Document:

Guaranty, dated as of May 25, 2006

 Exhibit 10.2 
 EXECUTION COPY 
  

 GUARANTY 
 made by 
 CENDANT CORPORATION 
 in favor of 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 Dated as of May 25, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 SECTION 1.
	 	DEFINED TERMS	  	1
	         1.1
	 	Definitions	  	1
	         1.2
	 	Other Definitional Provisions	  	2
			
	 SECTION 2.
	 	GUARANTY	  	2
	         2.1
	 	Guaranty	  	2
	         2.2
	 	No Subrogation	  	3
	         2.3
	 	Amendments, etc. with respect to the Obligations; Waiver of Rights	  	3
	         2.4
	 	Guaranty Absolute and Unconditional	  	3
	         2.5
	 	Reinstatement	  	4
	         2.6
	 	Payments	  	4
			
	 SECTION 3.
	 	REPRESENTATIONS AND WARRANTIES	  	4
	         3.1
	 	Corporate Existence and Power	  	4
	         3.2
	 	Corporate Authority, No Violation and Compliance with Law	  	4
	         3.3
	 	Enforceability	  	5
			
	 SECTION 4.
	 	THE ADMINISTRATIVE AGENT	  	5
			
	 SECTION 5.
	 	MISCELLANEOUS	  	5
	         5.1
	 	Amendments in Writing	  	5
	         5.2
	 	Notices	  	5
	         5.3
	 	No Waiver by Course of Conduct; Cumulative Remedies	  	5
	         5.4
	 	Enforcement Expenses; Indemnification	  	5
	         5.5
	 	Successors and Assigns	  	6
	         5.6
	 	Set-Off	  	6
	         5.7
	 	Severability	  	6
	         5.8
	 	Section Headings	  	6
	         5.9
	 	Integration	  	7
	         5.10
	 	GOVERNING LAW	  	7
	         5.11
	 	Submission To Jurisdiction; Waivers	  	7
	         5.12
	 	Acknowledgements	  	7
	         5.13
	 	Releases	  	7
	         5.14
	 	WAIVER OF JURY TRIAL	  	8
			
	 SCHEDULE
	 		  	
			
	 Schedule 1
	 	Notice Addresses	  	

  

 i 

 GUARANTY 
 GUARANTY (this “Guaranty”), dated as of May 25, 2006, made by CENDANT CORPORATION, a Delaware corporation (the “Guarantor”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity,
the “Administrative Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Interim Term Loan Agreement, dated as of May 25, 2006 (as amended, supplemented
or otherwise modified from time to time, the “Interim Term Loan Agreement”), among REALOGY CORPORATION (the “Borrower”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, and BARCLAYS BANK PLC, as
Co-Syndication Agents, CITICORP USA, INC. and MERRILL LYNCH BANK USA, as Documentation Agents, the Lenders and the Administrative Agent. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Interim Term
Loan Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Borrower is a member of an affiliated group of companies that includes the Guarantor; 
 WHEREAS, the Borrower and the Guarantor will derive substantial direct and indirect benefit from the making of the extensions of credit under the Interim Term Loan Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Interim
Term Loan Agreement that the Guarantor shall have executed and delivered this Guaranty to the Administrative Agent for the ratable benefit of the Lenders; 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Interim Term Loan Agreement and to induce the Lenders to make their respective extensions of
credit to the Borrower thereunder, the Guarantor hereby agrees with the Administrative Agent, for the ratable benefit of the Lenders, as follows: 
 SECTION 1. DEFINED TERMS 
 1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Interim Term
Loan Agreement and used herein shall have the meanings given to them in the Interim Term Loan Agreement. 
 (b) The following terms shall
have the following meanings: 
 “Obligations”: the collective reference to the unpaid principal of and interest on the Loans
and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Interim Term Loan Agreement after the maturity of the Loans and interest accruing at the then
applicable rate provided in the Interim Term Loan Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise 

 under, out of, or in connection with, the Interim Term Loan Agreement, the other Fundamental Documents (other than this
Guaranty) or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, swap coupon or termination payments, fees or indemnities or
reasonable out-of-pocket costs or expenses (including, without limitation, all reasonable out-of-pocket fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the
terms of any of the foregoing agreements). 
 “Termination Event”: either (i) the consummation of the Spin-Off or
(ii) payment in full of the Obligations and termination of the Commitments. 
 1.2 Other Definitional Provisions. (a) The
words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty, and
Section and Schedule references are to this Guaranty unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. 
 SECTION 2. GUARANTY 
 2.1 Guaranty. (a) The Guarantor hereby unconditionally and irrevocably (except as otherwise provided in Section 5.13) guaranties to the
Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations. 
 (b) The Guarantor further agrees to pay any and all reasonable documented expenses
(including, without limitation, the reasonable fees and disbursements of counsel) which may be paid or incurred by the Administrative Agent or any Lender in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or
collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting against, the Borrower under this Guaranty; provided, however, that the Guarantor shall not be liable for the fees and expenses of more
than one separate firm for the Lenders (unless there shall exist an actual conflict of interest among such Persons, and in such case, not more than two separate firms) in connection with any one such action or any separate, but substantially similar
or related actions in the same jurisdiction, nor shall the Guarantor be liable for any settlement or proceeding effected without the Guarantor’s written consent. This Guaranty shall remain in full force and effect until the occurrence of a
Termination Event. 
 (c) No payment or payments made by the Borrower or any other Person or received or collected by the Administrative
Agent or any Lender from the Borrower or any other Person by virtue of any action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of the Guarantor hereunder which shall, notwithstanding any such payment or payments (other than payments made by the Guarantor in respect of the Obligations or payments received or collected
from the Guarantor in respect of the Obligations), remain liable for the Obligations until the occurrence of a Termination Event. 
 (d) The
Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to the Administrative Agent or any Lender on account of its liability hereunder, it will notify the Administrative Agent and such Lender in writing that
such payment is made under this Guaranty for such purpose. 
  

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 2.2 No Subrogation. Notwithstanding any payment or payments made by the Guarantor hereunder, or
any set-off or application of funds of the Guarantor by the Administrative Agent or any Lender, the Guarantor shall not be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or against any
collateral security or Guaranty or right of offset held by the Administrative Agent or any Lender for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower in respect
of payments made by the Guarantor hereunder, until the occurrence of a Termination Event. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time before the occurrence of a Termination Event, such amount shall
be held by the Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Administrative Agent in the exact form received
by the Guarantor (duly indorsed by the Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
 2.3 Amendments, etc. with respect to the Obligations; Waiver of Rights. The Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against the Guarantor, and without notice to or further assent by the Guarantor, any demand for payment of any of the Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative
Agent or such Lender, and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guaranty therefor or right of offset with respect thereto, may, from
time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and any collateral security, guaranty or right of offset at any time
held by the Administrative Agent or any Lender for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or
insure any Lien at any time held by it as security for the Obligations or for this Guaranty or any property subject thereto. When making any demand hereunder against the Guarantor, the Administrative Agent or any Lender may, but shall be under no
obligation to, make a similar demand on the Borrower, and any failure by the Administrative Agent or any Lender to make any such demand or to collect any payments from the Borrower or any release of the Borrower shall not relieve the Guarantor of
its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Administrative Agent or any Lender against the Guarantor. For the purposes hereof “demand”
shall include the commencement and continuance of any legal proceedings. 
 2.4 Guaranty Absolute and Unconditional. The Guarantor
waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon this Guaranty or acceptance of this Guaranty; the Obligations, and
any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty; and all dealings between the Borrower and the Guarantor, on the one hand, and the
Administrative Agent and the Lenders, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. The Guarantor waives diligence, presentment, protest, demand for payment and notice of
default or nonpayment to or upon the Borrower or the Guarantor with respect to the Obligations. This Guaranty shall be construed as a continuing, absolute and unconditional guaranty of payment without regard to (a) the validity or
enforceability of the Interim Term Loan Agreement, any of the Obligations or any other collateral security therefor or guaranty or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender,
(b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by they 
  

 3 

 Borrower against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without
notice to or knowledge of the Borrower or the Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for its Obligations, or of the Guarantor under this Guaranty, in bankruptcy or in any
other instance. When pursuing its rights and remedies hereunder against the Guarantor, the Administrative Agent and any Lender may, but shall be under no obligation to, pursue such rights and remedies as it may have against the Borrower or any other
Person or against any collateral security or guaranty for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to pursue such other rights or remedies or to collect any payments from
the Borrower or any such other Person or to realize upon any such collateral security or guaranty or to exercise any such right of offset, or any release of the Borrower or any such other Person or of any such collateral security, guaranty or right
of offset, shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against the Borrower.
This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantor and its successors and assigns thereof, and shall inure to the benefit of the Administrative Agent and the
Lenders, and their respective successors, indorsees, transferees and assigns, until the occurrence of a Termination Event. 
 2.5
Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for,
the Borrower or any substantial part of the Borrower’s property, or otherwise, all as though such payments had not been made. 
 2.6
Payments. The Guarantor hereby guaranties that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 
 The Guarantor hereby represents and
warrants to the Administrative Agent and each Lender that: 
 3.1 Corporate Existence and Power. The Guarantor has been duly organized
and is validly existing in good standing under the laws of its jurisdictions of organization and is in good standing or has applied for authority to operate as a foreign corporation or other organization in all jurisdictions where the nature of its
properties or business so requires it and where a failure to be in good standing as a foreign corporation would reasonably be expected to have a material adverse effect on the business, assets, operations or condition, financial or otherwise, of the
Guarantor. The Guarantor has the corporate power to execute, deliver and perform its obligations under this Guaranty. 
 3.2 Corporate
Authority, No Violation and Compliance with Law. The execution, delivery and performance of this Guaranty (a) have been duly authorized by all necessary corporate action on the part of the Guarantor, (b) will not violate any provision
of any Applicable Law (including any laws related to franchising) applicable to the Guarantor or any of its respective properties or assets, (c) will not violate any provision of the certificate of incorporation or by-laws of the Guarantor and
(d) will not violate or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, any material indenture, bond, note, instrument or any other material agreement to which the Guarantor
is a party or by which the Guarantor or any of its respective properties or assets are bound. 
  

 4 

 3.3 Enforceability. This Guaranty constitutes a legal, valid and binding obligation of the
Guarantor (enforceable in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law). The Guarantor agrees that the representations and warranties contained in this Section 3.3 shall be deemed to have been made by the Guarantor on the date of each borrowing by the Borrower
under the Interim Term Loan Agreement on and as of such date of borrowing as though made hereunder on and as of such date. 
 SECTION 4.
THE ADMINISTRATIVE AGENT 
 The Guarantor acknowledges that the rights and responsibilities of the Administrative Agent under this Guaranty
with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this
Guaranty shall, as between the Administrative Agent and the Lenders, be governed by the Interim Term Loan Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent
and the Guarantor, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and the Guarantor shall not be under any obligation, or entitlement, to
make any inquiry respecting such authority. 
 SECTION 5. MISCELLANEOUS 
 5.1 Amendments in Writing. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by a
written instrument executed by the Guarantor and the Administrative Agent; provided that any provision (other than Section 5.13) of this Guaranty may be waived by the Administrative Agent and the Lenders in a letter or agreement executed
by the Administrative Agent and the Guarantor or by facsimile or other electronic transmission from the Administrative Agent. 
 5.2
Notices. All notices, requests and demands to or upon the Administrative Agent or the Guarantor hereunder shall be effected in the manner provided for in Section 10.1 of the Interim Term Loan Agreement; provided that any such notice,
request or demand to or upon the Guarantor shall be addressed to the Guarantor at its notice address set forth on Schedule 1. 
 5.3 No
Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 5.1), delay, indulgence, omission or otherwise be deemed to have waived
any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate
as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any
Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
 5.4
Enforcement Expenses; Indemnification. (a) The Guarantor agrees to pay or reimburse each Lender and the Administrative Agent for all its reasonable documented out-of-pocket costs and expenses incurred in collecting against the Guarantor
under this Guaranty, as applicable, or otherwise 
  

 5 

 enforcing or preserving any rights under this Guaranty, including, without limitation, the reasonable fees and
disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent; provided, however, that the Guarantor shall not be liable for the fees and expenses of
more than one separate firm for the Lenders (unless there shall exist an actual conflict of interest among such Persons, and in such case, not more than two separate firms) in connection with any one such action or any separate, but substantially
similar or related actions in the same jurisdiction, nor shall the Guarantor be liable for any settlement or proceeding effected without the Guarantor’s written consent. 
 (b) The Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Guaranty to the extent the Borrower would
be required to do so pursuant to Section 10.5 of the Interim Term Loan Agreement. 
 5.5 Successors and Assigns. This Guaranty
shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that the Guarantor may not assign, transfer or delegate any of
its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent. 
 5.6 Set-Off. The
Guarantor hereby irrevocably authorizes the Administrative Agent and each Lender at any time and from time to time while an Event of Default shall have occurred and be continuing, without notice to the Guarantor, any such notice being expressly
waived by the Guarantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether
direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such Lender to or for the credit or the account of the Guarantor, or any part thereof in such amounts as the Administrative
Agent or such Lender may elect, against and on account of the obligations and liabilities of the Guarantor to the Administrative Agent or such Lender hereunder and claims of every nature and description of the Administrative Agent or such Lender
against the Guarantor, in any currency, whether arising hereunder, under the Interim Term Loan Agreement, any other Fundamental Document or otherwise, as the Administrative Agent or such Lender may elect, whether or not the Administrative Agent or
any Lender has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Administrative Agent and each Lender shall notify the Guarantor promptly of any such set-off and the application
made by the Administrative Agent or such Lender of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent and each Lender under this
Section 5.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Administrative Agent or such Lender may have. 
 5.7 Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 5.8 Section Headings. The Section headings used in this Guaranty are for convenience of reference only and
are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
  

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 5.9 Integration. This Guaranty represents the agreement of the Guarantor, the Administrative Agent
and the Lenders with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by the Guarantor, Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set
forth or referred to herein. 
 5.10 GOVERNING LAW. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS GUARANTY
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 5.11 Submission To
Jurisdiction; Waivers. The Guarantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Guaranty, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America
for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be
brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim
the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to the Guarantor at its address referred to in Section 5.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 5.12
Acknowledgements. The Guarantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and
delivery of this Guaranty; 
 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the
Guarantor arising out of or in connection with this Guaranty, and the relationship between the Guarantor, on the one hand, and the Administrative Agent and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and 
 (c) no joint venture is created hereby or otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Guarantor and the Lenders. 
 5.13 Releases. Notwithstanding any provision contained in this Guaranty to the
contrary, (i) upon the occurrence of a Termination Event, this Guaranty and all obligations of the Guarantor hereunder shall unconditionally terminate, all without delivery of any instrument or performance of any act by any party, and
(ii) this Section 5.13 shall not be waived, amended, modified, supplemented or nullified without the prior written consent of the Guarantor. 
  

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 5.14 WAIVER OF JURY TRIAL. THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND FOR ANY COUNTERCLAIM THEREIN. 
  

 8 

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

			
	 CENDANT CORPORATION

		
	 By:
	 	 /s/ David B. Wyshner

	 Name:
	 	David B. Wyshner
	 Title:
	 	Executive Vice President and Treasurer

 SIGNATURE PAGE TO GUARANTY 

 Schedule 1 
 NOTICE ADDRESSES OF GUARANTORS 
 Cendant Corporation 
 1 Campus Drive 
 Parsippany, New Jersey 07054 
 Attention: David B. Wyshner 
 Telecopy: (973) 496-5080 
 Telephone: (973) 496-7938Policy Management Agreement

 Exhibit 4.9 
 Policy Management Agreement 
 between 
 China Life Insurance (Group) Company 
 and 
 China Life Insurance Company Limited 

 Table of Contents 
  

					
	1.	  	AUTHORIZATION	  	3
			
	2.	  	BASIC PRINCIPLES	  	4
			
	4.	  	ACCOUNT AND ACCOUNT MANAGEMENT	  	7
			
	5.	  	DATA AND DOCUMENTATION	  	8
			
	6.	  	INSPECTION, EXAMINATION AND REPORT	  	9
			
	7.	  	INSURANCE AGENCY SERVICE FEES AND PAYMENTS THEREOF	  	10
			
	8.	  	PAYMENT OF COMMISSIONS	  	11
			
	9.	  	THIRD PARTY COSTS AND EXPENSES	  	11
			
	10.	  	TAXATION	  	12
			
	11.	  	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS	  	12
			
	12.	  	TERM	  	13
			
	13.	  	INDEMNIFICATION	  	13
			
	14.	  	LIABILITY FOR BREACH	  	13
			
	15.	  	TERMINATION	  	14
			
	16.	  	FORCE MAJEURE	  	15
			
	17.	  	CONFIDENTIALITY	  	16
			
	18.	  	ASSIGNMENT	  	16
			
	19.	  	NON-WAIVER	  	16
			
	20.	  	NOTICES	  	16
			
	21.	  	PERFORMANCE OF THIS AGREEMENT	  	17
			
	22.	  	FURTHER ACTIONS	  	17
			
	23.	  	GOVERNING LAW AND DISPUTES SETTLEMENT	  	17
			
	24.	  	EFFECTIVENESS, VERSIONS AND MODIFICATIONS	  	18

  

 2 

 This Policy Management Agreement (the “Agreement”), is entered into on December 24, 2005 in Beijing,
People’s Republic of China (“PRC”), by and between the following two parties: 
  

	(1)	China Life Insurance (Group) Company (“Party A”) Address: No. 5 Guan Ying Yuan Xi Qu, Xicheng District, Beijing 

  

	(2)	China Life Insurance Company Limited (“Party B”) Address: China Life Tower, No. 16 Chao Yang Men Wai Avenue, Chao Yang District, Beijing 

 Whereas: 
  

	(1)	Party A is a wholly state-owned limited liability company duly organized and existing under the laws of the PRC. 

  

	(2)	Party B is a joint stock life insurance company, exclusively and legally initiated and established by Party A, and is duly existing under the laws of the PRC.

  

	(3)	Party A and Party B have entered into a Restructuring Agreement on September 30, 2003, pursuant to which Party A shall transfer to Party B certain “Transferred
Policies” and Party A shall retain Non-transferred Policies (the “Old Policies”) as defined in such agreement. 

  

	(4)	According to the Non-Competition Agreement signed by Party A and Party B, Party A undertakes that it will not, directly or indirectly, engage in, participate in or operate, within
the territory of China (not including Hong Kong, Macau and Taiwan), any life, health or accident insurance business that may compete with the business of Party B, and that Party A will authorize Party B to manage the business under Old Policies on
its behalf (including the modification or renewal of riders in relation thereto). 

  

	(5)	Both Parties are willing to make fair and reasonable arrangements for the management of the insurance business under Old Policies. 

 Therefore, for purpose of setting forth rights and obligations of both Parties and regulating the policy management activities, after friendly negotiations, and on the
basis of equality and mutual benefits, both parties agree as follows: 
  

	1.	Authorization 

  

	 	1.1	Authorized Matters 

 According to the terms and conditions
of this Agreement, Party A authorizes Party B as its agent to manage the insurance business under the Old Polices, and shall in return pay Party B service fees Party B agrees to and accepts such authorization. 
  

 3 

	 	1.2	Purpose of Authorization 

 Party B shall manage the
insurance business under the Old Polices and perform its duties strictly according to the agreement between both Parties and applicable laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory
authority, and, shall, as according to Party A’s requirement, assist Party A in ensuring the stable and healthy operation of the insurance business under the Old Polices and prevent and solve potential business risks 
  

	2.	Basic Principles 

  

	 	2.1.	Party B shall perform the duties of insurance agent in accordance with this Agreement, and any rights of policyholders under the Old Policies and any obligations, benefits, losses
or risks of the insurer in regard to the Old Polices shall be undertaken by Party A. Party B shall undertake the management responsibilities and risks of the insurance business under the Old Polices as the agent. Unless otherwise agreed by both
parties, Party B shall under no circumstances be liable to pay any benefits or claims, or to make any advances due in respect of any benefits or claims under the Old Polices. 

  

	 	2.2.	Party B shall have a fiduciary duty to Party A, which shall require Party B to diligently perform its duties as agent so as to comply with relevant laws, regulations and rules of
the insurance regulatory department. Party B shall have discretion to conduct the authorized insurance business with the same experience, skills, technology level, judgment and discretion as it applies to its own business. 

 

	 	2.3.	Party B shall perform the obligations of the agent in accordance with the terms of the Old Policies, applicable laws, regulations, and relevant rules and requirements of competent
authorities and insurance regulatory authority, and the relevant management system, rules, business standards and regulations as formulated (and modified from time to time) by Party A in accordance with applicable laws, regulations, and relevant
rules and requirements of competent authorities and insurance regulatory authority. Party B shall, after consulting with Party A, implement the relevant management system, rules, business standards and regulations formulated (and modified from time
to time) by Party A as according to the requirements of operation and management. The service standard for the agency business of Party B shall not be lower than the current service level enjoyed by the holders of the Old Policies and external
supervising standards. 

  

 4 

	 	2.4.	Party B may employ the same resources of its insurance business (e.g. personnel, offices, equipment, etc.) to manage the agency business, but Party B shall separately manage, check
the accounts of (including daily bookkeeping and monthly settlement), and conduct internal verification of its own insurance business and the agency business. 

  

	 	2.5.	For purposes of this Agreement, Party B may hire, either directly or on behalf of Party A’s, external auditors, external actuaries, external attorneys and other external
professional experts, provided that prior approval or consent has been obtained from Party A, and that the necessary delegation of authority has been made. 

  

	 	2.6.	Party B’s own insurance business and the agency business shall use a unified set of documents and receipts printed by Party B and the seals of Party B, but in conducting the
agency business, Party B shall place special note at the appropriate place of related documents and receipts indicating that, “The insurance business under this insurance policy is being conducted by China Life Insurance Company Limited on
behalf of China Life Insurance (Group) Company, and the legal responsibilities under this insurance policy shall be borne by China Life Insurance (Group) Company.” 

  

	 	2.7.	Party A shall have the right to inspect, supervise and examine the Party B’s agency business. Party B shall provide cooperation to Party A’s inspection, supervision and
examination of its agency business. 

  

	 	2.8.	Party B shall provide the agency service under this Agreement in accordance with the standards provided herein, and shall establish adequate risk prevention and internal control
systems as according to the characteristics of the agency business. 

  

	3.	Scope of Agency 

  

	 	3.1.	Party A hereby authorizes Party B to manage on its behalf the following insurance business under Old Policies: 

  

	 	(i)	Day-to-day insurance administration services: conservation, claim settlements, payment and premium collections, daily settlements, account verifications and preparation of business
and financial reports; 

  

	 	(ii)	Customer services: answering or handling inquiries or complaints from the policy holders, insureds or beneficiaries of Old Policies; 

  

 5 

	 	(iii)	Statistics and file management; 

  

	 	(iv)	Invoice and receipt management; 

  

	 	(v)	The reinstatement of Old Policies and the addition or renewal of riders (for purposes of this section, Party B permits holders of the Old Policies to purchase Party B’s riders
supplemental to such holders’ main insurance contracts, and the premium income thereby generated shall belong to Party A. In addition, the business thereby required to be underwritten shall be underwritten in accordance with Party B’s
underwriting standards); 

  

	 	(vi)	Reinsurance; and 

  

	 	(vii)	The handling of disputes relating to Old Policies, including bringing or defending suits on behalf of Party A. 

  

	 	3.2.	Party A hereby authorizes Party B to conduct separate account verifications and financial management in respect of the agency business in accordance with the accounting and
financial management rules set forth in writing by Party A. Party B shall provide to Party A periodically, and according to requirements of competent authorities and regulatory authority, accurate and complete accounting information, including
internal business reports and supervisory reports, necessary to make internal decisions regarding the management of the business and external disclosures. 

  

	 	3.3.	Party B shall set up separate accounting books to account for all agency business items, including income, expenditures, assets, liabilities and owners’ equity. All branches
and offices under Party B at various levels shall set up independent accounting systems for the agency business. 

  

	 	3.4.	Party A hereby authorizes Party B to manage on its behalf the business, actuarial and finance system applications supporting the Old Policies in order to satisfy the requirements of
risk control, regulatory authority and management of Party A. Party B shall establish adequate systems relating to the management of agency business information system, and provide them to Party A as the standards for Party A to be used in
supervising and inspecting the information technology of agency business. 

  

	 	3.5.	Party A hereby authorizes Party B to manage Party A’s products in accordance with requirements of insurance regulatory authority, and Party A shall provide Party B with
relevant actuarial support. 

  

 6 

	 	3.6.	Party B is authorized to conduct tax declarations of the business under Old Policies on Party A’s behalf, assist Party A in paying taxes, and perform the tax withholding and
payment obligations in accordance with the state and local tax laws and regulations. 

  

	4.	Account and Account Management 

  

	 	4.1.	Party B shall open accounts for agency business in accordance with People’s Bank of China’s relevant requirements on opening accounts. Party B shall maintain separate
accounts for income and payments in respect of the agency of insurance business under Old Policies. Within 5 business days after this Agreement becomes effective, Party B shall open, in its own name, agency business income and payment accounts with
a bank approved by both Parties in accordance with the requirements of this section 4.1. Party B shall strengthen the management of agency business income and payment accounts and promptly report to Party A for record any increase, decrease and
change in such accounts. 

  

	 	4.2.	The headquarters and provincial branches of Party B shall open agency business income accounts and expense accounts exclusively for income and expense settlements in regard to the
agency business. 

 4.3. 
  

	 	(1)	The city-level or county-level branches of Party B shall open agency business income accounts to be used exclusively for the collection of premium payments in regard to the agency
business, in accordance with the needs of agency business. The premium funds of such accounts shall be transferred in a timely manner to the headquarters of Party B in full, and shall then be transferred from Party B’s headquarters into the
account designated by Party A by 4:00 p.m. Beijing time every day. 

  

	 	(2)	Unless otherwise provided in this Agreement, Party B shall not withdraw, dispatch, employ or pledge the premium payments in the agency business income account without permission,
and shall not open other accounts to collect, deposit, hide, or retain in any other fashion premium payments collected in connection with the agency business. 

 4.4. 
  

	 	(1)	The city-level or county-level branches of Party B should open payment accounts for the agency business in accordance with the needs of the agency business. Payment accounts shall
be exclusively used for the deposit and payment of the claims and benefit amounts, commissions, and third party costs and expenses under the Old Policies. 

  

 7 

	 	(2)	Within 5 business days before the start of each calendar month, Party A shall, based on the funding request of Party B, and the funding request, business expense forecasts and
historical expense dataattached to such request, transfer to the payment account for the agency business at Party B’s headquarters the estimated funds in cash for payment of insurance claims and benefit amounts, commissions and third party
costs and expenses under the Old Policies. Party B’s headquarters shall in a timely manner transfer funds in full to the payment accounts of Party B’s city-level or county-level branches, and shall allocate and monitor such accounts.

  

	 	(3)	Party B has the right to withdraw, dispatch and employ the funds transferred by Party A in accordance with this Agreement to satisfy payment obligations in regard to claims and
benefit amounts, commissions and third party costs and expenses under the Old Policies. Unless otherwise provided in this Agreement, Party A shall not in any fashion interfere with or in any way withdraw, dispatch, employ or pledge such funds.

  

	 	(4)	If in its reasonable judgment Party B concludes that the funds transferred by Party A in accordance with this Agreement will become insufficient to meet the payment needs of the
current month after 10 business days, it shall request from Party A emergency funding, together with the business expense forecasting report. Party A shall transfer the needed supplementary funds for such month to the payment account of Party
B’s headquarters within 5 business days after receiving such request. 

  

	 	4.5.	Both Parties shall within 1 month after the end of each calendar quarter, inquest the accounts in regard to the receipt and payment of amounts in connection with the agency business
for such quarter. 

  

	5.	Data and Documentation 

  

	 	5.1.	Party A owns all data generated in connection with the agency business under this Agreement (including, but not limited to, business data, actuarial data and financial data) and all
documentation relating to the agency business under this Agreement (including but not limited to paper documentation and electronic documentation) (collectively, the “Agency Business Data and Documentation”). 

  

 8 

	 	5.2.	During the term of this Agreement, Party B has the obligation to safely maintain and regularly update the Agency Business Data and Documentation, to keep it confidential, and to
manage it with the degree of diligence as its own business data and documentation. However, Party B shall manage and store the Agency Business Data and Documentation and its own business data and documentation separately. 

 

	 	5.3.	Party B shall manage the business data, actuarial data and financial data of the agency business under this Agreement in accordance with the relevant data management rules
formulated by Party A in writing and acknowledged by Party B, and shall separately process and transmit such business data and financial data in conformity with business, actuarial and finance processing systems acknowledged by Party A, and check
the business data and financial data for consistency in accordance with regulatory requirements. 

  

	 	5.4.	During the term of this Agreement, in accordance with the terms and conditions of this Agreement, Party A may use, reference and inspect Agency Business Data and Documentation, and
Party B shall provide all necessary or desirable assistance Party A in respect thereto. In response to Party A’s reasonable request, Party B shall provide Party A with raw data in connection with the agency business data and copies of relevant
documentation. 

  

	 	5.5.	Party B shall return such raw data and documentation to Party A when this Agreement is terminated. 

  

	6.	Inspection, Examination and Report 

  

	 	6.1.	Without affecting or interfering with Party B’s normal business operations, Party A shall have the right to conduct on-site or off site, and daily or annual inspections in
order to determine whether Party B’s conduct of the agency business under this Agreement complies with the business standards, financial standards, rules and systems agreed upon by both Parties, and to test the accuracy of the related
accounting information provided by Party B. Party B shall provide all reasonably necessary assistance and cooperation. Expenses incurred due to such inspections shall be borne by Party A. Party B shall promptly correct the problems as according to
findings of the inspection and request of Party A. 

  

	 	6.2.	Party B shall promptly submit periodic report on agency business in accordance with regulatory requirements and Party A’s requests and temporary report on material matters
occurring in daily operations. The contents of such reports shall include, but without limitation, product management of agency business, change of business and financial data, and the technical indications for the daily operation of agency business
information systems. 

  

 9 

	 	6.3.	Within 90 days after the end of each calendar year, Party B shall prepare and submit to Party A an annual report concerning its insurance business agency. 

 

	 	6.4.	Party B shall, within 75 days after the end of each calendar year, provide to Party A information such as data and statements as according to Party A’s request to assist Party
A in preparing year-end budget report, annual statistics report, annual financial report, annual inspection report and internal controls report. 

  

	 	6.5.	Party B shall, after the end of each calendar year, provide to Party A information such as data and statements as according to Party A’s request and within the time limit
agreed by both Parties to assist Party A in preparing year-end actuarial report. 

  

	7.	Insurance Agency Service Fees and Payments Thereof 

  

	 	7.1.	The method of calculating service fees for any period shall be as follows: 

  

	 	(i).	the number of policies in force as of the last day of the period, multiplied by RMB8.00 (number of policies in force for a group insurance policy is equal to the number of
individuals covered by such policy (not including individuals under lapsed or expired policies)); plus 

  

	 	(ii).	2.5% of the actual premiums and deposits collected during such period. 

 When this Agreement is renewed pursuant to Section 12.2, both Parties may, prior to the commencement date of such renewal period, redefine the method of calculating the service fees for such renewal period in
accordance with the principle of market fair dealings, and enter into a written agreement pursuant to Section 24.3. Otherwise, the service fees for such renewal period shall be calculated in accordance with the method of calculation for the
period prior to such renewal period. 
  

	 	7.2.	Payment procedure for service fees: 

  

	 	(i).	In every year, each period starting from January 1st and ending on June 30th, and starting from July 1st and ending on December 31st,
shall be deemed to be a payment period. 

  

 10 

	 	(ii).	Within one month after the end of a payment period, Party B shall consolidate all the information and determine the amount of service fees for such payment period in accordance with
Section 7.1, and submit the related bill with detailed schedules to Party A. 

  

	 	(iii).	Unless Party A provides, within 30 days after receiving such bills and detailed schedules, adequate evidence that the amount of such service fee is unreasonable, the service fee
specified in such bill shall be paid into Party B’s designated account within thirty days after Party A receives such bill and detailed schedules. 

  

	8.	Payment of Commissions 

  

	 	8.1.	Any direct commissions to insurance agents and any corresponding pension fees incurred in connection with premium collections for the renewal of Old Policies shall be borne and paid
by Party A in accordance with the payment standards that were specified when such policies were issued. Except for such aforementioned direct commissions and pension fees, all other supplementary commission expenses incurred in connection with such
insurance agents (including, but not limited to, bonuses, social welfare expenses, training expenses, and allowances) shall be borne by Party B. 

  

	 	8.2.	Commissions payable to insurance agents in connection with riders to Old Policies shall be calculated based on available standards for the relevant insurance products. Such
commissions shall be borne by Party A, and paid by Party A to Party B. Party A shall notify Party B in writing of all applicable standards for the commissions of such riders. 

  

	 	8.3.	All of the aforementioned commissions borne by Party A shall be paid in accordance with the requirements of Section 4.4 of this Agreement. 

  

	9.	Third Party Costs and Expenses 

  

	 	9.1.	Third party costs and expenses mean costs and expenses received by third parties, and arising in connection with Party B’s performance of its duties and agreed by Party A,
excluding service fees payable to Party B pursuant to Section 7 of this Agreement, commissions set forth in Section 8 and tax duties and related expenses set forth in Section 10. Such costs and expenses include, but are not limited
to, fees for auditors, actuaries, external lawyers and other external professionals hired by Party B for its own account or for the account of Party A for purposes related to this Agreement. 

  

 11 

	 	9.2.	Third party costs and expenses shall be borne by Party A, and shall be paid in from the business settlement or payment account for the agency business. Under no circumstances shall
Party B be obligated to pay, or to pay on behalf of Party A, such costs and expenses using its own funds. 

  

	 	9.3.	Unless otherwise provided in this Agreement, Party A shall not be liable for any other expenses incurred in connection with the agency business. 

  

	10.	Taxation 

  

	 	10.1.	Party A shall be responsible for all tax obligations required to be borne by Party A as tax obligor or withholding obligor pursuant to tax laws and regulations. Party A shall bear
and pay all expenses incurred in connection with such tax obligations. 

  

	 	10.2.	If it is provided in tax laws and regulations that Party B may pay taxes or perform the tax payment or withholding obligations on Party A’s behalf, Party B shall directly
perform such obligations; if it is provided that Party A shall pay taxes on aggregate basis, Party B shall provide all necessary assistance to Party A, including but not limited to assistance in the preparation of tax declaration forms, the
preparation and provision of required files and documents. 

  

	 	10.3.	Party B shall be liable for the payment of any taxes that are imposed on it in accordance with applicable tax laws and regulations. 

  

	11.	Representations, Warranties and Undertakings 

 Each Party
to this Agreement makes the following representations, warranties and undertakings to the other Party: 
  

	 	(i).	It has obtained adequate power and authority (including but not limited to the procurement of approvals, consents and permits from relevant regulatory authorities, and the internal
authorization of the company) to sign this Agreement; 

  

	 	(ii).	After this Agreement comes into effect in the manner set forth herein, it shall be binding on such Party, and will be enforceable against such Party in accordance with its terms;

  

	 	(iii).	All terms of this Agreement are in compliance with Articles of Association of such parties, and with the laws and regulations of China. 

  

 12 

	12.	Term 

  

	 	12.1.	This Agreement shall remain in effect until December 31, 2008. 

  

	 	12.2.	Subject to the listing rules of the stock exchange(s) where Party B is listed, this Agreement shall be automatically renewed for successive three-year terms unless terminated by
either Party by providing the other Party with a written notice indicating its intention not to renew at least 180 days prior to the expiration of the then current term. During the term hereof, each party shall have the right to send 90-day written
notice to the other party for early termination of this Agreement. 

  

	13.	Indemnification 

  

	 	13.1.	Any claim, suit, loss, judgment, damages, fines or expenses (hereinafter collectively referred to as a “Loss”) sustained by Party B, its directors, officers, employees,
agents or representatives (hereinafter collectively referred to as “Indemnified Parties”) in the performance of their duties under this Agreement, shall be fully indemnified by Party A. Party A shall hold each Indemnified Party harmless
against any such Loss and/or liability, unless it is finally determined through legal or administrative procedures that such Loss and/or liability is caused due to the fault of such Indemnified Party. 

  

	 	13.2.	Notwithstanding any other provision of this Agreement, Indemnified Parties shall not be responsible for any loss of Party A or any third party caused by any action or inaction, or
by any erroneous decision, on the part of an Indemnity Party in discharging its obligations under this Agreement, unless it is finally determined through legal or administrative procedures that such loss was incurred due to the fault of such
Indemnified Party. 

  

	 	13.3.	This indemnity clause shall survive the termination of this Agreement, regardless of the manner in which this Agreement is terminated. 

  

	14.	Liability for Breach 

  

	 	14.1.	If Party A has not paid, or is incapable of paying, Party B the service fees in accordance with the terms of this Agreement, it shall pay a penalty of 0.021% of the amount due to
Party B for each day that such amount is overdue, until the service fee is paid in full. Party A may deduct amounts payable by Party B from any cash dividends payable by Party A to Party B. 

  

	 	14.2.	Notwithstanding the foregoing provision, if (i) Party A has not paid or is incapable of paying service fees in full to Party B as stipulated by this Agreement, and the amount
due reaches RMB100,000,000 or more, or (ii) Party A has not transferred or is incapable of transferring adequate funds into Party B’s account as provided by this Agreement, 

  

 13 

 as a result of which the claims, benefit amounts, commissions, and/or third party costs and expenses that
are not timely paid by Party B reach RMB300,000,000 or more, Party B shall be entitled to send to Party A a written notice of rescission. Unless waived by Party B, this Agreement shall be rescinded upon the 30th day after such written notice is
delivered to Party A. 
  

	 	14.3.	Subject to the restrictions set forth in Section 13.2 of this Agreement, Party B shall be liable for the direct financial losses of Party A incurred by Party B’s breach of
this Agreement in managing the insurance business agency hereunder and Party A shall have the right to request Party B to compensate for its actual losses, which shall be capped by the amount of service fees collected by Party B in the relevant
calculation period. 

  

	15.	Termination 

  

	 	15.1.	

  

	 	(a)	This Agreement shall be terminated upon the occurrence of any of the following circumstances: 

  

	 	(i)	The obligations under the Old Policies have been discharged; 

  

	 	(ii)	With the approval of the CIRC, Party A legally transfers all Old Policies to a third party, and such third party undertakes to perform the insurer’s duties under the Old
Policies, or authorizes any institution other than Party B to perform the insurer duties thereunder; 

  

	 	(iii)	With the approval of each of Party B and CIRC, Party A authorizes any institution other than Party B to perform the insurer duties under the Old Policies; 

 

	 	(iv)	This Agreement is not renewed after the expiration of the initial term or a renewal term; 

  

	 	(v)	Party B effectively rescinds this Agreement pursuant to Section 14.2.; 

  

	 	(vi)	Party A is unable to make payments, is declared bankrupt, enters into a liquidation procedure, is ordered to be dissolved, or is put into receivership. 

  

	 	(b)	If Party A has legally transferred part of the Old Polices to a third party with the approval of the CIRC, and such third party performs the insurer’s obligations under such
Old Polices or 

  

 14 

 authorizes a third party other than Party B to perform the insurer’s obligations thereunder, such
Old Policies shall not be subject to this Agreement starting from the date of transfer. 
  

	 	15.2.	If this Agreement is terminated due to the foregoing Section (a) (ii), (iii), (iv), (v) or (vi), or if the holders of a substantial number of Old Policies are adversely
affected or incur losses due to the foregoing Section (b), Party A shall assume all related liabilities. However, Party B shall not be exempted from its liability under this Agreement. 

  

	 	15.3.	If this Agreement is terminated pursuant to Section 15.1 (a) or certain Old Policies are transferred pursuant to Section 15.1 (b) and are therefore no longer
subject to this Agreement, the obligations and responsibilities of Party A and Party B under this Agreement that had already arisen before such termination shall not be terminated or affected thereby. 

  

	16.	Force Majeure 

  

	 	16.1.	If a Party fails to perform in whole or in part its duties under this Agreement due to an event of force majeure, this performance shall be suspended in the affected period of force
majeure. 

  

	 	16.2.	The Party claiming that it has been affected by an event of force majeure shall inform the other Party of such event of force majeure in writing as soon as possible, and shall
provide the other Party with appropriate evidence regarding the existence and ongoing nature of such event of force majeure within 15 days after the occurrence thereof. The Party claiming that the performance of its obligations under this Agreement
is objectively impossible and impracticable due to such event of force majeure shall take all reasonable measures to lessen the losses caused by such event of force majeure. 

  

	 	16.3.	Upon of occurrence of any event of force majeure, both Parties shall immediately consult with each other in respect of the performance of their obligations under this Agreement, and
shall immediately resume the performance of their respective obligations hereunder upon the termination or elimination of such event of force majeuree. 

  

	 	16.4.	Force majeure means the objective circumstances, occurring after this agreement becomes effective that cannot be reasonably controlled, predicted, avoided or overcome, and which
make the performance of the obligations under this Agreement in whole or in part objectively impossible or impracticable (including, but not limited to, circumstances when such obligations cannot be performed even after spending a reasonable amount
of money). Such circumstances include but are not limited to floods, fires, droughts, wind, earthquakes, and other acts of God, strikes, riots, turmoil and wars (declared or not) and the acts or omissions of governmental authorities.

  

 15 

	17.	Confidentiality 

 Unless otherwise provided by law or
relevant regulatory authorities or in order to meet the legal disclosure requirements of information on Party B when it is to be listed or as a listed company, either Party shall provide or disclose to any company, enterprise, organization or
individual the business-related information or data of the other Party without the prior written approval of the other Party. 
  

	18.	Assignment 

 Neither Party may assign any right or
obligation under this Agreement without the prior written approval of the other Party. 
  

	19.	Non-Waiver 

 Unless otherwise provided for by law, any
delay or failure on the part of either Party hereto to exercise any right, power or privilege under his Agreement shall not operate as a waiver thereof, nor shall any partial exercise of any right, power or privilege preclude the exercise of any
further right, power or privilege. 
  

	20.	Notices 

 Any notice related to this Agreement shall be
sent in writing, and shall be delivered in person or by fax or mail. If delivered in person, such notice shall be deemed delivered upon submission. If sent by fax, such notice shall be deemed delivered when the fax machine indicates that the fax has
been transmitted. If delivered by mail, such notice shall be deemed delivered on the third business day (statutory holidays excluded) following the day such notice was mailed. Notices shall become effective upon delivery. 
 Addresses of the Parties are as following: 
  

			
	China Life Insurance (Group) Company	 	China Life Insurance Company Limited
		
	Address: No.5 Guan Ying Yuan Xi Qu, Xicheng District, Beijing	 	Address: China Life Tower, No. 16 Chao Yang Men Wai Avenue, Chaoyang District, Beijing
		
	Telephone: 010-6611 4433	 	Telephone: 010-8565 9999
		
	Fax: 010-6611 1567	 	Fax: 010-8565 2232

  

 16 

 If both Parties send out notices to each other by telephone or other means and mutually acknowledge such
notices, such notices shall be effective notices. 
  

	21.	Performance of this Agreement 

  

	 	21.1.	As Party B is a joint stock limited company listed on the Hong Kong Stock Exchange, the transactions under this Agreement shall constitute a connected transactions as described in
the Hong Kong Stock Exchange Listing Rules (the “Listing Rules”). According to the Listing Rules, such transactions may be conducted only after obtaining a waiver from Hong Kong Stock Exchange or the approval of independent shareholders
and/or in conformity with any other requirements concerning connected transactions under the Listing Rules. Therefore, the performance of the obligations set forth in this Agreement shall, to the extent that they are deemed to be connected
transactions, be subject to the approval of the Stock Exchange HK and/or conditional on conforming to any other requirements concerning connected transactions under the Listing Rules. Both Party A and Party B undertake to observe the relevant
requirements of the Listing Rules. 

  

	 	21.2.	If the Hong Kong Stock Exchange exemption contains additional conditions the obligations set forth in this Agreement shall be performed in accordance with such additional
conditions. Both Party A and Party B undertake to strictly observe such conditions. 

  

	22.	Further Actions 

 Both Parties shall take further actions
and measures in order to fully and effectively perform this Agreement, including consultations with each other to set forth the execution plan or detailed rules of this Agreement in accordance with the principles set forth in this Agreement, and
provided that such plan or rules shall not violate the terms hereof. 
  

	23.	Governing Law and Disputes Settlement 

  

	 	23.1.	This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws of China. 

  

	 	23.2.	Any disputes arising from or related to this Agreement shall first be settled by the Parties through friendly consultations. If no resolution is reached within 30 days after the
dispute occurs, either Party may submit such dispute to the China International Economic Trade Arbitration Commission for arbitration in accordance with its arbitration rules in effect when such dispute is submitted. The arbitration award shall be
final and binding on both Parties. 

  

 17 

	24.	Effectiveness, Versions and Modifications 

  

	 	24.1.	This Agreement shall come into effect on January 1, 2006. 

  

	 	24.2.	This Agreement is executed in four originals, with two originals to be kept by each Party. Each original shall have the same legal effect. 

  

	 	24.3.	Any amendment to this Agreement shall be made only pursuant to a written agreement executed by the authorized representatives of each Party, and shall be approved by each Party
after taking appropriate corporate actions. If such modification constitutes a material and significant change to this Agreement, it shall become effective upon the notification of and procurement from approval from the Hong Kong Stock Exchange
and/or a shareholders’ meeting of Party B (if applicable) (subject to the listing rules and requirements of the Hong Kong Stock Exchange then in effect). 

  

	 	24.4.	If amendments to Chinese laws, regulations or relevant rules would affect the performance of this Agreement, both Parties shall, based upon the object of this Agreement and the
principles of equity and reasonableness, through friendly negotiations, timely modify the affected provisions in order to eliminate and lessen, to the extent possible, the impact caused by such amendments. 

  

 18 

 Signature page: 
  

			
	Party A:	  	Party B:
		
	China Life Insurance (Group) Company	  	China Life Insurance Company Limited
		
	                            (Seal)	  	                            (Seal)
		
	 Legal Representative/
 Authorized Representative
(Signature)
	  	 Legal Representative/
 Authorized Representative
(Signature)

  

 19

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