Document:

Third Omnibus Amendment, Agreement and Consent entered into May 2, 2006

 Exhibit 10.32 
 EXECUTION COPY 
 THIRD OMNIBUS AMENDMENT, 
 AGREEMENT AND CONSENT 
 (Kenosia) 
 This Third Omnibus Amendment, Agreement and Consent (this “Agreement”) is entered into this 2nd day of May, 2006 for the purpose of amending
the terms related to the Secured Term Notes, Series 2002-1 (the “Series 2002-1 Notes”), for the purpose of providing for a change in performance guarantors related to the Series 2002-1 Notes and for the purpose of making amendments to the
documents described in this Agreement. 
 WHEREAS, this Agreement is among (i) Cendant Mobility Services Corporation, a Delaware
corporation which is expected to become known as Cartus Corporation on or about May 19, 2006 (“Cartus”), (ii) Cendant Mobility Relocation Company, a Delaware corporation previously known as Cendant Mobility Government Financial
Services Corporation and which is expected to become known as Cartus Relocation Corporation on or about May 19, 2006 (“Relocation”), (iii) Kenosia Funding, LLC, a limited liability company organized under the laws of the State of
Delaware (the “Issuer”), (iv) The Bank of New York, a New York state banking corporation, as trustee under the Indenture described below (the “Trustee”), (v) Gotham Funding Corporation (“Gotham”) as the
purchaser of the Series 2002-1 Notes and as holder of 100% of the Series 2002-1 Notes and (vi) The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch formerly known as The Bank of Tokyo-Mitsubishi, Ltd., New York Branch (the “Bank”),
as administrative agent (the “Administrative Agent”). 
 WHEREAS, this Agreement relates to the following documents: 
  

	 	•	 	CMGFSC Purchase Agreement dated as of March 7, 2002 and as previously amended (the “Purchase Agreement”) by and between Cartus, as Originator and Relocation, as
Buyer; 

  

	 	•	 	Receivables Purchase Agreement dated as of March 7, 2002 and as previously amended (the “Receivables Purchase Agreement”) by and between Relocation, as originator and
seller and the Issuer, as buyer; 

  

	 	•	 	Fee Receivables Purchase Agreement dated as of March 7, 2002 and as previously amended (the “Fee Receivables Purchase Agreement”) by and between Cartus, as originator
and the Issuer; 

  

	 	•	 	Indenture dated as of March 7, 2002 and as previously amended (the “Indenture”) by and between the Issuer and the Trustee; 

	 	•	 	Note Purchase Agreement dated as of March 7, 2002 and as previously amended (the “Note Purchase Agreement”) among the Issuer, Relocation, Cartus, Gotham and the Bank;

  

	 	•	 	Servicing Agreement dated as of March 7, 2002 and as previously amended (the “Servicing Agreement”) by and among Cartus, Relocation, the Issuer and the Trustee; and

  

	 	•	 	The Guaranty dated as of March 7, 2002 (the “Original Guaranty”) originally by PHH Corporation in favor of Relocation, the Issuer and the Trustee together with the
Assignment and Assumption Agreement dated December 20, 2004 (the “Assignment”) between PHH Corporation and Cendant Corporation pursuant to which PHH Corporation assigned to Cendant Corporation and Cendant Corporation assumed all of
PHH Corporation’s obligations under the Original Guaranty (the Original Guaranty together with the Assignment, the “2002 Guaranty”). 

 WHEREAS, the Purchase Agreement, Receivables Purchase Agreement, Fee Receivables Purchase Agreement, Indenture, Note Purchase Agreement and Servicing Agreement are, in this Agreement, collectively the “Affected
Documents;” 
 WHEREAS, terms used in this Agreement and not defined herein shall have the meanings assigned to such terms in the
Purchase Agreement or, if not defined therein, in the Indenture. 
 NOW, THEREFORE, the parties hereto hereby recognize and agree:

  

	 	1.	Definitions. 

 1.1 Whenever used in this Agreement
or in any of the Affected Documents, as amended by this Agreement, the following words and phrases shall, on and after the Spin Off Effective Date, have the following meanings: 
 “Cendant” shall mean the Delaware corporation known as Cendant Corporation on the date of this Agreement notwithstanding
any subsequent change in the name of such corporation. 
 “Realogy” shall mean Realogy Corporation, a
Delaware corporation and any successor thereto. 
 “Realogy Guaranty” shall mean the Guaranty dated as of the
date of this Agreement and effective on and after the Spin Off Effective Date executed by Realogy in favor of Relocation, the Issuer and the Trustee. 
 “Spin Off Effective Date” shall have the meaning set forth in Section 10. 

	 	2.	Release of 2002 Guaranty 

 2.1 Upon the Spin Off
Effective Date, each of the parties to this Agreement hereby: 
 (a) Release and discharge Cendant Corporation completely and
unconditionally from all obligations and liabilities under the 2002 Guaranty; and 
 (b) Agree that on the Spin Off Effective
Date, the Realogy Guaranty shall be and hereby is substituted for the 2002 Guaranty and the 2002 Guaranty shall be and hereby is as of the Spin Off Effective Date, declared to be satisfied in full, cancelled and of no further force or effect.

 2.2 Gotham, as Holder of 100% of the Outstanding Amount of the Outstanding Notes, by the execution of this Agreement, consents to the
release of the 2002 Guaranty on the terms set forth in this Agreement and directs the Trustee to release Cendant from its obligations under the 2002 Guaranty as provided in this Agreement. 
  

	 	3.	Realogy Guaranty 

 3.1 Each of the parties to this
Agreement hereby agrees that on the date of this Agreement, Relocation, the Issuer and the Trustee shall accept the Realogy Guaranty which shall be substantially in the form attached as Exhibit A to this Agreement and which shall provide that the
obligations of Realogy thereunder shall be effective on the Spin Off Effective Date. 
 3.2 From and after the Spin Off Effective Date, all
references in the Affected Documents to the “PHH Guaranty,” “PHH Guarantee,” “Cendant Guaranty,” “Cendant Guarantee,” or to the “Guaranty” shall refer solely to the Realogy Guaranty and each of the
affected Documents is hereby amended accordingly. 
 3.3 From and after the Spin Off Effective Date, all references in the Affected Documents
to PHH, to Cendant, or to the Performance Guarantor shall be references to Realogy one and specifically shall not mean or include PHH or Cendant and each of the Affected Documents is hereby amended accordingly. 
  

	 	4.	Consent to Release and Acceptance 

 4.1 Each of the
parties hereto by the execution of this Agreement consents to the full release of the 2002 Guaranty and the acceptance, in its place, of the Realogy Guaranty under the terms and conditions set forth in this Agreement. 
 4.2 Such release of the 2002 Guaranty and acceptance of the Realogy Guaranty shall not be construed to mean and does not mean that the Guaranty, as such
term is used in the Affected Documents, has ceased to be in full force and effect or that the Guaranty has ceased to be a valid, binding and enforceable general obligation of the Performance Guarantor, but rather shall mean and does mean that the
Guaranty–provided under a new guaranty 

 
agreement–continues in full force and effect, and is a valid, binding and enforceable general obligation of Realogy as the Performance Guarantor. No
“CMGFSC Purchase Termination Event,” “KF Purchase Termination Event” or “Amortization Event” under any of the Affected Documents shall result from the release of the 2002 Guaranty. 
  

	 	5.	Specific Amendments to Indenture 

 5.1 In addition
to the amendments provided in or resulting from Sections 1 through 4 of this Agreement, as of the Spin Off Effective Date the Indenture is hereby amended and supplemented as follows: 
 (a) The last two sentences of subsection 3.01(o) are hereby amended and restated to read in their entirety as follows: 
 Neither the Issuer nor any ERISA Affiliate that is a subsidiary of Realogy is, or at any time during the past five years was, a member of, or makes, or
has at any time during the past five years made contributions to, any Multiemployer Plan. No ERISA Affiliate that is not a subsidiary of Realogy is, or at any time during the past five years was, a member of, or makes, or has at any time during the
past five years made contributions to, any Multiemployer Plan, in each case where any such action could reasonably be expected to have a Material Adverse Effect. 
  

	 	6.	Specific Amendments to Note Purchase Agreement 

 6.1
In addition to the amendments provided in or resulting from Sections 1 through 4 of this Agreement, the Note Purchase Agreement is hereby amended as follows: 
 (a) As of the Spin Off Effective Date, definition of “Parent” is hereby amended and restated to read as follows: 
 “Parent” means Realogy Corporation, a Delaware corporation, and its successors. 
 (b) As of the Spin Off Effective Date, Subsection 5.1(l) is hereby amended and restated to read as follows: 
 (1) The Series 2002-1 Notes (I) conform to the requirements of Section 2.1(b), and (c) hereof and (II) constitute indebtedness of Cartus
Corporation for purposes of Federal income taxation. 

 (c) As of the Spin Off Effective Date, Subsection 5.2(d) is hereby amended and restated
to read as follows: 
 (1) The Series 2002-1 Notes (I) conform to the requirements of Section 2.1(b), and (c) hereof and (II)
constitute indebtedness of Cartus Corporation for purposes of Federal income taxation. 
  

	 	7.1	Specific Amendments to Purchase Agreement 

 7.1 In
addition to the amendments provided in or resulting from Sections 1 through 4 of this Agreement, as of the Spin Off Effective Date the Purchase Agreement is hereby amended as follows: 
 (a) Subsection 7.2(a) is hereby amended to add the following paragraph at the end of the section: 
 As long as the Performance Guarantor is required or permitted to file reports under the Securities Exchange Act of 1934, as amended, a copy of its report
on Form 10-K shall satisfy the requirements of Section 7.2(a)(II)(i) and a copy of its Form 10 or report on Form 10-Q shall satisfy the requirements of Section 7.2(a)(I). Information required to be delivered pursuant to this section shall
be deemed to have been delivered on the date on which it has been posted on (i) the Performance Guarantor’s website on the Internet or (ii) sec.gov/edgar/searchedgar/webusers.htm. 
 (b) Schedule 6.1 (s) to the Purchase Agreement is hereby amended to read as set forth in Exhibit B to this Agreement. 
  

	 	8.	Specific Amendments to Receivables Purchase Agreement 

 8.1 In addition to the amendments provided in or resulting from Sections 1 through 4 of this Agreement, as of the Spin Off Effective Date the Receivables Purchase Agreement is hereby amended as follows: 
 (a) Under the terms and subject to the conditions of the Receivables Purchase Agreement, the Issuer agrees to buy and the Seller hereby
agrees to sell, all of the Seller’s right, title and interest in and to the Realogy Guaranty and the Issuer and the Seller agree that the Seller Purchased Assets, as defined in Section 2.1(a)(i) of the Receivables Purchase Agreement
specifically includes the Realogy Guaranty and as of the Spin Off Effective Date, the reference in such Section 2.1(a)(i) to “PHH Guarantee” is hereby deleted. 
 (b) The last two sentences of subsection 6.1 (q) are hereby amended and restated to read in their entirety as follows: 
 Neither the Seller nor any ERISA Affiliate that is a subsidiary of Realogy is, or at any time during the past five years was, a member of, or makes, or
has at any time during the past five years made, contributions to, any Multiemployer Plan. No 

 
ERISA Affiliate that is not a subsidiary of Realogy is, or at any time during the past five years was, a member of, or makes, or has at any time during the
past five years made, contributions to, any Multiemployer Plan, in each case where any such action could reasonably be expected to have a Material Adverse Effect. 
 (c) Schedule 6.1(q) to the Receivables Purchase Agreement is hereby amended to read as set forth in Exhibit C to this Agreement.

  

	 	9.	Specific Amendments to Fee Receivables Purchase Agreement 

 9.1 In addition to the amendments provided in or resulting from Sections 1 through 4 of this Agreement, as of the Spin Off Effective Date the Fee Receivables Purchase Agreement is hereby amended as follows: 
 (a) The last sentence of Section 2.6 is hereby amended and restated to read in its entirety as follows: 
 In consideration of the Issuer’s purchase of the CMSC Fee Purchased Assets and as more fully set forth in Section 11.12, the Originator hereby
acknowledges and agrees that the Issuer intends to assign for the benefit of Issuer and its successors and assigns the rights and interests granted by the Originator to the Issuer hereunder, and agrees to cooperate fully with the Issuer and its
successors and assigns in the exercise of such rights. 
 (b) The last two sentences of subsection 6.1(r) are hereby
amended and restated to read in their entirety as follows: 
 Neither the Originator nor any ERISA Affiliate that is a subsidiary of Realogy
is, or at any time during the past five years was, a member of, or makes, or has at any time during the past five years made, contributions to, any Multiemployer Plan. No ERISA Affiliate that is not a subsidiary of Realogy is, or at any time during
the past five years was, a member of, or makes, or has at any time during the past five years made, contributions to, any Multiemployer Plan, in each case where any such action could reasonably be expected to have a Material Adverse Effect.

 (c) Subsection 7.2(a) is hereby amended to add the following paragraph at the end of the section: 
 As long as the Performance Guarantor is required or permitted to file reports under the Securities Exchange Act of 1934, as amended, a copy of its report
on Form 10-K shall satisfy the requirements of Section 7.2(a)(II)(i) and a copy of its Form 10 or report on Form 10-Q shall satisfy the requirements of Section 7.2(a)(I). Information required to be delivered pursuant to this section shall
be deemed to have been delivered on the date on which it has been posted on (i) the Performance Guarantor’s website on the Internet or (ii) sec.gov/edgar/searchedgar/webusers.htm. 

 (d) The definition of “CMS Person” set forth in Appendix A to the Fee
Receivables Purchase Agreement is hereby amended to read in its entirety as follows: 
 “CMS Person” shall
mean the Originator and each of its Subsidiaries and Affiliates other than CMGFSC or the Issuer. 
 (e) Schedule
6.1(s) to the Fee Receivables Purchase Agreement is hereby amended to read as set forth in Exhibit D to this Agreement. 
  

	 	10.	Spin Off Effective Date 

 The “Spin Off
Effective Date” means that date on which each of the following conditions has been satisfied: 
 (a) Cartus, Relocation
and the Issuer are subsidiaries of Realogy. 
 (b) Realogy and its subsidiaries cease to be subsidiaries of Cendant.

 (c) The Administrative Agent shall have received counterparts of the signature pages executed by all parties to the Realogy
Guaranty. 
 (d) The Administrative Agent shall have received written notice from Realogy that the Securities and Exchange
Commission has declared the Form 10 of Realogy Corporation effective. 
 (e) The Administrative Agent shall have received
copies of (i) the letter dated April 7, 2006 from Moody’s Investors Service assigning a rating of Baa2 to long-term obligations of Realogy and (ii) the letter dated April 7, 2006 from Standard & Poor’s
assigning a rating of BBB to long-term obligations of Realogy. 
 (f) Realogy shall, by all necessary corporate action, have
duly authorized the execution, delivery and performance of the Realogy Guaranty as evidenced by a certificate of the secretary or assistant secretary to the Board of Directors of Realogy delivered to the Trustee. 
 (g) Realogy shall have delivered to each of the parties to this Agreement Opinions of Counsel (as such term is defined in the Indenture)
(i) to the effect that the Realogy Guaranty has been duly authorized, executed and delivered and is a legal, valid and binding obligation of Realogy. 
 (h) The Administrative Agent shall have received copies of file stamped copies of amendments to the UCC financing statements filed (i) to amend the collateral descriptions set forth in the Receivables Purchase
Agreement to include the Realogy 

 
Guaranty and to amend the collateral description set forth in the Indenture to include the Realogy Guaranty and (ii) to show the name change of Cendant
Mobility Services Corporation to Cartus Corporation and of Cendant Mobility Relocation Company to Cartus Relocation Corporation. 
 (i) The Administrative Agent shall have received an opinion of Delaware counsel to the effect that following filing of the amendments described in (h) above, the security interest granted in the collateral described in the Purchase
Agreement, Receivables Purchase Agreement, Fee Receivables Purchase Agreement and Indenture has been perfected. 
  

	 	11.	Physical Cancellation of 2002 Guaranty. 

 Each of
the parties to this Agreement agree that on the Spin Off Effective Date the Cendant Guaranty is released and discharged as provided in Section 2 of this Agreement. In recognition thereof, following the Spin Off Effective Date, the Trustee, upon
the written direction of the Administration Agent, Cartus and the Issuer, shall mark a copy of the 2002 Guaranty as discharged and cancelled and deliver such copy to Cendant for its files. 
  

	 	12.	Confidentiality 

 Each of Cartus, Relocation, and
the Issuer, agrees to maintain the confidentiality of any information regarding Realogy and Cendant obtained in accordance with the terms of the Affected Documents or this Agreement that is not publicly available; provided, however, that Relocation
or the Issuer may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of the Affected Documents or, where applicable, its funding of Purchases under the Affected Documents or (b) as
required by law, government regulation, court proceeding or subpoena. Notwithstanding anything herein to the contrary, neither Realogy nor Cendant shall have any obligation to disclose to any party to this Agreement or their assignees any personal
and confidential information relating to a Transferred Employee. The requirements of this Section 12 shall cease to apply to any information that is publicly disclosed by Realogy or Cendant. 
  

	 	13.	Change in Names 

 Each of the parties hereto
acknowledge that on or about May 19, 2006, Cendant Mobility Services Corporation expects to change its name to Cartus Corporation and Cendant Mobility Relocation Company expects to change its name to Cartus Relocation Corporation and to the
extent any consent to such changes are needed from the parties hereto, such consent is granted. Each of Cartus, Relocation and the Issuer agrees, concurrently with the effectiveness of the above name changes, to provide to the Administrative Agent
copies of the amendments to each UCC financing statement, filed with the appropriate state offices, related to the Affected Documents which are affected by such name changes. Each of Cartus, Relocation and the Issuer agrees to provide the
Administrative Agent with an opinion of Richards, Layton & Finger as to perfection matters if the Spin Off Effective Date shall not have occurred by June 30, 2006 

	 	14.	Change in Control 

 The parties hereto acknowledge
and consent to the change in the “Parent” as defined in the Note Purchase Agreement to Realogy and agree that such change shall not be and shall not be deemed to cause a “Change in Control” within the meaning of the Note Purchase
Agreement and specifically agree that such change will not cause the Notes to be subject to mandatory prepayment. 
  

	 	15.	Governing Laws 

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

	 	16.	Counterparts 

 This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
  

	 	17.	References in Affected Documents 

 Upon the Spin Off
Effective Date: (i) all references in any Affected Document to “this Agreement, “hereof,” “herein” or words of similar effect referring to such Affected Document shall be deemed to be references to such Affected
Document as amended by this Agreement; (ii) each reference in any of the Affected Documents to any other Affected Document and each reference in any of the other Transaction Documents to any of the Affected Documents shall each mean and be a
reference to such Affected Document as amended by this Agreement; and (iii) each reference in any Transaction Document to any of the terms or provisions of an Affected Document which are redefined or otherwise modified hereby shall mean and be
a reference to such terms or provisions as redefined or otherwise modified by this Agreement. 
  

	 	18.	No Waiver 

 This Agreement shall not be deemed,
either expressly or impliedly, to waive, amend or supplement any provision of the Affected Documents other than as set forth herein, each of which Affected Document, as modified hereby, remains in full force and effect and is hereby reaffirmed,
ratified and confirmed. 

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

					
	CENDANT MOBILITY SERVICES CORPORATION
		
	By:	 	/s/ Eric J. Barnes
		 	 Name: Eric J. Barnes

		 	 Title: SVP, CFO

	
	CENDANT MOBILITY RELOCATION COMPANY
		
	By:	 	/s/ Eric J. Barnes
		 	 Name: Eric J. Barnes

		 	 Title: SVP, CFO

	
	 KENOSIA FUNDING, LLC

		
	By:	 	/s/ Eric J. Barnes
		 	 Name: Eric J. Barnes

		 	 Title: SVP, CFO

	
	 THE BANK OF NEW YORK,
 not in its individual capacity
 but solely as Trustee

		
	By:	 	/s/ Catherine Murray
		 	 Name: Catherine Murray

		 	 Title: Assistant Vice President

					
	 GOTHAM FUNDING CORPORATION,
 as Purchaser and Holder of 100% of the Notes

		
	By:	 	/s/ R. Douglas Donaldson
		 	 Name:
	 	 R. Douglas Donaldson

		 	 Title:
	 	 Treasurer

	
	THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD., New York Branch, as Administrative Agent
		
	By:	 	/s/ Aditya Reddy
		 	 Name:
	 	 Aditya Reddy

		 	 Title:
	 	 VPGuaranty, dated as of May 2, 2006

 Exhibit 10.33 
 EXECUTION COPY 
 GUARANTY 
 This Guaranty (this “Guaranty”), dated as of May 2, 2006 and effective on and after the Spin Off Effective Date (as defined herein) is executed by Realogy Corporation, a Delaware corporation (the
“Guarantor”), in favor of Cartus Relocation Corporation, a Delaware corporation (“Relocation”); Kenosia Funding, LLC, a Delaware limited liability company, as Issuer (the “Issuer”), and The Bank of
New York, a New York state banking corporation, as trustee (the “Trustee”) under the Indenture dated as of March 7, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”); and Gotham Funding Corporation as purchaser (the “Purchaser”) and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch formerly known as The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as
administrative agent (the “Administrative Agent”) under the Note Purchase Agreement dated as of March 7, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase
Agreement”) by and between the Issuer, Relocation, Cartus Corporation, a Delaware corporation (“Cartus”), as originator and servicer, the Purchaser and the Administrative Agent. Unless otherwise defined herein, all
capitalized terms used herein shall have the respective meanings ascribed to them in the Indenture or that certain Purchase Agreement dated as of March 7, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the
“Purchase Agreement”) between Relocation and Cartus. 
 WHEREAS, Cartus on the Spin Off Effective Date will be a
wholly-owned Subsidiary of the Guarantor and the Guarantor is expected to receive substantial direct and indirect benefits from the transactions contemplated in the Purchase Agreement, the Fee Receivables Purchase Agreement, the Receivables Purchase
Agreement, the Servicing Agreement and the Indenture; 
 WHEREAS, as an inducement for (i) Relocation to make purchases under the
Purchase Agreement, (ii) the Issuer to acquire the Cartus Purchased Assets and KF Purchased Assets thereunder under the terms of the Fee Receivables Purchase Agreement and the Receivables Purchase Agreement and (iii) the Purchaser and the
Administrative Agent to provide funding and otherwise act under the terms of the Note Purchase Agreement, the Guarantor has agreed to guaranty the due and punctual payment and performance of Cartus’ obligations, whether as Originator under the
Relocation Purchase Agreement, as Originator under the Fee Receivables Purchase Agreement, as Servicer under the Servicing Agreement or as Originator and Servicer under the Note Purchase Agreement; Relocation obligations, whether as Originator and
Seller under the Receivables Purchase Agreement or as Originator under the Note Purchase Agreement; and payment of certain other amounts as set forth herein. 

 NOW, THEREFORE, the Guarantor hereby agrees with Relocation, the Issuer, the Trustee, the Purchaser and
the Administrative Agent as follows: 
 §1. Definitions. 
 As used herein: 
 “Spin Off
Effective Date” has the meaning assigned to that term in the Third Omnibus Amendment, Agreement and Consent dated May 2, 2006 among Cartus, Relocation, the Issuer, the Trustee, the Purchaser and the Administrative Agent. 
 “Obligations” means, collectively, all covenants, agreements, representations and warranties, terms, conditions and other obligations to
be performed and observed (i) by Cartus (whether in its capacity as Originator under the Purchase Agreement, as Originator under the Fee Receivables Purchase Agreement, as Servicer under the Servicing Agreement or as Originator and Servicer
under the Note Purchase Agreement) under the Purchase Agreement, the Fee Receivables Purchase Agreement, the Servicing Agreement or the Note Purchase Agreement, and shall include without limitation the due and punctual payment when due of all sums
that are or may become owing by Cartus under the Purchase Agreement, the Fee Receivables Purchase Agreement, or the Servicing Agreement or the Note Purchase Agreement, whether in respect of fees, expenses (including counsel fees), indemnified
amounts, advances required to be made pursuant to Section 3.12 of the Servicing Agreement or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any Insolvency Proceeding with
respect to Cartus (in each case whether or not allowed as a claim in such Insolvency Proceeding) and (ii) by Relocation (whether in its capacity as Originator under the Receivables Purchase Agreement or the Note Purchase Agreement) under the
Receivables Purchase Agreement or the Note Purchase Agreement, and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by Relocation under the Receivables Purchase Agreement or the Note
Purchase Agreement, whether in respect of fees, expenses (including counsel fees), indemnified amounts or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any Insolvency
Proceeding with respect to Relocation (in each case whether or not allowed as a claim in such Insolvency Proceeding). For the avoidance of doubt, it is acknowledged and agreed that, without limiting any other description set forth in this
definition, “Obligations” includes any sums owing by Cartus or Relocation in respect of fees, expenses (including counsel fees), indemnified amounts or otherwise as the result of (i) any delay in or failure of Cartus to deposit funds
in the Collection Account as required pursuant to Section 4.01 of the Servicing Agreement; (ii) any failure of the Servicer to notify the Trustee and the Noteholders of an Asset Amount Deficiency within one Business Day after its
occurrence; and (iii) any judicial or administrative challenge to the legality of the assignment of the Receivables to the Issuer and the pledge thereof to the Trustee which is brought by an Employer. 
 “Other Amounts” means, collectively, the following amounts: 
 (a) with respect to any Distribution Date during the Amortization Period, the aggregate Unpaid Balance, as of the end of the immediately preceding
Monthly Period, of all KF Equity Receivables that are Unsold Home Receivables relating to Homes that had been owned, as of any day during such Monthly Period, for more than 180 days by either Originator, and for which no payments in respect of Other
Amounts calculated pursuant to this clause (a) have previously been made; 
  

 2 

 (b) with respect to any Distribution Date during the Amortization Period, the aggregate Unpaid Balance,
as of the end of the immediately preceding Monthly Period, of all Unbilled USPS Receivables relating to Homes that had been owned, as of any day during such Monthly Period, for more than 360 days by either Originator, and for which no payments in
respect of Other Amounts calculated pursuant to this clause (b) have previously been made; 
 (c) with respect to any Distribution Date
during the Amortization Period and all KF Equity Receivables and other Equity Receivables arising out of or with respect to Equity Loans, Equity Payments, Mortgage Payments and Mortgage Payoffs for which final payments in respect of Home Sale
Proceeds have been received during the immediately preceding Monthly Period, the amount by which (i) the aggregate Unpaid Balances of such KF Equity Receivables and other Equity Receivables as of the end of such Monthly Period exceeds
(ii) the aggregate Home Sale Proceeds and payments by Employers for losses sustained with respect to a Homes under Guaranteed Government Contracts following the sales of such Homes; 
 (d) with respect to any Distribution Date during the Amortization Period, the aggregate Unpaid Balance, as of the end of the immediately preceding
Monthly Period, of all Receivables previously identified in the Monthly Originator Report as Eligible Receivables that have become Ineligible Receivables during such Monthly Period other than those that have become Ineligible Receivables
because they are Defaulted Receivables or due to other reasons relating to the financial condition or creditworthiness of the related Obligors; and 
 (e) with respect to any Distribution Date during the Amortization Period, the aggregate amount of reductions to the Unpaid Balances of Receivables included in the Pledged Assets due to Concessions during the immediately preceding Monthly
Period. 
 §2. Guaranty of Obligations and Other Amounts. The Guarantor on and after the Spin Off Effective Date hereby
guarantees to Relocation and the Issuer (each, a “Guarantied Party”) the full and punctual payment and performance by Cartus and Relocation of all of the Obligations and the Other Amounts. This Guaranty is, on and after the Spin Off
Effective Date, an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the Obligations and the Other Amounts and is in no way conditioned upon any requirement that any Guarantied Party first
attempt to collect any amounts owing by Cartus or Relocation to such Guarantied Party from Cartus or Relocation, as the case may be, or resort to any collateral security, any balance of any deposit account or credit on the books of any Guarantied
Party in favor of Cartus or Relocation or any other Person or other means of obtaining payment. Should Cartus or Relocation default in the payment or performance of any of the Obligations or the Other Amounts, any Guarantied Party may cause the
immediate performance by the Guarantor of the Obligations and the Other Amounts and cause any payment obligations to become forthwith due and payable to such Guarantied Party, without demand or notice of any nature (other than as expressly provided
herein or in the Transaction Documents), all of which are expressly waived by the Guarantor. 
 §3. Guarantor’s Further
Agreements to Pay. The Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay to each Guarantied Party, forthwith upon demand in funds immediately available to such Guarantied Party, all reasonable costs and
expenses (including court costs and legal expenses) incurred or expended by such Guarantied 

  

 3 

 
Party in connection with the Obligations or the Other Amounts, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under
this Guaranty from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed based on a 360 day year) equal to the rate of interest most recently published in The Wall Street
Journal as the “Prime Rate” plus 2%. Changes in the rate payable hereunder shall be effective on each date on which a change in the “Prime Rate” is published. 
 §4. Waivers by Guarantor; Freedom to Act. The Guarantor waives notice of acceptance of this Guaranty, notice of any action taken or omitted
by any Guarantied Party in reliance on this Guaranty, and any requirement that any Guarantied Party be diligent or prompt in making demands under this Guaranty, giving of notice of any Relocation Purchase Termination Event, KF Purchase Termination
Event or Servicer Default (so long as Cartus is the Servicer) or asserting any other rights of any Guarantied Party under this Guaranty. The Guarantor also irrevocably waives all defenses that at any time may be available in respect of the
Obligations and the Other Amounts by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now or thereafter in effect. Each Guarantied Party shall be at liberty, without giving notice to or obtaining the consent
of the Guarantor, to deal with Cartus, Relocation and with each other party who now is or after the date hereof becomes liable in any manner for any of the Obligations or the Other Amounts, in such manner as such Guarantied Party in its sole
discretion deems fit, and to this end the Guarantor agrees that the validity and enforceability of this Guaranty, including without limitation the provisions of Section 7 hereof, shall not be impaired or affected by any of the following:
(a) an amendment or modification of, or supplement to, any Transaction Document, including without limitation any extension, modification or renewal of, or indulgence with respect to, or substitution for, the Obligations, the Other Amounts or
any part thereof at any time; (b) any waiver, consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect of any Transaction Document or any Obligation (including without limitation with respect
to any Relocation Purchase Termination Event, KF Purchase Termination Event or Servicer Default (so long as Cartus is the Servicer)) or any right, power or remedy with respect thereto; (c) any Insolvency Proceeding with respect to Cartus,
Relocation or any other Person; (d) any exercise or non-exercise of any right, power or remedy with respect to the Obligations, the Other Amounts or any part thereof or any Transaction Document, or any collateral securing the Obligations, the
Other Amounts or any part thereof; (e) any law, regulation or order of any jurisdiction affecting any term of any Obligation or Other Amount or rights of Cartus or Relocation with respect thereto; (f) any release, surrender, compromise,
settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Obligations, the Other Amounts or any part thereof; (g) any invalidity or any unenforceability
of, or any misrepresentation (other than by the Issuer), irregularity or other defect in, any Transaction Document or any Obligation or Other Amount; (h) the existence of any claim, setoff or other rights that the Guarantor may have at any time
against Cartus or Relocation in connection herewith or any unrelated transaction; (i) any failure on the part of Cartus or Relocation to perform or comply with any term of the Relocation Purchase Agreement, Fee Receivables Purchase Agreement or
Receivables Purchase Agreement, the Servicing Agreement or any other Transaction Document, in each case to which Cartus or Relocation is a party; or (j) any other circumstance that might otherwise constitute a defense (other than payment and
performance) available to, or a discharge of, a guarantor or Cartus or Relocation, 

  

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all whether or not the Guarantor shall have had notice or knowledge of any event or circumstance referred to in the foregoing clauses (a) through
(j) of this Section 4. 
 §5. Unenforceability of Obligations Against Cartus and Relocation. Notwithstanding
(a) any change of ownership of Cartus or Relocation or any Insolvency Proceeding with respect to Cartus or Relocation or any other change in the legal status of Cartus or Relocation; (b) the change in or the imposition of any law, decree,
regulation or other governmental act that does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Obligations; (c) the failure of Cartus or Relocation or the Guarantor to maintain in full
force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents required in connection with the Obligations or the Other Amounts or this Guaranty, or to take any other action required in
connection with the performance of all obligations pursuant to the Obligations, the Other Amounts or this Guaranty; or (d) if any of the moneys included in the Obligations have become irrecoverable from Cartus or Relocation for any other reason
other than final payment in full of the payment Obligations in accordance with their terms, this Guaranty shall nevertheless be binding on the Guarantor. This Guaranty shall be in addition to any other guaranty or other security for the Obligations
and the Other Amounts, and it shall not be rendered unenforceable by he invalidity of any such other guaranty or security. In the event of acceleration of the time for payment of any of the Obligations, such amounts then due and owing under the
terms of the Relocation Purchase Agreement, Fee Receivables Purchase Agreement, Receivables Purchase Agreement, Servicing Agreement or Note Purchase Agreement in connection with the Obligations shall be immediately due and payable by the Guarantor.

 §6. Representations and Warranties. The Guarantor represents and warrants that: 
 (a) Organization and Good Standing. The Guarantor is a corporation duly organized and validly existing in good standing under the
laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted. 
 (b) Due Qualification. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation, and has
obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification, licenses or approvals and where the failure so to qualify to obtain such
licenses and approvals or to preserve and maintain such qualification, licenses or approvals could reasonably be expected to give rise to a material adverse effect with respect to the Guarantor. 
 (c) Power and Authority; Due Authorization. The Guarantor has (i) all necessary corporate power and authority to execute and
deliver this Guaranty and to perform all its obligations hereunder and (ii) duly authorized by all necessary corporate action the execution, delivery and performance of this Guaranty. 
 (d) Binding Obligations. This Guaranty constitutes the legal, valid and binding obligation of the Guarantor, enforceable against
the Guarantor in accordance with 

  

 5 

 
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e) No Conflict or Violation. The execution, delivery and performance of this Guaranty, and the fulfillment of the terms hereof,
will not (i) conflict with, violate, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, (A) the certificate of incorporation or the bylaws of the
Guarantor or (B) any indenture, loan agreement, mortgage, deed of trust, or other material agreement or instrument to which the Guarantor is a party or by which it or any of its properties is bound or (ii) conflict with or violate any
federal, state, local or foreign law or any decision, decree, order, rule or regulation applicable to the Guarantor or any of its properties of any court or of any federal, state, local or foreign regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Guarantor or any of its properties, which conflict or violation described in this clause (ii), individually or in the aggregate, could reasonably be expected to have a material adverse effect
on the ability of the Guarantor to perform its obligations under this Guaranty or the validity or enforceability of this Guaranty. 
 §7. Subordination. The payment of any amounts due with respect to any indebtedness of Cartus or Relocation now or hereafter owed to the Guarantor is hereby subordinated to the prior payment in full of all the Obligations and the
Other Amounts. The Guarantor agrees that, after the occurrence and during the continuation of a Cartus Purchase Termination Event or a KF Purchase Termination Event or a Servicer Default or an Unmatured Servicer Default (so long as Cartus is the
Servicer), the Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of Cartus or Relocation to it until all of the Obligations and the Other Amounts shall have been paid and performed in full. If, notwithstanding
the foregoing sentence, the Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any Obligations or Other Amounts are still unperformed or outstanding, such amounts shall be collected, enforced and received
by the Guarantor as trustee for the Guarantied Parties and be paid over to the Trustee on account of the Obligations or Other Amounts, as the case may be, without affecting in any manner the liability of the Guarantor under the other provisions of
this Guaranty. The provisions of this Section 7 shall be supplemental to and not in derogation of any rights and remedies which any Guarantied Party may at any time and from time to time have with respect to the Guarantor. 
 §8. Guarantor’s Acknowledgment and Agreements. 
 (a) The Guarantor hereby acknowledges that the Guarantied Parties are entering into the transactions contemplated by the Transaction Documents in reliance upon the identity of each of the Issuer and Relocation, as a
legal entity separate from Cartus and the other CMS Persons. Therefore, from and after the date hereof until one year and one day after the Final Payout Date, the Guarantor will, and will cause each of its Subsidiaries and Affiliates (other than
Relocation and the Issuer) to, take such actions as shall be required in order that the covenants set forth in Section 7.1(e) of the Purchase Agreement are complied with at all times. 
  

 6 

 (b) The Guarantor agrees that, if at any time the Issuer ceases to be a wholly-owned subsidiary of
Cendant, then, in such event, the Guarantor shall cause to be executed a tax sharing agreement between the Issuer and the ultimate parent of the Issuer, in form and substance satisfactory to the Majority Investors. 
 §9. No Petition. Each party hereto agrees that it will not institute against, or join any other person or entity, including any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of any nature, in instituting against, the Purchaser, JH Management Company
or any of their respective directors, officers or members any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after all
Notes have been paid in full. 
 §10. Termination of Guaranty. The Guarantor’s obligations hereunder shall continue in full
force and effect until the date that is one year and one day after the Final Payout Date, provided that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other satisfaction of
any of the Obligations or Other Amounts is rescinded or must otherwise be restored or returned in connection with any Insolvency Proceeding with respect to Cartus, Relocation or any other Person, or otherwise, as though such payment had not been
made or other satisfaction occurred, whether or not any Guarantied Party is in possession of this Guaranty. No invalidity, irregularity or unenforceability by reason of the Bankruptcy Code or any insolvency or other similar law, or any law or order
of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations or Other Amounts shall impair, affect, be a defense to or claim against the obligations of the Guarantor under this Guaranty. 
 §11. Effect of Bankruptcy. This Guaranty shall survive the occurrence of any Insolvency Proceeding with respect to Cartus, Relocation or any
other Person. No automatic stay under the Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which Cartus or Relocation is subject shall postpone the obligations of the Guarantor under
this Guaranty. 
 §12. Successors and Assigns. This Guaranty shall be binding upon the Guarantor and its successors and assigns,
and shall inure to the benefit of and be enforceable by Relocation, the Issuer, the Trustee, the Purchaser, the Administrative Agent and their respective successors, transferees and assigns. The Guarantor hereby acknowledges that this Guaranty will
be assigned by the Issuer to the Trustee. The Guarantor may not assign or transfer any of its obligations hereunder without the prior written consent of Relocation, the Issuer and the Trustee, acting at the direction of the Majority Investors.
Without limiting the generality of the foregoing sentence, each Guarantied Party may, to the extent permitted by the Transaction Documents, assign or otherwise transfer all or any portion of its rights and obligations under the Transaction
Documents, or sell participations in any interest therein, to any other entity or other Person, and such other entity or other Person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or
participation, with all the rights in respect thereof granted to such Guarantied Party herein. 
  

 7 

 §13. Amendments and Waivers. No amendment or waiver of any provision of this Guaranty nor
consent to any departure by the Guarantor therefrom shall be effective unless the same shall be in writing and signed by Relocation, the Issuer and the Trustee, acting at the direction of the Majority Investors. No failure on the part of any
Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any
other right. 
 §14. Notices. All notices and other communications called for hereunder shall be made in writing and, unless
otherwise specifically provided herein, shall be deemed to have been duly made or given when delivered by hand or mailed first class, postage prepaid, or, in he case of telegraphic, telecopied or telexed notice, when transmitted, answer back
received, addressed as follows: (i) if to the Guarantor, 1 Campus Drive, Parsippany, New Jersey 07054, Attention: Treasurer, (ii) if to Relocation, at its address for notices set forth in the Purchase Agreement, (iii) if to the
Issuer, to its address for notices set forth in the Indenture and (iv) if to the Trustee, to its address for notices set forth in the Indenture. 
 §15. GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT
OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 §16. SUBMISSION TO JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, NEW YORK OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER TRANSACTION
DOCUMENT, AND HEREBY (a) IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT; (b) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING; AND (c) IN THE CASE OF THE GUARANTOR, IRREVOCABLY APPOINTS CT CORPORATION SYSTEM (THE “PROCESS AGENT”), WITH AN OFFICE ON THE DATE HEREOF AT 111
EIGHTH AVENUE, NEW YORK, NEW YORK 10011, UNITED STATES OF AMERICA, AS ITS AGENT TO RECEIVE ON BEHALF OF IT AND ITS PROPERTY SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY OTHER PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING.
SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO THE GUARANTOR IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND THE GUARANTOR HEREBY IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT
SUCH SERVICE ON ITS BEHALF. THE GUARANTOR AGREES TO ENTER INTO ANY AGREEMENT RELATING TO SUCH APPOINTMENT WHICH THE PROCESS AGENT MAY CUSTOMARILY REQUIRE, AND TO PAY THE PROCESS AGENT’S CUSTOMARY FEES UPON DEMAND. AS AN ALTERNATIVE METHOD OF

  

 8 

 
SERVICE, THE GUARANTOR ALSO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, OF SUCH PROCESS TO THE GUARANTOR AT ITS ADDRESS SPECIFIED HEREIN. NOTHING IN THIS SECTION 16 SHALL AFFECT THE RIGHT OF EITHER PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER PERMITTED BY LAW OR AFFECT THE RIGHT OF
EITHER PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTY HERETO OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. 
 §17. WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION
DOCUMENT, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN),
ACTIONS OF EITHER OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY OR ANY OTHER TRANSACTION DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

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

 9 

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

			
	 REALOGY CORPORATION

		
	By:	 	/s/ Dave Weaving
	 Name:
	 	 Dave Weaving

	 Title:
	 	 SVP and CFO

 Acknowledged and 
 Accepted as of this              
 day of May, 2006 
  

			
	 CENDANT MOBILITY RELOCATION COMPANY

		
	By	 	 /s/ Eric J. Barnas

	 Name:
	 	 Eric J. Barnas

	 Title:
	 	 SVP, CFO

  

			
	 KENOSIA FUNDING, LLC as Issuer

		
	By	 	 /s/ Eric J. Barnas

	 Name:
	 	Eric J. Barnas
	 Title:
	 	 SVP, CFO

  

			
	 THE BANK OF NEW YORK, as Trustee

		
	By	 	 /s/ Catherine Murray

	 Name:
	 	 Catherine Murray

	 Title:
	 	 Assistant Vice President

  

			
	 GOTHAM FUNDING CORPORATION

		
	By	 	 /s/ R. Douglas Donaldson

	 Name:
	 	 R. Douglas Donaldson

	 Title:
	 	 Treasurer

  

 [Signature Page to Guaranty] 

			
	 THE BANK OF TOKYO MITSUBISHI UFJ, LTD., NEW YORK BRANCH,
as Administrative Agent

		
	By	 	 /s/ Aditya Reddy

	 Name:
	 	 Aditya Reddy

	 Title:
	 	 VP

  

 [Signature Page to Guaranty]

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