable on demand. Any other fees
payable to any Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees in respect of Synthetic Letters of Credit that are payable on a per annum basis shall be computed on the
basis of the number of days elapsed in a year of 360 days 
 (d) The Borrower agrees to pay to the Administrative Agent the fees in the
amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein (the “Administrative Agent Fees”). 
 (e) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among
the Lenders, except that Issuing Bank Fees shall be paid directly to the applicable Issuing Banks. Once paid, none of the Fees shall be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the ABR plus
the Applicable Margin. 
 (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Margin. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any
Loan or any Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal
to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to
ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 10.08. 
 (d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving
Facility Loans, upon termination of the Revolving Facility Commitments and (iii) in the case of the Term Loans, on the Term B Facility Maturity Date and the applicable Incremental Term Facility Maturity Date; provided, that
(i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or Swingline Loan prior to
the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
  

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 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the ABR at times when the ABR is based on the prime rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable ABR, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the
Administrative Agent is advised by the Required Lenders or the Majority Lenders under the Revolving Facility that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing denominated in such currency shall be ineffective and such Borrowing shall be converted to or
continued as on the last day of the Interest Period applicable thereto an ABR Borrowing, and (ii) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.15. Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank; or 
 (ii) impose on any Lender or Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein;

 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank
hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional
costs incurred or reduction suffered. 
  

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 (b) If any Lender or Issuing Bank determines that any Change in Law regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made
by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to
capital adequacy), then from time to time the Borrower shall pay to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing
Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or an Issuing Bank setting forth the amount or
amounts necessary to compensate such Lender or Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or Issuing Bank, as applicable, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Promptly after any Lender or any Issuing Bank has determined that it will make a request for increased compensation pursuant to this Section 2.15, such Lender or Issuing Bank shall notify the Borrower
thereof. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided, that
the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as applicable, notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 (e) The foregoing provisions of this Section 2.15 shall not apply in the case of any Change in Law in respect of Taxes, which shall instead be governed by Section 2.17. 
 SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last
day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to 

  

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Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case
of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender (it being understood that the deemed amount shall not exceed the actual amount) to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue a Eurocurrency Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue
on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in dollars of a comparable amount and period from other banks in the Eurocurrency market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.17. Taxes. (a) Except as
required by law, any and all payments by or on account of any obligation of any Loan Party hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided, that if a Loan Party shall be required to
deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section) the Administrative Agent, any Lender or any Issuing Bank, as applicable, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make such deductions and (iii) such
Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In
addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Each
Loan Party shall indemnify the Administrative Agent, each Lender and each Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or such
Issuing Bank, as applicable, on or with respect to any payment by or on account of any obligation of such Loan Party hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
and any interest, penalties and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that a
Loan Party shall not be obligated to make a payment to a Lender or the Administrative Agent pursuant to this Section 2.17 in respect of penalties, interest and other expenses to the extent (i) such penalties, interest and other expenses
have accrued after the earlier of (x) the date the Loan Party has paid the indemnification or other amount pursuant to this Section 2.17 or (y) 60 days after the Lender or the Administrative Agent, as the case may be, knew and did not
provide written notice to the Borrower of the imposition of the Indemnified Taxes or Other Taxes to which such penalties, interest or other expenses relate or (ii) such penalties, interest and other expenses are attributable to the gross

  

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negligence or willful misconduct of such Lender or the Administrative Agent. A certificate as to the amount of such payment or liability delivered to such
Loan Party by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf, on behalf of another Agent or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, such Loan Party shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. 
 (e) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent (or, in the case of a
Participant, to the Lender from which the related participation shall have been purchased) on or before the date on which such Foreign Lender becomes a Lender under this Agreement (or, in the case of a Participant, on or before the date such
Participant purchases the related participation), at other times prescribed by applicable laws, and from time to time thereafter upon the reasonable written request of the Borrower or the Administrative Agent, two original copies of whichever of the
following is applicable: (i) duly completed copies of Internal Revenue Service Form W-8BEN (or any subsequent versions thereof or successors thereto), claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party, (ii) duly completed copies of Internal Revenue Service Form W-8ECI (or any subsequent versions thereof or successors thereto), (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under section 871(h) or 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrower within the meaning of section 871(h)(3) or 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W 8BEN (or any subsequent versions thereof or successors thereto), (iv) duly completed copies of Internal Revenue Service Form W-8IMY, together with forms and certificates described in clauses
(i) through (iii) above (and additional Form W-8IMYs) as may be required or (v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed
together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made. In addition, in each of the foregoing circumstances, each Foreign Lender
shall deliver such forms, if legally entitled to deliver such forms, promptly upon the obsolescence, expiration or invalidity of any form previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify the Borrower at any time
it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the United States of America or other taxing authorities for such purpose). In addition,
each Lender that is not a Foreign Lender shall deliver to the Borrower and the Administrative Agent two copies of Internal Revenue Service Form W-9 (or any subsequent versions thereof or successors thereto) on or before the date such Lender becomes
a party and upon the expiration of any form previously delivered by such Lender. For any period with respect to which a Lender has failed to provide to the Borrower the forms prescribed by this Section 2.17(e), at the time or times prescribed
herein (other than if such failure is due to either (I) a Change in Law occurring after the date on which such Lender 

  

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becomes a party to this Agreement or (II) any action taken by any Loan Party after the date of this Agreement, and as a result of such Change in Law or Loan
Party action, such Lender is not legally entitled to deliver such form), such Lender shall not be entitled to indemnification or additional amounts under this Section 2.17. Notwithstanding any other provision of this paragraph, a Lender shall
not be required to deliver any form pursuant to this paragraph that such Lender is not legally entitled to deliver. 
 (f) If the
Administrative Agent or any Lender determines, in its sole discretion, acting in good faith, that it has received a refund or tax credit of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to
which a Loan Party has paid additional amount pursuant to this Section 2.17, it shall pay over such refund (or the benefit realized as a result of such tax credit) to such Loan Party (but only to the extent of indemnity payments made, or
additional amounts paid, by such Loan Party under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund (or tax credit)), net of all out-of-pocket expenses of the Administrative Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, however, for the avoidance of doubt, nothing herein shall require the Administrative Agent or any Lender
to pay out any benefit realized as a result of a tax credit unless such Administrative Agent or Lender has actual knowledge that such credit is directly attributable to a payment of an additional amount pursuant to this Section 2.17. If a
payment is made pursuant to the preceding sentence, the Loan Party that received such payment, upon the request of the Administrative Agent or such Lender, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority except to the extent such penalties, interest or other charges are due to the willful misconduct or gross negligence of the Administrative Agent or such
Lender) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any
Lender to make available its tax returns (or any other information relating to its taxes which it, acting in good faith, deems confidential) to any Loan Party or any other person. 
 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Unless otherwise specified, the Borrower shall make each
payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of L/C Disbursements, or of amounts payable under Section 2.15, 2.16, or 2.17, or otherwise) prior to 2:00 p.m., Local Time, on the date when
due, in immediately available funds, without condition or deduction for any defense, recoupment, set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the Borrower by the Administrative Agent, except payments
to be made directly to the applicable Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 10.05 shall be made directly to the persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, 
  

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interest thereon shall be payable for the period of such extension. Except as provided in Section 2.05(e), all payments under the Loan Documents shall
be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such
payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent from the Borrower to pay fully all amounts of principal, unreimbursed L/C Disbursements, interest and fees then due from
the Borrower hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, and (ii) second, towards payment of principal and unreimbursed L/C Disbursements then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed L/C
Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Term Loans, Revolving Facility Loans or participations in L/C Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Term Loans, Revolving Facility Loans and participations in L/C Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall
purchase (for cash at face value) participations in the Term Loans, Revolving Facility Loans and participations in L/C Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans, Revolving Facility Loans and participations in L/C Disbursements and Swingline Loans; provided, that
(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph (c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans or participations in L/C Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph (c) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such 

  

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payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as
applicable, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as applicable, severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(b) or 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans or Credit-Linked Deposits hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not, in the reasonable judgment of the Lender, subject such Lender to any material unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. Nothing in
this Section shall affect or postpone any of the Obligations or the rights of any Lender pursuant to Section 2.17(a). 
 (b) If any
Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or is a Defaulting Lender,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) the
Borrower shall have received the prior written consent of the Administrative Agent (and, if in respect of any Revolving Facility Commitment or Revolving Facility Loan, the Swingline Lender and the Issuing Bank), which consent shall not unreasonably
be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for

  

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compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such
compensation or payments. Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrower may have against any Lender that is a Defaulting Lender. 
 (c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or
termination which pursuant to the terms of Section 10.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then the Borrower shall have the right (unless such
Non-Consenting Lender grants such consent) at its sole expense (including with respect to the processing and recordation fee referred to in Section 10.04(b)(ii)(B)) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to
have assigned its Loans, Commitments and Credit-Linked Deposits hereunder to one or more assignees reasonably acceptable to (i) the Administrative Agent (unless, in the case of an assignment of Term Loans, such assignee is a Lender, an
Affiliate of a Lender or an Approved Fund) and (ii) if in respect of any Revolving Facility Commitment or Revolving Facility Loan, the Swingline Lender and the Issuing Bank); provided, that: (a) all Obligations owing to such
Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the
principal amount thereof plus accrued and unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of
such purchase price. In connection with any such assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 10.04; provided, that if such Non-Consenting Lender
does not comply with Section 10.04 within three Business Days after Borrower’s request, compliance with Section 10.04 shall not be required to effect such assignment. 
 SECTION 2.20. Incremental Commitments. (a) The Borrower may, by written notice to the Administrative Agent from time to time, request
Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments, as applicable, in an amount not to exceed the Incremental Amount from one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders (which may
include any existing Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Commitments, as the case may be, in their own discretion; provided, that each Incremental Revolving Facility Lender and Incremental
Term Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) unless, in the case of any Incremental Term Lender, such Incremental Term Lender is a Lender, an Affiliate of a Lender or an
Approved Fund. Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments being requested, (ii) the aggregate amount of all Incremental Term Loan Commitments and
Incremental Revolving Facility Commitments, when taken together with all other Incremental Commitments, shall not exceed $650.0 million in the aggregate (the “Incremental Limit”), (iii) the date on which such Incremental Term
Loan Commitments and/or Incremental Revolving Facility Commitments are requested to become effective (the “Increased Amount Date”) and (iv) in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan
Commitments are to be Term Loan Commitments or commitments to make term loans with pricing and/or amortization terms different from the Term B Loans (“Other Term Loans”). 
  

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 (b) The Borrower and each Incremental Term Lender and/or Incremental Revolving Facility Lender shall
execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental Term Lender
and/or Incremental Revolving Facility Commitment of such Incremental Revolving Facility Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable Incremental Term Loans and/or Incremental Revolving Facility Commitments;
provided, that (i) the Other Term Loans shall rank pari passu or junior in right of payment and of security with the Term B Loans and, except as to pricing, amortization and final maturity date, shall have (x) the same terms as the
Term B Loans, as applicable, or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Other Term Loans shall be no earlier than the Term B Facility Maturity Date,
(iii) the weighted average life to maturity of any Other Term Loans shall be no shorter than the remaining weighted average life to maturity of the Term B Loans and (iv) from and after the effectiveness of the each Incremental Assumption
Agreement, the associated Incremental Revolving Facility Commitments shall thereafter be Revolving Facility Commitments. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Agreement
shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments evidenced thereby as provided for in
Section 10.08(e). Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto. 
 (c) Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Facility Commitment shall become effective under this
Section 2.20 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a certificate to that effect
dated such date and executed by a Responsible Officer of the Borrower, (ii) the Administrative Agent shall have received customary legal opinions, board resolutions and other customary closing certificates and documentation as required by the
relevant Incremental Assumption Agreement and, to the extent required by the Administrative Agent, consistent with those delivered on the Closing Date under Section 4.02 and such additional customary documents and filings (including amendments
to the Mortgages and other Security Documents and title endorsement bringdowns) as the Administrative Agent may reasonably require to assure that the Incremental Term Loans and/or Revolving Facility Loans in respect of Incremental Revolving Facility
Commitments are secured by the Collateral ratably with (or, to the extent agreed by the applicable Incremental Term Lenders in the applicable Incremental Assumption Agreement, junior to) the existing Term B Loans and Revolving Facility Loans and
(iii) the Borrower shall be in Pro Forma Compliance after giving effect to such Incremental Term Loan Commitment and/or Incremental Revolving Facility Commitments, the Loans to be made thereunder and the application of the proceeds therefrom as
if made and applied on such date. 
  

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 (d) Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as
may be reasonably necessary to ensure that (i) all Incremental Term Loans (other than Other Term Loans) in the form of additional Term B Loans, when originally made, are included in each Borrowing of outstanding Term B Loans on a pro rata
basis, and (ii) all Revolving Facility Loans in respect of Incremental Revolving Facility Commitments, when originally made, are included in each Borrowing of outstanding Revolving Facility Loans on a pro rata basis. The Borrower agrees that
Section 2.16 shall apply to any conversion of Eurocurrency Loans to ABR Loans reasonably required by the Lenders to effect the foregoing. 
 SECTION 2.21. Credit-Linked Deposit Account. (a) The Credit-Linked Deposits shall be held by the Administrative Agent in the Credit-Linked Deposit Account, and no party other than the Administrative Agent shall have a right
of withdrawal from the Credit-Linked Deposit Account or any other right or power with respect to the Credit-Linked Deposits, except as expressly set forth in Section 2.05, 2.08 or 2.10. Notwithstanding any provision in this Agreement to the
contrary, the sole funding obligation of each Synthetic L/C Lender in respect of its participation in Synthetic Letters of Credit shall be satisfied in full upon the funding of its Credit-Linked Deposit on the Closing Date. 
 (b) Each of the Borrower, the Administrative Agent, each Issuing Bank issuing any Synthetic Letter of Credit and each Synthetic L/C Lender hereby
acknowledges and agrees that each Synthetic L/C Lender is funding its Credit-Linked Deposit to the Administrative Agent for application in the manner contemplated by Section 2.05 and that the Administrative Agent has agreed to invest the
Credit-Linked Deposits so as to earn a return (except during periods when, and to the extent to which, such Credit-Linked Deposits are used to cover unreimbursed Synthetic L/C Disbursements, and subject to Section 2.14) for the Synthetic L/C
Lenders equal to a rate per annum, reset daily on each Business Day for the period until the next following Business Day, equal to (i) such day’s rate for one month LIBOR deposits (the “Benchmark LIBOR Rate”) computed on
the basis of the actual number of days elapsed in a year of 365 days (or 366 days in a leap year) minus (ii) 0.15%. Such interest will be paid to the Synthetic L/C Lenders by the Administrative Agent quarterly in arrears when Letter of
Credit fees are payable pursuant to Section 2.12. In addition to the foregoing payments by the Administrative Agent, the Borrower agrees to make payments to the Synthetic L/C Lenders quarterly in arrears when Letter of Credit fees are payable
pursuant to Section 2.12 (and together with the payment of such fees) in an amount equal to 0.15% per annum on the amounts of their respective Credit-Linked Deposits. 
 (c) The Borrower shall have no right, title or interest in or to the Credit-Linked Deposits and no obligations with respect thereto (except for the
reimbursement obligations provided in Section 2.05 and the obligation to pay fees as provided in this Section 2.21), it being acknowledged and agreed by the parties hereto that the making of the Credit-Linked Deposits by the Synthetic L/C
Lenders, the provisions of this Section 2.21 and the application of the Credit-Linked Deposits in the manner contemplated by Section 2.05 constitute agreements among the Administrative Agent, each Issuing Bank issuing any Synthetic Letter
of Credit and each Synthetic L/C Lender with respect to the funding obligations of each Synthetic L/C Lender in respect of its participation in Synthetic L/C Letters of Credit and do not constitute any loan or extension of credit to the Borrower.

  

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 (d) Subject to the Borrower’s compliance with the cash-collateralization requirements set forth in
Section 2.05(j), the Administrative Agent shall return any remaining Credit-Linked Deposits to the Synthetic L/C Lenders following the occurrence of the Synthetic L/C Maturity Date. 
 SECTION 2.22. Currency Equivalents. (a) The Administrative Agent shall determine the Dollar Amount of the L/C Exposure in respect of
Letters of Credit denominated in an Alternative Currency based on the Exchange Rate (i) as of the end of each fiscal quarter of the Borrower and (ii) on or about the date of the related notice requesting the issuance of such Letter of
Credit. 
 (b) If after giving effect to any such determination of a Dollar Amount, the Revolving L/C Exposure exceeds the Revolving Letter
of Credit Sublimit or the Synthetic L/C Exposure exceeds the total Credit-Linked Deposits of all Synthetic L/C Lenders, the Borrower shall, within five (5) Business Days of receipt of notice thereof from the Administrative Agent setting forth
such calculation in reasonable detail, deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.05(j) in an amount equal to such excess. 
 ARTICLE III 
 Representations and Warranties 
 On the date of each Credit Event as provided in Section 4.01, the Borrower represents and warrants to each of the Lenders that: 
 SECTION 3.01. Organization; Powers. Except as set forth on Schedule 3.01, each of Holdings (prior to a Borrower Qualified IPO),
the Borrower and each of the Material Subsidiaries (a) (i) is a partnership, limited liability company or corporation duly organized, validly existing and (ii) in good standing (or, if applicable in a foreign jurisdiction, enjoys the
equivalent status under the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its
business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d) has
the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow and
otherwise obtain credit hereunder. 
 SECTION 3.02. Authorization. The execution, delivery and performance by Holdings (prior to
a Borrower Qualified IPO), the Borrower and each of the Subsidiary Loan Parties of each of the Loan Documents to which it is a party, and the borrowings hereunder and the transactions forming a part of the Transactions (a) have been duly
authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by Holdings, the Borrower and such Subsidiary Loan Parties and (b) will not (i) violate (A) any provision of law,
statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents (including any partnership, limited liability company or operating 
  

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agreements) or by-laws of Holdings, the Borrower or any such Subsidiary Loan Party, (B) any applicable order of any court or any rule, regulation or
order of any Governmental Authority or (C) any provision of any indenture, certificate of designation for preferred stock, agreement or other instrument to which Holdings, the Borrower or any such Subsidiary Loan Party is a party or by which
any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or
acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate of designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or
default referred to in clause (i) or (ii) of this Section 3.02(b), would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon
or with respect to any property or assets now owned or hereafter acquired by Holdings (prior to a Borrower Qualified IPO), the Borrower or any such Subsidiary Loan Party, other than the Liens created by the Loan Documents and Permitted Liens.

 SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by Holdings and the Borrower and
constitutes, and each other Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan Party in accordance with its
terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 
 SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority or third party is or will be required in connection with the Transactions,
the perfection or maintenance of the Liens created under the Security Documents or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral, except for (a) the filing of Uniform
Commercial Code financing statements and equivalent filings, registrations or other notifications in foreign jurisdictions, (b) filings with the United States Patent and Trademark Office and the United States Copyright Office and comparable
offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, (c) recordation of the Mortgages, (d) such as have been made or obtained and are in full force and effect, (e) such actions, consents and approvals the
failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect and (f) filings or other actions listed on Schedule 3.04. 
 SECTION 3.05. Financial Statements. (a) (i) The unaudited pro forma consolidated balance sheet and (ii) the related
consolidated statement of income of the Borrower, together with its consolidated Subsidiaries (including the notes thereto) (the “Pro Forma Financial Statements”), for the twelve-month period ending December 31, 2006, copies of
which have heretofore been furnished to each Lender (via inclusion in the Information Memorandum), have been prepared in the manner set forth under the heading “Unaudited pro forma condensed consolidated financial statements” in the Notes
Offering Memorandum. The Pro Forma Financial Statements have been prepared in good faith based on assumptions believed by the Borrower to have been reasonable as of the date of delivery thereof (it being understood that 
  

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such assumptions are based on good faith estimates of certain items and that the actual amount of such items on the Closing Date is subject to change), and
presents fairly in all material respects on a pro forma basis the estimated financial position of the Borrower and its consolidated Subsidiaries as at December 31, 2006 and the results of operations of Borrower and its consolidated subsidiaries
for the twelve-month period ended December 31, 2006. 
 (b) The audited consolidated and combined balance sheets of the Target as at
December 31, 2005 and 2006, and the related audited consolidated and combined statements of income and cash flows for the years ended December 31, 2004, 2005 and 2006, reported on by and accompanied by a report from Deloitte &
Touche LLP, copies of which have heretofore been furnished to each Lender, present fairly in all material respects in accordance with GAAP the consolidated and combined financial position of the Target as at such date and the consolidated and
combined results of operations and cash flows of the Target for the years then ended. 
 SECTION 3.06. No Material Adverse
Effect. Since December 31, 2006, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiaries has valid fee simple title to, or valid
leasehold interests in, or easements or other limited property interests in, all its Real Properties (including all Mortgaged Properties but excluding any real property held by the Borrower or any Subsidiary subject to and in connection with its
relocation services business) and has valid title to its personal property and assets, in each case, except for Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its business as currently
conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties
and assets are free and clear of Liens, other than Permitted Liens. 
 (b) Each of the Borrower and the Subsidiaries owns or possesses, or is
licensed to use, all patents, trademarks, service marks, trade names and copyrights, all applications for any of the foregoing and all licenses and rights with respect to the foregoing necessary for the present conduct of its business, without any
conflict (of which the Borrower has been notified in writing) with the rights of others, and free from any burdensome restrictions on the present conduct of the business of the Borrower, except where such conflicts and restrictions would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or except as set forth on Schedule 3.07(b). 
 SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Closing Date the name and jurisdiction of incorporation, formation or organization of each direct and indirect subsidiary of Holdings and, as to each
such subsidiary, the percentage of each class of Equity Interests owned by Holdings or by any such subsidiary. Such schedule separately identifies each Insurance Subsidiary, Qualified CFC Holding Company and Special Purpose Securitization Subsidiary
as of the Closing Date. 
  

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 SECTION 3.09. Litigation; Compliance with Laws. (a) Except as disclosed in SEC filings
of the Borrower made in connection with or after the date of the Cendant Spin-Off and on or before the Closing Date, there are no actions, suits or proceedings at law or in equity or, to the knowledge of Holdings or the Borrower, investigations by
or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of Holdings (prior to a Borrower Qualified IPO) or the Borrower, threatened in writing against or affecting Holdings or the Borrower or any of the
Subsidiaries or any business, property or rights of any such person which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (b) None of Holdings (prior to a Borrower Qualified IPO), the Borrower, the Subsidiaries and their respective properties or assets is in violation of
(nor will the continued operation of their material properties and assets as currently conducted violate) any law, rule or regulation (including any zoning, building, ordinance, code or approval or any building permit, but excluding any
Environmental Laws, which are subject to Section 3.16) or any restriction of record or agreement affecting any Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where
such violation or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 3.10. Federal Reserve Regulations. (a) None of Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b) No part of the proceeds of any Loan will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or Regulation X.

 SECTION 3.11. Investment Company Act. None of Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiaries
is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.12. Use of Proceeds. The Borrower: 
 (a) shall use the proceeds of the Revolving Facility Loans and Swingline
Loans (i) for general corporate purposes (including, without limitation, for Permitted Business Acquisitions) and (ii) in the case of up to $250.0 million of Revolving Facility Loans made on the Closing Date, (A) to finance a portion
of Transactions and (B) to pay Transaction Expenses; 
 (b) may request the issuance of Letters of Credit (including under the
Credit-Linked Deposits) for general corporate purposes (including, without limitation, for Permitted Business Acquisitions); provided that not more than $100.0 million in stated amount of Synthetic Letters of Credit may be requested by the
Borrower that are used for purposes other than supporting the Borrower’s obligations in respect of the Cendant Contingent Liabilities; 
  

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 (c) shall use the proceeds of the Initial Term B Loans made on the Closing Date (i) to finance a
portion of the Transactions, (ii) to refinance a portion of the Refinanced Indebtedness and (iii) to pay Transaction Expenses; and 
 (d) shall use the proceeds of the Delayed Draw Term B Loans made after the Closing Date (i) to finance a portion of the Existing Senior Notes Refinancing/Change of Control Payments and (ii) to pay Transaction Expenses. 

SECTION 3.13. Tax Returns. Except as set forth on Schedule 3.13: 
 (a) Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of
Holdings, the Borrower and the Subsidiaries has filed or caused to be filed all Federal income tax and all material state, local, non-income Federal and non-U.S. tax returns required to have been filed by it and each such tax return is true and
correct in all material respects; 
 (b) Each of Holdings, the Borrower and the Subsidiaries has timely paid or caused to be
timely paid all Taxes shown to be due and payable by it on the tax returns referred to in clause (a) and all other material Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of all Taxes due) with
respect to all periods or portions thereof ending on or before the Closing Date (except Taxes or assessments that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for which Holdings, the Borrower
or any of the Subsidiaries (as the case may be) has set aside on its books adequate reserves in accordance with GAAP), which Taxes, if not paid or adequately provided for, would, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect; and 
 (c) Other than as would not be, individually or in the aggregate, reasonably expected to have
a Material Adverse Effect, as of the Closing Date, with respect to each of Holdings, the Borrower and the Subsidiaries, there have been no claims asserted in writing with respect to any Taxes. 
 SECTION 3.14. No Material Misstatements. (a) All written information (other than the Projections, estimates and information of a general
economic nature or general industry nature) (the “Information”) concerning Holdings, the Borrower, the Subsidiaries, the Target, the Transactions and any other transactions contemplated hereby included in the Information Memorandum
or otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby, when taken as a whole,
was true and correct in all material respects, as of the date such Information was furnished to the Lenders and, if delivered prior to the Closing Date, as of the Closing Date and did not, taken as a whole, contain any untrue statement of a material
fact as of any such date or omit to state a material fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which such statements were made. 
  

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 (b) The Projections and estimates and information of a general economic nature prepared by or on behalf
of the Borrower or any of its representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby (i) have been prepared in good faith
based upon assumptions believed by the Borrower to be reasonable as of the date thereof (it being understood that actual results may vary materially from the Projections), as of the date such Projections and estimates were furnished to the Lenders
and as of the Closing Date, and (ii) as of the Closing Date, have not been modified in any material respect by the Borrower. 
 SECTION 3.15. Employee Benefit Plans. (a) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) each Plan is in compliance in all material respects with
the applicable provisions of ERISA and the Code; (ii) no Reportable Event has occurred during the past five years as to which the Borrower, Holdings, any of their Subsidiaries or any ERISA Affiliate was required to file a report with the PBGC;
(iii) no Single Employer Plan has any Unfunded Pension Liability in excess of $50.0 million; (iv) no ERISA Event has occurred or, to the knowledge of the Borrower, is reasonably expected to occur; (v) none of Holdings (prior to a
Borrower Qualified IPO) or the Subsidiaries has engaged in a “prohibited transaction” (as defined in Section 406 of ERISA and Code Section 4975) in connection with any employee pension benefit plan (as defined in
Section 3(2) of ERISA) that would subject Holdings or any Subsidiary to tax; and (vi) none of Holdings or the Subsidiaries and the ERISA Affiliates has incurred or is reasonably expected to incur any Withdrawal Liability to any
Multiemployer Plan. 
 (b) Each of Holdings and the Subsidiaries is in compliance (i) with all applicable provisions of law and all
applicable regulations and published interpretations thereunder with respect to any Plan, whether or not subject to ERISA governed by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in
each case, for such noncompliance that would not reasonably be expected to have a Material Adverse Effect. 
 (c) Except as would not
reasonably be expected to result in a Material Adverse Effect, there are no pending, or to the knowledge of Holdings or the Borrower, threatened claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted
or instituted against any Plan or any person as fiduciary or sponsor of any Single Employer Plan that would reasonably be expected to result in liability to Holdings, any of the Subsidiaries or the ERISA Affiliates. 
 (d) Within the last five years, no Single Employer Plan of Holdings, any Subsidiary or the ERISA Affiliates has been terminated, whether or not in a
“standard termination” as that term is used in Section 4041(b)(1) of ERISA, that would reasonably be expected to result in liability to Holdings, any Subsidiary or any of the ERISA Affiliates in excess of $50.0 million, nor has any
Single Employer Plan of Intermediate Holdings, any Subsidiary or any of the ERISA Affiliates (determined at any time within the past five years) with Unfunded Pension Liabilities been transferred outside of the “controlled group” (with the
meaning of Section 4001(a)(14) of ERISA) that has or would reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 3.16. Environmental Matters. Except as set forth in Schedule 3.16 and except
as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) no written notice, claim, demand, request for information, order, complaint or penalty has been received by the
Borrower or any of its Subsidiaries, and there are no judicial, administrative or other actions, suits or proceedings pending or, to the Holdings’ or the Borrower’s knowledge, threatened which allege a violation of or liability under any
Environmental Laws, in each case relating to the Borrower or any of its Subsidiaries, (ii) each of the Borrower and its Subsidiaries has all environmental permits, licenses and other approvals necessary for its operations to comply with all
applicable Environmental Laws and is, and during the term of all applicable statues of limitation, has been, in compliance with the terms of such permits, licenses and other approvals and with all other applicable Environmental Laws, (iii) to
the Borrower’s knowledge, no Hazardous Material is located at, on or under any property currently owned, operated or leased by the Borrower or any of its Subsidiaries that would reasonably be expected to give rise to any cost, liability or
obligation of the Borrower or any of its Subsidiaries under any Environmental Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by the Borrower or any of its Subsidiaries and transported to or Released
at any location in a manner that would reasonably be expected to give rise to any cost, liability or obligation of the Borrower or any of its Subsidiaries under any Environmental Laws and (iv) there are no agreements in which the Borrower or
any of its Subsidiaries has expressly assumed or undertaken responsibility for any known or reasonably likely liability or obligation of any other person arising under or relating to Environmental Laws, which in any such case has not been made
available to the Administrative Agent prior to the date hereof. 
 SECTION 3.17. Security Documents. (a) The Collateral
Agreement is effective to create in favor of the Collateral Agent, for the benefit of the applicable Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the
Pledged Collateral described in the Collateral Agreement, when certificates or promissory notes, as applicable, representing such Pledged Collateral are delivered to the Collateral Agent, and in the case of the other Collateral described in the
Collateral Agreement (other than the Intellectual Property (as defined in the Collateral Agreement)), when financing statements and other filings specified in the Perfection Certificate are filed in the offices specified in the Perfection
Certificate, the Collateral Agent (for the benefit of the applicable Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and, subject to
Section 9-315 of the New York Uniform Commercial Code, the proceeds thereof, as security for the Obligations to the extent perfection can be obtained by possession or by filing Uniform Commercial Code financing statements, in each case prior
and superior in right to the Lien of any other person (except for Permitted Liens). 
 (b) When the Collateral Agreement or a summary thereof
is properly filed in the United States Patent and Trademark Office and the United States Copyright Office, and, with respect to Collateral in which a security interest cannot be perfected by such filings, upon the proper filing of the financing
statements referred to in paragraph (a) above, the Collateral Agent (for the benefit of the applicable Secured Parties) shall have a fully perfected, first priority (subject to Permitted Liens) Lien on, and security interest in, all right,
title and interest of the Loan Parties thereunder in the domestic Intellectual Property (as defined in the Collateral 

  

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Agreement), in each case prior and superior in right to the Lien of any other person, except for Permitted Liens (it being understood that subsequent
recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the
grantors after the Closing Date). 
 (c) Each Foreign Pledge Agreement, if any, shall be effective to create in favor of the Collateral
Agent, for the benefit of the applicable Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof to the extent permissible under applicable law. In the case of the Pledged Collateral
described in a Foreign Pledge Agreement, when certificates representing such Pledged Collateral (if any) are delivered to the Collateral Agent, the Collateral Agent (for the benefit of the applicable Secured Parties) shall have a perfected Lien on,
and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations, in each case prior and superior in right to the Lien of any other person (except for Permitted
Liens). 
 (d) Notwithstanding anything herein (including this Section 3.17) or in any other Loan Document to the contrary, other than
to the extent set forth in the applicable Foreign Pledge Agreements, neither the Borrower nor any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any
pledge of or security interest in any Equity Interests of any Foreign Subsidiary that is not a Loan Party, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law. 
 SECTION 3.18. Solvency. (a) Immediately after giving effect to the Transactions on the Closing Date, (i) the fair value of the
assets of the Borrower (individually) and Holdings, the Borrower and its Subsidiaries, on a consolidated basis and at a fair valuation, will exceed the debts and liabilities, direct, subordinated, unmatured, unliquidated, contingent or otherwise, of
the Borrower (individually) and Holdings, the Borrower and its Subsidiaries, on a consolidated basis, respectively; (ii) the present fair saleable value of the property of the Borrower (individually) and Holdings, the Borrower and its
Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of such Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis, respectively, on their
debts and other liabilities, direct, subordinated, unmatured, unliquidated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower (individually) and Holdings, the Borrower and its
Subsidiaries, on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower (individually) and Holdings,
the Borrower and its Subsidiaries, on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the
Closing Date. 
 (b) On the Closing Date, neither Holdings nor the Borrower intends to, and neither Holdings nor the Borrower believes that
it or any of its subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on
or in respect of its Indebtedness or the Indebtedness of any such subsidiary. 
  

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 SECTION 3.19. Labor Matters. Except as, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or threatened against Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries; (b) the hours
worked and payments made to employees of Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable law dealing with such matters; and
(c) all payments due from Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries or for which any claim may be made against Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries, on
account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of Holdings (prior to a Borrower Qualified IPO), the Borrower or such Subsidiary to the extent required by GAAP.
Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union
under any material collective bargaining agreement to which Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries (or any predecessor) is a party or by which Holdings (prior to a Borrower Qualified IPO), the Borrower
or any of the Subsidiaries (or any predecessor) is bound. 
 SECTION 3.20. Intellectual Property; Licenses, Etc. Except as would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) each of Holdings, the Borrower and the Subsidiaries owns, or possesses the right to use, all of the U.S. and foreign intellectual property,
including patents, inventions, discoveries, trade secrets, know-how, proprietary information, trademarks, service marks, trade names, logos, domain names and other source indicators (and the goodwill of the business symbolized thereby), copyrights,
works of authorship in any media, mask works, and any and all applications or registrations for any of the foregoing (collectively, “Intellectual Property Rights”) that are reasonably necessary for the operation of their respective
businesses, free of all Liens except Permitted Liens, and all such Intellectual Property Rights are subsisting, unexpired and have not been abandoned, and, to the knowledge of Holdings, the Borrower or the Subsidiaries, their ownership or use of
such Intellectual Property Rights does not conflict with the rights of any other person, (b) none of Holdings, the Borrower or the Subsidiaries have any knowledge that any product, process, method, service, practice, substance, part, material
now employed, sold or offered by such persons, is interfering with, infringing upon, misappropriating or otherwise violating any intellectual property rights of any person, and no claim, litigation, action, arbitration or investigation regarding any
of the foregoing, or otherwise seeking to limit, cancel or invalidate any Intellectual Property Right, is pending or, to the knowledge of Holdings and the Borrower, threatened, (c) to the knowledge of Holdings or the Borrower, no holding,
decision or judgment has been rendered by any Governmental Authority which limits, cancels or challenges the validity of, or Holdings’, the Borrower’s or any Subsidiary’s rights in, any Intellectual Property Rights owned or licensed
by Holdings, the Borrower or any Subsidiary, and (d) except as disclosed on Schedule 3.20(d), no Intellectual Property Right is the subject of any licensing or franchise agreement pursuant to which Holdings, the Borrower or any Subsidiary has
granted an exclusive right to any person other than a franchisee or a master franchisor in the ordinary course of business to use such Intellectual Property Right. 
  

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 SECTION 3.21. Senior Debt. The Obligations constitute “Senior Debt” (or the
equivalent thereof) and “Designated Senior Debt” (or the equivalent thereof, if any) under the Senior Subordinated Notes Indenture and under the documentation governing any other subordinated Indebtedness permitted to be incurred hereunder
or any Permitted Refinancing Indebtedness in respect of the Senior Subordinated Notes or any other Indebtedness permitted to be incurred hereunder constituting subordinated Indebtedness. 
 ARTICLE IV 
 Conditions of Lending 
 The obligations of (a) the Lenders (including the Swingline Lender) to make Loans and (b) any Issuing Bank to issue Letters of Credit or renew,
extend, amend or increase the stated amounts of Letters of Credit hereunder (other than pursuant to any renewal, extension or amendment of a Letter of Credit without any increase in the stated amount of such Letter of Credit) (each of clauses
(a) and (b), a “Credit Event”) are subject to the satisfaction of the following conditions: 
 SECTION 4.01. All
Credit Events. On the date of each Borrowing and on the date of each issuance, amendment, extension or renewal of a Letter of Credit: 
 (a) The Administrative Agent shall have received, in the case of a Borrowing, a Borrowing Request as required by Section 2.03 or, in the case of the issuance of a Letter of Credit, the applicable Issuing Bank and the Administrative
Agent shall have received a notice requesting the issuance of such Letter of Credit as required by Section 2.05(b). 
 (b) (i) In the
case of each Credit Event that occurs on the Closing Date, the conditions in Section 6.02(a) of the Merger Agreement (but only with respect to representations and warranties that are material to the interests of the Lenders, and only to the
extent that Borrower has the right to terminate its obligations under the Merger Agreement as a result of a breach of such representations in the Merger Agreement) shall be satisfied, and the representations and warranties made in Sections
3.01(a)(i), (b) and (d), 3.02(a), 3.03, 3.10, 3.11, 3.17(a), 3.17(c), 3.17(d) and 3.21 shall be true and correct in all material respects; and (ii) in the case of each other Credit Event (other than a Delayed Draw Term Loan Funding Event),
the representations and warranties set forth in the Loan Documents shall be true and correct in all material respects as of such date (other than an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of
such Letter of Credit), as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date). 
 (c) (i) In the case of each Credit Event (other than a Delayed Draw
Term Loan Funding Event) that occurs after the Closing Date, at the time of and immediately after such Borrowing or issuance, amendment, extension or renewal of a Letter of Credit (other than an amendment, extension or renewal of a Letter of Credit
without any increase in the stated amount of such Letter of Credit), as applicable, no Event of Default or Default shall have 

  

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occurred and be continuing; and (ii) in the case of each Delayed Draw Term Loan Funding Event that occurs after the Closing Date, at the time of and
immediately after such Borrowing, no Event of Default or Default under clauses (b), (c), (h) or (i) of Section 8.01 shall have occurred and be continuing. 
 Each such Borrowing and each issuance, amendment, extension or renewal of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date of such Borrowing, issuance,
amendment, extension or renewal as applicable, as to the matters specified in paragraphs (b) and (c) of this Section 4.01. 
 SECTION 4.02. Effectiveness of Commitments. The obligations of each Lender to make any extension of credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in
accordance with Section 10.08): 
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has
signed a counterpart of this Agreement. 
 (b) The Administrative Agent shall have received, on behalf of itself, the Lenders and each
Issuing Bank on the Closing Date, a favorable written opinion of (i) Akin Gump Strauss Hauer & Feld LLP, special counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent and
(ii) local counsel reasonably satisfactory to the Administrative Agent as specified on Schedule 4.02(b), in each case (A) dated the Closing Date, (B) addressed to each Issuing Bank on the Closing Date, the Administrative
Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Loan Documents as the Administrative Agent shall reasonably request. 
 (c) The Administrative Agent shall have received in the case of each Loan Party each of the items referred to in clauses (i), (ii) and
(iii) below: 
 (i) a copy of the certificate or articles of incorporation, certificate of limited partnership or
certificate of formation, including all amendments thereto, of each Loan Party, (A) in the case of a corporation, certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and a
certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction) of each such Loan Party as of a recent date from such Secretary of State (or other similar official) or (B) in the
case of a partnership or limited liability company, certified by the Secretary or Assistant Secretary of each such Loan Party; 
 (ii) a certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party dated the Closing Date and certifying 
 (A) that attached thereto is a true and complete copy of the by-laws (or partnership agreement, limited liability company agreement or 

  

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other equivalent governing documents) of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions
described in clause (B) below, 
 (B) that attached thereto is a true and complete copy of resolutions duly adopted by
the Board of Directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case
of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing Date, 
 (C) that the certificate or articles of incorporation, certificate of limited partnership or certificate of formation of such Loan Party
has not been amended since the date of the last amendment thereto disclosed pursuant to clause (i) above, 
 (D) as to
the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party and 
 (E) as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party; and 
 (iii) a certificate of a director or another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary
or similar officer executing the certificate pursuant to clause (ii) above. 
 (d) The elements of the Collateral and Guarantee
Requirement required to be satisfied on the Closing Date shall have been satisfied (other than in the case of any security interest in the intended Collateral or any deliverable related to the perfection of security interests in the intended
Collateral (other than (i) the pledge and perfection of the security interests in the Equity Interests of the Borrower and each Subsidiary described in clause (b) of the definition of “Collateral and Guarantee Requirement” and
(ii) any Collateral the security interest in which may be perfected by the filing of a UCC financing statement) that is not provided on the Closing Date after the Borrower’s use of commercially reasonable efforts to do so, which such
security interest or deliverable shall be delivered within the time periods specified with respect thereto in Schedule 4.02(d)) and the Administrative Agent shall have received a completed Perfection Certificate dated the Closing Date and
signed by a Responsible Officer of the Borrower, together with all attachments contemplated thereby, and the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions
contemplated by the Perfection Certificate and copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements
(or similar documents) are Permitted Liens or have been released or should be released upon the funding of the Loans. 
  

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 (e) The Merger shall have been consummated or shall be consummated simultaneously with or immediately
following the closing under this Agreement in accordance with the terms and conditions of the Merger as set forth in the Merger Documents, without material amendment, supplement, modification or waiver thereof by the Borrower which is materially
adverse to the Lenders without the prior written consent of the Administrative Agent. 
 (f) The Equity Financing shall have been
consummated. 
 (g) The Lenders shall have received the pro forma balance sheet referred to in Section 3.05(a)(i), and the related pro
forma income statement referred to in Section 3.05(a)(ii). 
 (h) The Lenders shall have received either (i) a solvency certificate
in form and substance reasonably satisfactory to the Administrative Agent and signed by the Chief Financial Officer of the Borrower or (ii) a solvency opinion in form and substance reasonably satisfactory to the Administrative Agent from an
independent investment bank or valuation firm reasonably acceptable to the Administrative Agent, in each case confirming the solvency of Borrower and its Subsidiaries on a consolidated basis after giving effect to the Transactions on the Closing
Date. 
 (i) The Agents shall have received all fees payable thereto or to any Lender on or prior to the Closing Date and, to the extent
invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including reasonable fees, charges and
disbursements of Simpson Thacher & Bartlett LLP) required to be reimbursed or paid by the Loan Parties hereunder or under any Loan Document. 
 (j) The Administrative Agent shall have received all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation, the USA PATRIOT Act, requested not less than five business days prior to the date hereof. 
 ARTICLE V 
 Affirmative Covenants 
 The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim
has been made) and until the Commitments have been terminated or have expired and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters of
Credit have been canceled or have expired (or have been cash collateralized on terms reasonably satisfactory to the Administrative Agent) and all amounts drawn or paid thereunder have been reimbursed in full, unless the Required Lenders shall
otherwise consent in writing, the Borrower will, and will cause each of the Material Subsidiaries to: 
 SECTION 5.01. Existence;
Businesses and Properties. (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except, in the case of a Subsidiary of the Borrower, where the failure to do so,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, and except as otherwise expressly permitted under Section 6.05; provided that the Borrower may liquidate or dissolve one or more
Subsidiaries if the assets of such Subsidiaries to the extent they exceed estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary of the Borrower in such liquidation or dissolution, except that Subsidiary Loan Parties may not
be liquidated into Subsidiaries that are not Loan Parties and Domestic Subsidiaries may not be liquidated into Foreign Subsidiaries. 
  

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 (b) Except where the failure to do so, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, do or cause to be done all things necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade
names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii) at all times maintain and preserve all property necessary to the normal conduct of its business and keep such property in good
repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith,
if any, may be properly conducted at all times (in each case except as expressly permitted by this Agreement). 
 SECTION 5.02.
Insurance. (a) Maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses
operating in the same or similar locations and cause the Collateral Agent to be listed as loss payee on property and casualty policies and as an additional insured on liability policies; provided that (i) workers’ compensation
insurance or similar coverage may be effected with respect to its operations in any particular state or other jurisdiction through an insurance fund operated by such state or jurisdiction and (ii) such insurance may contain self-insurance
retention and deductible levels consistent with normal industry practice. 
 (b) With respect to any Mortgaged Properties, if at any time the
area in which the Premises (as defined in the Mortgages) are located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance
in such reasonable total amount as the Administrative Agent may from time to time reasonably require, and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as it may be amended from
time to time. 
 (c) In connection with the covenants set forth in this Section 5.02, it is understood and agreed that: 
 (i) none of the Administrative Agent, the Lenders, the Issuing Bank and their respective agents or employees shall be liable for any loss
or damage insured by the insurance policies required to be maintained under this Section 5.02, it being understood 

  

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that (A) the Loan Parties shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery of such
loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Lenders, any Issuing Bank or their agents or employees. If, however, the insurance policies, as a matter of the internal
policy of such insurer, do not provide waiver of subrogation rights against such parties, as required above, then each of Holdings and the Borrower, on behalf of itself and behalf of each of its Subsidiaries, hereby agrees, to the extent permitted
by law, to waive, and further agrees to cause each of their Subsidiaries to waive, its right of recovery, if any, against the Administrative Agent, the Lenders, any Issuing Bank and their agents and employees; and 
 (ii) the designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02 shall in
no event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance is adequate for the purposes of the business of Holdings, the Borrower and the Subsidiaries or the protection of their properties.

 SECTION 5.03. Taxes. Pay and discharge promptly when due all material Taxes, imposed upon it or upon its income or profits or
in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims which, if unpaid, might give rise to a Lien (other than a Permitted Lien) upon such properties or any part thereof; provided,
however, that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (a) the validity or amount thereof shall be contested in good faith by appropriate proceedings and
(b) Holdings, the Borrower or the affected Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP with respect thereto. 
 SECTION 5.04. Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders): 
 (a) within 90 days after the end of each fiscal year of the Borrower, a consolidated balance sheet and related statements of operations, cash flows and
owners’ equity showing the financial position of the Borrower and its Subsidiaries as of the close of such fiscal year and the consolidated results of its operations during such year and setting forth in comparative form the corresponding
figures for the prior fiscal year, which consolidated balance sheet and related statements of operations, cash flows and owners’ equity shall be audited by independent public accountants of recognized national standing and accompanied by an
opinion of such accountants (which opinion shall not be qualified as to scope of audit or as to the status of the Borrower or any Material Subsidiary as a “going concern”) to the effect that such consolidated financial statements fairly
present, in all material respects, the financial position and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (it being understood that the delivery by the Borrower of annual reports on Form
10 K of the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this Section 5.04(a) to the extent such annual reports include the information specified herein); 
 (b) within 45 days after the end of the first three quarterly periods of each fiscal year of the Borrower, a consolidated balance sheet and related
statements of operations and 

  

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cash flows showing the financial position of the Borrower and its Subsidiaries as of the close of such fiscal quarter and the consolidated results of its
operations during such fiscal quarter and the then-elapsed portion of the fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year, all of which shall be in reasonable detail
and which consolidated balance sheet and related statements of operations and cash flows shall be certified by a Financial Officer of the Borrower on behalf of the Borrower as fairly presenting, in all material respects, the financial position and
results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) (it being understood that the delivery by the Borrower of
quarterly reports on Form 10-Q of the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this Section 5.04(b) to the extent such quarterly reports include the information specified herein); 
 (c) (x) concurrently with any delivery of financial statements under paragraphs (a) or (b) above, a certificate of a Financial Officer of the
Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto, (ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the Financial Performance Covenant, (iii) setting forth the calculation and uses of the Cumulative Credit
for the fiscal period then ended, (iv) certifying a list of names of all Immaterial Subsidiaries, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such Subsidiaries in the aggregate do
not exceed the limitation set forth in clause (b) of the definition of the term “Immaterial Subsidiary” and (v) certifying a list of names of all Unrestricted Subsidiaries and that each Subsidiary set forth on such list
individually qualifies as an Unrestricted Subsidiary, and (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting firm is not restricted from providing such a certificate by its policies, a
certificate of the accounting firm opining on or certifying such statements stating whether they obtained knowledge during the course of their examination of such statements of any Default or Event of Default (which certificate may be limited to
accounting matters and disclaim responsibility for legal interpretations); 
 (d) promptly after the same become publicly available, copies
of all periodic and other publicly available reports, proxy statements and, to the extent requested by the Administrative Agent, other materials filed by Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries with the
SEC, or after an initial public offering, distributed to its stockholders generally, as applicable; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this clause
(d) shall be deemed delivered for purposes of this Agreement when posted to the website of the Borrower; 
 (e) within 90 days after the
beginning of each fiscal year of the Borrower, a reasonably detailed consolidated annual budget for such fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year, and the
related consolidated statements of projected cash flow and projected income), including a description of underlying assumptions with respect thereto (collectively, the “Budget”), which Budget shall in each case be accompanied by the
statement of a Financial Officer of the Borrower to the effect that, the Budget is based on assumptions believed by such Financial Officer to be reasonable as of the date of delivery thereof; 
  

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 (f) upon the reasonable request of the Administrative Agent, an updated Perfection Certificate (or, to
the extent such request relates to specified information contained in the Perfection Certificate, such information) reflecting all changes since the date of the information most recently received pursuant to this paragraph (f) or
Section 5.09(f); 
 (g) promptly, from time to time, such other information regarding the operations, business affairs and financial
condition of Holdings, the Borrower or any of the Subsidiaries, or compliance with the terms of any Loan Document, or such consolidating financial statements (it being understood that consolidating financial statements shall not be requested until
such time as the Borrower shall have filed a registration statement with the SEC with respect to the Senior Unsecured Notes and/or the Senior Subordinated Notes), as in each case the Administrative Agent may reasonably request (for itself or on
behalf of any Lender); and 
 (h) in the event that (i) in respect of the Senior Unsecured Notes or the Senior Subordinated Notes, and
any Permitted Refinancing Indebtedness with respect thereto, the rules and regulations of the SEC permit the Borrower, Holdings or any Parent Entity to report at Holdings’ or such Parent Entity’s level on a consolidated basis and
(ii) Holdings or such Parent Entity, as the case may be, is not engaged in any business or activity, and does not own any assets or have other liabilities, other than those incidental to its ownership directly or indirectly of the Equity
Interests of the Borrower and the incurrence of Indebtedness for borrowed money (and, without limitation on the foregoing, does not have any subsidiaries other than the Borrower and the Borrower’s Subsidiaries and any direct or indirect parent
companies of the Borrower that are not engaged in any other business or activity and do not hold any other assets or have any liabilities except as indicated above) such consolidated reporting at such Parent Entity’s level in a manner
consistent with that described in paragraphs (a) and (b) of this Section 5.04 for the Borrower (together with a reconciliation showing the adjustments necessary to determine compliance by the Borrower and its Subsidiaries with the
Financial Performance Covenant) shall satisfy the requirements of such paragraphs. 
 SECTION 5.05. Litigation and Other Notices.
Furnish to the Administrative Agent (which will promptly thereafter furnish to the Lenders) written notice of the following promptly after any Responsible Officer of Holdings (prior to a Borrower Qualified IPO) or the Borrower obtains actual
knowledge thereof: 
 (a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any)
proposed to be taken with respect thereto; 
 (b) the filing or commencement of, or any written threat or notice of intention of any person
to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against Holdings, the Borrower or any of the Subsidiaries as to which an adverse determination is
reasonably probable and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect; 
  

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 (c) any other development specific to Holdings, the Borrower or any of the Subsidiaries that is not a
matter of general public knowledge and that has had, or would reasonably be expected to have, a Material Adverse Effect; and 
 (d) the
occurrence of any ERISA Event that, together with all other ERISA Events that have occurred and are occurring, would reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.06. Compliance with Laws. Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; provided, that this Section 5.06 shall not apply to Environmental Laws, which are the
subject of Section 5.08, or to laws related to Taxes, which are the subject of Section 5.03. 
 SECTION 5.07. Maintenance
of Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any
Lender to visit and inspect the financial records and the properties of Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the Subsidiaries at reasonable times, upon reasonable prior notice to Holdings (prior to a Borrower
Qualified IPO) or the Borrower, and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of
an Event of Default, any Lender upon reasonable prior notice to Holdings (prior to a Borrower Qualified IPO) or the Borrower to discuss the affairs, finances and condition of Holdings (prior to a Borrower Qualified IPO), the Borrower or any of the
Subsidiaries with the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality, including requirements imposed by law or by contract). 
 SECTION 5.08. Compliance with Environmental Laws. Comply, and make reasonable efforts to cause all lessees and other persons occupying its
properties to comply, with all Environmental Laws applicable to its operations and properties; and obtain and renew all material authorizations and permits required pursuant to Environmental Law for its operations and properties, in each case in
accordance with Environmental Laws, except, in each case with respect to this Section 5.08, to the extent the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.09. Further Assurances; Additional Security. (a) Execute any and all further documents, financing statements, agreements and
instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, Mortgages and other documents and recordings of Liens in stock registries), that may be required under any applicable law,
or that the Collateral Agent may reasonably request, to satisfy the Collateral and Guarantee Requirement and to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties and provide to the
Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents, in each case subject to
paragraph (g) below. 
  

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 (b) If any asset (including any owned Real Property (other than owned Real Property covered by
paragraph (c) below) or improvements thereto or any interest therein) that has an individual fair market value (as determined in good faith by the Borrower) in an amount greater than $5.0 million is acquired by the Borrower or any other Loan
Party after the Closing Date or owned by an entity at the time it becomes a Subsidiary Loan Party (in each case other than (x) assets constituting Collateral under a Security Document that become subject to the Lien of such Security Document
upon acquisition thereof and (y) assets that are not required to become subject to Liens in favor of the Collateral Agent pursuant to Section 5.09(g) or the Security Documents) will (i) notify the Collateral Agent thereof,
(ii) if such asset is comprised of Real Property, deliver to Collateral Agent an updated Schedule 1.01B reflecting the addition of such asset, and (iii) cause such asset to be subjected to a Lien securing the Obligations and take,
and cause the Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section, all at the expense
of the Loan Parties, subject to paragraph (g) below. 
 (c) Grant and cause each of the Subsidiary Loan Parties to grant to the
Collateral Agent security interests and mortgages in such owned Real Property of the Borrower or any such Subsidiary Loan Parties as are not covered by the original Mortgages, to the extent acquired after the Closing Date and having a value at the
time of acquisition in excess of $10.0 million pursuant to documentation substantially in the form of the Mortgages delivered to the Collateral Agent on the Closing Date or in such other form as is reasonably satisfactory to the Collateral Agent
(each, an “Additional Mortgage”) and constituting valid and enforceable Liens subject to no other Liens except Permitted Liens at the time of perfection thereof; record or file, and cause each such Subsidiary to record or file, the
Additional Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Additional
Mortgages and pay, and cause each such Subsidiary to pay, in full, all Taxes, fees and other charges payable in connection therewith, in each case subject to paragraph (g) below. Unless otherwise waived by the Collateral Agent, with respect to
each such Additional Mortgage, the Borrower shall deliver to the Collateral Agent contemporaneously therewith a title insurance policy, and a survey. 
 (d) If any additional direct or indirect Subsidiary of Holdings (prior to a Borrower Qualified IPO) or the Borrower is formed or acquired after the Closing Date (with any Subsidiary Redesignation resulting in an
Unrestricted Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary is a Domestic Subsidiary (other than a Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary, an Insurance
Subsidiary or an Immaterial Subsidiary designated by the Borrower as not a Loan Party) or a “first tier” Special Purpose Securitization Subsidiary, within five Business Days after the date such Domestic Subsidiary or “first tier”
Special Purpose Securitization Subsidiary is formed or acquired, notify the Collateral Agent and the Lenders thereof and, within 20 Business Days after the date such Domestic Subsidiary or “first tier” Special Purpose Securitization
Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with respect to such Domestic Subsidiary (unless such Domestic Subsidiary is not a Wholly
Owned Subsidiary) or “first tier” Special Purpose Securitization Subsidiary and with respect to any Equity Interest in or Indebtedness of such Domestic Subsidiary or “first tier” Special Purpose Securitization Subsidiary owned by
or on behalf of any Loan Party, subject to paragraph (g) below. 
  

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 (e) If any additional Foreign Subsidiary of the Borrower is formed or acquired after the Closing Date
(with any Subsidiary Redesignation resulting in an Unrestricted Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary is a “first tier” Foreign Subsidiary, within five Business
Days after the date such Foreign Subsidiary is formed or acquired, notify the Collateral Agent and the Lenders thereof and, within 20 Business Days after the date such Foreign Subsidiary (unless such Foreign Subsidiary is not a Wholly Owned
Subsidiary) is formed or acquired or such longer period as the Collateral Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with respect to any Equity Interest in such Foreign Subsidiary owned by or on behalf of any
Loan Party, subject to paragraph (g) below. 
 (f) (i) Furnish to the Collateral Agent prompt written notice of any change (A) in
any Loan Party’s corporate or organization name, (B) in any Loan Party’s identity or organizational structure or (C) in any Loan Party’s organizational identification number; provided, that the Borrower shall not
effect or permit any such change unless all filings have been made, or will have been made within any statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times
following such change to have a valid, legal and perfected security interest in all the Collateral for the benefit of the applicable Secured Parties and (ii) promptly notify the Collateral Agent if any material portion of the Collateral is
damaged or destroyed. 
 (g) The Collateral and Guarantee Requirement and the other provisions of this Section 5.09 need not be
satisfied with respect to (i) any Real Property held by the Borrower or any of its Subsidiaries as a lessee under a lease, (ii) any vehicle, (iii) cash, deposit accounts and securities accounts, (iv) any Insurance Subsidiary
except to the extent that a pledge of the Equity Interests thereof is permitted by applicable law, or any Securitization Assets, (v) any Equity Interests acquired after the Closing Date (other than Equity Interests in the Borrower or, in the
case of any person which is a Subsidiary, Equity Interests in such person issued or acquired after such person became a Subsidiary) in accordance with this Agreement if, and to the extent that, and for so long as (A) doing so would violate
applicable law or a contractual obligation binding on such Equity Interests and (B) with respect to contractual obligations, such obligation existed at the time of the acquisition thereof and was not created or made binding on such Equity
Interests in contemplation of or in connection with the acquisition of such Subsidiary, (vi) any assets acquired after the Closing Date, to the extent that, and for so long as, taking such actions would violate an enforceable contractual
obligation binding on such assets that existed at the time of the acquisition thereof and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets (except in the case of assets acquired
with Indebtedness permitted pursuant to Section 6.01(i) that is secured by a Permitted Lien), (vii) (A) entities that become Subsidiaries (with any Subsidiary Redesignation resulting in an Unrestricted Subsidiary being designated as a
Subsidiary being deemed to constitute the acquisition or formation of a Subsidiary) after the Closing Date if the Administrative Agent, after consultation with Holdings, shall reasonably determine that the costs of obtaining a guarantee of the
applicable Obligations from such entities is excessive in relation to the value to be afforded to the Lenders thereby or (B) those assets as to which the 

  

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Administrative Agent, after consultation with Holdings, shall reasonably determine that the costs of obtaining or perfecting a security interest in such
assets are excessive in relation to the value of the security to be afforded thereby, including (w) the costs and legal and practical difficulties of obtaining such guarantees and security from Foreign Subsidiaries, (x) the costs of
obtaining such guarantee or security interest, or perfecting such security interest, in relation to the value of the credit support to be afforded thereby, (y) general statutory limitations, financial assistance, corporate benefit, fraudulent
preference, thin capitalization, retention of title claims and similar principles and (z) the fiduciary duties of directors, contravention of legal prohibitions or risk of personal or criminal liability on the part of any officer,
(viii) perfection of any security interest in Collateral to the extent such perfection (or the steps required to provide such perfection) would have a material adverse effect on the ability of the relevant Loan Party to conduct its operations
and business in the ordinary course as permitted by the Loan Documents, (ix) perfection of any security interest in receivables or other Collateral to the extent such perfection would require notice to customers of Borrower and the Subsidiaries
prior to the time that an Event of Default has occurred and is continuing, or (x) any real property acquired by the Borrower or any Subsidiary in the ordinary course of its relocation services business; provided, that, upon the
reasonable request of the Administrative Agent, the Borrower shall, and shall cause any applicable Subsidiary to, use commercially reasonable efforts to have waived or eliminated any contractual obligation of the types described in clauses (v)
and (vi) above. 
 SECTION 5.10. Ratings. Exercise commercially reasonable efforts to maintain at all times
(a) corporate ratings of the Borrower and (b) ratings of the Facilities, in case from Moody’s and S&P. 
 SECTION 5.11. Compliance with Material Contracts. Perform and observe all of the terms and conditions of each material agreement to be performed or observed by it, maintain each such material agreement in full force and effect,
enforce each such material agreement in accordance with its terms, except where the failure to do so, individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect. 
 SECTION 5.12. Post-Closing Covenant. Within the periods set forth on Schedule 5.12 (or such longer period as the Administrative Agent may
determine), take the actions described on Schedule 5.12. 
 ARTICLE VI 
 Negative Covenants 
 The Borrower covenants and agrees with each Lender that, so
long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) and until the Commitments have been terminated or have expired and the
principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) have been
paid in full and all Letters of Credit have been canceled or have expired (or have been cash collateralized on terms reasonably satisfactory to the Administrative Agent) and all amounts drawn thereunder have been reimbursed in full, unless the
Required Lenders shall otherwise consent in writing, the Borrower will not, and will not permit any of the Material Subsidiaries to: 
 SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness, except: 
 (a)
Indebtedness existing on the Closing Date and set forth on Schedule 6.01 and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a person
not affiliated with the Borrower or any Subsidiary); 
  

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 (b) Indebtedness created hereunder and under the other Loan Documents and any Permitted
Refinancing Indebtedness incurred to Refinance such Indebtedness; 
 (c) Indebtedness of the Borrower or any Subsidiary
pursuant to Swap Agreements; 
 (d) Indebtedness owed to (including obligations in respect of letters of credit or bank
guarantees or similar instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Subsidiary, pursuant to
reimbursement or indemnification obligations to such person, in each case in the ordinary course of business; provided, that upon the incurrence of Indebtedness with respect to reimbursement obligations regarding workers’ compensation
claims, such obligations are reimbursed not later than 30 days following such incurrence; 
 (e) Indebtedness of the Borrower
to Holdings (prior to a Borrower Qualified IPO) or any Subsidiary and of any Subsidiary to Holdings (prior to a Borrower Qualified IPO), the Borrower or any other Subsidiary; provided, that, other than in the case of intercompany current
liabilities incurred in the ordinary course of business in connection with the cash management operations of Holdings and the subsidiaries to finance working capital needs of the subsidiaries, (i) Indebtedness of any Subsidiary that is not a
Subsidiary Loan Party owing to the Loan Parties shall be subject to Section 6.04(b) and (ii) Indebtedness of the Borrower to Holdings or any Subsidiary and Indebtedness of any other Loan Party to Holdings or any Subsidiary that is not a
Subsidiary Loan Party (the “Subordinated Intercompany Debt”) shall, if legally permissible, be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent; 
 (f) Indebtedness (including obligations in respect of letters of credit and bank guarantees) in respect of performance, bid, appeal and
surety bonds and completion guarantees provided by the Borrower or any of its Subsidiaries in the ordinary course of business or consistent with past practice or industry practice; 
 (g) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided, that (x) such Indebtedness (other than credit or purchase cards) is extinguished within ten Business
Days of notification to the Borrower of its incurrence and (y) such Indebtedness in respect of credit or purchase cards is extinguished within 60 days from its incurrence; 
  

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 (h) (i) Indebtedness of a Subsidiary acquired after the Closing Date or of an entity
merged into or consolidated or amalgamated with the Borrower or any Subsidiary after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness in each case exists at the time of such acquisition,
merger, consolidation or amalgamation and is not created in contemplation of such event and where such acquisition, merger, consolidation or amalgamation is permitted by this Agreement and (ii) any Permitted Refinancing Indebtedness incurred to
Refinance such Indebtedness; provided, (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and (B) immediately after giving effect to such acquisition, merger, consolidation or
amalgamation, the assumption and incurrence of any Indebtedness and any related transactions, the Senior Secured Leverage Ratio on a Pro Forma Basis shall not be greater than 4.25 to 1.00; 
 (i) Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Borrower or any Subsidiary prior to or
within 270 days after the construction, acquisition, lease or improvement of the respective property (real or personal, and whether through the direct purchase of property or the Equity Interests of any person owning such property) permitted under
this Agreement in order to finance such construction, acquisition, lease or improvement, and any Permitted Refinancing Indebtedness in respect thereof, in an aggregate principal amount that at the time of, and after giving effect to, the incurrence
thereof, together with the Remaining Present Value of outstanding leases permitted under Section 6.03, would not exceed the greater of $550.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to
the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04; 
 (j) Capital
Lease Obligations incurred by the Borrower or any Subsidiary in respect of any Sale and Lease-Back Transaction that is permitted under Section 6.03, and any Permitted Refinancing Indebtedness in respect thereof; 
 (k) other Indebtedness of the Borrower or any Subsidiary, in an aggregate principal amount outstanding that at the time of, and after
giving effect to, the incurrence thereof, would not exceed the greater of $550.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have
been delivered pursuant to Section 5.04; 
 (l) Indebtedness of the Borrower pursuant to (i) the Senior Unsecured
Notes in an aggregate principal amount that is not in excess of $2,250.0 million (plus any interest paid by increases to principal), (ii) the Senior Subordinated Notes in an aggregate principal amount that is not in excess of $900.0 million,
and (iii) any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness; 
 (m) Guarantees
(i) by the Subsidiary Loan Parties of the Indebtedness of the Borrower described in Section 6.01(l), so long as the Guarantee of the Senior 

  

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Subordinated Notes or any Permitted Refinancing Indebtedness in respect thereof is subordinated on substantially the same terms as set forth in the Senior
Subordinated Notes Indenture with respect to the Senior Subordinated Notes, (ii) by the Borrower or any Subsidiary Loan Party of any Indebtedness of the Borrower or any Subsidiary Loan Party permitted to be incurred under this Agreement,
(iii) by the Borrower or any Subsidiary Loan Party of Indebtedness of Holdings (prior to a Borrower Qualified IPO) or any Subsidiary that is not a Subsidiary Loan Party that is otherwise permitted hereunder to the extent such Guarantees are
permitted by Section 6.04(b), (iv) by any Subsidiary that is not a Loan Party of Indebtedness of another Subsidiary that is not a Loan Party and (v) by the Borrower or any Subsidiary Loan Party of Indebtedness of Subsidiaries that are
not Loan Parties incurred for working capital purposes in the ordinary course of business on ordinary business terms so long as such Indebtedness is permitted to be incurred under Section 6.01(s) and to the extent such Guarantees are permitted
by 6.04(b); provided, that Guarantees by the Borrower or any Subsidiary Loan Party under this Section 6.01(m) of any other Indebtedness of a person that is subordinated to other Indebtedness of such person shall be expressly subordinated
to the Obligations to at least the same extent as the Guarantee of the Senior Subordinated Notes is under the Senior Subordinated Notes Indenture; 
 (n) Indebtedness arising from agreements of the Borrower or any Subsidiary providing for indemnification, adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in
connection with the Transactions, any Permitted Business Acquisition or the disposition of any business, assets or a Subsidiary not prohibited by this Agreement, other than Guarantees of Indebtedness incurred by any person acquiring all or any
portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
 (o) Indebtedness in respect
of letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations (other than obligations in respect of other Indebtedness) and trade letters of credit in the ordinary course of business;

 (p) Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such Letter
of Credit; 
 (q) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business; 
 (r) (i) other Indebtedness incurred by
the Borrower or any Subsidiary Loan Party so long as (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (B) immediately after giving effect to the issuance, incurrence or assumption of
such Indebtedness, the Senior Secured Leverage Ratio on a Pro Forma Basis shall not be greater than 4.25 to 1.00 and (ii) Permitted Refinancing Indebtedness in respect thereof; 
  

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 (s) Indebtedness of Subsidiaries that are not Loan Parties in an aggregate amount not to
exceed at any time outstanding the greater of $330 million and 3.0% of Consolidated Total Assets; 
 (t) unsecured
Indebtedness in respect of obligations of the Borrower or any Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in
connection with open accounts extended by suppliers on customary trade terms (which require that all such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and not in connection with
the borrowing of money or any Swap Agreements; 
 (u) Indebtedness representing deferred compensation to employees and
directors of the Borrower or any Subsidiary incurred (i) in the ordinary course of business or (ii) in connection with the Transactions (including as a result of the cancellation or vesting of outstanding options and other equity-based
awards in connection therewith); 
 (v) Indebtedness in connection with Permitted Securitization Financings; 
 (w) Indebtedness of the Borrower and the Subsidiaries incurred under overdraft, lines of credit or cash management facilities (including,
but not limited to, intraday, ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative Agent or one or more of the Lenders and (in each case) established for the
Borrower’s and the Subsidiaries’ ordinary course of operations (such Indebtedness, the “Cash Management Line”), which Indebtedness may be secured as, but only to the extent, provided in Section 6.02(b) and in the
Security Documents; 
 (x) Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures
not in excess, at any one time outstanding, of the greater of $550.0 million or 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered
pursuant to Section 5.04; 
 (y) Indebtedness issued by the Borrower or any Subsidiary to current or former officers,
directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of Holdings or any Parent Entity permitted by Section 6.06; 
 (z) Indebtedness consisting of obligations of the Borrower or any Subsidiary under deferred compensation or other similar arrangements
incurred by such person in connection with the Transactions and Permitted Business Acquisitions or any other Investment permitted hereunder; 
 (aa) Indebtedness incurred in connection with notes and earn-out obligations payable to sellers in joint ventures and Permitted Business Acquisitions; provided that required payments in respect thereof shall not
exceed $50.0 million in 2007, $75.0 million in either 2008 or 2009, and 40% of the amount of Permitted Business Acquisitions in each subsequent year; 
  

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 (bb) Indebtedness in respect of Arbitrage Programs in an aggregate principal amount not
to exceed the sum of (i) $10.0 million and (ii) the aggregate amount of Permitted Investments related thereto from time to time; 
 (cc) all premiums (including tender premiums, if any), defeasance costs, interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in
paragraphs (a) through (bb) above; and 
 (dd) Indebtedness of the Borrower existing on the Closing Date pursuant to the
Existing Senior Notes and any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness. 
 For purposes of determining compliance with
this Section 6.01, the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term
Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving
Indebtedness) after the Closing Date, on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness); provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a currency other than Dollars (or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the
outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and expenses
incurred in connection with such refinancing. 
 SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any
property or assets (including stock or other securities of any person, including the Borrower and any Subsidiary) at the time owned by it or on any income or revenues or rights in respect of any thereof, except the following (collectively,
“Permitted Liens”): 
 (a) Liens on property or assets of the Borrower and the Subsidiaries existing on the
Closing Date and set forth on Schedule 6.02(a) or, to the extent not listed in such Schedule, where such property or assets have a fair market value (as determined in good faith by the Borrower) that does not exceed $10.0 million in the
aggregate, and any modifications, replacements, renewals or extensions thereof; provided, that such Liens shall secure only those obligations that they secure on the Closing Date (and any Permitted Refinancing Indebtedness in respect of such
obligations permitted by Section 6.01(a)) and shall not subsequently apply to any other property or assets of the Borrower or any Subsidiary other than (A) after-acquired property that is affixed or incorporated into the property covered
by such Lien, and (B) proceeds and products thereof; 
  

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 (b) Liens created under the Loan Documents (including, without limitation, Liens securing
(x) obligations in respect of Swap Agreements owed to a person that is a Lender or an Affiliate of a Lender at the time of entry into such Swap Agreements and (y) obligations under the Existing Senior Notes Indenture on a pari passu basis
with the Obligations) or permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage; provided, however, that in no event shall the holders of the Indebtedness under the Cash Management Line in the aggregate
(other than any Agent, Lender, an Affiliate of the Administrative Agent or an Affiliate of a Lender) have the right to receive proceeds from any realization upon the Collateral or payments from the Guarantors pursuant to the Collateral Agreement in
respect of claims in excess of $25.0 million in the aggregate (plus (i) any accrued and unpaid interest in respect of Indebtedness incurred by the Borrower and the Subsidiaries under the Cash Management Line and (ii) any accrued and unpaid
fees and expenses owing by the Borrower and the Subsidiaries under the Cash Management Line) from the enforcement of any remedies available to the Secured Parties under all of the Loan Documents; provided, further, that in no event
shall the holders of any Indebtedness in the aggregate (other than the Cash Management Line, which shall be governed by the preceding proviso to this clause (b)) incurred in the ordinary course of business of the Borrower or any Subsidiary and
permitted under Section 6.01 have the right to receive proceeds from any realization upon the Collateral or payments from the Guarantors pursuant to the Collateral Agreement in respect of claims in excess of $25.0 million in the aggregate from
the enforcement of any remedies available to the Secured Parties under all of the Loan Documents except with respect to any such holder that has executed an intercreditor agreement with the Administrative Agent in form and substance satisfactory to
the Administrative Agent; 
 (c) Liens on any property or asset of the Borrower or any Subsidiary securing Indebtedness or
Permitted Refinancing Indebtedness permitted by Section 6.01(h); provided, that such Lien (i) does not apply to any other property or assets of the Borrower or any of the Subsidiaries not securing such Indebtedness at the date of
the acquisition of such property or asset (other than after acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such date and which Indebtedness and other obligations are permitted hereunder that
require a pledge of after acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition) and (ii) such Lien is not created
in contemplation of or in connection with such acquisition; 
 (d) Liens for Taxes, assessments or other governmental charges
or levies not yet delinquent or that are being contested in compliance with Section 5.03; 
 (e) Liens imposed by law,
including landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more
than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, the Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP; 
  

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 (f) (i) pledges and deposits and other Liens made in the ordinary course of business in
compliance with the Federal Employers Liability Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance
arrangements in respect of such obligations and (ii) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the
benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary; 
 (g)
deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory and regulatory obligations, surety and appeal bonds, performance and return of money
bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course
of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business; 
 (h) zoning restrictions, survey exceptions and such other encumbrances as an accurate survey would disclose, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments, rights-of-way, covenants,
conditions, restrictions and declarations on or with respect to the use of Real Property, servicing agreements, development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects
or irregularities that are of a minor nature and that, in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of the Borrower or any Subsidiary; 
 (i) Liens securing Indebtedness permitted by Section 6.01(i) (limited to the assets subject to such Indebtedness); 
 (j) Liens arising out of sale and lease-back transactions permitted under Section 6.03, so long as such Liens attach only to the
subject property and any accessions thereto, proceeds thereof and related property; 
 (k) Liens securing judgments that do
not constitute an Event of Default under Section 8.01(j) and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(l) Liens disclosed by the title insurance policies delivered on or subsequent to the Closing Date and pursuant to Section 5.09
and any replacement, extension or renewal of any such Lien; provided, that such replacement, extension or renewal Lien 

  

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shall not cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal; provided,
further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this Agreement; 
 (m) any interest or title of a lessor or sublessor under any leases or subleases entered into by the Borrower or any Subsidiary in the ordinary course of business; 
 (n) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in
connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the
Borrower or any Subsidiary or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary course of business; 
 (o) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights; 
 (p) Liens securing obligations in respect of trade-related letters of credit, trade-related bank guarantees or
similar obligations permitted under Section 6.01(f) or (o) and covering the property (or the documents of title in respect of such property) financed by such letters of credit, bank guarantees or similar obligations and the proceeds and
products thereof; 
 (q) leases or subleases, licenses or sublicenses (including with respect to intellectual property and
software) granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole; 
 (r) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods; 
 (s) Liens solely on any cash earnest money deposits made by the Borrower or any of the
Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder; 
 (t) Liens on property or assets of any Subsidiary that is not a Loan Party securing Indebtedness of a Subsidiary that is not a Loan Party permitted under Section 6.01; 
 (u) other Liens with respect to property or assets of the Borrower or any Subsidiary; provided that (i) after giving effect to
any such Lien and the creation, incurrence, acquisition or assumption of Indebtedness, if any, secured by such Lien, the Senior Secured Leverage Ratio on a Pro Forma Basis shall not be greater than 4.25 to 1.00, (ii) at the time of the
incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (iii) the Indebtedness or other obligations secured by such Lien are otherwise 

  

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permitted by this Agreement, (iv) if such Liens are on any Collateral, such Liens on the Collateral are subordinated to the Liens granted under the Loan
Documents, and (v) to the extent such Liens are subordinated to the Liens granted hereunder, an intercreditor agreement reasonably satisfactory to the Administrative Agent shall be entered into providing that such new liens will be subordinated
to the Liens granted hereunder, in each case, on customary terms; 
 (v) the prior rights of consignees and their lenders
under consignment arrangements entered into in the ordinary course of business; 
 (w) Liens arising from precautionary
Uniform Commercial Code financing statements or consignments entered into in connection with any transaction otherwise permitted under this Agreement; 
 (x) Liens on Equity Interests in joint ventures securing obligations of such joint venture; 
 (y) Liens on securities that are the subject of repurchase agreements constituting Permitted Investments under clause (c) of the definition thereof; 
 (z) Liens in respect of Permitted Securitization Financings on all or a portion of the assets of Special Purpose Securitization
Subsidiaries (including pursuant to UCC filings covering sales of accounts, chattel paper, payment intangibles, promissory notes and beneficial interests in such assets with respect to Permitted Securitization Financings); 
 (aa) Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit, bank
guarantee or bankers’ acceptance issued or created for the account of the Borrower or any Subsidiary in the ordinary course of business; provided, that such Lien secures only the obligations of the Borrower or such Subsidiaries in
respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.01(f) or (o); 
 (bb) Liens securing insurance premiums financing arrangements, provided, that such Liens are limited to the applicable unearned insurance premiums; 
 (cc) Liens in favor of the Borrower or any Subsidiary Loan Party; provided that if any such Lien shall cover any Collateral, the
holder of such Lien shall execute and deliver to the Administrative Agent a subordination agreement in form and substance reasonably satisfactory to the Administrative Agent; 
 (dd) Liens on not more than $50.0 million of deposits securing Swap Agreements; 
 (ee) equal and ratable Liens securing the Existing Senior Notes and Permitted Refinancing Indebtedness in respect of the Existing Senior
Notes; 
  

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 (ff) other Liens with respect to property or assets of the Borrower or any Subsidiary
securing obligations in an aggregate principal amount outstanding at any time not to exceed $50.0 million; 
 (gg) Liens on
the Specified Aircraft securing the Specified Aircraft Sale and Leaseback; 
 (hh) Liens on Permitted Investments (and related
segregated deposit and securities accounts) securing Indebtedness outstanding under Section 6.01(bb); 
 (ii) Liens on
any asset of the Borrower or any Subsidiary securing any liability incurred in connection with the acquisition of homes and related assets in the ordinary course of its relocation services business; provided that such Lien (i) does not
apply to any other asset of the Borrower or any Subsidiary not securing such Indebtedness at the date of the acquisition of such property or asset and (ii) such Lien is not created in contemplation of or in connection with such acquisition; and

 (jj) Liens on proceeds from Cendant Contingent Assets received by the Borrower and held in trust (or otherwise segregated
or pledged) for the benefit of the other parties to the Separation and Distribution Agreement (other than Travelport Inc.) to secure the Borrower’s obligations under Section 7.9 thereof. 
 SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as
the property being sold or transferred (a “Sale and Lease-Back Transaction”); provided, that a Sale and Lease-Back Transaction shall be permitted (a) with respect to property owned (i) by the Borrower or any
Subsidiary Loan Party that is acquired after the Closing Date so long as such Sale and Lease-Back Transaction is consummated within 270 days of the acquisition of such property or (ii) by any Subsidiary that is not a Loan Party regardless
of when such property was acquired, (b) with respect to any property owned by the Borrower or any Subsidiary Loan Party, (i) if at the time the lease in connection therewith is entered into, and after giving effect to the entering into of
such lease, the Remaining Present Value of such lease, together with Indebtedness outstanding pursuant to Sections 6.01(i) and the Remaining Present Value of outstanding leases previously entered into under this Section 6.03(b), would not
exceed the greater of $550.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date the lease was entered into for which financial statements have been delivered pursuant to Section 5.04
and (ii) if such Sale and Lease-Back Transaction is of property owned by the Borrower or any Subsidiary Loan Party as of the Closing Date, the Net Proceeds therefrom are used to prepay the Term Loans to the extent required by
Section 2.11(b), and (c) with respect to the Specified Aircraft Sale and Leaseback. 
 SECTION 6.04. Investments, Loans and
Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or amalgamation with a person that is not a Wholly Owned Subsidiary immediately prior to such merger, consolidation or amalgamation) 

  

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any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any loans or advances to or Guarantees of the obligations of,
or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except: 
 (a) the Transactions (including as a result of the cancellation or vesting of outstanding options and other equity-based awards in connection therewith); 
 (b) (i) Investments by the Borrower or any Subsidiary in the Equity Interests of any Subsidiary; (ii) intercompany loans from the
Borrower or any Subsidiary to the Borrower or any Subsidiary; and (iii) Guarantees by the Borrower or any Subsidiary Loan Party of Indebtedness otherwise expressly permitted hereunder of the Borrower or any Subsidiary; provided, that the
sum of (A) Investments (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof) made after the Closing Date by the Loan Parties pursuant to clause (i) in Subsidiaries that are not
Subsidiary Loan Parties, plus (B) the net amount outstanding in respect of intercompany loans made after the Closing Date by Loan Parties to Subsidiaries that are not Subsidiary Loan Parties pursuant to clause (ii), plus
(C) Guarantees by Loan Parties of Indebtedness after the Closing Date of Subsidiaries that are not Subsidiary Loan Parties pursuant to clause (iii), shall not exceed an aggregate amount equal to (x) the greater of (1) $500.0
million and (2) 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04 (plus any return of
capital actually received by the respective investors in respect of Investments theretofore made by them pursuant to this paragraph (b)); plus (y) the portion, if any, of the Cumulative Credit on the date of such election that the
Borrower elects to apply to this Section 6.04(b)(y); provided, further, that intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and the
Subsidiaries shall not be included in calculating the limitation in this paragraph at any time; 
 (c) Permitted Investments
and Investments that were Permitted Investments when made (including in connection with the Arbitrage Programs); 
 (d)
Investments arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05; 
 (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Subsidiary (i) in the ordinary course of business not to exceed $50.0 million as of the end of the fiscal quarter
immediately prior to the date of such loan or advance for which financial statements have been delivered pursuant to Section 5.04 in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof),
(ii) in respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests of Holdings (or any direct or indirect parent of Holdings) solely to the
extent that the amount of such loans and advances shall be contributed to the Borrower in cash as common equity, and advances to real estate agents in the ordinary course of business; 
  

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 (f) accounts receivable, security deposits and prepayments arising and trade credit
granted in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any
prepayments and other credits to suppliers made in the ordinary course of business; 
 (g) Swap Agreements; 
 (h) Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 and any extensions,
renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than pursuant to
any increase as required by the terms of any such Investment as in existence on the Closing Date); 
 (i) Investments
resulting from pledges and deposits under Sections 6.02(f), (g), (k), (r), (s), (u) and (ee); 
 (j) other Investments by
the Borrower or any Subsidiary in an aggregate amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed (i) the greater of $550.0 million and 5.0% of Consolidated Total
Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04 (plus, without duplication for such amounts included in the
calculation of the Cumulative Credit, any returns of capital actually received by the respective investor in respect of investments theretofore made by it pursuant to this paragraph (j)) plus (ii) the portion, if any, of the
Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.04(j)(ii); provided that if any Investment pursuant to this clause (j) is made in any person that is not a Subsidiary of the Borrower
at the date of the making of such Investment and such person becomes a Subsidiary of the Borrower after such date, then (so long as such Investment also complies with clause (k) below if such person becomes a Subsidiary as a result of such
Investment) such Investment shall thereafter be deemed to have been made pursuant to clause (b) above and shall cease to have been made pursuant to this clause (j) for so long as such person continues to be a Subsidiary of the Borrower;

 (k) Investments constituting Permitted Business Acquisitions; 
 (l) intercompany loans between Subsidiaries that are not Loan Parties and Guarantees by Subsidiaries that are not Loan Parties permitted
by Section 6.01(m); 
 (m) Investments received in connection with the bankruptcy or reorganization of, settlement of
delinquent accounts against, and settlement, compromise or resolution of litigation, arbitration or other disputes with or judgments against, any other person that is not an Affiliate of the Borrower, or Investments acquired as a result of a
foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; 
  

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 (n) Investments of a Subsidiary acquired after the Closing Date or of an entity merged
into the Borrower or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent permitted under this Section 6.04 and, (ii) in the case of any acquisition, merger, consolidation or
amalgamation, permitted under Section 6.05 and (iii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, consolidation or amalgamation and were in existence on the date of
such acquisition, merger, consolidation or amalgamation; 
 (o) acquisitions by the Borrower of obligations of one or more
officers or other employees of Holdings, any Parent Entity, the Borrower or its Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of Holdings or any Parent Entity, so long as no cash is actually
advanced by the Borrower or any of the Subsidiaries to such officers or employees in connection with the acquisition of any such obligations; 
 (p) Guarantees by the Borrower or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrower or any
Subsidiary in the ordinary course of business; 
 (q) Investments to the extent that payment for such Investments is made with
Equity Interests of Holdings (or any Parent Entity); 
 (r) subject to the limitations of the last paragraph of
Section 6.05, Investments in the Equity Interests of one or more newly formed persons that are received as consideration for the contribution by Holdings, the Borrower or the applicable Subsidiary of assets (including Equity Interests and cash)
to such person or persons; provided, that (i) the fair market value of such assets, determined in good faith by the Borrower on an arms’-length basis, so contributed pursuant to this paragraph (r) shall not in the aggregate
exceed $50.0 million and (ii) in respect of each such contribution, a Responsible Officer of the Borrower shall certify, in a form to be agreed upon by the Borrower and the Administrative Agent (x) after giving effect to such contribution,
no Default or Event of Default shall have occurred and be continuing, (y) the fair market value (as determined in good faith by the Borrower) of the assets so contributed and (z) that the requirements of paragraph (i) of this proviso
remain satisfied; 
 (s) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests
permitted under Section 6.06; 
 (t) Investments in the ordinary course of business consisting of Uniform Commercial Code
Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; 
 (u) Investments in Subsidiaries that are not Loan Parties not to exceed the greater of $220.0 million and 2.0% of Consolidated Total
Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial 

  

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statements have been delivered pursuant to Section 5.04 (plus an amount equal to any return of capital actually received in respect of Investments
theretofore made pursuant to this paragraph (u))in the aggregate, as valued at the fair market value (as determined in good faith by the Borrower) of such Investment at the time such Investment is made; 
 (v) Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to Section 6.04);

 (w) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary
trade terms of the Borrower or such Subsidiary; 
 (x) Investments by Borrower and its Subsidiaries, including loans and
advances to any direct or indirect parent of the Borrower, if the Borrower or any other Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a
Restricted Payment under the appropriate clause of Section 6.06 for all purposes of this Agreement); 
 (y) Investments
arising as a result of Permitted Securitization Financings; 
 (z) Investments consisting of the licensing or contribution of
intellectual property pursuant to joint marketing arrangements with other persons; 
 (aa) purchases and acquisitions of
inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property in each case in the ordinary course of business, to the extent such purchases and acquisitions constitute Investments;

 (bb) Investments received substantially contemporaneously in exchange for Equity Interests of Holdings or any Parent
Entity; provided that such Investments are not included in any determination of the Cumulative Credit; 
 (cc)
Investments in joint ventures not in excess of the greater of $220.0 million and 2.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been
delivered pursuant to Section 5.04 in the aggregate (plus an amount equal to any return of capital actually received in respect of Investments theretofore made pursuant to this paragraph (cc) in the aggregate); provided that if any
Investment pursuant to this clause (cc) is made in any person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such person becomes a Subsidiary of the Borrower after such date, then (so long as such
Investment also complies with clause (k) above if such person becomes a Subsidiary as a result of such Investment) such Investment shall thereafter be deemed to have been made pursuant to clause (b) above and shall cease to have been made
pursuant to this clause (cc) for so long as such person continues to be a Subsidiary of the Borrower; 
 (dd) Investments in
connection with the defeasance or discharge of the Existing Senior Notes; 
  

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 (ee) any franchise development advances or notes and other loans to franchisees in an
aggregate amount not to exceed $75.0 million in any fiscal year; and 
 (ff) advances or loans to relocating employees of a
customer in the relocation services business of the Borrower or any Subsidiary made in the ordinary course of business. 
 The amount of Investments that may
be made at any time pursuant to Section 6.04(b) or 6.04(j) (such Sections, the “Related Sections”) may, at the election of the Borrower, be increased by the amount of Investments that could be made at such time under the other
Related Section; provided that the amount of each such increase in respect of one Related Section shall be treated as having been used under the other Related Section. 
 SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into, or consolidate or amalgamate with any other person, or
permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its assets (whether now owned or hereafter acquired), or issue,
sell, transfer or otherwise dispose of any Equity Interests of the Borrower or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person, or
liquidate or dissolve, except that this Section shall not prohibit: 
 (a) (i) the purchase and sale of inventory in the
ordinary course of business by the Borrower or any Subsidiary, (ii) the acquisition or lease (pursuant to an operating lease) of any other asset in the ordinary course of business by the Borrower or any Subsidiary, (iii) the sale of
surplus, obsolete, damaged or worn out equipment or other property in the ordinary course of business by the Borrower or any Subsidiary or (iv) the sale of Permitted Investments in the ordinary course of business; 
 (b) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing or would
result therefrom, (i) the merger, consolidation or amalgamation of any Subsidiary into or with the Borrower in a transaction in which the Borrower is the survivor, (ii) the merger, consolidation or amalgamation of any Subsidiary into or
with any Subsidiary Loan Party in a transaction in which the surviving or resulting entity is a Subsidiary Loan Party and, in the case of each of clauses (i) and (ii), no person other than the Borrower or Subsidiary Loan Party receives any
consideration, (iii) the merger, consolidation or amalgamation of any Subsidiary that is not a Subsidiary Loan Party into or with any other Subsidiary that is not a Subsidiary Loan Party, (iv) the liquidation or dissolution or change in
form of entity of any Subsidiary (other than the Borrower) if the Borrower determines in good faith that such liquidation, dissolution or change in form is in the best interests of the Borrower and is not materially disadvantageous to the Lenders or
(v) any Subsidiary may merge, consolidate or amalgamate into or with any other person in order to effect an Investment permitted pursuant to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary, which shall be a
Loan Party if the merging, consolidating or amalgamating Subsidiary was a Loan Party and which together with each of its Subsidiaries shall have complied with the requirements of Section 5.09; 
  

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 (c) sales, transfers, leases or other dispositions to the Borrower or a Subsidiary (upon
voluntary liquidation or otherwise); provided, that any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary that is not a Subsidiary Loan Party in reliance on this paragraph (c) shall be made in compliance with
Section 6.07 and the aggregate gross proceeds of any such sales, transfers, leases or other dispositions plus the aggregate gross proceeds of any or all assets sold, transferred, leased, licensed or otherwise disposed of in reliance on clause
(g) below, shall not exceed, in any fiscal year of the Borrower, the greater of $550.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal year ended immediately prior to the date of such sale, transfer, lease or other
disposition for which financial statements have been delivered pursuant to Section 5.04 (determined based on the balance sheet so delivered for such prior fiscal year); 
 (d) Sale and Lease-Back Transactions permitted by Section 6.03; 
 (e) Investments permitted by Section 6.04, Permitted Liens and Restricted Payments permitted by Section 6.06; 
 (f) the sale or other disposition of defaulted receivables and the compromise, settlement and collection of receivables in the ordinary
course of business or in bankruptcy or other proceedings concerning the other account party thereon and not as part of a Permitted Securitization Financing; 
 (g) sales, transfers, leases, licenses or other dispositions of assets not otherwise permitted by this Section 6.05 (or required to
be included in this clause (g) pursuant to Section 6.05(c)); provided, that (i) the aggregate gross proceeds (including noncash proceeds) of any or all assets sold, transferred, leased, licensed or otherwise disposed of in
reliance upon this paragraph (g), plus the aggregate gross proceeds of any or all assets sold, transferred, leased or otherwise disposed of to Subsidiaries that are not Loan Parties in reliance on clause (c) above, shall not exceed, in any
fiscal year of the Borrower, the greater of $550.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal year ended immediately prior to the date of such sale, transfer, lease, license or other disposition for which financial
statements have been delivered pursuant to Section 5.04 (determined based on the balance sheet so delivered for such prior fiscal year), (ii) no Default or Event of Default exists or would result therefrom, (iii) with respect to any
such sale, transfer, lease or other disposition with aggregate gross proceeds (including noncash proceeds) in excess of $10.0 million, immediately after giving effect thereto, the Borrower shall be in Pro Forma Compliance, and (iv) the Net
Proceeds thereof are applied in accordance with Section 2.11(b); 
 (h) Permitted Business Acquisitions (including any
merger, consolidation or amalgamation in order to effect a Permitted Business Acquisition); provided, that following any such merger, consolidation or amalgamation (i) involving the Borrower, the Borrower is the surviving corporation,
(ii) involving a Subsidiary Loan Party, the surviving or resulting entity shall be a Subsidiary Loan Party that is a Wholly Owned Subsidiary and (iii) involving a Subsidiary that is not a Loan Party, the surviving or resulting entity shall
be a Wholly Owned Subsidiary; 
  

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 (i) leases, licenses, or subleases or sublicenses of any real or personal property in the
ordinary course of business; 
 (j) sales, leases or other dispositions of inventory of the Borrower and its Subsidiaries
determined by the management of the Borrower to be no longer useful or necessary in the operation of the business of the Borrower or any of the Subsidiaries; 
 (k) acquisitions and purchases made with the proceeds of any Asset Sale pursuant to the first proviso of paragraph (a) of the
definition of “Net Proceeds”; 
 (l) the sale or other transfer of Securitization Assets or interests therein
pursuant to a Permitted Securitization Financing; 
 (m) any exchange of assets for services and/or other assets of comparable
or greater value; provided, that (i) at least 90% of the consideration received by the transferor consists of assets that will be used in a business or business activity permitted hereunder, (ii) in the event of a swap with a fair
market value (as determined in good faith by the Borrower) in excess of $10.0 million, the Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower with respect to such fair market value and (iii) in the
event of a swap with a fair market value (as determined in good faith by the Borrower) in excess of $20.0 million, such exchange shall have been approved by at least a majority of the Board of Directors of Holdings or the Borrower; provided,
further, that (A) the aggregate gross consideration (including exchange assets, other noncash consideration and cash proceeds) of any or all assets exchanged in reliance on this paragraph (m) shall not exceed, in any fiscal year of
the Borrower, 5.0% of Consolidated Total Assets as of the end of the fiscal year ended immediately prior to the date of such exchange transaction for which financial statements have been delivered pursuant to Section 5.04 (determined based on
the balance sheet so delivered for such prior fiscal year), (B) no Default or Event of Default exists or would result therefrom, (C) with respect to any such exchange with aggregate gross consideration in excess of $10.0 million,
immediately after giving effect thereto, the Borrower shall be in Pro Forma Compliance, and (D) the Net Proceeds, if any, thereof are applied in accordance with Section 2.11(b); 
 (n) any disposition of Equity Interests of a Subsidiary pursuant to an agreement or other obligation with or to a person (other than the
Borrower and its Subsidiaries) from whom such Subsidiary was acquired or from whom such Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case
comprising all or a portion of the consideration in respect of such sale or acquisition; 
 (o) the Transactions; 

(p) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims
of any kind; 
 (q) any disposition of Permitted Investments in connection with the Arbitrage Programs; 
  

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 (r) sales or other dispositions of Equity Interests in Existing Joint Ventures;

 (s) any grant of a license in the ordinary course of business under any patents, trademarks, know-how or any other
intellectual property or franchise rights; and 
 (t) the purchase and sale of assets in the ordinary course of the relocation
services business of the Borrower or any Subsidiary. 
 Notwithstanding anything to the contrary contained in
Section 6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted by this Section 6.05 (other than sales, transfers, leases, licenses or other dispositions to Loan Parties pursuant to paragraph (c)
hereof) unless such disposition is for fair market value (as determined in good faith by the Borrower) and (ii) no sale, transfer or other disposition of assets in excess of $40.0 million shall be permitted by paragraph (d) or (g) of
this Section 6.05 unless such disposition is for at least 75% cash consideration; provided that for purposes of clause (ii), (a) the amount of any liabilities (as shown on the Borrower’s or any Subsidiary’s most
recent balance sheet or in the notes thereto) of the Borrower or any Subsidiary of the Borrower (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee of any such assets, (b) any
notes or other obligations or other securities or assets received by the Borrower or such Subsidiary of the Borrower from such transferee that are converted by the Borrower or such Subsidiary of the Borrower into cash within 180 days of the receipt
thereof (to the extent of the cash received) and (c) any Designated Non-Cash Consideration received by the Borrower or any of its Subsidiaries in such Asset Sale having an aggregate fair market value (as determined in good faith by the
Borrower), taken together with all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed $50.0 million at the time of the receipt of such Designated Non-Cash Consideration
(with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) shall be deemed to be cash. To the extent any Collateral is disposed of in a
transaction expressly permitted by this Section 6.05 to any person other than Holdings (prior to a Borrower Qualified IPO), the Borrower or any Subsidiary, such Collateral shall be sold free and clear of the Liens created by the Loan Documents,
and the Administrative Agent shall take, and shall be authorized by each Lender to take, any actions reasonably requested by the Borrower in order to evidence the foregoing. 
 SECTION 6.06. Restricted Payments. Declare or pay any dividend or make any other distribution (by reduction of capital or otherwise), whether
in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other than Disqualified
Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any of its Equity Interests or set aside any amount for
any such purpose (other than through the issuance of additional Equity Interests (other than Disqualified Stock) of the person redeeming, purchasing, retiring or acquiring such shares) (the foregoing, “Restricted Payments”; for
avoidance of doubt, the payment of the Cendant Contingent Liabilities shall not constitute Restricted Payments); provided, however, that: 
 (a) any Subsidiary of the Borrower may make Restricted Payments to the Borrower or to any Wholly Owned Subsidiary of the Borrower (or, in the case of non-Wholly Owned Subsidiaries, to the Borrower or any Subsidiary
that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of such Subsidiary on a pro rata basis (or more favorable basis from the perspective of the Borrower or such Subsidiary) based on their
relative ownership interests so long as any repurchase of its Equity Interests from a person that is not the Borrower or a Subsidiary is permitted under Section 6.04); 
  

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 (b) (x) the Borrower may make Restricted Payments to Holdings in respect of
(i) overhead, legal, accounting and other professional fees and expenses of Holdings or any Parent Entity, (ii) fees and expenses related to any public offering or private placement of equity securities or debt (including debt securities
and bank loans) of Holdings or any Parent Entity whether or not consummated, (iii) franchise taxes and other fees, taxes and expenses in connection with the maintenance of its (or its Parent Entity’s) existence and its (or any Parent
Entity’s indirect) ownership of the Borrower, (iv) payments permitted by Section 6.07(b), and (v) customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of Holdings or
any Parent Entity, in each case in order to permit Holdings or any Parent Entity to make such payments; provided, that in the case of clauses (i), (ii) and (iii), the amount of such Restricted Payments shall not exceed the portion of any
amounts referred to in such clauses (i), (ii) and (iii) that are allocable to the Borrower and its Subsidiaries (which shall be 100% for so long as Holdings or such Parent Entity, as the case may be, owns no assets other than the Equity
Interests in the Borrower, Holdings, or another Parent Entity) and (y)(i) with respect to each tax year or portion thereof that the Borrower qualifies as a Flow Through Entity, the Borrower may make Restricted Payments to the holders of Equity
Interests of the Borrower (or to any direct or indirect member of the Borrower or holders of Equity Interests in such member) and (ii) with respect to any tax year or portion thereof that the Borrower does not qualify as a Flow Through Entity,
the Borrower may make Restricted Payments to any direct or indirect parent company of the Borrower that files a consolidated U.S. federal tax return that includes the Borrower and its subsidiaries, in each case for clause (i) and (ii) of
this clause (y) in an amount not to exceed the amount that the Borrower (or any direct or indirect member of the Borrower, as the case may be) and its Subsidiaries would have been required to pay in respect of Federal, state or local Taxes (as
the case may be) in respect of such year if the Borrower and its Subsidiaries paid such taxes directly as a stand-alone taxpayer (or stand-alone group); 
 (c) the Borrower may make Restricted Payments to Holdings the proceeds of which are used to purchase or redeem the Equity Interests of Holdings or any Parent Entity (including related stock appreciation rights or
similar securities) held by then present or former directors, consultants, officers or employees of Holdings or any Parent Entity, the Borrower or any of the Subsidiaries or by any Plan or any shareholders’ agreement then in effect upon such
person’s death, disability, retirement or termination of 

  

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employment or under the terms of any such Plan or any other agreement under which such shares of stock or related rights were issued; provided, that
the aggregate amount of such purchases or redemptions under this paragraph (c) shall not exceed in any fiscal year $50.0 million (plus any amount carried over from prior fiscal years, up to a maximum of $75.0 million for such purchases or
redemptions in the aggregate in any fiscal year), plus (x) the amount of net proceeds contributed as equity to the Borrower that were received by Holdings or any Parent Entity during such calendar year from sales of Equity Interests of Holdings
or any Parent Entity of Holdings to directors, consultants, officers or employees of Holdings, any Parent Entity, the Borrower or any Subsidiary in connection with permitted employee compensation and incentive arrangements and (y) the amount of
net proceeds of any key-man life insurance policies received during such calendar year, which, if not used in any year, may be carried forward to any subsequent calendar year; and provided, further, that cancellation of Indebtedness
owing to the Borrower or any Subsidiary from members of management of Holdings, any Parent Entity, the Borrower or its Subsidiaries in connection with a repurchase of Equity Interests of Holdings or any Parent Entity will not be deemed to constitute
a Restricted Payment for purposes of this Section 6.06; 
 (d) noncash repurchases of Equity Interests deemed to occur
upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (e) the Borrower may make Restricted Payments to Holdings in an aggregate amount equal to the portion, if any, of the Cumulative Credit on such date that the Borrower elects to apply to this Section 6.06(e), such
election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied;
provided, that (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) after giving effect thereto, the Senior Secured Leverage Ratio on a Pro Forma Basis shall not be greater than 4.25
to 1.00; 
 (f) the Borrower may make Restricted Payments on or following the Closing Date in connection with the consummation
of the Transactions (including as a result of the cancellation or vesting of outstanding options and other equity-based awards in connection therewith); 
 (g) the Borrower may make Restricted Payments to allow Holdings or any Parent Entity to make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or
exchange of Equity Interests of any such person; 
 (h) after a Qualified IPO, the Borrower may make Restricted Payments to
Holdings so that Holdings or any Parent Entity may make Restricted Payments to its equity holders in an amount equal to 6.0% per annum of the net proceeds received by the Borrower from any public offering of Equity Interests of the Borrower,
Holdings or any Parent Entity; 
  

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 (i) the Borrower may make Restricted Payments to Holdings or any Parent Entity to finance
any Investment permitted to be made pursuant to Section 6.04; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) such parent shall, immediately
following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed as equity to the Borrower or a Subsidiary or (2) the merger, consolidation or amalgamation (to the extent permitted in
Section 6.05) of the person formed or acquired into the Borrower or a Subsidiary in order to consummate such Permitted Business Acquisition or Investment, in each case, in accordance with the requirements of Section 5.09; 
 (j) the Borrower or Holdings may make Restricted Payments to its equity holders in an amount necessary to fund payments to the Fund and
the Fund Affiliates of the type and in the amounts otherwise permitted pursuant to Sections 6.07(b)(ix) and (xiv); 
 (k)
other Restricted Payments by the Borrower to Holdings or Holdings’ direct Parent Entity to finance expenses and liabilities of Holdings or such Parent Entity, in an aggregate amount taken together with all other Restricted Payments made
pursuant to this clause (k) not to exceed $50.0 million; and 
 (l) Restricted Payments made within 60 days after the
date of declaration thereof, if at the date of declaration such payment would have been permitted under (and was counted against any applicable baskets under) this Agreement. 
 SECTION 6.07. Transactions with Affiliates. (a) Sell or transfer any property or assets to, or purchase or acquire any property or
assets from, or otherwise engage in any other transaction with, any of its Affiliates or any known direct or indirect holder of 10% or more of any class of Equity Interests of Holdings (prior to a Borrower Qualified IPO) or the Borrower in a
transaction involving aggregate consideration in excess of $25.0 million, unless such transaction is (i) otherwise permitted (or required) under this Agreement or (ii) upon terms no less favorable to the Borrower or such Subsidiary, as
applicable, than would be obtained in a comparable arm’s-length transaction with a person that is not an Affiliate. For purposes of this Section 6.07, any transaction with any Affiliate or any such 10% holder shall be deemed to have
satisfied the standard set forth in clause (ii) of the immediately preceding sentence if such transaction is approved by a majority of the Disinterested Directors of the Board of Directors of Holdings or the Borrower. 
 (b) The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement, 
 (i) any issuance of securities, or other payments, loans (or cancellation of loans), awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans or similar employee benefit plans approved by the Board of Directors of Holdings or of the Borrower, 
  

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 (ii) loans or advances to employees or consultants of Holdings (or any Parent Entity),
the Borrower or any of the Subsidiaries in accordance with Section 6.04(e), 
 (iii) transactions among the Borrower or
any Subsidiary or any entity that becomes a Subsidiary as a result of such transaction (including via merger, consolidation or amalgamation in which a Subsidiary is the surviving entity), 
 (iv) the payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers, consultants and employees of Holdings,
any Parent Entity, the Borrower and the Subsidiaries in the ordinary course of business (limited, in the case of any Parent Entity, to the portion of such fees and expenses that are allocable to the Borrower and its Subsidiaries (which shall be 100%
for so long as Holdings or such Parent Entity, as the case may be, owns no assets other than the Equity Interests in the Borrower, Holdings or another Parent Entity and assets incidental to the ownership of the Borrower and its Subsidiaries)),

 (v) subject to the limitations set forth in Section 6.07(b)(xiv), if applicable, transactions pursuant to the
Transaction Documents (including as a result of the cancellation or vesting of outstanding options and other equity-based awards in connection therewith) and permitted transactions, agreements and arrangements in existence on the Closing Date and
set forth on Schedule 6.07 or any amendment, waiver, consent, renewal, extension or replacement thereto or thereof to the extent such amendment, waiver, consent, renewal, extension or replacement is not adverse to the Lenders in any
material respect and other transactions, agreements and arrangements described on Schedule 6.07 and any amendment, waiver, consent, renewal, extension or replacement thereto or thereof or similar transactions, agreements or arrangements
entered into by Holdings, the Borrower or any of the Subsidiaries to the extent such amendment is not adverse to the Lenders in any material respect, 
 (vi) (A) any employment agreements entered into by the Borrower or any of the Subsidiaries in the ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of
Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and (C) any employee compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and
any reasonable employment contract and transactions pursuant thereto, 
 (vii) Restricted Payments permitted under
Section 6.06, including payments to Holdings (and any Parent Entity), 
 (viii) any purchase by Holdings of the Equity
Interests of the Borrower; provided, that any Equity Interests of the Borrower purchased by Holdings shall be pledged to the Collateral Agent on behalf of the Lenders pursuant to the Collateral Agreement, 
 (ix) payments by the Borrower or any of the Subsidiaries to the Fund or any Fund Affiliate made for any financial advisory, financing,
underwriting or placement 

  

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services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by the
majority of the Board of Directors of the Borrower, or a majority of the Disinterested Directors of the Borrower, in good faith, 
 (x) transactions with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice, 
 (xi) any transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter
addressed to the Board of Directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of the Borrower qualified to render such
letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable
arm’s-length transaction with a person that is not an Affiliate, 
 (xii) subject to paragraph (xiv) below, the
payment of all fees, expenses, bonuses and awards related to the Transactions as set forth in the Notes Offering Memorandum or on Schedule 6.07, including fees payable to the Fund or any Fund Affiliate, 
 (xiii) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of
business and in a manner consistent with past practice, 
 (xiv) any agreement to pay, and the payment of, monitoring,
consulting, management, transaction, advisory or similar fees payable to the Fund or any Fund Affiliate (A) in an aggregate amount in any fiscal year not to exceed the sum of (1) the greater of $20.0 million and 2.5% of EBITDA for such
fiscal year, plus reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods; plus (2) any deferred fees (to the extent such fees were within such amount in clause (A) (1) above
originally), plus (B) 2.0% of the value of transactions with respect to which the Fund or any Fund Affiliate provides any transaction, advisory or other services, plus (C) a transaction fee of not more than $75.0 million to be paid to the
Fund or a Fund Affiliate in connection with the Transactions on and/or after the Closing Date plus (D) so long as no Event of Default has occurred and is continuing, in the event of a Qualified IPO, the present value of all future amounts
payable pursuant to any agreement referred to in clause (A) (1) above in connection with the termination of such agreement with the Fund and its Fund Affiliates (the “Fund Termination Fee”); provided, that if any
such payment pursuant to clause (D) is not permitted to be paid as a result of an Event of Default, such payment shall accrue and may be payable when no Events of Default are continuing to the extent that no further Event of Default would
result therefrom, 
 (xv) the issuance, sale or transfer of Equity Interests of the Borrower to Holdings and capital
contributions by Holdings to the Borrower, 
  

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 (xvi) the issuance of Equity Interests to the management of Holdings, the Borrower or any
Subsidiary in connection with the Transaction, 
 (xvii) payments by Holdings (and any Parent Entity), the Borrower and the
Subsidiaries pursuant to tax sharing agreements among Holdings (and any such Parent Entity), the Borrower and the Subsidiaries on customary terms that require each party to make payments when such taxes are due or refunds received of amounts equal
to the income tax liabilities and refunds generated by each such party calculated on a separate return basis and payments to the party generating tax benefits and credits of amounts equal to the value of such tax benefits and credits made available
to the group by such party, 
 (xviii) transactions pursuant to any Permitted Securitization Financing, 
 (xix) payments or loans (or cancellation of loans) to employees or consultants that are (i) approved by a majority of the
Disinterested Directors of the Board of Directors of Holdings or the Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement, 
 (xx) transactions between the Borrower or any of its Subsidiaries and any person, a director of which is also a director of the Borrower
or any direct or indirect parent of the Borrower, provided, however, that (A) such director abstains from voting as a director of the Borrower or such direct or indirect parent company, as the case may be, on any matter involving
such other person and (B) such person is not an Affiliate of the Borrower for any reason other than such director’s acting in such capacity, 
 (xxi) transactions permitted by, and complying with, the provisions of Section 6.01, 6.04(b), 6.04(l), 6.04(u), 6.05(b), (l) or (o) or 6.06, 
 (xxii) transactions among Loan Parties and not involving any other Affiliate, and 
 (xxiii) transactions undertaken in good faith (as certified by a Responsible Officer of the Borrower) for the purpose of improving the
consolidated tax efficiency of the Borrower and the Subsidiaries. 
 SECTION 6.08. Business of the Borrower and the Subsidiaries.
Notwithstanding any other provisions hereof, engage at any time in any business or business activity other than any business or business activity conducted by any of them on the Closing Date and any business or business activities incidental or
related thereto, or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto, and in the case of a Special Purpose Securitization Subsidiary,
Permitted Securitization Financings. 
 SECTION 6.09. Limitation on Payments and Modifications of Indebtedness; Modifications of
Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. (a) Amend or modify in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if such granting or termination
shall be materially adverse to the Lenders), the articles or certificate of incorporation, by-laws, limited liability company operating agreement, partnership agreement or other organizational documents of the Borrower or any of the Subsidiaries or
the Merger Agreement. 
  

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 (b) (i) Make, or agree or offer to pay or make, directly or indirectly, any payment or
other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on Indebtedness outstanding under the Notes or any Permitted Refinancing Indebtedness in respect thereof or any preferred Equity
Interests or any Disqualified Stock (“Junior Financing”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination in respect of any Junior Financing except for (A) Refinancings permitted by Section 6.01(l), (r) or (v), (B) payments of regularly scheduled interest, and, to the extent this
Agreement is then in effect, principal on the scheduled maturity date of any Junior Financing, (C) payments or distributions in respect of all or any portion of the Junior Financing with the proceeds contributed to the Borrower by Holdings from
the issuance, sale or exchange by Holdings (or any direct or indirect parent of Holdings) of Equity Interests made within eighteen months prior thereto, (D) the conversion of any Junior Financing to Equity Interests of Holdings or any of its
direct or indirect parents; (E) any AHYDO Payment; and (F) so long as no Default or Event of Default has occurred and is continuing or would result therefrom and after giving effect to such payment or distribution the Borrower would be in
Pro Forma Compliance, payments or distributions in respect of Junior Financings prior to their scheduled maturity made, in an aggregate amount, not to exceed the sum of (x) $150.0 million and (y) so long as after giving effect thereto, the
Senior Secured Leverage Ratio on a Pro Forma Basis shall not be greater than 4.25 to 1.00 (or greater than 4.75 to 1.00 for payments or distributions in respect of principal of or interest on Indebtedness outstanding under the Senior Unsecured
Notes), the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.09(b)(i)(F); or 
 (ii) Amend or modify, or permit the amendment or modification of, any provision of any Junior Financing, the Existing Senior Notes or any Permitted Securitization Document (or any Permitted Refinancing Indebtedness in
respect of any of the foregoing), or any agreement, document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are not in any manner materially adverse to the Lenders and (B) in the case of a
refinancing of any Junior Financing, otherwise comply with the definition of “Permitted Refinancing Indebtedness”; 
 (c) Permit any Material Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash advances to the Borrower or any Subsidiary that is a direct or
indirect parent of such Subsidiary or (ii) the granting of Liens by the Borrower or such Material Subsidiary pursuant to the Security Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions
existing by reason of: 
 (A) restrictions imposed by applicable law; 
  

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 (B) contractual encumbrances or restrictions in effect on the Closing Date under
Indebtedness existing on the Closing Date and set forth on Schedule 6.01, the Notes or any agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that do not expand the scope of any such
encumbrance or restriction; 
 (C) any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale
or disposition of the Equity Interests or assets of a Subsidiary; 
 (D) customary provisions in joint venture agreements,
similar agreements applicable to joint ventures and other similar agreements entered into in the ordinary course of business; 
 (E) any restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 
 (F) any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Sections 6.01(k) or 6.01(r) or Permitted
Refinancing Indebtedness in respect thereof, to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions contained in the Senior Subordinated Note Documents; 
 (G) customary provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the
ordinary course of business; 
 (H) customary provisions restricting subletting or assignment of any lease governing a
leasehold interest; 
 (I) customary provisions restricting assignment of any agreement entered into in the ordinary course of
business; 
 (J) customary restrictions and conditions contained in any agreement relating to the sale, transfer, lease or
other disposition of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition; 
 (K) customary restrictions and conditions contained in the document relating to any Lien, so long as (1) such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject
to such Lien, and (2) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by this Section 6.09; 
 (L) customary net worth provisions contained in Real Property leases entered into by Subsidiaries of the Borrower, so long as the Borrower has determined in good faith that such net worth provisions would not
reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations; 
  

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 (M) any agreement in effect at the time such subsidiary becomes a Subsidiary, so long as
such agreement was not entered into in contemplation of such person becoming a Subsidiary; 
 (N) restrictions in agreements
representing Indebtedness permitted under Section 6.01 of a Subsidiary of the Borrower that is not a Subsidiary Loan Party; 
 (O) customary restrictions on leases, subleases, licenses or Equity Interests or asset sale agreements otherwise permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto; 
 (P) restrictions on cash or other deposits (including escrowed funds) or net worth imposed by customers and franchisees under contracts
entered into in the ordinary course of business; 
 (Q) restrictions contained in any Permitted Securitization Document
reasonably required in connection therewith; or 
 (R) any encumbrances or restrictions of the type referred to in Sections
6.09(c)(i) and 6.09(c)(ii) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (A) through
(Q) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to such dividend
and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 SECTION 6.10. Senior Secured Leverage Ratio. Permit the Senior Secured Leverage Ratio on the last day of any fiscal quarter (beginning with
the fiscal quarter ended March 31, 2008) to exceed the ratio set forth below opposite the last day of such fiscal quarter: 
  

			
	 Fiscal Quarter
	 	 Senior Secured Leverage Ratio

	 March 31, 2008
	 	5.60:1.00
		
	 June 30, 2008
	 	5.60:1.00
		
	 September 30, 2008
	 	5.35:1.00
		
	 December 31, 2008
	 	5.35:1.00
		
	 March 31, 2009
	 	5.35:1.00
		
	 June 30, 2009
	 	5.35:1.00
		
	 September 30, 2009
	 	5.00:1.00
		
	 December 31, 2009
	 	5.00:1.00
		
	 March 31, 2010
	 	5.00:1.00
		
	 June 30, 2010
	 	5.00:1.00
		
	 September 30, 2010
	 	5.00:1.00
		
	 December 31, 2010
	 	5.00:1.00
		
	 March 31, 2011 and thereafter
	 	4.75:1.00

  

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 SECTION 6.11. No Other “Designated Senior Debt” Designate, or permit the
designation of, any Indebtedness as “Designated Senior Debt” or any other similar term for the purpose of the definition of the same in, or the subordination provisions contained in, (a) the Senior Subordinated Notes Indenture,
(b) any other indenture governing Indebtedness permitted to be incurred hereunder that is senior subordinated Indebtedness or (c) the Senior Unsecured Notes or Senior Subordinated Notes, in each case other than the Obligations under this
Agreement and the other Loan Documents and the obligations in respect of the Senior Unsecured Notes and any Permitted Refinancing thereof and the obligations in respect of the Existing Senior Notes and any Permitted Refinancing thereof. 

ARTICLE VII 
 Holdings Covenants 

 Holdings (prior to a Borrower Qualified IPO) covenants and agrees with each Lender that, so long as this Agreement shall remain in effect
(other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) and until the Commitments have been terminated or expired and the principal of and interest on each Loan, all Fees and all
other expenses or amounts payable under any Loan Document have been paid in full and all Letters of Credit have been canceled (or have expired or have been cash collateralized on terms reasonably satisfactory to the Administrative Agent) and all
amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, (a) Holdings will not create, incur, assume or permit to exist any Lien (other than Liens of a type described in
Section 6.02(d), (e), (k) or (ee)) on any of the Equity Interests issued by the Borrower other than the Liens created under the Loan Documents, and (b) Holdings shall do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its legal existence; provided, that so long as no Default exists or would result therefrom, Holdings may merge with any other person. 
 ARTICLE VIII 
 Events of Default 
 SECTION 8.01. Events of Default. In case of the happening of any of the following events (each, an “Event of Default”):

 (a) any representation or warranty made or deemed made by Holdings, the Borrower or any other Loan Party herein or in any
other Loan Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made; 
  

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 (b) default shall be made in the payment of any principal of any Loan when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
 (c) default shall be made in the payment of any interest on any Loan or the reimbursement with respect to any L/C Disbursement or in the payment of any Fee or any other amount (other than an amount referred to in
(b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days; 
 (d) default shall be made in the due observance or performance by Holdings, the Borrower or any of the Subsidiaries of any covenant,
condition or agreement contained in Section 2.05(c), 5.01(a) or 5.05(a) or in Article VI or Article VII; provided that any Event of Default arising out of a breach of Section 6.10 shall be subject to cure rights pursuant to
Section 8.03; 
 (e) default shall be made in the due observance or performance by Holdings, the Borrower or any of the
Subsidiaries of any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days (or 60 days if
such default results solely from a Foreign Subsidiary’s failure to duly observe or perform any such covenant, condition or agreement) after notice thereof from the Administrative Agent to the Borrower; 
 (f) (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled maturity or
(B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; or (ii) Holdings, the Borrower or any of the Subsidiaries shall fail to pay the principal of any Material Indebtedness at the stated final maturity
thereof; provided, that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted
hereunder and under the documents providing for such Indebtedness; 
 (g) there shall have occurred a Change in Control;

 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent
jurisdiction seeking (i) relief in respect of Holdings (so long as Holdings directly or indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any of the Subsidiaries, or of a substantial part of the 

  

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property or assets of Holdings (so long as Holdings directly or indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any
Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for Holdings (so long as Holdings directly or indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any of the Subsidiaries or for a substantial part of the property or
assets of Holdings (so long as Holdings directly or indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any of the Subsidiaries or (iii) the winding-up or liquidation of Holdings (so long as Holdings directly or
indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any Subsidiary (except, in the case of any Subsidiary, in a transaction permitted by Section 6.05); and such proceeding or petition shall continue undismissed
for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) Holdings (so long as
Holdings directly or indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code,
as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or
the filing of any petition described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings (so long as Holdings directly or
indirectly owns a majority of the Equity Interests of the Borrower), the Borrower or any of the Subsidiaries or for a substantial part of the property or assets of Holdings (so long as Holdings directly or indirectly owns a majority of the Equity
Interests of the Borrower), the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due; 
 (j) the
failure by Holdings (prior to a Borrower Qualified IPO), the Borrower or any Subsidiary to pay one or more final judgments aggregating in excess of $100.0 million (to the extent not covered by insurance), which judgments are not discharged or
effectively waived or stayed for a period of 60 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of Holdings (prior to a Borrower Qualified IPO), the Borrower or any Subsidiary to
enforce any such judgment; 
 (k) (i) a trustee shall be appointed by a United States district court to administer any Plan,
(ii) an ERISA Event or ERISA Events shall have occurred with respect to any Plan or Multiemployer Plan, as applicable, (iii) Holdings (prior to a Borrower Qualified IPO), the Borrower or any Subsidiary shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, or (iv) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through
(iv) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or 
  

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 (l) (i) any security interest purported to be created by any Security Document and to
extend to assets that are not immaterial to Holdings (prior to a Borrower Qualified IPO), the Borrower and the Subsidiaries on a consolidated basis shall cease to be a valid and perfected security interest (perfected as or having the priority
required by this Agreement or the relevant Security Document and subject to such limitations and restrictions as are set forth herein and therein and except for releases thereof as permitted herein and therein) in the securities, assets or
properties covered thereby, except to the extent that any such loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of Equity Interests in Foreign Subsidiaries or the application
thereof, or from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement or to file Uniform Commercial Code continuation statements or take
the actions described on Schedule 3.04 and except to the extent that such loss is covered by a lender’s title insurance policy and the Collateral Agent shall be reasonably satisfied with the credit of such insurer, or (ii) the
Guarantees pursuant to the Security Documents by Holdings (prior to a Borrower Qualified IPO), the Borrower or the Subsidiary Loan Parties of any of the Obligations shall cease to be in full force and effect (other than in accordance with the terms
thereof), or shall be asserted in writing by Holdings (prior to a Borrower Qualified IPO) or the Borrower or any Subsidiary Loan Party not to be in effect or not to be legal, valid and binding obligations; 
 then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) above), and at any time thereafter during the
continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments,
(ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all
other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the
Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding, (iii) if the Loans have been declared due and payable pursuant to clause (ii) above, demand cash collateral pursuant to
Section 2.05(j), and (iv) exercise all rights and remedies granted to it under any Loan Document and all its rights and remedies under any other applicable law or in equity; and in any event with respect to the Borrower described in
paragraph (h) or (i) above, the Commitments shall automatically terminate, the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall automatically become due and payable and the Administrative Agent shall be deemed to have made a demand for cash collateral to the full extent permitted under Section 2.05(j), without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
  

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 SECTION 8.02. Exclusion of Immaterial Subsidiaries. Solely for the purposes of determining
whether an Event of Default has occurred under clause (h), (i) or (l) of Section 8.01, any reference in any such clause to any Subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance
referred to in any such clause. 
 SECTION 8.03. Right to Cure. Notwithstanding anything to the contrary contained in
Section 8.01, in the event that the Borrower fails (or, but for the operation of this Section 8.03, would fail) to comply with the requirements of the Financial Performance Covenant, until the expiration of the 20th day subsequent to the
date the certificate calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), the Borrower shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions
to the capital of Holdings, and, in each case, to contribute any such cash to the capital of the Borrower (collectively, the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure Amount”)
pursuant to the exercise by the Borrower of such Cure Right such Financial Performance Covenant shall be recalculated giving effect to a pro forma adjustment by which EBITDA shall be increased with respect to such applicable quarter and any
four-quarter period that contains such quarter, solely for the purpose of measuring the Financial Performance Covenant and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; provided, that, (i) in each
four-fiscal-quarter period there shall be at least one fiscal quarter in which the Cure Right is not exercised and (ii) for purposes of this Section 8.03, the Cure Amount shall be no greater than the amount required for purposes of
complying with the Financial Performance Covenant. If, after giving effect to the adjustments in this paragraph (b), the Borrower shall then be in compliance with the requirements of the Financial Performance Covenant, the Borrower shall be deemed
to have satisfied the requirements of the Financial Performance Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the
Financial Performance Covenant that had occurred shall be deemed cured for this purposes of the Agreement. 
 ARTICLE IX 
 The Agents 
 SECTION 9.01.
Appointment. (a) Each Lender (in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in such capacities and
on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, including as
the Collateral Agent for such Lender and the other Secured Parties under the Security Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this
Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are
reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other than the United States, each of the Lenders and the Issuing Banks hereby grants to the 

  

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Administrative Agent any required powers of attorney to execute any Security Document governed by the laws of such jurisdiction on such Lender’s or
Issuing Bank’s behalf. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship
with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 
 (b) In furtherance of the foregoing, each Lender (in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its
Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) hereby appoints and authorizes the Administrative Agent
to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably
incidental thereto. In this connection, the Administrative Agent (and any Subagents appointed by the Administrative Agent pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Security Documents, or for exercising any rights or remedies thereunder at the direction of the Administrative Agent) shall be entitled to the benefits of this Article IX (including, without limitation, Section 9.07) as though the
Administrative Agent (and any such Subagents) were an “Agent” under the Loan Documents, as if set forth in full herein with respect thereto. 
 (c) Each Lender (in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in such
capacities and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) irrevocably authorizes the Administrative Agent, at its option and in its discretion, (i) to release any Lien on any property granted to or
held by the Administrative Agent under any Loan Document (A) upon termination of the Commitments and payment in full of all Obligations (other than in respect of contingent indemnification and expense reimbursement obligations for which no
claim has been made) and the expiration, termination or cash collateralization of all Letters of Credit, (B) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or
(C) if approved, authorized or ratified in writing in accordance with Section 10.08 hereof, (ii) to release any Guarantor from its obligations under the Loan Documents if such person ceases to be a Subsidiary as a result of a
transaction permitted hereunder; (iii) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(i) and (j);
and (iv) to make determinations and update schedules in connection with collateral matters as set forth in clauses (vii) or (viii) of Section 5.09(g). Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents. 
 (d) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of 

  

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any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any or all of
the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent and any Subagents allowed in such judicial
proceeding, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and
the Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
under the Loan Documents. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding. 
 SECTION 9.02. Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents
(including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all
matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent may also from time to time, when
the Administrative Agent deems it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral co-agents, collateral subagents or attorneys-in-fact (each, a “Subagent”) with respect to all or any part of the
Collateral; provided, that no such Subagent shall be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing by the Administrative Agent. Should any instrument in writing from the
Borrower or any other Loan Party be required by any Subagent so appointed by the Administrative Agent to more fully or certainly vest in and confirm to such Subagent such rights, powers, privileges and duties, the Borrower shall, or shall cause such
Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent. If any Subagent, or successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers,
privileges and duties of such Subagent, to the extent permitted by law, shall automatically vest in and be exercised by the Administrative Agent until the appointment of a new Subagent. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agent, attorney-in-fact or Subagent that it selects in accordance with the foregoing provisions of this Section 9.02 in the absence of the Administrative Agent’s gross negligence or willful misconduct.

 SECTION 9.03. Exculpatory Provisions. Neither any Agent or its Affiliates nor any of their respective officers, directors,
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be (a) liable for any action lawfully taken or omitted to be taken by it or such person under or in connection with this Agreement or any other Loan
Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such person’s own gross negligence or willful misconduct) or
(b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report,
statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default or Event of Default has occurred and is continuing, and (b) the Administrative Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be
deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent in writing by the Borrower, a Lender or an Issuing Bank. The Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of
any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. 
 SECTION 9.04. Reliance by Administrative Agent. The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) or conversation believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to any Credit Event, that by its terms must be fulfilled to the
satisfaction of a Lender or any Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender 

  

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or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to such Credit Event.
The Administrative Agent may consult with legal counsel (including counsel to Holdings or the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts. The Administrative Agent may deem and treat the payee of any Promissory Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have
been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the
Required Lenders (or, if so specified by this Agreement, all or other Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason
of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required
Lenders (or, if so specified by this Agreement, all or other Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 SECTION 9.05. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default unless the Administrative Agent has received written notice from a Lender, Holdings or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as
shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or other Lenders); provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall
not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
 SECTION 9.06. Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate
of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own
decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself

  

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as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices,
reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates. 
 SECTION 9.07. Indemnification. Each Lender agrees to indemnify
each Agent and each Issuing Bank, in each case in its capacity as such (to the extent not reimbursed by Holdings or the Borrower and without limiting the obligation of Holdings or the Borrower to do so), in the amount of its pro rata share (based on
its aggregate Revolving Facility Exposure, outstanding Term Loans, Synthetic L/C Exposure and unused Commitments hereunder; provided, that the aggregate principal amount of Swingline Loans owing to the Swingline Lender and of L/C Disbursements owing
to any Issuing Bank shall be considered to be owed to the Revolving Facility Lenders ratably in accordance with their respective Revolving Facility Exposure) (determined at the time such indemnity is sought), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent or such Issuing Bank in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated
hereby or thereby or any action taken or omitted by such Agent or such Issuing Bank under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s or such Issuing Bank’s gross
negligence or willful misconduct. The failure of any Lender to reimburse any Agent or any Issuing Bank, as the case may be, promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent or such Issuing
Bank, as the case may be, as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse such Agent or such Issuing Bank, as the case may be, for its ratable share of such amount, but no Lender shall be responsible
for the failure of any other Lender to reimburse such Agent or such Issuing Bank, as the case may be, for such other Lender’s ratable share of such amount. The agreements in this Section shall survive the payment of the Loans and all other
amounts payable hereunder. 
 SECTION 9.08. Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to,
accept deposits from, and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued, or Letter of Credit or
Swingline Loan participated in, by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and
“Lenders” shall include each Agent in its individual capacity. 
  

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 SECTION 9.09. Successor Administrative Agent. The Administrative Agent may resign as
Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among
the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Borrower (which
approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent
or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9.09 shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Administrative Agent under this Agreement and the other Loan Documents. 
 SECTION 9.10. Agents and Arrangers.
Neither the Syndication Agent, the Documentation Agents nor any of the Arrangers shall have any duties or responsibilities hereunder in its capacity as such. 
 ARTICLE X 
 Miscellaneous 
 SECTION 10.01. Notices; Communications. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in Section 10.01(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i) if to any Loan Party, the Administrative Agent, the Issuing Bank or the Swingline Lender, to the address, telecopier number,
electronic mail address or telephone number specified for such person on Schedule 10.01; and 
 (ii) if to any other
Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail 

  

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and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices
to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. 
 (c) Notices sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received. Notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to
have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 10.01(b) above shall be effective as provided in such
Section 10.01(b). 
 (d) Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. 
 (e) Documents required to be delivered pursuant to Section 5.04 (to
the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically (including as set forth in Section 10.17) and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.01, or (ii) on which such documents are posted on the Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that (A) the Borrower shall
deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender,
and (B) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except for such
certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 SECTION 10.02. Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties herein, in the other Loan Documents and in the certificates or other instruments
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to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and each Issuing Bank and shall survive the making
by the Lenders of the Loans, the execution and delivery of the Loan Documents and the issuance of the Letters of Credit, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and effect as long as
the principal of or any accrued interest on any Loan or L/C Disbursement or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not been terminated. Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17 and 10.05) shall survive the
payment in full of the principal and interest hereunder, the expiration of the Letters of Credit and the termination of the Commitments or this Agreement. 
 SECTION 10.03. Binding Effect. This Agreement shall become effective when it shall have been executed by Holdings, the Borrower and the Administrative Agent and when the Administrative Agent shall have
received copies hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of Holdings, the Borrower, each Issuing Bank, the Administrative Agent and each
Lender and their respective permitted successors and assigns. 
 SECTION 10.04. Successors and Assigns. (a) The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any affiliate of an Issuing Bank that issues any Letter of Credit), except that
(i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and
void) except pursuant to the Merger, and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c) of this Section 10.04), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, each Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement or the other Loan Documents. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Credit-Linked Deposits, its Commitments and the Loans at the time owing to
it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower; provided,
that no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Sections 8.01(b), (c), (h) or (i) has occurred and is
continuing, any other person; and 
  

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 (B) the Administrative Agent; provided, that no consent of the Administrative
Agent shall be required for an assignment of all or any portion of a Term Loan or such Lender’s Credit-Linked Deposits to a Lender, an Affiliate of a Lender or an Approved Fund. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Credit-Linked-Deposits, Commitments or Loans under any Facility, the amount of the Credit-Linked-Deposits, Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than (x) $1.0 million in the case of Credit-Linked Deposits or Term Loans and (y) $5.0 million in the case of
Revolving Facility Loans or Revolving Facility Commitments, unless each of the Borrower and the Administrative Agent otherwise consent; provided that contemporaneous assignments by a Lender to two or more of its Approved Funds shall be
treated as a single assignment for purposes of determining whether such minimum amount has been met; provided, further, that no such consent of the Borrower shall be required if an Event of Default under Sections 8.01(b), (c),
(h) or (i) has occurred and is continuing; 
 (B) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing
and recordation fee of $3,500; 
 (C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent
(1) an Administrative Questionnaire in which the assignee designates one or more Credit Contacts (as defined in the Administrative Questionnaire) to whom all syndicate-level information (which may contain material non-public information about
the Borrower, the other Loan Parties and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including
Federal and state securities laws, and (2) all applicable tax forms required to be delivered under Section 2.17; and 
 (D) the Assignee shall not be the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 For the purposes of this Section 10.04,
“Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered, advised or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 
  

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 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after
the effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.05). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section 10.04. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Credit-Linked Deposits, Loans
and L/C Exposures owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, each Issuing Bank and the Lenders
may treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt
of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), all tax forms required to be
delivered under Section 2.17, the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent promptly
shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in
the Register as provided in this paragraph (b)(v). 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender
thereunder and the Assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned
thereby free and clear of any adverse claim and that its Term Loan B Commitment and Revolving Facility Commitment, and the outstanding balances of its Credit-Linked Deposits, Term Loans and Revolving Facility Loans, in each case without giving
effect to assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in clause (i) above, such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, 

  

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genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial
condition of Holdings, the Borrower or any Subsidiary or the performance or observance by Holdings, the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished
pursuant hereto; (iii) the Assignee represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the
most recent financial statements referred to in Section 3.05 (or delivered pursuant to Section 5.04), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such
Assignment and Acceptance; (v) the Assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto; and (vii) the Assignee agrees that it will perform in
accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d)
(i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided, that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, each Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan
Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided, that (x) such agreement may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section 10.04(a)(i) or clauses (i), (ii), (iii), (iv), (v) or (vi) of the first
proviso to Section 10.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment, modification or waiver may exist between such Lender and such Participant. Subject to paragraph (c)(ii)
of this Section 10.04, the Borrower agrees that each Participant shall be entitled to the benefits and subject to the requirements of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.06 as though it were a Lender, provided such Participant shall be
subject to Section 2.18(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.15, 2.16 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such 

  

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Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 2.17 to the extent such Participant fails to comply with Section 2.17(e) and (f) as though it were a Lender. 
 (e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank and in the case of any Lender that is an Approved Fund, any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this
Section 10.04 shall not apply to any such pledge or assignment of a security interest; provided, that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or Assignee for such Lender as a party hereto. 
 (f) The Borrower, upon receipt of written notice from the relevant Lender, agrees
to issue promissory notes (each a “Promissory Note”) to any Lender requiring Promissory Notes to facilitate transactions of the type described in paragraph (e) above. 
 (g) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without
the consent of the Borrower or the Administrative Agent. Each of Holdings, the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a
Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by
such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto and each Loan Party for any loss, cost, damage or expense arising out of its
inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
 (h) If the Borrower wishes to
replace the Loans, Credit-Linked Deposits or Commitments under any Facility with ones having different terms, it shall have the option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to
the Lenders under such Facility, instead of prepaying the Loans or reducing or terminating the Commitments or Credit-Linked Deposits to be replaced, to (i) require the Lenders under such Facility to assign such Loans, Commitments or
Credit-Linked Deposits to the Administrative Agent or its designees and (ii) amend the terms thereof in accordance with Section 10.08 (with such replacement, if applicable, being deemed to have been made pursuant to Section 10.08(d)).
Pursuant to any such assignment, all Loans, Commitments and Credit-Linked Deposits to be replaced shall be purchased at par (allocated among the Lenders under such Facility in the same manner as would be required if such Loans were being optionally
prepaid or such Commitments or Credit-Linked Deposits were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon and any amounts owing pursuant to Section 10.05(b). By receiving
such purchase price, the Lenders under such Facility shall automatically be deemed to have assigned the Loans, Commitments or Credit-Linked Deposits under such Facility pursuant to the terms of the form of Assignment and Acceptance attached hereto
as Exhibit A, and accordingly no other action by 

  

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such Lenders shall be required in connection therewith. The provisions of this paragraph (g) are intended to facilitate the maintenance of the
perfection and priority of existing security interests in the Collateral during any such replacement. 
 (i) Notwithstanding the foregoing,
no assignment may be made or participation sold to an Ineligible Institution. 
 SECTION 10.05. Expenses; Indemnity. (a) The
Borrower agrees to pay (i) all reasonable out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent in connection with the preparation of this Agreement and the other Loan Documents, or by the Administrative Agent in
connection with the syndication of the Commitments or the administration of this Agreement (including expenses incurred in connection with due diligence and initial and ongoing Collateral examination to the extent incurred with the reasonable prior
approval of the Borrower and the reasonable fees, disbursements and charges for no more than one counsel in each jurisdiction where Collateral is located) or in connection with the administration of this Agreement and any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the Transactions hereby contemplated shall be consummated), including the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the
Administrative Agent and the Arrangers, and, if necessary, the reasonable fees, charges and disbursements of one local counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent or
any Lender in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the fees, charges and
disbursements of counsel for the Administrative Agent (including any special and local counsel). 
 (b) The Borrower agrees to indemnify the
Administrative Agent, the Agents, the Arrangers, each Issuing Bank, each Lender, each of their respective Affiliates and each of their respective directors, trustees, officers, employees, agents, trustees and advisors (each such person being called
an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements (except the allocated costs of
in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated hereby, (ii) the use of the proceeds of
the Loans or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by a
third party or by Holdings, the Borrower or any of their subsidiaries or Affiliates; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, any
Arranger, any Issuing Bank or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties, shall be treated as a single Indemnitee). Subject to and without limiting the 

  

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generality of the foregoing sentence, the Borrower agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including reasonable counsel or consultant fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction) (except the allocated costs
of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (A) any claim related in any way to Environmental Laws and Holdings, the Borrower or any of their Subsidiaries, or
(B) any actual or alleged presence, Release or threatened Release of Hazardous Materials at, under, on, from or to any property currently or formerly owned or operated by Holdings, the Borrower or any of the Subsidiaries; provided, that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties. None of the Indemnitees (or any of their respective affiliates) shall be responsible or liable to the Fund, Holdings, the Borrower or any of their
respective subsidiaries, Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may be alleged as a result of the Facilities or the Transactions. The provisions of this
Section 10.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, any Issuing Bank or any Lender. All amounts due under this Section 10.05 shall be
payable on written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested. 
 (c) Except as expressly provided in Section 10.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts paid pursuant to Section 2.17, this Section 10.05 shall not apply to
Taxes. 
 (d) To the fullest extent permitted by applicable law, Holdings and the Borrower shall not assert, and hereby waive, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby. 
 (e) The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent, any Issuing Bank, the
replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement. 
  

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 SECTION 10.06. Right of Set-off. If an Event of Default shall have occurred and be
continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness at any time owing by such Lender or such Issuing Bank to or for the credit or the account of Holdings (prior to a Borrower Qualified IPO), the Borrower or any Subsidiary against any of and all the obligations of
Holdings (prior to a Borrower Qualified IPO) or the Borrower now or hereafter existing under this Agreement or any other Loan Document held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall
have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured. The rights of each Lender and each Issuing Bank under this Section 10.06 are in addition to other rights and remedies
(including other rights of set-off) that such Lender or such Issuing Bank may have. 
 SECTION 10.07. Applicable Law. THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 10.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, any Issuing Bank or any Lender in
exercising any right or power hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, each Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by Holdings (prior to a Borrower Qualified IPO), the Borrower or any
other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice or demand on Holdings, the Borrower or any other Loan Party in any case shall entitle such person to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (x) as provided
in Section 2.20, (y) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Holdings, the Borrower and the Required Lenders, and (z) in the case of any other Loan Document, pursuant to an
agreement or agreements in writing entered into by each party thereto and the Administrative Agent and consented to by the Required Lenders; provided, however, that no such agreement shall 
 (i) decrease or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan or any L/C
Disbursement, or extend the stated expiration of any Letter of Credit beyond the Revolving Facility Maturity Date, or extend the date on which the Credit-Linked Deposits are required to be returned in full to the Synthetic L/C Lenders, without the
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affected thereby, except as provided in Section 2.05(c); provided, that any amendment to the financial covenant definitions in this Agreement
shall not constitute a reduction in the rate of interest for purposes of this clause (i), 
 (ii) increase or extend the
Commitment of any Lender or decrease the Commitment Fees or L/C Participation Fees or other fees of any Lender without the prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants,
Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any Lender), 
 (iii) extend or waive any Term Loan Installment Date or Synthetic L/C Installment Date or reduce the amount due on any Term Loan Installment Date or Synthetic L/C Installment Date or extend any date on which payment
of interest on any Loan or any L/C Disbursement or any Fees is due, without the prior written consent of each Lender adversely affected thereby, 
 (iv) amend the provisions of Section 5.02 of the Collateral Agreement, or any analogous provision of any other Loan Document, in a manner that would by its terms alter the pro rata sharing among Facilities
of payments required thereby, without the prior written consent of a majority of the class of Lenders adversely affected thereby, 
 (v) amend or modify the provisions of this Section 10.08 or the definition of the terms “Required Lenders,” “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to
waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written consent of each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders,
additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as the Loans and Commitments are included on the Closing Date), 
 (vi) release all or substantially all the Collateral or release any of Holdings (prior to a Borrower Qualified IPO), the Borrower or all
or substantially all of the Subsidiary Loan Parties from their respective Guarantees under the Collateral Agreement, unless, in the case of a Subsidiary Loan Party, all or substantially all the Equity Interests of such Subsidiary Loan Party is sold
or otherwise disposed of in a transaction permitted by this Agreement, without the prior written consent of each Lender; 
 (vii) effect any waiver, amendment or modification that by its terms adversely affects the rights in respect of payments or collateral of Lenders participating in any Facility differently from those of Lender participating in another
Facility, without the consent of the Majority Lenders participating in the adversely affected Facility (it being agreed that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.11 so
long as the application of any prepayment or Commitment reduction still required to be made is not changed); 
  

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 provided, further, that any waiver, amendment or modification of this Agreement that by its terms affects
the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Facility (or Facilities) or Tranche (or Tranches) may be effected by an agreement or agreements in writing entered into by Holdings, the Borrowers and
the requisite percentage in interest of the Lenders of the affected Facility (or Facilities) or Tranche (or Tranches), as the case may be (and without the consent of the Required Lenders), that would be required to consent thereto if such Facility
or Tranche were the only Facility or Tranche, as the case may be, hereunder at the time; and provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or an Issuing Bank
hereunder without the prior written consent of the Administrative Agent or such Issuing Bank, as the case may be, acting as such at the effective date of such agreement, as applicable. Each Lender shall be bound by any waiver, amendment or
modification authorized by this Section 10.08 and any consent by any Lender pursuant to this Section 10.08 shall bind any assignee of such Lender. 
 (c) Without the consent of any Lender or Issuing Bank, the Loan Parties and the Administrative Agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any
amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to
become Collateral for the benefit of the applicable Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the applicable Secured Parties, in any property or so that the security interests
therein comply with applicable law. 
 (d) Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the
written consent of the Required Lenders, the Administrative Agent, Holdings and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder
and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents (including in respect of prepayments) with the Term Loans, the Revolving Facility Loans, the Synthetic L/C Facility
and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 
 (e) Notwithstanding the foregoing, technical and conforming modifications to the Loan Documents may be made with the consent of the Borrower and the
Administrative Agent to the extent necessary to integrate any Incremental Term Loan Commitments or Incremental Revolving Facility Commitments on substantially the same basis as the Term Loans or Revolving Facility Loans, as applicable. 

SECTION 10.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the applicable interest rate,
together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith, or otherwise contracted for,
charged, received, taken or reserved by any Lender or any Issuing Bank, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or 

  

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reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender or such
Issuing Bank, shall be limited to the Maximum Rate; provided, that such excess amount shall be paid to such Lender or such Issuing Bank on subsequent payment dates to the extent not exceeding the legal limitation. 
 SECTION 10.10. Entire Agreement. This Agreement, the other Loan Documents and the agreements regarding certain Fees referred to herein
constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement
and the other Loan Documents. Notwithstanding the foregoing, the Fee Letter shall survive the execution and delivery of this Agreement and remain in full force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or
implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 
 SECTION 10.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.11. 
 SECTION 10.12. Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 10.13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract,
and shall become effective as provided in Section 10.03. Delivery of an executed counterpart to this Agreement by facsimile transmission (or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as
effective as delivery of a manually signed original. 
 SECTION 10.14. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  

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 SECTION 10.15. Jurisdiction; Consent to Service of Process. (a) Each of the parties
hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from
any thereof (collectively, “New York Courts”), in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may
otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring any such action or
proceeding in any court other than New York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such
action or proceeding have contacts with the State of New York than any other jurisdiction), and (b) in any such action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff,
or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Loan Party from asserting or seeking the same in the New York Courts. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 SECTION 10.16. Confidentiality. Each of the Lenders, each Issuing Bank and each of the Agents agrees that it shall maintain in confidence any information (the “Information”) relating to
Holdings, the Borrower and any Subsidiary furnished to it by or on behalf of Holdings, the Borrower or any Subsidiary (other than information that (a) has become generally available to the public other than as a result of a disclosure by such
party, (b) has been independently developed by such Lender, such Issuing Bank or such Agent without violating this Section 10.16 or (c) was available to such Lender, such Issuing Bank or such Agent from a third party having, to such
person’s knowledge, no obligations of confidentiality to Holdings, the Borrower or any other Loan Party) and shall not reveal the same other than to its directors, trustees, officers, employees and advisors with a need to know or to any person
that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 10.16), except: (A) to the extent necessary to comply
with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party
are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental Authorities or self-regulatory authorities, including the National 

  

 159 

 
Association of Insurance Commissioners or the National Association of Securities Dealers, Inc., (C) to its parent companies, Affiliates or auditors (so
long as each such person shall have been instructed to keep the same confidential in accordance with this Section 10.16), (D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to any pledgee under
Section 10.04(d) or any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such person shall have been instructed to keep the same confidential in accordance with this
Section 10.16) and (F) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual
counterparty agrees to be bound by the provisions of this Section 10.16). 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN
SECTION 10.16 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDINGS, THE BORROWER AND THEIR AFFILIATES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES
REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING WAIVERS AND AMENDMENTS, FURNISHED BY HOLDINGS, THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF
ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT HOLDINGS, THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER
REPRESENTS TO HOLDINGS, THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS
COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 SECTION 10.17. Platform; Borrower Materials. The Borrower hereby acknowledges
that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the Issuing Banks materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish
to receive material non-public information with respect to Holdings, the Borrower or their respective securities) (each, a “Public Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify
that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
“PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers, the Issuing Banks and the
Lenders to 

  

 160 

 
treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with
respect to Holdings, the Borrower or their respective securities for purposes of United States Federal and state securities laws, (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor,” (iv) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Investor,” and (v) notwithstanding any other provision of this Section 10.17, the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials consisting of draft or
final Loan Documents and any other materials, in each case that are or have become generally available to the public other than as a result of disclosure in violation of Section 10.16, as having been marked “PUBLIC”. 
 SECTION 10.18. Release of Liens and Guarantees. In the event that any Loan Party conveys, sells, leases, assigns, transfers or otherwise
disposes of all or any portion of any of the Equity Interests or assets of any Subsidiary Loan Party to a person that is not (and is not required to become) a Loan Party in a transaction not prohibited by Section 6.05, the Administrative Agent
shall promptly (and the Lenders hereby authorize the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by Holdings or the Borrower and at the Borrower’s expense in connection with the
release of any Liens created by any Loan Document in respect of such Equity Interests or assets, and, in the case of a disposition of the Equity Interests of any Subsidiary Loan Party in a transaction permitted by Section 6.05 (including
through merger, consolidation, amalgamation or otherwise) and as a result of which such Subsidiary Loan Party would cease to be a Subsidiary, such Subsidiary Loan Party’s obligations under its Guarantee of the Obligations shall be automatically
terminated and the Administrative Agent shall promptly (and the Lenders hereby authorize the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by Holdings or the Borrower to terminate such
Subsidiary Loan Party’s obligations under its Guarantee of the Obligations. In addition, the Administrative Agent agrees to take such actions as are reasonably requested by Holdings or the Borrower and at the Borrower’s expense to
terminate the Liens and security interests created by the Loan Documents when all the Obligations (other than contingent indemnification Obligations and expense reimbursement claims to the extent no claim therefor has been made) are paid in full and
all Letters of Credit and Commitments are terminated. Without limiting the foregoing, upon the consummation of a Borrower Qualified IPO, Holdings shall be released from its Guarantee of the Obligations, shall cease to be a Loan party, and any Liens
created by any Loan Documents on any assets or Equity Interests owned by Holdings shall be released. Any representation, warranty or covenant contained in any Loan Document relating to such Equity Interests, asset or subsidiary of Holdings shall no
longer be deemed made once such Equity Interest or asset is so conveyed, sold, leased, assigned, transferred or disposed of. 
 SECTION 10.19. Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange
used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the
Borrower in respect of any such sum due from it to the Administrative Agent or 

  

 161 

 
the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative
Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so
purchased is less than the sum originally due to the Administrative Agent from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the
person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the
amount of any excess to the Borrower (or to any other person who may be entitled thereto under applicable Law). 
 SECTION 10.20. USA
PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act,
it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable,
to identify each Loan Party in accordance with the USA PATRIOT Act. 
 SECTION 10.21. No Liability of the Issuing Banks. The
Borrower assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither any Issuing Bank nor any of its officers or directors shall be liable or
responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement
thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit,
including failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except that the Borrower shall
have a claim against such Issuing Bank, and such Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered by the Borrower that the Borrower proves were caused by (i) such Issuing
Bank’s willful misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any Letter of Credit comply with the terms of the Letter of
Credit or (ii) such Issuing Bank’s willful failure to make lawful payment under a Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the Letter of Credit. In
furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

  

 162 

 SECTION 10.22. Securitization Acknowledgement. Each Agent, Lender and Issuing Bank hereby
acknowledges and agrees to the terms of Section 7.20 of the Collateral Agreement. 
 [Signature Pages Follow] 
  

 163 

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

			
	DOMUS INTERMEDIATE HOLDINGS CORP.,
		
	By:	 	 /s/ Richard A. Smith

	Name:	 	Richard A. Smith
	Title:	 	President
	
	REALOGY CORPORATION,
		
	By:	 	 /s/ Richard A. Smith

	Name:	 	Richard A. Smith
	Title:	 	President

 [Signature Page to the Credit Agreement] 

			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and as a Lender
		
	By:	 	 /s/ Marian N. Schulman

	Name:	 	Marian N. Schulman
	Title:	 	Managing Director

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	CREDIT SUISSE, CAYMAN ISLANDS
	BRANCH                                      
      
		
	By:	 	 /s/ Ian Nalitt

	Name:	 	Ian Nalitt
	Title:	 	Vice President
		
	By:	 	 /s/ James Neira

	Name:	 	James Neira
	Title:	 	Associate

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	BEAR STEARNS CORPORATE LENDING INC.,
	as Lender
		
	By:	 	 /s/ Victor Bulzachelli

	Name:	 	Victor Bulzachelli
	Title:	 	Vice President

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	CITICORP NORTH AMERICA, INC.
	as a Documentation Agent and as a Lender
		
	By:	 	 /s/ Aaron Dannenberg

	Name:	 	Aaron Dannenberg
	Title:	 	Vice President

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Phil Capparis

	Name:	 	Phil Capparis
	Title:	 	Director

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	CALYON NEW YORK BRANCH
		
	By:	 	 /s/ Rod Hurst

	Name:	 	Rod Hurst
	Title:	 	Managing Director
		
	By:	 	 /s/ Yuri Muzichenko

	Name:	 	Yuri Muzichenko
	Title:	 	Director

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	Sumitomo Mitsui Banking Corporation
		
	By:	 	 /s/ Natsuhiro Samejima

	Name:	 	Natsuhiro Samejima
	Title:	 	Senior Vice President

 [Signature Page to the Credit Agreement] 

 Signature page to 
 Domus Intermediate Holdings Corp. & 
 Realogy Corporation 2007 Credit Agreement 
  

			
	Mizuho Corporate Bank, Ltd.
		
	By:	 	 /s/ James R. Fayen

	Name:	 	James R. Fayen
	Title:	 	Deputy General Manager

 [Signature Page to the Credit Agreement] 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the Credit Agreement dated as of
April 10, 2007 (as the same may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), among DOMUS INTERMEDIATE HOLDINGS CORP., a Delaware corporation (“Holdings”), REALOGY
CORPORATION, a Delaware corporation (the “Borrower”), the LENDERS party thereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (“Administrative Agent”), CREDIT SUISSE, as
syndication agent, and the other parties thereto. Terms defined in the Credit Agreement are used herein with the same meanings. 
 1. The
Assignor hereby irrevocably sells and assigns, without recourse, to the Assignee, and the Assignee hereby irrevocably purchases and assumes, without recourse, from the Assignor, effective as of the Effective Date set forth below (the
“Effective Date”) (but not prior to the registration of the information contained herein in the Register pursuant to Section 10.04(b)(iv) of the Credit Agreement), the interests set forth below (the “Assigned
Interest”) in the Assignor’s rights and obligations under the Credit Agreement and the other Loan Documents, including, without limitation, the amounts and percentages set forth below of (i) the Commitments of the Assignor on the
Effective Date set forth below, (ii) the Loans owing to the Assignor which are outstanding on the Effective Date. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date and to the Assignee for amounts that have accrued from and after the Effective Date and (iii) the
Credit-Linked Deposits held by the Administrative Agent on the Assignor’s behalf on the Effective Date. 
 2. By executing and
delivering this Assignment and Acceptance, the assigning Lender hereunder and the Assignee hereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: 
 (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any adverse claim and that its Term
Loan B Commitment and Revolving Facility Commitment, and the outstanding balances of its Credit-Linked Deposits, Term Loans and Revolving Facility Loans, in each case without giving effect to assignments thereof which have not become effective, are
as set forth in this Assignment and Acceptance; (ii) except as set forth in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Credit Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document
furnished pursuant thereto, or the financial condition of Holdings, the Borrower or any Subsidiary or the performance or observance by Holdings, the Borrower or any Subsidiary of any of its obligations under the Credit Agreement, any other Loan
Document or any other instrument or document furnished pursuant thereto; (iii) the Assignee represents and warrants that (a) it is legally authorized and has taken all action necessary to enter into this Assignment and Acceptance and to
consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (b) it satisfies the 

 
requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender; (iv) the Assignee confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements referred to in Section 3.05 of the Credit Agreement (or delivered pursuant to
Section 5.04 of the Credit Agreement), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (v) the Assignee will independently and
without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement; (vi) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and each other Loan Document as are delegated to
the Administrative Agent by the terms of the Credit Agreement and the other Loan Documents, together with such powers as are reasonably incidental thereto; and (vii) the Assignee hereby agrees that it will perform in accordance with their terms
all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. From and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and the
other Loan Documents and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the Loan Documents and (ii) the Assignor shall, to the extent of the interests
assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement. 
 3.
Pursuant to Section 10.04(b)(ii) of the Credit Agreement, this Assignment and Acceptance is being delivered to the Administrative Agent together with (i) a processing and recordation fee of $3,500, (ii) any forms referred to in
Section 2.17 of the Credit Agreement, duly completed and executed by such Assignee and (iii) if the Assignee is not already a Lender under the Credit Agreement, a completed Administrative Questionnaire. 
 4. This Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or other electronic
transmission shall be as effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

Legal Name of Assignor
(“Assignor”):                                    
                                         
                                         
               
 Legal Name of Assignee
(“Assignee”):                                    
                                         
                                         
               
 [and is a Lender or an Affiliate/Approved Fund of
[identify Lender]1] 
  

	1
	Select as applicable. 

  

 2 

			
		
	Assignee’s Address for Notices: 	  	 
		  	
		
	 	  	 
		  	
		
	Effective Date of Assignment:	  	 

 [TO BE INSERTED BY ADMINISTRATIVE AGENT AND 
 WHICH SHALL BE THE EFFECTIVE DATE OF 
 RECORDATION OF TRANSFER IN THE REGISTER 
 THEREFORE.] 
  

							
	 Facility Assigned
	  	 Aggregate Principal
 Amount of
 Commitments/Loans/
 Credit-Linked
 Deposits for all
 Lenders2
	  	Principal of
Commitments/
Loans/Credit-
Linked Deposits
Assigned	  	Percentage Assigned of
Commitments/Loans/ Credit-
Linked Deposits
	 Revolving Facility
 Commitments/Loans
	  	$	  	$	  	%
	 Delayed Draw Term B
 Commitments
	  	$	  	$	  	%
	 Term B Loans
	  	$	  	$	  	%
	 Credit-Linked
 Deposits
	  	$	  	$	  	%
	 Swingline Loans
	  	$	  	$	  	%

 The Assignee shall deliver to the Administrative Agent an Administrative Questionnaire in a form
approved by the Administrative Agent in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Related Parties or their
respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 [Remainder of page intentionally left blank] 
  
  

	2
	Amount of Commitments, Loans and/or Credit-Linked Deposits assigned is governed by Section 10.04 of the Credit Agreement. 

  

 3 

							
	 The terms set forth above are hereby agreed to:
  
                                        
 , as Assignor
	 		 	 Accepted*/3
  
 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent

											
						
	by:	 		 	 	 		 	By:	 	 
		 		 	 Name:
 Title:
	 		 		 	 Name:
 Title:

  

									
	                                       
 , as Assignee	 		 	[REALOGY CORPORATION, as Borrower]4
					
	by:	 	 	 		 	By:	 	 
		 	 Name:
 Title:
	 		 		 	 Name:
 Title:

  

	*/	To be completed to the extent consents are required under Section 10.04(b)(i) of the Credit Agreement. 

  

	3
	Consent of the Administrative Agent shall not be required for an assignment of all or any portion of a Term Loan or Credit-Linked Deposit to a Lender, an Affiliate of a Lender or an
Approved Fund. 

  

	4
	Consent of the Borrower shall not be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Sections 8.01(b), (c),
(h) or (i) has occurred and is continuing, any other person. 

 EXHIBIT B-1 
 FORM OF BORROWING REQUEST 
 Date:5                     ,
             
  

	To:	JPMorgan Chase Bank, N.A. 

 [Address] 
 Ladies and Gentlemen: 
 Reference is made to the Credit
Agreement dated as of April 10, 2007 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among Realogy Corporation (the “Borrower”), Domus Intermediate
Holdings Corp., (“Holdings”), the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other financial
institutions party thereto. Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein, shall have the same meanings herein as are prescribed by the Credit Agreement. This notice constitutes a Borrowing Request, and
the Borrower hereby requests a Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing requested hereby: 
  

	 	1.	The Borrowing will be a Borrowing of                      Loans.6 

  

	 	2.	The Business Day of the proposed Borrowing is:                     .

  

	 	3.	The aggregate amount of the proposed Borrowing is: $            . 

  

	 	4.	The Borrowing is comprised of $             of ABR Loans and
$             of the Eurocurrency Loans. 

  

	 	5.	The duration of the Interest Period for the Eurocurrency Loans, if any, included in the Borrowing shall be
                     months. 

  

	 	6.	The location and number of Borrower’s account to which the proceeds of such Borrowing are to be disbursed is
                    . 

  
  

	5
	Notice must be received by the Administrative Agent by telephone (confirmed promptly by delivery of a Borrowing Request by hand or by telecopy) no later than (a) 12:00 p.m.,
Local Time, three Business Days prior to the proposed Borrowing in the case of a Eurocurrency Borrowing and (b) 11:00 a.m., Local Time, on the date of the proposed Borrowing (which shall be a Business Day), in the case of an ABR Borrowing;
provided, that any such notice of an ABR Revolving Facility Borrowing to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Local Time, on the date of the proposed
Borrowing. 

	6
	Revolving Facility Loans, Initial Term B Loans, Delayed Draw Term B Loans or Incremental Term Loans. Indicate whether Incremental Term Loans are to be Term B Loans or Other Term
Loans. 

 This Borrowing Request is issued pursuant to and is subject to the Credit Agreement executed as of the
date set forth above. [The Borrower named below hereby represents and warrants that the conditions specified in paragraphs (b) and (c) of Section 4.01 of the Credit Agreement are satisfied.]7 8 
 [Signature Pages
Follow] 
  
  

	7
	To be deleted in respect of any Borrowing Request for Delayed Draw Term B Loans. 

	8
	For any Borrowing Request delivered prior to the Closing Date, insert the following new paragraph: “The term “Credit Agreement” as used herein shall be deemed to
refer to the draft credit agreement dated [                    ] [    ], 2007, and this Borrowing Request shall be deemed
submitted as if the Credit Agreement were effective. In such case, to induce each of the Lenders to make Eurocurrency Loans under the Credit Agreement notwithstanding that the Credit Agreement has not yet become effective, we hereby agree to
compensate each Lender for any loss, cost and expense attributable to the failure of such Eurocurrency Loans to be borrowed on the Closing Date for any reason, such compensation to be in the amount, and determined in the manner, contemplated by
Section 2.16 of the Credit Agreement.” 

  

 2 

			
	Very truly yours,
	
	REALOGY CORPORATION,
		
	By:	 	 
		 	Name:
		 	Title:

  
  
 [Signature Page to Form of Borrowing Request] 

 EXHIBIT B-2 
 FORM OF SWINGLINE BORROWING REQUEST 
 Date:9                     ,
             
 To: JPMorgan Chase Bank, N.A. 
 Ladies and Gentlemen: 
 Reference is made to the Credit
Agreement dated as of April 10, 2007 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among Realogy Corporation (the “Borrower”), Domus Intermediate
Holdings Corp., (“Holdings”), the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), Credit Suisse, as
syndication agent, and the other financial institutions parties thereto. Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein, shall have the same meanings herein as are prescribed by the Credit Agreement.
This notice constitutes a Swingline Borrowing Request, and the Borrower hereby requests a Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing requested hereby:

 The Business Day of the proposed Swingline Borrowing is:
                    . 
 The aggregate
amount of the proposed Swingline Borrowing is: $            . 
 The location and
number of the account to which the proceeds of such Swingline Borrowing are to be deposited is                     . 
 This Swingline Borrowing Request is issued pursuant to and is subject to the Credit Agreement executed as of the date set forth above. The Borrower named
below hereby represents and warrants that the conditions specified in paragraphs (b) and (c) of Section 4.01 of the Credit Agreement are satisfied. 
 [Signature Page Follows] 
  

	9
	Notification must be received by the Administrative Agent and the Swingline Lender by telephone (confirmed by a Swingline Borrowing Request by telecopy), not later than 1:00 p.m.,
Local Time, on the day of the proposed Swingline Borrowing. 

			
	 Very truly yours,

	
	 REALOGY CORPORATION,

		
	 By:
	 	  

		 	Name:
		 	Title:

 [Signature Page to Form of Swingline Borrowing Request] 

 EXHIBIT C 
 FORM OF INTEREST ELECTION REQUEST 
 Date:
                    ,              
  

	To:	JPMorgan Chase Bank, N.A. 

  

	    	[Address] 

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement dated as of April 10, 2007 (as amended, restated, supplemented, waived or otherwise modified from time to
time, the “Credit Agreement”), among Realogy Corporation (the “Borrower”), Domus Intermediate Holdings Corp., (“Holdings”), the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other financial institutions party thereto. Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein,
shall have the same meanings herein as are prescribed by the Credit Agreement. 
 This notice constitutes an Interest Election Request, and
the Borrower hereby irrevocably requests that effective on                     10: 
 $[            ] of the presently outstanding principal amount of the [INDENTIFY APPLICABLE BORROWING(S)]11, and all presently being maintained as [ABR / Eurocurrency] [Term / Revolving] Loans, 
 be [converted into] [continued as] [Eurocurrency Loans having an Interest Period of [one/two/three/six[/nine/twelve]12 months] [ABR Loans]. 
 This Interest Election Request is issued pursuant to and is subject to the Credit Agreement executed as of the date set forth above. 
 [Signature Page Follows] 
  

	10
	Notice must be received by the Administrative Agent by telephone (confirmed promptly by delivery of an Interest Election Request by hand or by telecopy) no later than (a) 12:00
p.m., Local Time, three Business Days prior to the proposed continuance/conversion to a Eurocurrency Loan and (b) 11:00 a.m., Local Time, on the date of the proposed conversion to an ABR Loan (which must be a Business Day).

	11
	Applies to Revolving Facility Loans, Initial Term B Loans, Delayed Draw Term B Loans, Incremental Term Loans or Other Term Loans. This request does not apply to Swingline Loans.

	12
	Nine and twelve month Interest Periods permitted only if all Lenders consent thereto. 

  

 6 

			
	
	 Very truly yours,

	
	 REALOGY CORPORATION,

		
	 By:
	 	  

		 	Name:
		 	Title:

 [Signature Page to Form of Interest Election Request] 

 SCHEDULE 1.01A 
 CERTAIN SUBSIDIARIES 
 Cartus Pty Ltd. (Australia) 
 Cendant Global Services East B.V. (The Netherlands) 
 Cendant Global Services, B.V. (The Netherlands) 
 HFS Mobility Services Inc. (Ontario) 
 PHH Network Services S.A. de C.V.
(Mexico) 
 Cartus Puerto Rico Corporation (Puerto Rico) 
 Burrow Escrow Services, Inc. (California)* 
 West Coast Escrow Company (California)* 
 The NRT Foundation, Inc. (Delaware; not for profit) 
 Henry S. Miller Real Estate Institute, Inc. (Texas) 
 Providence Title Company (Texas) 
  
  
  

	*	See Schedule 6.02(A) 

	*	See Schedule 6.02(A) 

  

 1 

 SCHEDULE 1.1AA 
 CERTAIN DOMESTIC SUBSIDIARIES 
 APEX Real Estate Information Services Alabama, L.L.C. 
 Prime Commercial, Inc. 
 Realty Stars, Ltd. 
  

 2 

 SCHEDULE 1.01B 
 MORTGAGED PROPERTIES 
 None. 
  

 3 

 SCHEDULE 1.01C 
 EXISTING LETTERS OF CREDIT 
  

												
	 Issue Date
	  	Expiry Date	  	LC Number	  	Bank	  	Amount	  	 Beneficiary

	9/20/2000	  	9/20/2007	  	P-205816	  	JPMorgan Chase	  	$	1,000,000.00	  	 Cornhill Insurance PLC T/A
 Allianz Cornhill
International
 c/o Mr. Alex Campbell
 Manager- Global
Risks
 27 Leadenhall Street
 London EC3A 1AA

	9/5/2001	  	12/31/2007	  	P-217344	  	JPMorgan Chase	  	$	500,000.00	  	 Virginia Surety Company, Inc.
 1000 North Milwaukee
Avenue
 Glenview, IL 60025

	4/17/2002	  	4/17/2008	  	P-224510	  	JPMorgan Chase	  	$	342,000.00	  	 Lumbermans Mutual Casualty Company
 American Motorists
Insurance Company
 American Manufacturers Mutual Insurance Company
 American Protection Insurance Company
 Att: Cash Management, 12 NWC
 One Kemper Drive
 Long Grove, IL 60049

	4/17/2002	  	4/17/2008	  	P-224511	  	JPMorgan Chase	  	$	800,000.00	  	 Liberty Mutual Insurance Company
 H.O. Financial -
Credit
 175 Berkeley Street
 Boston, MA 02117
 Attn: S.J. Whalen - Securities Analyst

	4/17/2002	  	4/17/2008	  	P-224517	  	JPMorgan Chase	  	$	646,748.67	  	 Broadway 660 Madison Fee LLC
 c/o Broadway Partners

 375 Park Ave, Suite 2107
 New York, NY.
10152

	4/17/2002	  	4/17/2008	  	P-224518	  	JPMorgan Chase	  	$	186,000.00	  	 Broadway Landmark Corporation
 490 Broadway

New York, NY 10012

	9/30/2003	  	9/28/2007	  	P-241627	  	JPMorgan Chase	  	$	280,000.00	  	 Sterling Bank
 P.O. Box 569787
 Dallas, TX 75356-9787
 Attn: J. Brigham North, CEO
 Mailed to: 1250 W. Mockingbird, Suite100
 Dallas, TX
75247

  

 4 

												
	 Issue Date
	  	Expiry Date	  	LC Number	  	Bank	  	Amount	  	 Beneficiary

	5/17/2004	  	5/17/2007	  	P-248159	  	JPMorgan Chase	  	$	1,600,000.00	  	 38 East 61st Street, LLC C/O
 Mosbacher Properties

 545 Madison Avenue, 12th Floor
 New York, NY 10022

Attn: Arline Vogel

	9/19/2006	  	10/10/2007	  	TPTS-282619	  	JPMorgan Chase	  	$	3,662,100.00	  	 American Casualty Insurance Company of Reading PA
 333 S. Wabash
 Chicago, IL 60604

	10/16/2006	  	10/10/2007	  	TPTS-287149	  	JPMorgan Chase	  	$	100,000.00	  	 Jordon Common Fundings, LLC
 Operations
Manager
 9350 South 150 East, Suite 1000
 Sandy, Utah
84070

	2/1/2007	  	12/31/2007	  	TPTS-308585	  	JPMorgan Chase	  	$	450,000.00	  	 Levi Strauss and Co.
 A Delaware
Corporation
 Attn: Real Estate Manager
 1155 Battery
Street
 San Francisco, CA 94111

	2/9/1999	  	2/9/2008	  	TPTS-394398	  	JPMorgan Chase	  	$	13,201,178.00	  	 Swiss Reinsurance America Corporation
 237 Park Avenue

 New York, NY 10017
 Attn: Vicki Mace, Senior Credit Officer

	12/17/2004	  	12/14/2007	  	P-617261	  	JPMorgan Chase	  	$	692,545.00	  	 888 Seventh Avenue LLC
 c/o Vornado Office Management
LLC
 210 Route 4 East
 Paramus, NJ 07652
 Attn: Senior Financial Officer - Office Division

		  		  		  	Total JPMorgan
 US Outstanding
	  	$	23,460,571.67	  	
	11/29/2006	  	7/15/2008	  	TPTS-296698	  	JPMorgan Chase	  	$	4,985,914.55	  	 Citibank, N.A. India Branches
 Jeevan Vihar, 3, Sansad
Marg
 New Delhi 110001
 India

  

 5 

												
	 Issue Date
	  	Expiry Date	  	LC Number	  	Bank	  	Amount	  	 Beneficiary

	1/4/2007	  	7/15/2008	  	TPTS-299315	  	JPMorgan Chase	  	$	5,911,434.72	  	 Citibank, N.A. Indian Branches
 Jeevan
Vihar, 3, Sansad Marg
 New Delhi 110001
 India

		  		  		  	Total JPMorgan
International	  	$	10,897,349.27	  	
		  		  		  	Total
Outstanding	  	$	34,357,920.94	  	

  

 6 

 SCHEDULE 1.01D 
 IMMATERIAL SUBSIDIARIES 
 APEX Real Estate Information Services Alabama, L.L.C. 
 Prime Commercial, Inc. 
 Realty Stars, Ltd. 
  

 7 

 SCHEDULE 1.01E 
 REFINANCED INDEBTEDNESS 
 Indebtedness in the outstanding principal amount of approximately $600 million under the
Credit Agreement, dated as of May 25, 2006, by and among Realogy Corporation, as borrower, the lenders referred to therein, JPMorgan Chase Bank, N.A., as administrative agent, Calyon New York Branch, as syndication agent, The Bank of Nova
Scotia, Barclays Bank Plc and The Bank of Tokyo-Mitsubishi UFJ, Ltd, New York Branch, as documentation agents and Citicorp USA, Inc., as co-documentation agent. 
 Existing Senior Notes 
  

 8 

 SCHEDULE 1.01F 
 SUBSIDIARY LOAN PARTY 
  

	
	 Kendall, Potter and Mann, Realtors, Inc.

	
	 Burrow Escrow Services, Inc.

	
	 Cosby-Tipton Real Estate, Inc.

	
	 Associates Realty, Inc.

	
	 Fred Sands School of Real Estate

	
	 Mid-Exchange, Inc.

	
	 West Coast Escrow Company

	
	 C21 TM Corp.

	
	 Valley of California, Inc.

	
	 AFS Mortgage

	
	 R.J. Young Co.

	
	 Guardian Title Company

	
	 Coldwell Banker Residential Brokerage Company

	
	 Associates Realty Network

	
	 CB TM Corp.

	
	 Coldwell Banker Residential Referral Network (a California corporation)

	
	 West Coast Escrow Closing Co.

	
	 Coldwell Banker Residential Real Estate, Inc.

	
	 National Coordination Alliance, Inc.

	
	 Coldwell Banker Real Estate Corporation

	
	 Summit Escrow

	
	 A Market Place, Inc.

	
	 Equity Title Company

	
	 Realogy Operations, Inc.

	
	 ERA TM Corp.

	
	 Associates Investments

	
	 Realogy Franchise Group, Inc.

	
	 Cartus Partner Corporation

	
	 Title Resources Incorporated

	
	 ERA Franchise Systems, Inc.

	
	 Guardian Holding Company

	
	 Title Resource Group Affiliates Holdings, Inc.

	
	 NRT Settlement Services of Missouri, Inc.

	
	 LMS (Delaware) Corp.

	
	 Hickory Title, LLC

  

 9 

	
	 Keystone Closing Services LLC

	
	 NRT The Condo Store Incorporated

	
	 Realogy Services Venture Partner, Inc.

	
	 St. Joe Title Services, LLC

	
	 Realogy Global Services, Inc.

	
	 Real Estate Services, Inc.

	
	 Realogy Services Group LLC

	
	 Charter Title, LLC

	
	 Sotheby’s International Realty Referral Company, LLC

	
	 Realogy Franchise Finance, Inc.

	
	 Equity Title Messenger Service Holding Company

	
	 Realogy Licensing, Inc.

	
	 CGRN, Inc.

	
	 Sotheby’s International Realty Affiliates, Inc.

	
	 Sotheby’s International Realty Licensee Corporation

	
	 Title Resource Group Services Corporation

	
	 Realogy Intellectual Property Holdings I, Inc.

	
	 Realogy Intellectual Property Holdings II, Inc.

	
	 Coldwell Banker King Thompson Auction Services, Inc.

	
	 First California Escrow Corporation

	
	 The Sunshine Group Limited Partnership

	
	 Patriot Settlement Services, LLC

	
	 Cartus Corporation

	
	 Coldwell Banker Residential Brokerage Pardoe, Inc.

	
	 Franchise Settlement Services, Inc.

	
	 FedState Strategic Consulting, Incorporated

	
	 Gulf South Settlement Services, LLC

	
	 Mid-State Escrow Corporation

	
	 Grand Title, LLC

	
	 NRT Settlement Services of Texas, Inc.

	
	 FSA Membership Services, LLC

	
	 NRT Commercial, Inc.

	
	 Coldwell Banker Corporation

	
	 NRT Relocation LLC

	
	 Coldwell Banker Residential Brokerage, Inc.

	
	 Pacific Access Holding Company, LLC

	
	 Coldwell Banker Residential Brokerage Corporation

	
	 Texas American Title Company of Corpus Christi

  

 10 

	
	 Scranton Abstract, LLC

	
	 NRT Sunshine Inc.

	
	 NRT Utah, Inc.

	
	 NRT Chicago LLC

	
	 CDRE TM Corp.

	
	 Advantage Title & Insurance, LLC

	
	 Rocky Mountain Settlement Services, LLC

	
	 NRT Arizona, Inc.

	
	 Corcoran MLS Holdings, LLC

	
	 NRT Commercial Utah, Inc.

	
	 Premier Settlement Services, LLC

	
	 NRT Incorporated

	
	 Lincoln Settlement Services, LLC

	
	 NRT Columbus, Inc.

	
	 Title Resource Group Holdings, Inc.

	
	 NRT New York, Inc.

	
	 Oncor International LLC

	
	 NRT Arizona Commercial, Inc.

	
	 NRT Arizona Exito, Inc.

	
	 NRT Arizona Referral, Inc.

	
	 Title Resource Group LLC

	
	 Century 21 Real Estate LLC

	
	 NRT New England Incorporated

	
	 NRT Hawaii Referral, LLC

	
	 Career Development Center, LLC

	
	 TBR Settlement Services, LLC

	
	 Batjac Real Estate Corp.

	
	 The Sunshine Group, Ltd.

	
	 Cook-Pony Farm Real Estate, Inc.

	
	 Corcoran Group—Brooklyn Landmark, LLC

	
	 The Corcoran Group Eastside, Inc.

	
	 Alpha Referral Network, Inc.

	
	 TAW Holding Inc.

	
	 NRT Texas, Inc.

	
	 Texas American Title Company of Austin

	
	 South Land Title Co., Inc.

	
	 ATCOH Holding Company

	
	 Referral Network Inc.

  

 11 

	
	 Processing Solutions, Incorporated

	
	 South-Land Title of Montgomery County, Inc.

	
	 Texas American Title Company

	
	 NRT Texas Real Estate Services, Inc.

	
	 American Title Company of Houston

	
	 Colorado Commercial, LLC

	
	 Guardian Title Agency, LLC

	
	 Referral Network, LLC

	
	 NRT Colorado, Inc.

	
	 Bob Tendler Real Estate, Inc.

	
	 William Orange Realty, Inc.

	
	 Real Estate Referral, Inc.

	
	 Hillshire House, Incorporated

	
	 The Four Star Corp.

	
	 Signature Properties, Inc.

	
	 Soleil Florida Corp.

	
	 Central Florida Title Company

	
	 Terramar Guaranty Title & Trust, Inc.

	
	 Florida’s Preferred School of Real Estate, Inc.

	
	 Referral Network, Inc. (a Florida corporation)

	
	 St. Joe Title Services, Inc.

	
	 St Joe Real Estate Services, Inc.

	
	 Referral Associates of Florida, Inc.

	
	 Allmon, Tiernan & Ely, Inc.

	
	 Pacific Properties Referrals, Inc.

	
	 Coldwell Banker Pacific Properties, Ltd.

	
	 Coldwell Banker Commercial Pacific Properties, Ltd.

	
	 Coldwell Banker Residential Brokerage Insurance Agency of Maine, Inc.

	
	 Dewolfe Realty Affiliates

	
	 The Miller Group, Inc.

	
	 NRT Mid-Atlantic, Inc.

	
	 Real Estate Referrals, Inc.

	
	 NRT Mid-Atlantic Title Services, LLC

	
	 NRT Insurance Agency, Inc.

	
	 Trust of New England, Inc.

	
	 Referral Associates of New England, Inc.

	
	 DeWolfe Relocation Services, Inc.

	
	 Cotton Real Estate, Inc.

  

 12 

	
	 The DeWolfe Company, Inc.

	
	 The DeWolfe Companies, Inc.

	
	 Sotheby’s International Realty, Inc.

	
	 Burnet Title, Inc.

	
	 Burnet Realty Inc. (a Minnesota corporation)

	
	 Home Referral Network, Inc.

	
	 Burnet Title, LLC

	
	 NRT Missouri, Inc.

	
	 ERA General Agency Corporation

	
	 NRT Missouri Referral Network, Inc.

	
	 Pacesetter Nevada, Inc.

	
	 Market Street Settlement Group, Inc.

	
	 ERA General Agency of New Jersey, Inc.

	
	 Coldwell Banker Real Estate Services, Inc.

	
	 Burgdorff Referral Associates, Inc.

	
	 Douglas and Jean Burgdorff, Inc.

	
	 Burnet Title of Ohio, LLC

	
	 NRT Commercial Ohio Incorporated

	
	 Secured Land Transfers, Inc.

	
	 Jack Gaughen, Inc.

	
	 Associated Client Referral Corp.

	
	 APEX Real Estate Information Services, LLC

	
	 APEX Real Estate Information Services, LLP

	
	 Coldwell Banker Real Estate, Inc.

	
	 Coldwell Banker Residential Referral Network, Inc. (a Pennsylvania corporation)

	
	 J.W. Riker - Northern R.I., Inc.

	
	 Burnet Realty, Inc. (a Wisconsin corporation)

	
	 Coldwell Banker Residential Real Estate Services of Wisconsin, Inc.

  

 13 

 SCHEDULE 1.01G 
 UNRESTRICTED SUBSIDIARIES 
 None. 
  

 14 

 SCHEDULE 1.01H 
 EXISTING JOINT VENTURES 
 Majority-owned Joint Ventures 
  

	
	 Atlantic Title & Trust, LLC

	
	 Associate Title, LLC

	
	 Baldwin County Settlement Services, LLC

	
	 Burnet Title of Indiana, LLC

	
	 Cambridge Settlement Services.Com, LLC

	
	 First Advantage Title, LLC

	
	 First Place Title, LLC

	
	 Island Settlement Services, LLC

	
	 Keystone Title, LLC

	
	 King Title Services, LLC

	
	 Lehigh Title, LLC

	
	 Lincoln Title, LLC

	
	 Mercury Settlement Services, LLC

	
	 Metro Title, LLC

	
	 NRT Title Agency, LLC

	
	 NRT Title Services of Maryland, LLC

	
	 Platinum Title & Settlement Services, LLC

	
	 Professionals’ Title Company, LLC

	
	 Quality Title, LLC

	
	 Residential Title Agency, LLC

	
	 Riverbend Title, LLC

	
	 Security Settlement Services, LLC

	
	 Skyline Title, LLC

	
	 St. Mary’s Title Services, LLC

	
	 Sunland Title, LLC

	
	 Susquehanna Land Transfers, LLC

  

 15 

	
	 The Masiello Group Closing Services, LLC

	
	 The Sunshine Group (Florida) Ltd. Corp.

	
	 The Sunshine Group (Florida) Limited Partnership

	
	 West Coast Valencia Escrow Company, Inc.

	
	 Minority-owned Joint Ventures

	
	 Catalina Title LLC

	
	 Censtar Title Insurance Company

	
	 Cornerstone Title Company

	
	 Equity Title Agency, Inc.

	
	 NEWMLS LLC

	
	 NRT Titles Services of Virginia, LLC

	
	 Pacific Escrow Group, Inc.

	
	 PHH Home Loans, LLC

	
	 Progressive Holding Company

	
	 Property I.D. Associates, LLC

	
	 Regency Title Company, L.L.C.

	
	 Title Info Now, LLC

  

 16 

 SCHEDULE 2.01 
 COMMITMENTS 
  

													
	 Lender
	  	Loan and Commitment
	 	  	Initial Term B
Loan	  	Delayed Draw
Term B Loan	  	Revolving
Facility	  	Synthetic L/C
Credit Linked
Deposit
	 JPMorgan Chase Bank, N.A.
	  	$	581,969,200	  	$	453,840,000	  	$	184,000,000	  	$	174,678,800
	 Credit Suisse, Cayman Islands
	  	$	581,969,200	  	$	453,840,000	  	$	184,000,000	  	$	174,678,800
	 Bear Stearns Corporate Lending Inc.
	  	$	204,940,767	  	$	159,820,000	  	$	98,250,000	  	$	61,513,233
	 Citicorp North America, Inc.
	  	$	195,554,166	  	$	152,500,000	  	$	93,750,000	  	$	58,695,834
	 Barclays Bank PLC
	  	$	138,666,667	  	$	0	  	$	100,000,000	  	$	37,333,333
	 Calyon New York Branch
	  	$	130,000,000	  	$	0	  	$	50,000,000	  	$	0
	 Sumitomo Mitsui Banking Corporation
	  	$	56,900,000	  	$	0	  	$	25,000,000	  	$	18,100,000
	 Mizuho Corporate Bank, Ltd.
	  	$	60,000,000	  	$	0	  	$	15,000,000	  	$	0
	 Totals
	  	$	1,950,000,000	  	$	1,220,000,000	  	$	750,000,000	  	$	525,000,000

  

 17 

 SCHEDULE 3.01 
 ORGANIZATION AND GOOD STANDING 
 None. 
  

 18 

 SCHEDULE 3.04 
 GOVERNMENTAL APPROVALS 
 None. 
  

 19 

 SCHEDULE 3.07(B) 
 INTELLECTUAL PROPERTY 
 None. 
  

 20 

 SCHEDULE 3.08 
 SUBSIDIARIES 
 Wholly-owned U.S. Subsidiaries 
  

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 APEX Real Estate Information Services Alabama, L.L.C.
	  	Alabama	  	APEX Real Estate Information Services, LLP - 100%
			
	 Kendall, Potter and Mann, Realtors, Inc.
	  	California	  	Valley of California, Inc. - 100%
			
	 Burrow Escrow Services, Inc.
	  	California	  	Title Resource Group LLC - 100%
			
	 Cosby-Tipton Real Estate, Inc.
	  	California	  	Coldwell Banker Residential Brokerage Company - 100%
			
	 Associates Realty, Inc.
	  	California	  	Associates Investments - 100%
			
	 Fred Sands School of Real Estate
	  	California	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 Mid-Exchange, Inc.
	  	California	  	Title Resource Group LLC - 100%
			
	 West Coast Escrow Company
	  	California	  	NRT Incorporated - 100%
			
	 C21 TM Corp.
	  	California	  	Realogy Intellectual Property Holdings I, Inc. - 50% Realogy Intellectual Property Holdings II, Inc. - 50%
			
	 Valley of California, Inc.
	  	California	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 AFS Mortgage
	  	California	  	Realogy Operations, Inc. - 100%
			
	 R.J. Young Co.
	  	California	  	Sotheby’s International Realty, Inc. - 100%
			
	 Guardian Title Company
	  	California	  	Guardian Holding Company - 100%
			
	 Coldwell Banker Residential Brokerage Company
	  	California	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 Associates Realty Network
	  	California	  	Associates Realty, Inc. - 100%
			
	 CB TM Corp.
	  	California	  	Realogy Intellectual Property Holdings I, Inc. - 50% Realogy Intellectual Property Holdings II, Inc. - 50%
			
	 Coldwell Banker Residential Referral Network
	  	California	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 West Coast Escrow Closing Co.
	  	California	  	Title Resource Group Affiliates Holdings, Inc. - 100%

  

 21 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 Coldwell Banker Residential Real Estate, Inc.
	  	California	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 National Coordination Alliance, Inc.
	  	California	  	Title Resource Group LLC - 100%
			
	 Coldwell Banker Real Estate Corporation
	  	California	  	Coldwell Banker Corporation - 100%
			
	 Summit Escrow
	  	California	  	Associates Investments - 100%
			
	 A Market Place, Inc.
	  	California	  	Coldwell Banker Residential Brokerage Company - 100%
			
	 Equity Title Company
	  	California	  	NRT Incorporated - 100%
			
	 Realogy Operations, Inc.
	  	California	  	Realogy Services Group LLC - 100%
			
	 ERA TM Corp.
	  	California	  	Realogy Intellectual Property Holdings I, Inc. - 50% Realogy Intellectual Property Holdings II, Inc. - 50%
			
	 Associates Investments
	  	California	  	Realogy Services Group LLC - 100%
			
	 Realogy Franchise Group, Inc.
	  	Delaware	  	Realogy Services Group LLC
			
	 Cartus Partner Corporation
	  	Delaware	  	Cartus Corporation - 100%
			
	 Title Resources Incorporated
	  	Delaware	  	TAW Holding Inc. - 100%
			
	 ERA Franchise Systems, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Guardian Holding Company
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 Title Resource Group Affiliates Holdings, Inc.
	  	Delaware	  	Title Resource Group Holdings, Inc. - 100%
			
	 NRT Settlement Services of Missouri, Inc.
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 LMS (Delaware) Corp.
	  	Delaware	  	NRT Sunshine Inc. - 100%
			
	 Hickory Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Keystone Closing Services LLC
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 NRT The Condo Store Incorporated
	  	Delaware	  	NRT Incorporated - 100%
			
	 Realogy Services Venture Partner, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 St. Joe Title Services, LLC
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 Realogy Global Services, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Real Estate Services, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Realogy Services Group LLC
	  	Delaware	  	Realogy Corporation - 100%

  

 22 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 Charter Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Sotheby’s International Realty Referral Company, LLC
	  	Delaware	  	Sotheby’s International Realty, Inc. - 100%
			
	 Realogy Franchise Finance, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Equity Title Messenger Service Holding Company
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 Realogy Licensing, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 CGRN, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Sotheby’s International Realty Affiliates, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Sotheby’s International Realty Licensee Corporation
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Title Resource Group Services Corporation
	  	Delaware	  	St. Joe Title Services, Inc. - 100%
			
	 Realogy Intellectual Property Holdings I, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Realogy Intellectual Property Holdings II, Inc.
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Coldwell Banker King Thompson Auction Services, Inc.
	  	Delaware	  	Coldwell Banker Residential Real Estate, Inc. - 100%
			
	 First California Escrow Corporation
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 The Sunshine Group Limited Partnership
	  	Delaware	  	 The Sunshine Group, Ltd. - 1%
 LMS (Delaware) Corp. -
99%

			
	 Patriot Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Cartus Corporation
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Coldwell Banker Residential Brokerage Pardoe, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Franchise Settlement Services, Inc.
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 FedState Strategic Consulting, Incorporated
	  	Delaware	  	Realogy Operations, Inc. - 100%
			
	 Gulf South Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Mid-State Escrow Corporation
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%

  

 23 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 Grand Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 NRT Settlement Services of Texas, Inc.
	  	Delaware	  	Title Resource Group LLC - 100%
			
	 FSA Membership Services, LLC
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 NRT Commercial, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Coldwell Banker Corporation
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 NRT Relocation LLC
	  	Delaware	  	Realogy Operations, Inc. - 100%
			
	 Coldwell Banker Residential Brokerage, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Pacific Access Holding Company, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Coldwell Banker Residential Brokerage Corporation
	  	Delaware	  	NRT Incorporated - 100%
			
	 Texas American Title Company of Corpus Christi
	  	Delaware	  	Texas American Title Company - 100%
			
	 Scranton Abstract, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 NRT Sunshine Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 NRT Utah, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 NRT Chicago LLC
	  	Delaware	  	NRT Incorporated - 100%
			
	 CDRE TM Corp.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Advantage Title & Insurance, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Rocky Mountain Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 NRT Arizona, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Corcoran MLS Holdings, LLC
	  	Delaware	  	NRT New York, Inc. - 100%
			
	 NRT Commercial Utah, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Premier Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 NRT Incorporated
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Lincoln Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 NRT Columbus, Inc.
	  	Delaware	  	Coldwell Banker Residential Real Estate, Inc. - 100%
			
	 Title Resource Group Holdings, Inc.
	  	Delaware	  	Title Resource Group LLC - 100%

  

 24 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 NRT New York, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Oncor International LLC
	  	Delaware	  	Realogy Franchise Group, Inc. - 100%
			
	 NRT Arizona Commercial, Inc.
	  	Delaware	  	NRT Arizona, Inc. - 100%
			
	 NRT Arizona Exito, Inc.
	  	Delaware	  	NRT Arizona, Inc. - 100%
			
	 NRT Arizona Referral, Inc.
	  	Delaware	  	NRT Arizona, Inc. - 100%
			
	 Title Resource Group LLC
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 Century 21 Real Estate LLC
	  	Delaware	  	Realogy Services Group LLC - 100%
			
	 NRT New England Incorporated
	  	Delaware	  	NRT Incorporated - 100%
			
	 NRT Hawaii Referral, LLC
	  	Delaware	  	NRT Incorporated - 100%
			
	 Career Development Center, LLC
	  	Delaware	  	NRT Arizona, Inc. - 100%
			
	 TBR Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 100%
			
	 Realogy Cavalier Holdco, LLC1
	  	Delaware	  	Cartus Corporation - 100%
			
	 Cartus Relocation Corporation2
	  	Delaware	  	Cartus Corporation - 100%
			
	 Kenosia Funding, LLC3

	  	Delaware	  	Cartus Relocation Corporation - 100%
			
	 Cartus Financial Corporation4
	  	Delaware	  	Cartus Corporation - 100%
			
	 Apple Ridge Funding LLC5
	  	Delaware	  	Apple Ridge Services Corporation - 100%
			
	 Apple Ridge Services Corporation6
	  	Delaware	  	Cartus Financial Corporation - 100%
			
	 The NRT Foundation, Inc.
	  	Delaware	  	NRT Incorporated - 100%
			
	 Batjac Real Estate Corp.
	  	New York	  	Coldwell Banker Real Estate Services, Inc. - 100%
			
	 The Sunshine Group, Ltd.
	  	New York	  	NRT Sunshine Inc. - 100%
			
	 Cook-Pony Farm Real Estate, Inc.
	  	New York	  	NRT New York, Inc. - 100%
			
	 Corcoran Group—Brooklyn Landmark, LLC
	  	New York	  	NRT New York, Inc. - 100%
			
	 The Corcoran Group Eastside, Inc.
	  	New York	  	NRT New York, Inc. - 100%
			
	 Alpha Referral Network, Inc.
	  	Texas	  	Coldwell Banker Residential Referral Network, Inc. (CA) - 100%

  

	1
	 Qualified CFC Holding Company. 

  

	2
	 Special Purpose Securitization Subsidiary 

  

	3
	 Special Purpose Securitization Subsidiary 

  

	4
	 Special Purpose Securitization Subsidiary 

  

	5
	 Special Purpose Securitization Subsidiary 

  

	6
	 Special Purpose Securitization Subsidiary 

  

 25 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 TAW Holding Inc.
	  	Texas	  	ATCOH Holding Company - 100%
			
	 NRT Texas, Inc.
	  	Texas	  	NRT Incorporated - 100%
			
	 Texas American Title Company of Austin
	  	Texas	  	Texas American Title Company - 100%
			
	 South Land Title Co., Inc.
	  	Texas	  	ATCOH Holding Company - 100%
			
	 ATCOH Holding Company
	  	Texas	  	Texas American Title Company - 100%
			
	 Referral Network Inc.
	  	Texas	  	NRT Incorporated - 100%
			
	 Processing Solutions, Incorporated
	  	Texas	  	Title Resource Group LLC - 100%
			
	 South-Land Title of Montgomery County, Inc.
	  	Texas	  	ATCOH Holding Company - 100%
			
	 Texas American Title Company
	  	Texas	  	Title Resource Group LLC - 100%
			
	 NRT Texas Real Estate Services, Inc.
	  	Texas	  	NRT Texas, Inc. - 100%
			
	 Henry S. Miller Real Estate Institute, Inc.
	  	Texas	  	Realogy Services Group, LLC - 100%
			
	 American Title Company of Houston
	  	Texas	  	ATCOH Holding Company - 100%
			
	 Providence Title Company
	  	Texas	  	Realogy Services Group, LLC - 100%
			
	 Title Resources Guaranty Company7
	  	Texas	  	Title Resources Incorporated - 100%
			
	 Colorado Commercial, LLC
	  	Colorado	  	NRT Colorado, Inc. - 100%
			
	 Guardian Title Agency, LLC
	  	Colorado	  	Title Resource Group LLC - 100%
			
	 Referral Network, LLC
	  	Colorado	  	NRT Colorado, Inc. - 100%
			
	 NRT Colorado, Inc.
	  	Colorado	  	NRT Incorporated - 100%
			
	 Bob Tendler Real Estate, Inc.
	  	Connecticut	  	Coldwell Banker Residential Real Estate, Inc. - 100%
			
	 William Orange Realty, Inc.
	  	Connecticut	  	Coldwell Banker Real Estate Services, Inc. - 100%
			
	 Real Estate Referral, Inc.
	  	Connecticut	  	Hillshire House, Incorporated - 100%
			
	 Hillshire House, Incorporated
	  	Connecticut	  	The DeWolfe Company, Inc. - 100%
			
	 The Four Star Corp.
	  	Connecticut	  	Coldwell Banker Real Estate Services, Inc. - 100%
			
	 Signature Properties, Inc.
	  	Florida	  	St. Joe Real Estate Services, Inc. - 100%
			
	 Soleil Florida Corp.
	  	Florida	  	NRT Sunshine Inc. - 100%

  

	7
	 Insurance Company. 

  

 26 

					
	 Name of Entity
	  	Jurisdiction of
Organization	  	 Ownership

	 Central Florida Title Company
	  	Florida	  	Terramar Guaranty Title & Trust, Inc. - 100%
			
	 Terramar Guaranty Title & Trust, Inc.
	  	Florida	  	Title Resource Group LLC - 100%
			
	 Florida’s Preferred School of Real Estate, Inc.
	  	Florida	  	St. Joe Real Estate Services, Inc. - 100%
			
	 Referral Network, Inc. (a Florida corporation)
	  	Florida	  	Coldwell Banker Residential Referral Network, Inc. (CA) - 100%
			
	 St. Joe Title Services, Inc.
	  	Florida	  	Title Resource Group LLC - 100%
			
	 St Joe Real Estate Services, Inc.
	  	Florida	  	NRT Incorporated - 100%
			
	 Referral Associates of Florida, Inc.
	  	Florida	  	St. Joe Real Estate Services, Inc. - 100%
			
	 Allmon, Tiernan & Ely, Inc.
	  	Florida	  	NRT New York, Inc. - 100%
			
	 Pacific Properties Referrals, Inc.
	  	Hawaii	  	Coldwell Banker Real Estate Services, Inc. - 100%
			
	 Coldwell Banker Pacific Properties, Ltd.
	  	Hawaii	  	Coldwell Banker Real Estate Services, Inc. - 100%
			
	 Coldwell Banker Commercial Pacific Properties, Ltd.
	  	Hawaii	  	NRT Incorporated - 100%
			
	 Realty Stars, Ltd.
	  	Illinois	  	Coldwell Banker Residential Real Estate, Inc. - 100%
			
	 Coldwell Banker Residential Brokerage Insurance Agency of Maine, Inc.
	  	Maine	  	NRT Insurance Agency, Inc. - 100%
			
	 Dewolfe Realty Affiliates
	  	Maine	  	The DeWolfe Company, Inc. - 100%
			
	 The Miller Group, Inc.
	  	Maryland	  	NRT Commercial, Inc. - 100%
			
	 NRT Mid-Atlantic, Inc.
	  	Maryland	  	NRT Incorporated - 100%
			
	 Real Estate Referrals, Inc.
	  	Maryland	  	NRT Mid-Atlantic, Inc. - 100%
			
	 NRT Mid-Atlantic Title Services, LLC
	  	Maryland	  	Title Resource Group LLC - 100%
			
	 NRT Insurance Agency, Inc.
	  	Massachusetts	  	The DeWolfe Companies, Inc. - 100%
			
	 Trust of New England, Inc.
	  	Massachusetts	  	NRT New England Incorporated - 100%
			
	 Referral Associates of New England, Inc.
	  	Massachusetts	  	DeWolfe Relocation Services, Inc. - 100%
			
	 DeWolfe Relocation Services, Inc.
	  	Massachusetts	  	The DeWolfe Companies, Inc. - 100%
			
	 Cotton Real Estate, Inc.
	  	Massachusetts	  	Sotheby’s International Realty, Inc. - 100%
			
	 The DeWolfe Company, Inc.
	  	Massachusetts	  	The DeWolfe Companies, Inc. - 100%

  

 27 

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 The DeWolfe Companies, Inc.
	  	Massachusetts	  	NRT Incorporated - 100%
			
	 Sotheby’s International Realty, Inc.
	  	Michigan	  	NRT Incorporated - 100%
			
	 Burnet Title, Inc.
	  	Minnesota	  	Title Resource Group LLC - 100%
			
	 Burnet Realty Inc. (a Minnesota corporation)
	  	Minnesota	  	NRT Incorporated - 100%
			
	 Home Referral Network, Inc.
	  	Minnesota	  	NRT Incorporated - 100%
			
	 Burnet Title, LLC
	  	Minnesota	  	Title Resource Group LLC - 100%
			
	 NRT Missouri, Inc.
	  	Missouri	  	Coldwell Banker Residential Brokerage Corporation - 100%
			
	 ERA General Agency Corporation
	  	Missouri	  	ERA Franchise Systems, Inc. - 100%
			
	 NRT Missouri Referral Network, Inc.
	  	Missouri	  	Coldwell Banker Residential Referral Network, Inc. (CA) - 100%
			
	 Pacesetter Nevada, Inc.
	  	Nevada	  	Valley of California, Inc. - 100%
			
	 Market Street Settlement Group, Inc.
	  	New Hampshire	  	Title Resource Group Holdings, Inc. - 100%
			
	 ERA General Agency of New Jersey, Inc.
	  	New Jersey	  	ERA General Agency Corporation - 100%
			
	 Coldwell Banker Real Estate Services, Inc.
	  	New Jersey	  	Coldwell Banker Residential Real Estate, Inc. - 100%
			
	 Burgdorff Referral Associates, Inc.
	  	New Jersey	  	NRT Incorporated - 100%
			
	 Douglas and Jean Burgdorff, Inc.
	  	New Jersey	  	NRT Incorporated - 100%
			
	 Burnet Title of Ohio, LLC
	  	Ohio	  	Burnet Title, LLC - 100%
			
	 NRT Commercial Ohio Incorporated
	  	Ohio	  	NRT Incorporated - 100%
			
	 Secured Land Transfers, Inc.
	  	Pennsylvania	  	Title Resource Group LLC - 100%
			
	 Jack Gaughen, Inc.
	  	Pennsylvania	  	NRT Mid-Atlantic, Inc. - 100%
			
	 Associated Client Referral Corp.
	  	Pennsylvania	  	NRT Mid-Atlantic, Inc. - 100%
			
	 APEX Real Estate Information Services, LLC
	  	Pennsylvania	  	APEX Real Estate Information Services, LLP - 100%
			
	 APEX Real Estate Information Services, LLP
	  	Pennsylvania	  	 Title Resource Group LLC - 1%
  
 Title Resource Group Services Corporation - 99%

			
	 Coldwell Banker Real Estate, Inc.
	  	Pennsylvania	  	Coldwell Banker Residential Real Estate, Inc. - 100%

  

 28 

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 Coldwell Banker Residential Referral Network, Inc. (a Pennsylvania corporation)
	  	Pennsylvania	  	Coldwell Banker Real Estate, Inc. - 100%
			
	 J.W. Riker—Northern R.I., Inc.
	  	Rhode Island	  	The DeWolfe Company, Inc. - 100%
			
	 Prime Commercial, Inc.
	  	Utah	  	NRT Commercial Utah, Inc. - 100%
			
	 Burnet Realty, Inc. (a Wisconsin corporation)
	  	Wisconsin	  	NRT Incorporated - 100%
			
	 Coldwell Banker Residential Real Estate Services of Wisconsin, Inc.
	  	Wisconsin	  	Coldwell Banker Residential Real Estate, Inc. - 100%

 Foreign Subsidiaries 
  

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

			
	 Cartus Corporation (Canada)
	  	New Brunswick	  	Cartus Corporation - 100%
			
	 Cartus Holdings Limited
	  	United Kingdom	  	Cartus Corporation - 100%
			
	 Sotheby’s International Realty Limited
	  	United Kingdom	  	Sotheby’s International Realty, Inc. - 100%
			
	 Cartus Corporation Limited (HK)
	  	Hong Kong	  	 Realogy Cavalier Holdco, LLC - 99%
  
 Realogy Services Group LLC - 1%

			
	 CARTUS CORPORATION PTE LTD.
	  	Singapore	  	Realogy Cavalier Holdco, LLC - 100%
			
	 Cartus Global Holdings Limited
	  	Hong Kong	  	Realogy Cavalier Holdco, LLC - 100%
			
	 Fairtide Insurance Ltd.
	  	Bermuda	  	Cartus Corporation - 100%
			
	 Cartus Pty Ltd.
	  	Australia	  	Cartus Corporation - 100%
			
	 Cartus Puerto Rico Corporation
	  	Puerto Rico	  	Cartus Corporation – 100%
			
	 Cendant Global Services East B.V.
	  	Netherlands	  	Realogy Global Services, Inc. - 100%
			
	 Cendant Global Services, B.V.
	  	Netherlands	  	Realogy Global Services, Inc. - 100%
			
	 HFS Mobility Services Inc.
	  	Ontario	  	Cartus Corporation - 100%
			
	 PHH Network Services S.A. de C.V.
	  	Mexico	  	Cartus Corporation - 100%

  

 29 

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 Cartus Business Answers No. 2 Plc
	  	United Kingdom	  	Cartus Limited - 100%
			
	 Cartus Funding Limited
	  	United Kingdom	  	Cartus Limited - 100%
			
	 Cartus II Limited
	  	United Kingdom	  	Cartus Limited - 100%
			
	 Cartus Limited
	  	United Kingdom	  	Cartus Holdings Limited - 100%
			
	 Cartus Property Services Limited
	  	United Kingdom	  	Cartus Holdings Limited - 100%
			
	 Cartus Services II Limited
	  	United Kingdom	  	Cartus Holdings Limited - 100%
			
	 Cartus Services Limited
	  	United Kingdom	  	Cartus II Limited - 100%
			
	 Cartus UK Plc
	  	United Kingdom	  	Cartus Limited - 100%
			
	 Cartus Management Consulting (Shanghai) Co., Ltd.
	  	China	  	Cartus Global Holdings Limited

 Majority-owned Joint Ventures 
  

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 Atlantic Title & Trust, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 Associates Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 73%
			
	 Baldwin County Settlement Services, LLC
	  	Alabama	  	Titles Resource Group Affiliates Holdings, Inc. - 55%
			
	 Burnet Title of Indiana, LLC
	  	Indiana	  	Burnet Title L.L.C. - 75%
			
	 Cambridge Settlement Services.Com, LLC
	  	Alabama	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 First Advantage Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 First Place Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%

  

 30 

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 Island Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 60%
			
	 Keystone Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 King Title Services, LLC
	  	Alabama	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 Lehigh Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 Lincoln Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 Mercury Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 Metro Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 NRT Title Agency, LLC
	  	Delaware	  	Title Resource Group LLC - 60%
			
	 NRT Title Services of Maryland, LLC
	  	Delaware	  	NRT Mid-Atlantic Title Services, LLC - 51%
			
	 Platinum Title & Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 Professionals’ Title Company, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 Quality Title, LLC
	  	Ohio	  	Title Resource Group Holdings, Inc. - 51%
			
	 Residential Title Agency, LLC
	  	Ohio	  	Burnet Title of Ohio, LLC - 51%
			
	 Riverbend Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 Security Settlement Services, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%

  

 31 

					
	 Name of Entity
	  	 Jurisdiction of
Organization
	  	 Ownership

	 Skyline Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 60%
			
	 St. Mary’s Title Services, LLC
	  	New Hampshire	  	Market Street Settlement Group, Inc. - 55%
			
	 Sunland Title, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 51%
			
	 Susquehanna Land Transfers, LLC
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%
			
	 The Masiello Group Closing Services, LLC
	  	New Hampshire	  	Market Street Settlement Group, Inc. - 55%
			
	 The Sunshine Group (Florida) Ltd. Corp.
	  	Florida	  	NRT Sunshine Inc. - 90%
			
	 The Sunshine Group (Florida) Limited Partnership
	  	Delaware	  	 The Sunshine Group (Florida) Ltd. Corp. – 75%
 Soleil Florida Corp. – 25%

			
	 West Coast Valencia Escrow Company, Inc.
	  	Delaware	  	Title Resource Group Affiliates Holdings, Inc. - 55%

  

 32 

 SCHEDULE 3.13 
 TAXES 
 None. 
  

 33 

 SCHEDULE 3.16 
 ENVIRONMENTAL MATTERS 
 None. 
  

 34 

 SCHEDULE 3.20(d) 
 EXCLUSIVE LICENSING 
 None. 
  

 35 

 SCHEDULE 4.02(B) 
 LOCAL COUNSEL 
  

			
	 Jurisdiction
	  	 Local Counsel

	 Colorado
	  	Armstrong, Teasdale, Schlafly & Davis
		
	 Connecticut
	  	Wiggin & Dana
		
	 Florida
	  	Buchanan Ingersoll Professional Corporation
		
	 Hawaii
	  	Case Lombardi & Pettit A Law Corporation
		
	 Maine
	  	Verrill Dana, LLP
		
	 Maryland
	  	Cohen Mohr LLP
		
	 Massachusetts
	  	Nixon Peabody LLP
		
	 Michigan
	  	Dickinson Wright PLLC
		
	 Minnesota
	  	Faegre & Benson LLP
		
	 Missouri
	  	Armstrong, Teasdale, Schlafly & Davis
		
	 Nevada
	  	Fennemore Craig
		
	 New Hampshire
	  	Wiggin & Dana
		
	 New Jersey
	  	Connell Foley LLP
		
	 Ohio
	  	Hahn, Loeser & Parks LLP
		
	 Pennsylvania
	  	Fox Rothschild LLP
		
	 Rhode Island
	  	Duffy, Sweeney & Scott Ltd.
		
	 Wisconsin
	  	von Briesen & Roper, S.C.
		
	 United Kingdom
	  	Simpson Thacher & Bartlett LLP

  

 36 

 SCHEDULE 4.02D 
 CERTAIN COLLATERAL MATTERS 
 See Schedule 5.12 
  

 37 

 SCHEDULE 5.12 
 POST-CLOSING MATTERS 
 Borrower shall use commercially reasonable efforts to cause (i) Cartus Corporation and
Fairtide Insurance Ltd. to obtain any and all consents necessary to permit Cartus Corporation to pledge 65% of the issued and outstanding stock of Fairtide Insurance Ltd. to the Collateral Agent for the benefit of the applicable Secured Parties, and
(ii) Cartus Corporation to so pledge such stock in accordance with the requirements of the Security Documents, within 90 calendar days of the Closing Date. 
 Borrower shall cause each of Alpha Referral Network, Inc., The Miller Group, Inc., Market Street Settlement Group, Inc. and AFS Mortgage to take all action necessary to be in good standing in their respective jurisdictions of organization,
and shall deliver certificates certified by their respective Secretary of State (or other similar official) evidencing such good standing to the Administrative Agent, within 30 calendar days of the Closing Date. 
 Borrower shall, and shall cause each of its Subsidiaries to, execute and deliver to the Collateral Agent one or more notarized Intellectual Property Security Agreements
and the schedules thereto to the extent required by the Guarantee and Collateral Agreement within 15 calendar days of the Closing Date. 
 Borrower shall,
and shall cause each of its Subsidiaries to, take all actions with respect to trademarks as set forth in the notes to Schedule II to the Guarantee and Collateral Agreement. 
  

 38 

 SCHEDULE 6.01 
 INDEBTEDNESS 
 1. $91,000 owed by NRT New England Incorporated to Shaines McEachern Company Portsmouth, LLC pursuant
to the Lease Agreement dated 9/16/2005. 
 2. $1,324,000 owed by Sotheby’s International Realty to Real Estate Services, Inc. pursuant to the
Pines-Aspen Sublease and Option agreement dated 10/28/2003. 
 3. $129,000 owed by Coldwell Banker Ira E. Berry, Inc. and Frank Laiben Realty Co. Inc
pursuant to the Asset Purchase Agreement dated 7/8/1999. 
 4. $9,737,000 owed by Realogy Services Group, LLC to Herb Williams pursuant to the Promissory
Note dated 1/6/2006. 
 5. Capital Lease Obligations existing on the Closing Date set forth in the chart below: 
  

								
	 Business Unit
	  	 Activity
	  	Amount	  	 Comments

	 NRT
	  	Short-term	  	$	9,322,000	  	Equipment Leases copies, printers
	 NRT
	  	Long-term	  	$	9,369,000	  	Equipment Leases excluding NRT Arizona
	 RFG
	  	Short-term	  	$	455,000	  	Microsoft License Agreement
	 RFG
	  	Long-term	  	$	910,000	  	Microsoft License Agreement
	 CRT
	  	Short-term	  	$	224,000	  	IBM contracts expiring end of 2007
	 TRG
	  	Short-term	  	$	71,000	  	Computer equipment lease - expires 12/2007
	 Sub-total Leases
	  		  	$	20,351,000	  	

 Notes 
 NRT =
NRT 
 RFG = Real Estate Franchise Group 
 TRG = Title Resources
Group 
  

 39 

 SCHEDULE 6.02(A) 
 LIENS 
 Lien securing the existing Capital Lease Obligations set forth on Schedule 6.01. 
 Liens by the California regulatory authority on the equity stock in Burrow Escrow Services, Inc., West Coast Escrow Company and West Coast Valencia Escrow Company, Inc.
(including possession by the California regulatory authority of stock certificates issued by these escrow companies). 
 Judgment lien against Coldwell
Banker Real Estate Corporation (Case No. 0229060327) for a monetary judgment in amount of $18,570 plus interest from 2002 in favor of John W. Richardson, trustee in bankruptcy of the estate of Skyway Freigh Systems, Inc. 
 Judgment lien against Coldwell Banker Real Estate Services, Inc. (Case No. DJ-335438-2006) for a judgment in the amount of $44,095.54 in favor of Division of Employer
Accounts; mercer. 
 Liens on trademark ANSWERS (owned by ERA TM Corp.) granted to Heller Financials. 
 Liens on trademark DISTINCTIVE HOMES (owned by Burnet Realty Inc.) granted to Norwest Bank of Minnesota. 
  

 40 

 SCHEDULE 6.04 
 INVESTMENT 
 Existing Investments as of the Closing Date in the minority-owned joint ventures listed
on Schedule 1.01H. 
  

 41 

 SCHEDULE 6.07 
 TRANSACTIONS WITH AFFILIATES 
 None. 
  

 42 

 SCHEDULE 10.01 
 NOTICE INFORMATION 
 To Holdings: 
 c/o Apollo Management, L.P. 
 9 West 57th Street, 43rd Floor 
 New York, NY
10019 
 Attention: Marc E. Becker 
 Facsimile: 212-515-3267 
 With a copy to 
 Akin Gump Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, NY 10022 
 Attention: Stewart Kagan

 Telephone: 212-872-8114 
 Facsimile: 212-872-1002 
 To other Loan Parties: 
 Realogy Corporation 
 One Campus Drive 
 Parsippany, New Jersey 07054 
 Attention:
Anthony Hull 
 Facsimile: (973) 407-6651 
 Email: tony.hull@realogy.com 
 With a copy to 
 Akin Gump Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, NY 10022 
 Attention: Stewart Kagan 
 Telephone: 212-872-8114 
 Facsimile: 212-872-1002 
 To Administrative Agent or
Swingline Lender: 
 Attention:    Sylvia Trevino 
                     JPMorgan Chase Bank, N.A.

                     AIBLO 

                    1111 Fannin
Street, 10th Floor 
                     Houston, Texas 77002 

  

 43 

                     Fax:    713-750-2932 
                     Tel:    713-750-3536 
 To Issuing Bank: 
 Attention:    Elsa
Griffith 
                     JPMorgan
Chase Bank, N.A. 
                     270 Park Avenue, 15th Floor 
                     New York, New York 10017 
                     Fax: 212-972-0009 
                     Tel:    212-270-9811 
  

 44

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