Document:

Servicing Agreement dated as of March 7, 2002

 Exhibit 10.28 
  
 EXECUTION COPY 
  
 SERVICING AGREEMENT 
  
 Dated as of March 7, 2002 
  
 by and between 
  
 CENDANT MOBILITY SERVICES CORPORATION 
 as Originator and Servicer, 
  
 CENDANT MOBILITY GOVERNMENT 
 FINANCIAL SERVICES CORPORATION 
 as
Originator, 
  
 KENOSIA FUNDING LLC 
 as Issuer 
  
 and 
  
 THE
BANK OF NEW YORK 
 as Trustee 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
	 	  	DEFINITIONS	  	 
			
	 Section 1.01
	  	Definitions	  	 
			
	 Section 1.02
	  	Other Definitional Provisions	  	5
			
	 	  	 [RESERVED]
	  	 
			
	 	  	ARTICLE III	  	 
	 	  	ADMINISTRATION AND SERVICING OF RECEIVABLES	  	 
			
	 Section 3.01
	  	Acceptance of Appointment and Other Matters Relating to the Servicer	  	8
			
	 Section 3.02
	  	Duties of the Servicer and the Issuer	  	8
			
	 Section 3.03
	  	Servicing Compensation	  	11
			
	 Section 3.04
	  	Representations and Warranties of the Servicer	  	11
			
	 Section 3.05
	  	Affirmative Covenants of Servicer	  	13
			
	 Section 3.06
	  	Negative Covenants of Servicer	  	15
			
	 Section 3.07
	  	Records of the Servicer and Reports to be Prepared by the Servicer	  	16
			
	 Section 3.08
	  	Annual Certificate of Servicer	  	17
			
	 Section 3.09
	  	Annual Servicing Report of Independent Public Accountants; Copies of Reports Available	  	17
			
	 Section 3.10
	  	Adjustments; Modifications	  	18
			
	 Section 3.11.
	  	Escrow Agents	  	18
			
	 Section 3.12.
	  	Servicer Advances	  	18
			
	 Section 3.13.
	  	Calculations	  	19
			
	 Section 3.14.
	  	Application of Collections	  	19
			
	 	  	ARTICLE IV	  	 
	 	  	ACCOUNTS AND POOL COLLECTIONS	  	 
			
	 Section 4.01
	  	Establishment of Collection Account	  	20
			
	 Section 4.02
	  	Pool Collections and Allocations	  	21
			
	 Section 4.03
	  	Withdrawals from the Collection Account	  	21
			
	 	  	ARTICLE V	  	 
	 	  	[RESERVED]	  	 
			
	 	  	ARTICLE VI	  	 
	 	  	[RESERVED]	  	 

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 	  	ARTICLE VII	  	 
	 	  	OTHER MATTERS RELATING TO THE SERVICER	  	 
			
	 Section 7.01
	  	Liability of the Servicer	  	24
			
	 Section 7.02
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	  	24
			
	 Section 7.03
	  	Limitation on Liability of the Servicer and Others	  	24
			
	 Section 7.04
	  	Indemnification by the Servicer	  	25
			
	 Section 7.05
	  	Resignation of the Servicer	  	26
			
	 Section 7.06
	  	Access to Certain Documentation and Information Regarding the Receivables	  	26
			
	 	  	ARTICLE VIII	  	 
	 	  	[RESERVED]	  	 
			
	 	  	ARTICLE IX	  	 
	 	  	SERVICER DEFAULTS	  	 
			
	 Section 9.01
	  	Servicer Defaults	  	28
			
	 Section 9.02
	  	Performance by Issuer	  	29
			
	 Section 9.03
	  	Trustee To Act; Appointment of Successor	  	30
			
	 Section 9.04
	  	Notification to Holders	  	31
			
	 	  	ARTICLE X	  	 
	 	  	TERMINATION	  	 
			
	 Section 10.01
	  	Termination	  	32
			
	 	  	ARTICLE XI	  	 
	 	  	MISCELLANEOUS PROVISIONS	  	 
			
	 Section 11.01
	  	Amendment	  	33
			
	 Section 11.02
	  	Governing Law	  	33
			
	 Section 11.03
	  	Notices; Payments	  	33
			
	 Section 11.04
	  	Severability of Provisions	  	33
			
	 Section 11.05
	  	Further Assurances	  	33
			
	 Section 11.06
	  	Nonpetition Covenant	  	34
			
	 Section 11.07
	  	No Waiver; Cumulative Remedies	  	34
			
	 Section 11.08
	  	Counterparts	  	34

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 11.09
	  	Third-Party Beneficiaries	  	34
			
	 Section 11.10
	  	Merger and Integration	  	34
			
	 Section 11.11
	  	Headings	  	34
			
	 Section 11.12
	  	Confidentiality	  	34
			
	 Section 11.13
	  	[Reserved]	  	35
			
	 Section 11.14
	  	Submission to Jurisdiction	  	35
			
	 Section 11.15
	  	Waiver of Jury Trial	  	35
			
	 Section 11.16
	  	[Reserved]	  	36
			
	 Section 11.17
	  	No Partnership or Joint Venture	  	36

  

 -iii- 

 SCHEDULES 
  

			
	 SCHEDULE 3.04(k)
	  	List of Lockbox Banks
	
	EXHIBIT
		
	 EXHIBIT A
	  	 Form of Annual Servicer’s Certificate

		
	 EXHIBIT B
	  	 Forms of Lockbox Agreements

		
	 EXHIBIT C
	  	 List of Servicing Officers

		
	 EXHIBIT D
	  	 Form of Monthly Originator Report

		
	 EXHIBIT E
	  	 Form of Agreed-Upon Procedures

  

 -v- 

 THIS SERVICING AGREEMENT (this “Agreement”) dated as of March 7, 2002 is made by
and between CENDANT MOBILITY SERVICES CORPORATION, a Delaware corporation, as originator and servicer (“CMSC” or the “Servicer”), CENDANT MOBILITY GOVERNMENT FINANCIAL SERVICES CORPORATION, a Delaware corporation,
as Originator (“CMGFSC”), KENOSIA FUNDING LLC, a Delaware limited liability company (the “Issuer”), and THE BANK OF NEW YORK, a New York state banking corporation, as Trustee (the “Trustee”).

  
 In consideration of the mutual agreements herein contained,
each party agrees as follows for the benefit of the other parties, the Trustee and the holders of any Notes issued by the Issuer from time to time under the Indenture to the extent provided herein: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.01 Definitions. Capitalized terms used in this Agreement but not defined herein shall have the meanings assigned to them in the
Receivables Purchase Agreement, CMGFSC Purchase Agreement or Fee Receivables Purchase Agreement, as applicable. Whenever used in this Agreement, the following words and phrases shall have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 “Agreement” shall mean this Servicing Agreement and all amendments hereof and supplements hereto. 
  
 “Amortization Event” shall have the meaning set forth in the
Indenture.  
  
 “Asset Amount Deficiency”
shall have the meaning set forth in the Indenture.  
  
 “Authentication Agent” shall have the meaning set forth in the Indenture.  
  
 “Collection Account” shall have the meaning set forth in Section 4.01. 
  
 “CMGFSC Purchase Agreement” shall mean the purchase agreement dated as of March 7, 2002, between CMSC
and CMGFSC, as amended from time to time. 
  
 “Distribution Date” shall have the meaning set forth in the Indenture. 
  
 “Dollars,” “$” or “U.S. $” shall mean United States dollars. 
  
 “Eligible Account” shall mean an account that is
(i) maintained with a depository institution whose short-term debt obligations at the time of any deposit therein are rated in the highest short-term debt rating categories by Moody’s and Standard & Poor’s, (ii) one or
more accounts maintained with a depository institution, which accounts are fully insured by the FDIC, with a minimum long-term unsecured debt rating of “A3” by Moody’s and “BBB+” by Standard & Poor’s or (iii) a
segregated trust account maintained with the corporate trust office of the Trustee or an Affiliate of the Trustee, in either case in its fiduciary capacity. 

 “Eligible Investments” shall have the meaning set forth in the Indenture. 
  
 “Eligible Receivables,” in the case of Fee Receivables,
shall have the meaning set forth in the Fee Receivables Purchase Agreement and, in the case of Pool Receivables, shall have the meaning set forth in the Receivables Purchase Agreement. 
  
 “Eligible Servicer” shall mean CMSC or, if CMSC is not acting as Servicer, an entity that, at the time of
its appointment as Servicer, (a) is servicing a portfolio of relocation services accounts or is acceptable to the Trustee and the Purchaser, (b) is legally qualified and has the capacity to service the Receivables, (c) is qualified to
use the software that is then being used to service the Receivables or obtains the right to use or has its own software that is adequate to perform its duties under this Agreement and (d) has a net worth of at least $25,000,000 as of the end of
its most recent fiscal quarter (or such lesser net worth as may be approved by the Purchaser). 
  
 “Event of Default” shall have the meaning set forth in the Indenture. 
  
 “FDIC” shall mean the Federal Deposit Insurance Corporation or any successor. 
  
 “Fee Receivables Purchase Agreement” shall mean the fee
receivables purchase agreement dated as of March 7, 2002 between CMSC and the Issuer, as amended from time to time. 
  
 “Final Stated Maturity Date” shall have the meaning set forth in the Indenture. 
  
 “Home Purchase Price” shall mean, with respect to any Home,
the appraised or other value set forth in the related Home Purchase Contract as the purchase price for such Home. 
  
 “Indebtedness” shall mean, with respect to any Person, in the aggregate, without duplication, (i) all indebtedness, obligations and
other liabilities of such Person that are, at the date as of which Indebtedness is to be determined, includable as liabilities in a balance sheet of such Person, other than (x) accounts payable and accrued expenses and (y) current and
deferred income taxes and other similar liabilities, (ii) the maximum aggregate amount of all liabilities of such Person or under any Guaranty, indemnity or similar undertaking given or assumed of or in respect of, the indebtedness, obligations
or other liabilities, assets, revenues, income or dividends of any Person other than such Person and (iii) all other obligations or liabilities of such Person with respect to the discharge of the obligations of any Person other than itself. For
purposes of the Transaction Documents, the Indebtedness of any Person includes the Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer. 
  
 “Indenture” shall mean the indenture dated as of
March 7, 2002, by and between the Issuer, the Trustee and The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar. 
  
 “Investment Company Act” shall have the meaning set forth in the Indenture. 
  

 2 

 “Lockbox” shall mean any post office box to which the Obligors remit Pool Collections or
Fee Collections. 
  
 “Lockbox Account” shall mean
each lockbox account and associated demand deposit account established pursuant to the Lockbox Agreement and such other lockbox accounts and associated demand deposit accounts that the Servicer may establish from time to time pursuant to a Lockbox
Agreement. 
  
 “Lockbox Agreement” shall mean
each lockbox agreement attached as Exhibit B and any other lockbox agreement pursuant to which the Servicer establishes a Lockbox Account in the name of the Trustee. 
  
 “Lockbox Bank” shall mean any institution at which a Lockbox or Lockbox Account is maintained. 

 
 “Material Adverse Effect” shall mean, with respect to any
Person and any event or circumstance, a material adverse effect on (a) the business, financial condition, operations or assets of such Person, (b) the ability of such Person to perform its obligations under any Transaction Document to
which it is a party or, if applicable, all or any substantial portion of the Contracts, (c) the validity or enforceability of, or collectibility of, amounts payable by such Person under any Transaction Document to which it is a party,
(d) the status, existence, perfection or priority of the interest of the Issuer and its assignees in the Pledged Assets, taken as a whole, in each case free and clear of any Lien (other than a Permitted Lien) or (e) the validity,
enforceability or collectibility of all or any substantial portion of the Pledged Assets. 
  
 “Monthly Period” shall have the meaning set forth in the Indenture. 
  
 “Moody’s” shall mean Moody’s Investors Service or its successor. 
  
 “Nonrecoverable Advance” shall mean any Servicer Advance previously made in respect of a Home the
Receivable arising from which has become a Defaulted Receivable. 
  
 “Note” shall have the meaning set forth in the Indenture. 
  
 “Officer’s Certificate” shall mean, unless otherwise specified in this Agreement, a certificate delivered as provided herein, signed: 
  
 (a) by the President, any Vice President or the chief financial officer of
the Servicer, or 
  
 (b) by the President, any Vice President or
the financial controller of any Successor Servicer 
  
 (or in either such case by
an officer holding an office with equivalent or more senior responsibilities or a Servicing Officer). 
  

 3 

 “Opinion of Counsel” shall mean a written opinion of counsel, who may be counsel for, or
an employee of, the Person providing the opinion and who shall be reasonably acceptable to the Issuer and the Trustee. 
  
 “Outstanding” shall have the meaning set forth in the Indenture. 
  
 “Outstanding Amount” shall have the meaning set forth in the Indenture. 
  
 “Paying Agent” shall have the meaning set forth in the
Indenture. 
  
 “Pledged Assets” shall have the
meaning set forth in the Indenture. 
  
 “Possession
Date” shall have, with respect to any Home, the meaning set forth in the related Home Purchase Contract. 
  
 “Purchaser” shall have the meaning set forth in the Indenture. 
  
 “Monthly Originator Report” shall have the meaning set forth in Section 3.07(c). 
  
 “Receivables Purchase Agreement” shall mean the receivables
purchase agreement dated as of March 7, 2002, between CMGFSC and the Issuer, as amended from time to time. 
  
 “Reporting Date” shall mean the twelfth day of each calendar month or, if such twelfth day is not a Business Day, the immediately
preceding Business Day. 
  
 “Requirements of Law”
shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Service Transfer” shall have the meaning set forth in Section 9.01. 
  
 “Servicer” shall mean CMSC, in its capacity as the Servicer under this Agreement, and any successor thereto in such capacity appointed
pursuant to Article IX of this Agreement. 
  
 “Servicer
Advance” shall mean any out-of-pocket payments made by the Servicer with respect to a CMGFSC Home, including but not limited to maintenance, repairs, utilities, insurance, taxes, assessments, Mortgage Payoffs, Mortgage Payments, Other
Reimbursable Expenses, homeowners or association dues and other costs of ownership. 
  
 “Servicer Default” shall have the meaning set forth in Section 9.01. 
  
 “Servicing Fee” shall have the meaning, set forth in Section 3.03. 
  
 “Servicing Officer” shall mean any officer of the Servicer or an attomey-in-fact of the Servicer who in
either case is involved in, or responsible for, the administration and servicing of the Receivables and whose name appears on a list of servicing officers furnished to the Issuer and the Trustee by the Servicer, as such list may from time to time be
amended. The initial list of Servicing Officers is set forth in Exhibit C. 
  

 4 

 “Solvent” shall have the meaning set forth in the Note Purchase Agreement. 

 
 “Standard & Poor’s” shall mean
Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc., or its successor. 
  
 “Sub-Servicer” shall have the meaning set forth in Section 3.01(b). 
  
 “Successor Servicer” shall have the meaning provided in Section 9.03(a). 
  
 “Termination Notice” shall have the meaning set forth in
Section 9.01. 
  
 “Transfer Agent and
Registrar” shall have the meaning set forth in the Indenture. 
  
 “Trustee” shall mean The Bank of New York, acting in its capacity as Trustee under the Indenture. 
  
 “Unmatured Servicer Default” shall mean any event that, with the giving of notice or lapse of time, or both, would become a Servicer
Default. 
  
 Section 1.02 Other Definitional
Provisions. 
  
 (a) All terms defined in this Agreement shall
have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (b) Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP or with United States generally
accepted regulatory accounting principles, as applicable. To the extent that the definitions of accounting terms in this Agreement are inconsistent with the meanings of such terms under GAAP or regulatory accounting principles, the definitions
contained in this Agreement shall control. All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein are used herein as defined in such Article 9. 
  
 (c) Agreements, Representations and Warranties. The agreements,
representations and warranties of CMSC in this Agreement in its capacity as Servicer shall be deemed to be the agreements, representations and warranties of CMSC solely in such capacity for so long as CMSC acts in such capacity under this Agreement,
provided that nothing in this paragraph shall be deemed to limit the survival of such agreements, representations and warranties. 
  
 (d) Computation of Time Periods. Unless otherwise stated in this Agreement with respect to computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and each of the words “to” and “until” means “to but excluding”. 
  
 (e) References to Amounts. Unless otherwise specified, references to any amount as on deposit or outstanding on any
particular date shall mean such amount at the close of business on such day. 
  

 5 

 (f) Reference. The words “hereof”, “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and references to “Section”, “subsection”,
“Appendix”, “Schedule” and “Exhibit” in this Agreement are references to Sections, subsections, Appendices, Schedules and Exhibits in or to this Agreement unless otherwise specified in this
Agreement. 
  
 [END OF ARTICLE I] 
  

 6 

 ARTICLE II 
  
 [RESERVED] 
  

 7 

 ARTICLE III 
  
 ADMINISTRATION AND SERVICING 
 OF RECEIVABLES

  
 Section 3.01 Acceptance of Appointment and Other
Matters Relating to the Servicer. 
  
 (a) The servicing,
administration and collection of the Pool Receivables, the Fee Receivables and the other Pledged Assets shall be conducted by the Person designated as the Servicer hereunder from time to time in accordance with this Section 3.01. Until the
Trustee gives a Termination Notice to CMSC pursuant to Section 9.01, CMSC is hereby designated, and CMSC hereby agrees to act, as the Servicer under this Agreement and the other Transaction Documents with respect to the Pool Receivables, the
Fee Receivables and the other Pledged Assets, and each of CMSC, CMGFSC and the Issuer consents to CMSC acting as the Servicer. 
  
 (b) In the ordinary course of business, the Servicer, with prior written notice to the Trustee, may at any time delegate part or all of its duties
hereunder with respect to the Receivables and the other Pledged Assets to any sub-servicers that agree to conduct such duties in accordance with the Credit and Collection Policy and this Agreement. Each such sub-servicer to whom any such duties are
delegated in accordance with this Section 3.01(b) is referred to herein as a “Sub-Servicer.” Notwithstanding any such delegation by the Servicer, the Servicer shall remain liable for the performance of all duties and
obligations of the Servicer pursuant to the terms of this Agreement and the other Transaction Documents, and such delegation shall not relieve the Servicer of its liability and responsibility with respect to such duties. The fees and expenses of any
such Sub-Servicers shall be as agreed between the Servicer and such Sub-Servicers from time to time, and none of the Issuer, the Trustee or the holders of any Notes issued by the Issuer under the Indenture shall have any responsibility therefor.
Upon any termination of a Servicer pursuant to Section 9.01, all Sub-Servicers designated pursuant to this Section 3.01(b) by such Servicer also shall be automatically terminated without payment of any fees by the Trustee or the
Noteholders. 
  
 (c) The designation of the Servicer (and each
Sub-Servicer) under this Agreement (and, in the case of any Sub-Servicer, under the agreement or other document pursuant to which the Servicer makes a delegation of servicing duties to such Sub-Servicer) shall automatically cease and terminate on
the Final Payout Date. 
  
 Section 3.02 Duties of the
Servicer and the Issuer. 
  
 (a) Each of CMSC, CMGFSC and the
Issuer hereby appoints the Servicer from time to time designated pursuant to Section 3.01 (a) as Servicer hereunder to take all actions authorized below or elsewhere in this Agreement and to enforce its and the Trustee’s respective
rights and interests in and under the Pool Receivables or the Fee Receivables, as applicable, and the other Pledged Assets. 
  

 8 

 (b) As Servicer hereunder, the Servicer shall service and administer the Pool Receivables, the Fee
Receivables and the other Pledged Assets, shall collect and deposit into the Collection Account payments due under the Pool Receivables and Fee Receivables and shall charge-off as uncollectible Pool Receivables and Fee Receivables, all in accordance
with its customary and usual servicing procedures and the Credit and Collection Policy. As Servicer hereunder, the Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder, to do any and all
things it may deem necessary or appropriate in connection with such servicing and administration. CMSC, CMGFSC and the Issuer shall furnish the Servicer with any documents necessary or appropriate to enable the Servicer to carry out its servicing
and administrative duties hereunder. The Trustee shall furnish the Servicer with any documents in its possession necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. The Servicer shall
exercise the same care and apply the same policies with respect to the collection, administration and servicing of the Pool Receivables, the Fee Receivables and other Pledged Assets that it would exercise and apply if it owned such Pool Receivables,
Fee Receivables and other Pledged Assets, all in substantial compliance with applicable law and in accordance with the Credit and Collection Policy. The Servicer shall take or cause to be taken all such actions as it deems necessary or appropriate
to collect each Pool Receivable, Fee Receivable and other Transferred Asset (and shall cause each Sub-Servicer, if any, to take or cause to be taken all such actions as the Servicer deems necessary or appropriate to collect each Pool Receivable, Fee
Receivable and other Transferred Asset for which such Sub-Servicer is responsible in its capacity as Sub-Servicer) from time to time, all in accordance with applicable law and in accordance with the Credit and Collection Policy. 
  
 (c) Without limiting the generality of the foregoing and subject to
Section 3.02(e) and Section 9.01, each of CMSC, CMGFSC and the Issuer hereby authorizes and empowers the Servicer or its designee as follows, except to the extent any such power and authority is revoked or limited by the Trustee on account
of the occurrence of an Unmatured Servicer Default or a Servicer Default of which a Trustee Officer of the Trustee has knowledge or otherwise pursuant to Section 9.01: 
  
 (i) to give instructions to the Trustee for withdrawals and payments from the Collection Account and to take
any other action necessary or appropriate to service the Pledged Assets as set forth in the Indenture, 
  
 (ii) to enter into Home Sale Contracts and all related documents, instruments and agreements on behalf of CMSC (with respect to CMSC
Homes) and on behalf of CMGFSC (with respect to CMGFSC Homes) and to take all necessary actions, including with respect to the maintenance and marketing of the related Homes, to carry out the terms of such Home Sale Contracts and related agreements;
provided, however, that the Servicer shall not be a party to any Home Sale Contract or any other document, instrument, or agreement relating to the sale by CMGFSC of a Home, unless it is expressly disclosed on the face of such
document, instrument, or agreement that the Servicer is acting as Servicer for CMGFSC, 
  
 (iii) to execute and deliver any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all
other comparable instruments, with respect to the Pool Receivables, the Fee Receivables and the other Pledged Assets on the Issuer’s behalf, 
  

 9 

 (iv) after the delinquency of any Pool Receivable or any Fee Receivable or any default in
connection with any other Transferred Asset and to the extent permitted under and in compliance with the Credit and Collection Policy and with all applicable laws, rules, regulations, judgments, orders and decrees of courts and other Governmental
Authorities and all other tribunals, to commence or settle collection proceedings with respect to such Pool Receivable, Fee Receivable or other Transferred Asset and otherwise to enforce the rights and interests of the Issuer in, to and under such
Pool Receivable, Fee Receivable or other Transferred Asset (as applicable), unless the Trustee otherwise revokes such authority in writing, 
  
 (v) to make all filings and take all other actions necessary for the Issuer to maintain a perfected security and/or ownership interest in
the Pool Receivables and Fee Receivables (subject to Permitted Exceptions) have been taken or made, 
  
 (vi) to determine on or prior to each Reporting Date whether each Receivable included in the Pledged Assets during the previous month is
an Eligible Receivable and to identify all Receivables sold to the Issuer during the previous month that are not Eligible Receivables. 
  
 provided, however, that: 
  
 (A) following the appointment of a Servicer other than CMSC, or when a Servicer Default has occurred and is continuing, the Trustee on
behalf of the Issuer shall have the absolute and unlimited right to direct the Servicer to commence or settle any legal action to enforce collection of, or otherwise exercise rights with respect to, any Pool Receivable or Fee Receivable transferred
to the Issuer or to foreclose upon or repossess or otherwise exercise rights with respect to, any other Pledged Assets transferred to the Issuer, and 
  
 (B) the Servicer shall not, under any circumstances, be entitled to make the Issuer or any assignee thereof a party to any litigation
without the prior written consent of the Issuer or such assignee, as applicable. 
  
 (d) The Servicer shall pay out of its own funds, without reimbursement, all expenses incurred in connection with its servicing activities hereunder, including expenses related to enforcement of the Pool Receivables
and Fee Receivables, fees and disbursements of its outside counsel and independent accountants and all other fees and expenses, including the costs of filing UCC continuation statements. 
  
 (e) In addition to its other obligations provided for hereunder, the Servicer shall hold and maintain all Records in trust,
for the benefit of the Issuer, the Trustee and the holders of the Notes, which Records shall be held separate and apart from the other property of the Servicer and maintained in files marked to show that such Records have been pledged to the Trustee
pursuant to the Indenture; provided, however, that the Servicer shall be entitled (i) to 
  

 10 

 release any Equity Loan Notes that have been, or concurrent with such release will be, repaid, satisfied or otherwise
cancelled and (ii) to release any Home Purchase Contracts and Home Deeds for Homes with respect to which a Home Sale Contract has been executed in order to facilitate the prompt closing thereof, including without limitation by delivery of such
documents to escrow agents (with a notice to such escrow agents of the interest of the Issuer and the Trustee therein). 
  
 Section 3.03 Servicing Compensation. The Issuer hereby agrees to pay to the Servicer, as full compensation for its servicing activities
hereunder and under the other Transaction Documents and as reimbursement for any expense incurred by it in connection therewith, a servicing fee (the “Servicing Fee”) with respect to each Monthly Period, payable in arrears on the
related Distribution Date, in an amount equal to the product of 0.75% multiplied by the Aggregate Receivables Balance as of the first day of such Monthly Period, subject to adjustment at the direction of the Trustee to provide
additional servicing compensation in an amount up to 110% of actual servicing costs to any Successor Servicer if necessary to reflect then-current market rates for servicing of comparable receivables at any time that CMSC is replaced as Servicer
hereunder. The share of the Servicing Fee allocable to the holders of the Notes issued from time to time by the Issuer under the Indenture with respect to any Monthly Period shall be set forth in the Indenture. The Servicing Fee shall be payable
solely out of Pool Collections and Fee Collections available for such purpose pursuant to, and subject to the priority of payments set forth in, the Indenture. Notwithstanding the preceding sentence, the portion of the Servicing Fee with respect to
any Monthly Period not payable out of the Pool Collections and Fee Collections allocated to the holders of the Notes shall be payable out of the Pool Collections and Fee Collections allocable to the Issuer on the related Distribution Date as set
forth in the Indenture or by the Issuer, and in no event shall the holders of the Notes be liable for the share of the Servicing Fee with respect to any Monthly Period to be payable out of the Pool Collections and Fee Collections allocable to the
Issuer or by the Issuer. The Servicer shall pay the fees and expenses of, and agrees to indemnify the Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar in accordance with the terms of the Indenture. 

 
 Section 3.04 Representations and Warranties of the Servicer.
CMSC, as initial Servicer, hereby makes, and any Successor Servicer by its appointment hereunder shall make with respect to itself, on the Closing Date (and on the date of any such appointment), the following representations, warranties and
covenants, on which the Issuer, CMSC and CMGFSC shall be deemed to have relied: 
  
 (a) Organization and Good Standing. The Servicer is a corporation duly organized and validly existing in good standing under the laws of the State of its incorporation 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 Servicer is duly qualified to do business, 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 in which the failure so to qualify or 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 Servicer. 
  

 11 

 (c) Power and Authority; Due Authorization. The Servicer (i) has all necessary corporate
power and authority (A) to execute and deliver this Agreement and the other Transaction Documents to which it is a party and (B) to perform its obligations under this Agreement and the other Transaction Documents to which it is a party and
(ii) has duly authorized by all necessary corporate action the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.

  
 (d) Binding Obligations. This Agreement constitutes,
and each other Transaction Document to which the Servicer is a party when duly executed and delivered will constitute, a legal, valid and binding obligation of the Servicer, enforceable against the Servicer in accordance with its terms, except
(i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited
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, and the consummation of the transactions contemplated by, this Agreement
and the other Transaction Documents to which the Servicer is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, 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 by-laws of the Servicer or (B) any material indenture, loan agreement, mortgage, deed of trust or other material agreement or instrument to which
the Servicer is a party or by which it or any of its respective properties is bound, (ii) result in the creation or imposition of any Lien on any of the Pledged Assets pursuant to the terms of any such material indenture, loan agreement,
mortgage, deed of trust or other material agreement or instrument, other than this Agreement and the other Transaction Documents to which the Servicer is a party or (iii) conflict with or violate any federal, state, local or foreign law or any
decision, decree, order, rule or regulation applicable to the Servicer or of any federal, state, local or foreign regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer. 
  
 (f) Litigation and Other Proceedings. (i) There is no action,
suit, proceeding or investigation pending, or to the best knowledge of the Servicer threatened, against the Servicer before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality and (ii) the
Servicer is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any court or other Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the
invalidity of this Agreement or any other Transaction Document to which the Servicer is a party, (B) seeks any determination or ruling that, in the reasonable judgment of the Servicer, would materially and adversely affect the performance by
the Servicer of its obligations under this Agreement or any other Transaction Document to which the Servicer is a party or the validity or enforceability of this Agreement or 
  

 12 

 any other Transaction Document to which the Servicer is a party or (C) individually or in the aggregate for all such
actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect with respect to the Servicer. 
  
 (g) Governmental Approvals. Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably
be expected to have a Material Adverse Effect with respect to the Servicer, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Servicer in connection with
the due execution, delivery and performance by the Servicer of this Agreement or any other Transaction Document to which it is a party and the consummation of the transactions contemplated by this Agreement have been obtained or made and are in full
force and effect; provided, however, that prior to recordation pursuant to Section 2.01(d)(i) or upon the sale of a Home to an Ultimate Buyer, record title to such Home may remain in the name of the related Transferred Employee
and no recordation in real estate records of the conveyance of the related Home Purchase Contract or Home Sale Contract shall be made except as otherwise required under Section 2.01(d)(i). 
  
 (h) Taxes. The Servicer has filed (or there have been filed on its
behalf as a member of a consolidated group) all tax returns and reports required by law to have been filed by it and has paid all taxes, assessments and governmental charges thereby shown to be owing by it, except for any such taxes, assessments or
charges that are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in accordance with GAAP have been set aside on its books and that have not given rise to any Liens (other than Permitted Liens).

  
 (i) Offices. The principal place of business and chief
executive office of the Servicer is located at 40 Apple Ridge Road, Danbury, Connecticut 06810. 
  
 (j) Compliance with Applicable Laws. The Servicer is in compliance with the requirements of all applicable Requirements of Law a violation of any
of which, individually or in the aggregate for all such violations, is reasonably likely to have a Material Adverse Effect with respect to the Servicer. 
  
 (k) Lockbox Banks. The names and addresses of all Lockbox Banks, together with the account numbers of the Lockbox Accounts at such Lockbox Banks
into which the Pool Collections and Fee Collections are paid, are accurately set forth in Schedule 3.04(k). Each Lockbox and each Lockbox Account is subject to a Lockbox Agreement duly executed and delivered by the parties thereto. 
  
 Section 3.05 Affirmative Covenants of Servicer. As long as it is
the Servicer hereunder, the Servicer hereby agrees that it will perform the covenants and agreements set forth in this Section 3.05. 
  
 (a) Compliance with Laws, Etc. The Servicer will comply in all material respects with all applicable Requirements of Law (including without
limitation those relating to the Pool Receivables, Fee Receivables, Home Purchase Contracts and Related Assets and all Environmental Laws), in each case to the extent that the failure to comply, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect with respect to the Servicer. 
  

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 (b) Preservation of Corporate Existence. The Servicer (i) will preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, other than any change in corporate status by reason of a merger or consolidation permitted by Section 7.02 and (ii) will qualify and remain
qualified in good standing as a foreign corporation in each jurisdiction in which the failure to preserve and maintain such qualification as a foreign corporation could reasonably be expected to have a Material Adverse Effect with respect to the
Servicer. 
  
 (c) Keeping of Records and Books of Account.
The Servicer will maintain and implement administrative and operating procedures (including without limitation an ability to recreate records evidencing the Pledged Assets in the event of the destruction of the originals thereof), and will keep and
maintain all documents, books, records and other information that are necessary or advisable, in the reasonable determination of CMSC, CMGFSC, the Issuer or the Trustee, for the collection of all amounts due under any or all Pledged Assets. Upon the
reasonable request of the Issuer or the Trustee made at any time after the occurrence and continuance of a Servicer Default, the Servicer will deliver copies of all Records in its possession or under its control to the Issuer or its designee. The
Servicer will maintain at all times accurate and complete books, records and accounts relating to the Pledged Assets and all Pool Collections and Fee Collections thereon in which timely entries will be made. 
  
 (d) Location of Records and Offices. The Servicer will keep its
principal place of business and chief executive office at the address specified in Section 3.04(i) or, upon not less than 30 days’ prior written notice given by the Servicer to the Issuer and the Trustee, at other locations in
jurisdictions in the United States. 
  
 (e) [Reserved].

  
 (f) Payment Instruction to Obligors. The Servicer will
(i) instruct all Obligors to submit all payments on the Pledged Assets either (A) to one of the Lockboxes maintained at the Lockbox Banks for deposit in a Lockbox Account or (B) directly to one of the Lockbox Accounts and
(ii) instruct all Persons receiving Home Sale Proceeds to deposit such Home Sale Proceeds in one of the Lockbox Accounts within two Business Days after such receipt, except to the extent a longer escrow period is required under applicable law,
in which case such Home Sale Proceeds will be deposited into one of the Lockbox Accounts within one Business Day after the expiration of such period. The Servicer will direct all Obligors with respect to any receivables and related assets that are
not included in the Pledged Assets to deposit all collections in respect of such receivables and related assets to an account that is not a Lockbox or Lockbox Account and will take such other steps as the Issuer reasonably may request to ensure that
all collections on such receivables and related assets will be segregated from Pool Collections and Fee Collections on Pledged Assets. 
  
 (g) Segregation of Collections. The Servicer will use reasonable efforts to minimize the deposit of any funds other than Pool Collections and Fee
Collections into any of the Lockbox Accounts and, to the extent that any such funds nevertheless are deposited into any of such Lockbox Accounts, will promptly identify any such funds. 
  

 14 

 (h) Computer Software, Hardware and Services. The Servicer will provide the Issuer and any
Successor Servicer with such licenses, sublicenses and/or assignments of contracts as the Issuer or any Successor Servicer requires with regard to all services and computer hardware or software that relate to the servicing of the Pool Receivables,
Fee Receivables or the other Pledged Assets; provided, however, that with respect to any computer software licensed from a third party, the Servicer will be required to provide such licenses, sublicenses and/or assignments of such
software only to the extent that provision of the same would not violate the terms of any contracts of the Servicer with such third party (the Servicer hereby representing that no such provision would violate the terms of any such current contract).

  
 (i) Turnover of Collections. If the Servicer or any of
its agents or representatives at any time receives any cash, checks or other instruments constituting Pool Collections or Fee Collections, such recipient will segregate and hold such payments in trust for, and in a manner acceptable to, the Issuer
and will, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to a Lockbox Account or the Collection Account. 
  
 (j) Performance of Obligations. The Servicer will, at its expense, market the CMSC Homes and CMGFSC Homes and pay the
related expenses of such marketing and of the sale of CMSC Homes and CMGFSC Homes to Ultimate Buyers in accordance with the practices of CMSC in effect on the Closing Date (as such practices have been modified either (x) in the ordinary course
of CMSC’s business or (y) with the prior written consent of the Issuer). 
  
 (k) Filing of Tax Returns and Payment of Taxes and Other Liabilities. The Servicer will file (or will cause to be filed on its behalf as a member of a consolidated group) all tax returns and reports required by
law to be filed by it and will pay all taxes, assessments and governmental charges shown to be owing by it, except for any such taxes, assessments or charges that are being diligently contested in good faith by appropriate proceedings, for which
adequate reserves in accordance with GAAP shall have been set aside on its books and that shall not have given rise to any Liens (other than Permitted Liens). 
  

Section 3.06 Negative Covenants of Servicer. As long as it is the Servicer hereunder, the Servicer hereby covenants that the Servicer shall
not: 
  
 (a) Changes in Accounting Treatment
and Reporting Practices. Change or permit any change in any accounting principles or financial reporting practices applied to the Servicer, except in accordance with GAAP, if such change would have a Material Adverse Effect with respect to the
Servicer; 
  
 (b) Change in Credit and
Collection Policy. (i) Make any material change in the Credit and Collection Policy or (ii) make any material change in the character of its business or engage in any business unrelated to such business as currently conducted that, in
either case, individually or in the aggregate with all other such changes, would be reasonably likely to have a material adverse effect on the performance of the Pledged Assets; 
  

 15 

 (c) Change in Name. Change its corporate name or the name under or by which it
does business unless the Servicer has given CMSC, CMGFSC, the Issuer and the Issuer’s successors and assigns at least 30 days’ prior written notice thereof; 
  
 (d) Change in Payment Instruction to Obligors. Make any change in the instructions to Obligors or
other Persons regarding payments to be made to it or payments to be made to any Lockbox Account, which payments relate to the Pledged Assets, unless the Servicer has given the Issuer and its successors and assigns prior written notice thereof, and
then only in compliance with Section 3.05(f), or add or terminate any bank as a Lockbox Bank from those listed in Schedule 3.04(k) unless (i) the Trustee has received copies of a Lockbox Agreement with each new Lockbox Bank duly executed
by the parties thereto and (ii) in the case of any termination, the Issuer or its successors and assigns have received evidence to their satisfaction that the Obligors that were making payments into a terminated Lockbox Account have been
instructed in writing to make payments into another Lockbox Account then in use; 
  
 (e) Home Deeds. Record any Home Deeds except as permitted by Section 2.01(d)(i); 
  
 (f) Establishment of Lockbox Accounts. Enter into a
Lockbox Agreement (other than as set forth in Exhibit B) without the prior written consent of the Issuer and the Trustee; or 
  
 (g) Instructions to Trustee. Instruct the Trustee to release any Collections to the Issuer pursuant to Section 8.07 of the
Indenture on any day on which any event giving rise to a Funding Termination Date has occurred. 
  
 Section 3.07 Records of the Servicer and Reports to be Prepared by the Servicer. 
  
 (a) The Servicer shall maintain at all times accurate and complete books,
records and accounts relating to the Pool Receivables, the Fee Receivables, the other Pledged Assets and the Pool Relocation Management Agreements and all Pool Collections and Fee Collections thereon, in which timely entries shall be made. The
Servicer shall maintain and implement administrative and operating procedures (including without limitation an ability to recreate Records evidencing Pool Receivables, Fee Receivables and the other Pledged Assets in the event of the destruction of
the originals thereof), and shall keep and maintain all documents, books, records and other information that the Servicer deems reasonably necessary for the identification of Eligible Receivables and for the collection of all Pool Receivables, Fee
Receivables and other Pledged Assets. Upon the reasonable request of the Trustee or the Issuer after the occurrence and continuance of an Unmatured Servicer Default or a Servicer Default or other termination under Section 9.01, the Servicer
will deliver copies of all books and records maintained pursuant to this Section 3.07(a) to the Successor Servicer. 
  

 16 

 (b) During regular business hours upon reasonable prior notice, the Servicer shall permit CMSC, CMGFSC,
the Issuer, the Trustee (or such other Person whom the Trustee or the Issuer may designate from time to time), the Noteholders, or their agents or representatives (including without limitation certified public accountants or other auditors), at the
expense of the Servicer and to the extent reasonably necessary to protect the interests of the holders of the Notes, (i) to examine and make copies of and abstracts from, and to conduct accounting reviews of, all Records in the possession or
under the control of the Servicer, including without limitation the related Contracts, invoices and other documents related thereto, and (ii) to visit the offices and properties of the Servicer for the purpose of examining the materials
described in clause (i) above, and to discuss matters relating to the Pool Receivables, Fee Receivables or the other Pledged Assets or the performance by the Servicer of its obligations under any Transaction Document to which it is a party with
any Authorized Officer of the Servicer having knowledge of such matters and with its certified public accountants or other auditors. The Trustee at the expense of the Issuer may conduct, or cause its agents or representatives to conduct, reviews of
the types described in this Section 3.07(b) whenever the Trustee reasonably deems any such review appropriate, and the Trustee shall conduct, or cause its agents or representatives to conduct, such a review if requested by the Noteholders.

  
 (c) No later than the Reporting Date, the Servicer shall
prepare and deliver to CMSC, CMGFSC, the Issuer, the Trustee and the Purchaser a report with respect to the Monthly Period then most recently ended, substantially in the form attached hereto as Exhibit D or such other form as is reasonably
acceptable to the Issuer (each such report, a “Monthly Originator Report”). Such Monthly Originator Report shall include (i) a certification that, to the best of the Servicer’s knowledge, no Unmatured Servicer Default or
Servicer Default has occurred and is continuing and (ii) a listing of all new Pool Relocation Management Agreements as identified pursuant to Section 2.1(a) of the Purchase Agreement. 
  
 Section 3.08 Annual Certificate of Servicer. The Servicer shall
deliver to CMSC, CMGFSC, the Issuer, the Trustee and the Purchaser on or before April 30 of each calendar year, beginning with April 30, 2003, an Officer’s Certificate substantially in the form of Exhibit A. 
  
 Section 3.09 Annual Servicing Report of Independent Public
Accountants; Copies of Reports Available. On or before May 31 of each calendar year, beginning with May 31, 2003, the Servicer shall cause a firm of nationally recognized independent public accountants (who also may render other
services to the Servicer, the Issuer, CMSC or CMGFSC) to furnish a report (addressed to the Issuer and the Purchaser) to CMSC, CMGFSC, the Issuer, the Trustee and the Purchaser to the effect that they have applied certain procedures agreed upon with
the Servicer and substantially in the form attached hereto as Exhibit E and examined certain documents and records relating to the servicing of the Receivables and other Pledged Assets under this Agreement and that, on the basis of such agreed-upon
procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Pool Collections and Fee Collections) has not been conducted in compliance with the terms and conditions as
set forth in Articles III and IV of this Agreement, other than such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed-upon procedures performed.

  

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 Section 3.10 Adjustments: Modifications. 
  
 (a) [Reserved]. 
  
 (b) So long as no Unmatured Servicer Default or Servicer Default shall have
occurred and be continuing, the Servicer may adjust, and may permit each Sub-Servicer appointed by it pursuant to Section 3.01(b) to adjust, the outstanding unpaid balance of any Pool Receivable or Fee Receivable in accordance with the Credit
and Collection Policy and the terms of this Agreement, provided that (i) such adjustment would not cause or result in an Eligible Receivable becoming ineligible and (ii) the Servicer makes the related Servicer Dilution Adjustment
payment pursuant to this Section 3.10. The Servicer shall, or shall cause the applicable Sub-Servicer to, write off Pool Receivables and Fee Receivables from time to time in accordance with the terms of this Agreement and the terms of the
Credit and Collection Policy, and such a write-off shall not give rise to any obligation to make a Servicer Dilution Adjustment. Notwithstanding the foregoing, the maturity date of an Equity Loan may be extended beyond the original due date in
accordance with the Credit and Collection Policy, and such Equity Loan shall, notwithstanding clause (j) of the definition of Eligible Receivable, be an Eligible Receivable so long as (i) such extension was made for reasons unrelated to
the creditworthiness of the Obligor, (ii) the extension period ends not later than (A) the time of sale or (B) the expiration of the offering period for the Homeowner’s acceptance of an offer for sale or (C) the date that is
12 months prior to the Final Stated Maturity Date, whichever first occurs, and (iii) all other requirements for such Receivable to be an Eligible Receivable are satisfied. 
  
 (c) If (i) the Servicer makes a deposit into the Collection Account in respect of a Collection of a Pool Receivable or
Fee Receivable and such Collection was received by the Servicer in the form of a check that is not honored for any reason or (ii) the Servicer makes an error with respect to the amount of any Collection and deposits an amount that is less than
or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or error. Any Pool Receivable or Fee Receivable in respect of
which a dishonored check is received shall be deemed not to have been paid. Notwithstanding the first two sentences of this paragraph, adjustments made pursuant to this Section 3.10(c) shall not require any change in any report previously
delivered pursuant to Section 3.07(c). 
  
 (d) The Servicer
shall not extend, amend or otherwise modify the terms of any Pool Receivable or Fee Receivable, or amend, modify or waive any material term or condition related thereto, except as provided in this Section 3.10. 
  
 Section 3.11. Escrow Agents. The Servicer shall cause all Home
Purchase Contracts and Home Deeds to be delivered to an escrow agent in the applicable jurisdiction, with a notice to such agent of the interests of the Issuer and Trustee therein. 
  
 Section 3.12. Servicer Advances. 
  
 (a) In accordance with the Credit and Collection Policy, the Servicer shall make Servicer Advances in connection with the
maintenance and marketing of Homes the Receivables relating to which are included in the Pledged Assets, but only to the extent that the Servicer has determined in its reasonable judgment that such advances will be recoverable out of
Collections on the Receivable arising as a result of such Servicer Advance. 
  

 18 

 (b) All Servicer Advances, the Receivables arising from which have not been sold to CMGFSC under the
Purchase Agreement, shall be reimbursable in the first instance from Pool Collections relating to the Homes with respect to which such Servicer Advances were made (provided that Home Sale Proceeds will be applied only to reimburse Servicer
Advances consistent with CMSC’s practices as of the Closing Date) and, further, to the extent such Servicer Advance has been determined to be a Nonrecoverable Advance, as provided in Section 4.03 of this Agreement and
Section 8.04(c)(i) of the Indenture. In consideration of the Issuer’s obligation to reimburse the Servicer from Collections for Servicer Advances, the Receivables arising under the Pool Relocation Management Agreements in respect of such
Servicer Advances that have not been sold to CMGFSC under the Purchase Agreement shall be automatically conveyed by the Servicer to the Issuer and included in the Pool Receivables and the Pledged Assets. 
  
 Section 3.13. Calculations. Without limiting the generality of
the foregoing provisions of this Article III, the Servicer shall perform all calculations necessary in order to determine payments to be made to holders of Notes and deposits to be made to reserves and Accounts in accordance with the Indenture.

  
 Section 3.14. Application of Collections.
(a) In accordance with the Credit and Collection Policy, the Servicer shall apply all monies received by or on behalf of any Employer in accordance with the directions of such Employer. The Servicer shall contact the Employer if necessary to
obtain such directions, or if such directions cannot be obtained, the Servicer shall apply Fee Collections of such Employer in the order that such Fee Receivables were originated, with the oldest Fee Receivable being paid first. The Servicer shall
allocate any collections received under a single Billed Receivable that contains both Receivables included in the Pledged Assets and other amounts owed to CMSC first, to amounts owed in respect of Pledged Assets and then to other receivables.

  
 (b) If at any time the Servicer shall determine that any
amount on deposit in the Collection Account does not constitute Pool Collections, Fee Collections or the proceeds thereof, the Servicer shall instruct the Trustee to withdraw such amounts from the Collection Account and to pay such amounts to the
Person that the Servicer determines is the Person entitled thereto, as provided in Section 8.04 of the Indenture. 
  
 [END OF ARTICLE III] 
  

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 ARTICLE IV 
  
 ACCOUNTS AND POOL COLLECTIONS 
  
 Section 4.01 Establishment of Collection Account. The Servicer, for the benefit of the Trustee and the holders of the Notes, shall establish
and maintain an Eligible Account (including any subaccount thereof) in the name of the Trustee, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Trustee and the holders of
the Notes (the “Collection Account”). 
  
 The
Collection Account shall be under the sole dominion and control of the Trustee for the benefit of the holders of the Notes. Except as expressly provided in this Agreement or the Indenture, the Servicer agrees that it shall have no right of setoff or
banker’s lien against, and no right to otherwise deduct from, any funds held in the Collection Account for any amount owed to it by the Issuer, CMSC, CMGFSC, the Trustee or any holder of the Notes. If the Collection Account at any time ceases
to be an Eligible Account then, within 10 Business Days of the Issuer’s or Servicer’s knowledge thereof, the Issuer or the Servicer shall establish a new Collection Account meeting the conditions specified above, transfer any monies,
documents, instruments, investment property, certificates of deposit and other property to such new Collection Account and from the date such new Collection Account is established, it shall be the Collection Account. Pursuant to the authority
granted to the Servicer in Section 3.02, the Servicer shall have the power, revocable by the Trustee, to instruct the Trustee to make withdrawals and payments from the Collection Account for the purposes of carrying out the Servicer’s
duties hereunder. Notwithstanding anything to the contrary in this Agreement, unless and until the Purchaser has notified the Issuer, the Servicer and the Trustee that, at the Administrative Agent’s sole discretion, it no longer consents to the
following, the Servicer may instruct the Trustee to transfer funds on deposit in the Collection Account to the Servicer, and such amounts may be commingled with other general collections of the Servicer and redeposited in the Collection Account no
later than one Business Day prior to the related Distribution Date. 
  
 At the written direction of the Servicer, funds on deposit in the Collection Account shall be invested in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the
holders of the Notes. Investments of funds representing Pool Collections and Fee Collections collected during any Monthly Period shall be invested in Eligible Investments that will mature so that such funds will be available no later than the close
of business on the day preceding the monthly Distribution Date following such Monthly Period, in amounts sufficient to the extent of such funds to make the required distributions on such Distribution Date. On each Distribution Date, all interest and
other investment earnings (net of losses and investment expenses) on funds on deposit in the Collection Account shall be paid to the Servicer as additional servicing compensation. The Servicer shall bear no responsibility or liability for any losses
resulting from investment or reinvestment of any funds in accordance with this Section 4.01 or for the selection of Eligible Investments in accordance with the provisions of this Agreement. The Trustee shall bear no responsibility or liability
for any losses resulting from investment of any funds at the direction of the Servicer in accordance with this Section 4.01. 
  

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 Section 4.02 Pool Collections and Allocations. The Servicer shall instruct the Trustee to
apply all funds on deposit in the Collection Account as described in the Indenture. Except as otherwise provided below, the Servicer shall transfer all Pool Collections, Fee Collections and other Pledged Assets consisting of cash or cash equivalents
from the Lockbox Accounts into the Collection Account as promptly as possible after the date of receipt of such Pool Collections or Fee Collections. 
  
 Section 4.03 Withdrawals from the Collection Account. The Servicer shall determine the amounts payable to it as reimbursement of any
Nonrecoverable Advances pursuant to Section 3.12(b), and the Servicer shall instruct the Trustee to pay such amounts over to the Servicer pursuant to Section 8.07 of the Indenture. The determination by the Servicer that it has made a
Nonrecoverable Advance shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Trustee and the Issuer. The Trustee shall be entitled to conclusively rely on the Servicer’s determination that a Servicer Advance is a
Nonrecoverable Advance. 
  
 [END OF ARTICLE IV] 
  

 21 

 ARTICLE V 
  
 [RESERVED] 
  

 22 

 ARTICLE VI 
  
 [RESERVED] 
  

 23 

 ARTICLE VII 
  
 OTHER MATTERS RELATING TO THE SERVICER 
  
 Section 7.01 Liability of the Servicer. The Servicer shall be liable under this Article VII only to the extent of the obligations specifically
undertaken by the Servicer in its capacity as Servicer. 
  
 Section 7.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer. The Servicer shall not consolidate with or merge into any other Person or convey, transfer or sell its properties and assets
substantially as an entirety to any Person, unless: 
  
 (a) (i) the corporation formed by such consolidation or into which the Servicer is merged or the Person that acquires by conveyance, transfer or sale the properties and assets of the Servicer substantially as an entirety is, if the
Servicer is not the surviving entity, a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia, and, if the Servicer is not the surviving entity, such corporation expressly assumes,
by an agreement supplemental hereto, executed and delivered to the Issuer, in form satisfactory to the Issuer, the performance of every covenant and obligation of the Servicer hereunder; 
  
 (ii) the Servicer has delivered to the Issuer an Officer’s Certificate stating that such consolidation,
merger, conveyance, transfer or sale complies with this Section 7.02 and that all conditions precedent herein provided for relating to such transaction have been complied with; 
  
 (iii) the Servicer has given the Issuer, CMGFSC, CMSC, and the Trustee notice of such consolidation, merger
or transfer of assets; 
  
 (iv) immediately after
giving effect to such transaction, no representation or warranty made pursuant to Section 3.04 has been breached in any material respect; and 
  
 (v) no Unmatured Servicer Default or Servicer Default has occurred and is continuing or would result from the contemplated transaction.

  
 (b) the corporation formed by such
consolidation or into which the Servicer is merged or the Person that acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety is an Eligible Servicer. 
  
 Section 7.03 Limitation on Liability of the Servicer and Others.
Except as provided in Section 7.04, neither the Servicer nor any of the directors, officers, employees or agents of the Servicer in its capacity as Servicer shall be under any liability to the Issuer, the Trustee, the holders of the Notes or
any other Person for any action taken or for refraining from the taking of any action in good faith in its capacity as Servicer pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer or any
such Person against 
  

 24 

 any liability that otherwise would be imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed
and submitted by any Person (other than the Servicer) with respect to any matters arising hereunder. The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties as Servicer
in accordance with this Agreement and that in its reasonable judgment may involve it in any expense or liability. Subject to the terms of the Transaction Documents, the Servicer may, in its sole discretion, undertake any such legal action that it
may deem necessary or desirable for the benefit of the holders of the Notes with respect to this Agreement and the rights and duties of the parties hereto and the interests of the holders of the Notes issued by the Issuer under the Indenture.

  
 Section 7.04 Indemnification by the Servicer. The
Servicer shall indemnify and hold harmless each of CMSC, CMGFSC, the Issuer, the Trustee and the Issuer’s assignees and their respective directors, officers, employees and agents from and against any and all loss, liability, claim, expense,
actions, suits, demands, damage or injury suffered or sustained by reason of (i) any representation or warranty made by the Servicer under any of the Transaction Documents, any Monthly Originator Report or any other information or report
delivered by the Servicer with respect to the Servicer or the Pledged Assets having been untrue or incorrect in any material respect when made or deemed to have been made; or (ii) any acts or omissions of the Servicer pursuant to this Agreement
(other than such as may arise from the negligence or willful misconduct of CMSC, CMGFSC, the Issuer and the Trustee, respectively, and their respective directors, officers, employees and agents), including any judgment, award, settlement, reasonable
attorneys’ fees and other costs or expenses incurred in connection with the defense of any action, proceeding or claim, that in each case arises from or relates to a breach by the Servicer of its representations, warranties, covenants or
agreements hereunder; or (iii) any reduction in the Unpaid Balance of any Pool Receivable or Fee Receivable as a result of any cash discount or any adjustment by the Servicer, (but not including any write-off of any Receivable) or (iv) any
failure of the Servicer to comply with any material applicable law, rule or regulation applicable to it and which relates to the servicing or administration of the Pledged Assets. In addition, the Servicer shall indemnify the Trustee against any and
all loss, liability or expense (including the fees of either in-house counsel or outside counsel, but not both) incurred by it in connection with the performance of its duties hereunder and under any other Transaction Document. The Trustee shall
notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Servicer shall not relieve the Servicer of its obligations hereunder unless such loss, liability or expense could have
been avoided with such prompt notification and then only to the extent of such loss, expenses or liability which could have been so avoided. The Servicer need not reimburse any expense or indemnify against any loss, liability or expense incurred by
the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. Indemnification pursuant to this Section 7.04 shall not be payable from the Pledged Assets. The Servicer’s obligations under this Section 7.04
shall survive the termination of this Agreement, the resignation or removal of the Trustee or the earlier removal or resignation of the Servicer. 
  

 25 

 Section 7.05 Resignation of the Servicer. The Servicer shall not resign from the obligations
and duties hereby imposed on it except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action that the Servicer could take to make
the performance of its duties hereunder permissible under applicable law or (b) upon the assumption, by an agreement supplemental hereto, executed and delivered to the Issuer, in form satisfactory to the Issuer and the Purchaser, of the
obligations and duties of the Servicer hereunder by an entity that qualifies as an Eligible Servicer. Any determination permitting the resignation of the Servicer shall be evidenced as to clause (a) above by an Opinion of Counsel to such effect
delivered to the Issuer and the Trustee. No resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 9.02. If, as of the date of the
determination that the Servicer may no longer act as Servicer under clause (a) above, the Issuer is unable to appoint a Successor Servicer, the Trustee shall serve as Successor Servicer. Notwithstanding the foregoing, if it is legally unable so
to act, the Trustee shall petition a court of competent jurisdiction to appoint any Eligible Servicer as the Successor Servicer hereunder. 
  
 Section 7.06 Access to Certain Documentation and Information Regarding the Receivables. In addition to the access rights provided under
Section 3.07(b), the Servicer shall provide to the Issuer, the Trustee and the Administrative Agent access to the documentation regarding the Lockbox Accounts and the Pool Receivables and Fee Receivables if the Issuer or the Trustee is required in
connection with the enforcement of the rights of holders of the Notes or by applicable statutes or regulations to review such documentation, such access being afforded without charge but only (a) upon reasonable request (but in no event less
than five Business Days), (b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures and (d) at reasonably accessible offices in the continental United States designated by the
Servicer. Nothing in this Section 7.06 shall derogate from the obligation of CMSC, CMGFSC, the Issuer, the Trustee and the Servicer to observe any applicable law prohibiting disclosure of information regarding the Transferred Employees, and the
failure of the Servicer to provide access as provided in this Section 7.06 as a result of such obligation shall not constitute a breach of this Section 7.06. 
  
 [END OF ARTICLE VII] 
  

 26 

 ARTICLE VIII 
  
 [RESERVED] 
  

 27 

 ARTICLE IX 
  
 SERVICER DEFAULTS 
  
 Section 9.01 Servicer Defaults. If any one of the following events (a “Servicer Default”) shall occur and be continuing:

  
 (a) any failure on the part of the Servicer to make any
payment, transfer or deposit, or to give instructions or to give notice to the Issuer or the Trustee to make such payment, transfer or deposit on or before the date occurring five Business Days after the date such payment, transfer or deposit or
such instruction or notice is required to be made or given, as the case may be, under the terms of this Agreement; 
  
 (b) failure on the part of the Servicer duly to observe or perform in any material respect any other covenants or agreements of the Servicer set forth in
this Agreement, which failure has a Material Adverse Effect on the rights of the Noteholders and continues unremedied for a period of 60 days, in each case, after the date on which written notice of such failure, requiring the same to be remedied,
has been given to the Servicer by the Issuer, or to the Servicer and the Issuer on behalf of the Purchaser, or the Servicer shall assign or delegate its duties under this Agreement except as permitted by Sections 3.01(b) and 7.02; 
  
 (c) any representation, warranty or certification made by the Servicer in
this Agreement or in any other Transaction Document or in any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure has a Material Adverse Effect on the rights of the
Noteholders and which failure continues unremedied for a period of 60 days after the date on which notice thereof, requiring the same to be remedied, has been given to the Servicer by the Issuer, or to the Servicer and the Issuer on behalf of the
Purchaser; 
  
 (d) an Event of Bankruptcy occurs with respect to
the Servicer; or 
  
 (e) an Amortization Event occurs; 

 
 then, in the event of any such Servicer Default, so long as the Servicer Default shall not
have been remedied, the Trustee may, or at the direction of the Majority Investors the Trustee shall, by written notice then given to the Servicer (and to the Trustee if given by the Majority Investors) (a “Termination Notice”),
terminate all or any part of the rights and obligations of the Servicer as Servicer under this Agreement. Notwithstanding the foregoing, a delay in or failure of performance referred to in clause (a), (b) or (c) for a period of 10 Business
Days after the applicable grace period shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Servicer and such delay or failure was caused by an act of God or the
public enemy, acts of declared or undeclared war or terrorism, public disorder, rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes not within the Servicer’s control. The preceding
sentence does not relieve the Servicer from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement. 
  

 28 

 After receipt by the Servicer of a Termination Notice, and on the date that a Successor Servicer is
appointed by the Trustee pursuant to Section 9.03, all authority and power of the Servicer under this Agreement (or, in the case of a partial transfer, such authority and power and a proportional portion of the Servicing Fee as is described in
the Termination Notice) shall pass to and be vested in the Successor Servicer (a “Service Transfer”); and the Trustee is hereby authorized and empowered, upon the failure of the Servicer to cooperate, to execute and deliver, on
behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such Service Transfer. The Servicer agrees to
cooperate with the Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing hereunder, including the transfer to such Successor Servicer of authority of the Servicer to
service the Pool Receivables and Fee Receivables provided for under this Agreement, including (to the extent transferred) all authority over all Pool Collections and Fee Collections that on the date of transfer are held by the Servicer for deposit,
or which have been deposited by the Servicer in the Collection Account, or which thereafter are received with respect to the Receivables, and in assisting the Successor Servicer. The Servicer shall within 30 Business Days of such Termination Notice
transfer its electronic records relating to the Pool Receivables and Fee Receivables to the Successor Servicer in such electronic form as the Successor Servicer may reasonably request and shall promptly transfer to the Successor Servicer all other
records, correspondence and documents necessary for the continued servicing of the Receivables in the manner and at such times as the Successor Servicer shall reasonably request. To the extent that compliance with this Section 9.01 requires the
Servicer to disclose to the Successor Servicer information of any kind that the Servicer deems to be confidential, the Successor Servicer shall be required to enter into such customary licensing and confidentiality agreements as the Servicer deems
reasonably necessary to protect its interests. The Servicer being terminated (or replaced in part) shall bear all costs of the appointment of a Successor Servicer hereunder, including but not limited to those of the Trustee reasonably allocable to
specific employees and overhead, legal fees and expenses, accounting and financial consulting fees and expenses, and costs of amending the Transaction Documents, if necessary. 
  
 Section 9.02 Performance by Issuer. If (i) the Servicer fails to perform any of its agreements or
obligations under any Transaction Document to which it is a party and does not remedy such failure within the applicable cure period, if any, and (ii) the Issuer in good faith reasonably believes that the performance of such agreements and
obligations is necessary or appropriate to protect the interests of the holders of the Notes issued by the Issuer under the Indenture, then the Issuer or its designee shall have the right to perform, or cause performance of, such agreement or
obligation, and the reasonable expenses of the Issuer or its designee incurred in connection therewith shall be payable by the Servicer as provided in Section 7.04. If the Servicer fails to file at any time any financing statement or
continuation statement or amendment thereto or assignment thereof that it is required to file pursuant to this Agreement or any of the other Transaction Documents to which it is a party, the Issuer or its assigns shall have the right to file, and
the Servicer hereby authorizes the Issuer or its assigns to file, at the expense of the Servicer, such financing or continuation statements and amendments thereto and assignments thereof with respect to all or any of the Receivables or the other
Pledged Assets now existing or hereafter arising. 
  

 29 

 Section 9.03 Trustee To Act; Appointment of Successor. 
  
 (a) On and after the receipt by the Servicer of a Termination Notice
pursuant to Section 9.01, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Trustee or until a date mutually agreed upon by the
Servicer and Trustee. The Issuer shall select, as promptly as possible after the giving of a Termination Notice, and the Trustee shall appoint, an Eligible Servicer as a successor servicer (the “Successor Servicer”), and such
Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Issuer. If a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer,
the Trustee without further action automatically shall be appointed the Successor Servicer. Notwithstanding the foregoing, the Issuer shall, if the Trustee is legally unable so to act, petition at the expense of the Servicer a court of competent
jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. 
  
 (b) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this
Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the
Successor Servicer. Notwithstanding the foregoing, or anything in this Section 9.03 to the contrary, the Successor Servicer shall have no responsibility or obligation (i) for any representation or warranty of the predecessor Servicer or
any other Successor Servicer hereunder or (ii) for any act or omission of either a predecessor or any other Successor Servicer. The Trustee may conduct any activity required of it as Servicer hereunder through an Affiliate or through an agent.
Neither the Trustee nor any other Successor Servicer shall be deemed to be in default hereunder due to any act or omission of a predecessor Servicer, including but not limited to failure to timely deliver to the Trustee any instructions pursuant to
Section 4.02, any funds required to be deposited with or transferred to the Trustee, or any breach of its duty to cooperate with a Service Transfer. 
  
 (c) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement
pursuant to Section 10.01, and shall pass to and be vested in the Issuer, and the Issuer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other
instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Issuer in effecting the termination of the
responsibilities and rights of the Servicer to conduct servicing of the Receivables and the other Pledged Assets. The Servicer shall transfer its electronic records relating to the Receivables and the other Pledged Assets to the Issuer or its
designee in such electronic form as it may reasonably request and shall transfer all other records, correspondence and documents to it in the manner and at such times as it shall reasonably request. 
  
 (d) [Reserved]. 
  

 30 

 Section 9.04 Notification to Holders. Within five Business Days after the Servicer becomes
aware of any Servicer Default, the Servicer shall give notice thereof to CMSC, CMGFSC, the Issuer, the Trustee and the Purchaser. Upon any termination or appointment of a Successor Servicer pursuant to this Article IX, the Trustee shall give prompt
notice thereof to the holders of the Notes, CMSC, CMGFSC and the Issuer. 
  
 [END OF ARTICLE IX] 
  

 31 

 ARTICLE X 
  
 TERMINATION 
  
 Section 10.01 Termination. This Agreement and the respective obligations and responsibilities of CMSC, CMGFSC, the Servicer, the Issuer and
the Trustee created hereby shall terminate, except with respect to the duties described in Section 6.03, Section 7.04 and Section 11.06, on the Final Payout Date. 
  
 [END OF ARTICLE X] 
  

 32 

 ARTICLE XI 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 11.01 Amendment. The provisions of this Agreement may be amended, modified or waived from time to time by the parties hereto, by a
written instrument signed by each of them. Notwithstanding the preceding sentence, this Agreement shall be amended by the parties hereto at the direction of the Issuer without the consent of any of the holders of the Notes issued by the Issuer under
the Indenture to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Pledged Assets (i) to qualify as, and to permit an election to be made to cause the Issuer to be treated as, a
“financial asset securitization investment trust” as described in the provisions of Section 860L of the Code and (ii) to avoid the imposition of state or local income or franchise taxes imposed on the Issuer’s property or
its income. 
  
 Section 11.02 Governing Law.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PRINCIPLES. 
  
 Section 11.03 Notices; Payments. All demands, notices,
instructions, directions and communications under this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered at, mailed by certified mail, return receipt requested, or sent by facsimile transmission
(i) in the case of CMSC or CMGFSC, to the address provided in the Fee Receivables Purchase Agreement or the Receivables Purchase Agreement, respectively, (ii) in the case of the Servicer, to 40 Apple Ridge Road, Danbury, Connecticut 06810,
Attention: Chief Financial Officer (telephone no. (203) 205-6652; telecopier no. (203) 205-8136), (iii) in the case of the Issuer, to 40 Apple Ridge Road, Danbury, Connecticut 06810, Attention: Chief Financial Officer (telephone no.
(203) 205-6652; telecopier no. (203) 205-8136), (iv) in the case of the Trustee, 5 Penn Plaza, 16th
Floor, New York, New York 10001, Attention: Corporate Trust Office (telephone no. (212) 328-7547; telecopier no. (212) 328-7623); or, as to each party, at such other address or facsimile number as shall be designated by such party in a
written notice to each other party. 
  
 Section 11.04
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions
of this Agreement and shall in no way affect the validity or enforceability of the remaining provisions or of the rights of the parties to the Transaction Documents. 
  
 Section 11.05 Further Assurances. The parties hereto agree to do and perform, from time to time, any and all
acts and to execute any and all further instruments required or reasonably requested by the Issuer or any other party hereto more fully to effect the purposes of this Agreement, including the execution of any financing statements or continuation
statements relating to the Receivables and the other Pledged Assets for filing under the provisions of the UCC or other applicable law of any applicable jurisdiction. 
  

 33 

 Section 11.06 Nonpetition Covenant. Notwithstanding any prior termination of this Agreement,
CMSC, CMGFSC, the Trustee, the Servicer and any assignee of the Issuer shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Issuer. 
  
 Section 11.07 No Waiver; Cumulative Remedies. No failure to exercise, and no delay in exercising, any right,
remedy, power or privilege on the part of any party under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement, preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by
law. 
  
 Section 11.08 Counterparts. This Agreement
may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 
  
 Section 11.09 Third-Party Beneficiaries. This Agreement will
inure to the benefit of and be binding upon the parties hereto, the holders of the Notes and their respective successors and permitted assigns. Except as otherwise expressly provided in this Agreement, no other Person will have any right or
obligation hereunder. 
  
 Section 11.10 Merger and
Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this
Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 
  
 Section 11.11 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof. 
  
 Section 11.12
Confidentiality. The Issuer agrees to maintain the confidentiality of any information regarding CMSC, Cendant Corporation and PHH obtained in accordance with the terms of this Agreement that is not publicly available; provided,
however, that the Issuer may reveal such information (a) as necessary or appropriate in connection with the administration or enforcement of this Agreement or the Issuer’s issuance of Notes under the Indenture or (b) as
required by law, government regulation, court proceeding or subpoena. Notwithstanding anything herein to the contrary, none of CMSC, Cendant Corporation nor PHH shall have any obligation to disclose to the Issuer or its assignees and assigns any
personal and confidential information relating to a Transferred Employee. The requirements of this Section 11.12 shall cease to apply to any information that is publicly disclosed by CMSC, Cendant corporation or PHH. 
  

 34 

 Section 11.13 [Reserved]. 
  
 Section 11.14 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 AGREEMENT, 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) 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 THAT MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS IN CARE OF
THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND EACH PARTY HERETO HEREBY IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH SERVICE ON ITS BEHALF. EACH PARTY HERETO AGREES TO ENTER INTO ANY AGREEMENT RELATING TO
SUCH APPOINTMENT THAT THE PROCESS AGENT MAY CUSTOMARILY REQUIRE AND TO PAY THE PROCESS AGENT’S CUSTOMARY FEES UPON DEMAND. AS AN ALTERNATIVE METHOD OF SERVICE, EACH PARTY HERETO ALSO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO SUCH PARTY AT ITS ADDRESS SPECIFIED PURSUANT TO SECTION 11.03. NOTHING IN THIS SECTION 11.14 SHALL AFFECT THE RIGHT OF EITHER PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF EITHER PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTY HERETO OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. 
  
 Section 11.15 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 AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT 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 AGREEMENT, AND AGREES THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
  

 35 

 Section 11.16 [Reserved]. 
  
 Section 11.17 No Partnership or Joint Venture. Nothing contained in this Agreement shall be deemed or construed
by the parties hereto or by any third Person to create the relationship of principal and agent or of partnership or of joint venture. 
  
 [END OF ARTICLE XI] 
  

 36 

 IN WITNESS WHEREOF, CMSC, CMGFSC, the Servicer, the Trustee and the Issuer have caused this Servicing
Agreement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	 CENDANT MOBILITY SERVICES CORPORATION,
 as
Originator and Servicer,

		
	by	 	 /s/ Eric J. Barnes

	Name:	 	Eric J. Barnes
	Title:	 	Sr. Vice President & CFO
	
	 CENDANT MOBILITY GOVERNMENT FINANCIAL SERVICES CORPORATION,
 as Originator,

		
	by	 	 /s/ Eric J. Barnes

	Name:	 	Eric J. Barnes
	Title:	 	Sr. Vice President & CFO
	
	 KENOSIA FUNDING, LLC,
 as
Issuer,

		
	by	 	 /s/ Eric J. Barnes

	Name:	 	Eric J. Barnes
	Title:	 	Sr. Vice President & CFO

  
 [Signature Page
to Servicing Agreement] 

			
	 THE BANK OF NEW YORK,
 as
Trustee,

		
	by	 	 /s/ Catherine Cerilles

	Name:	 	Catherine Cerilles
	Title:	 	Assistant Vice President

  
 [Signature Page
to Servicing Agreement]Indenture dated as of March 7, 2002

 Exhibit 10.29 
  
 EXECUTION COPY 
  
 KENOSIA FUNDING, LLC SECURED VARIABLE 
 FUNDING NOTES, SERIES 2002-1 
  
 INDENTURE

  
 KENOSIA FUNDING, LLC 
  
 as Issuer, 
  
 THE BANK OF NEW YORK 
  
 as Trustee and 
 as Paying Agent, Authentication
Agent and 
 Transfer Agent and Registrar 
  
 Dated as of March 7, 2002 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
			
	 	  	DEFINITIONS	  	 
			
	 Section 1.01
	  	Definitions	  	2
			
	 Section 1.02
	  	Other Definitional Provisions	  	 
			
	 	  	ARTICLE II	  	 
			
	 	  	THE NOTES	  	 
			
	 Section 2.01
	  	Form Generally	  	20
			
	 Section 2.02
	  	Denominations	  	20
			
	 Section 2.03
	  	Execution, Authentication and Delivery	  	20
			
	 Section 2.04
	  	Authentication Agent	  	20
			
	 Section 2.05
	  	Registration of and Limitations on Transfer and Exchange of Notes	  	22
			
	 Section 2.06
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	23
			
	 Section 2.07
	  	Persons Deemed Owners	  	24
			
	 Section 2.08
	  	Paying Agent	  	24
			
	 Section 2.09
	  	Cancellation	  	25
			
	 Section 2.10
	  	Increases and Reductions in the Outstanding Amount	  	25
			
	 Section 2.11
	  	Representations and Covenants of Paying Agent, Authentication Agent and Transfer Agent and Registrar	  	26
			
	 	  	ARTICLE III	  	 
			
	 	  	REPRESENTATIONS AND COVENANTS OF THE ISSUER	  	 
			
	 Section 3.01
	  	Representations and Warranties of the Issuer	  	26
			
	 Section 3.02
	  	Affirmative Covenants of the Issuer	  	30
			
	 Section 3.03
	  	Negative Covenants of the Issuer	  	32
			
	 Section 3.04
	  	Protection of Pledged Assets	  	33
			
	 Section 3.05
	  	Opinions as to Pledged Assets	  	34
			
	 Section 3.06
	  	Obligations Regarding Servicing of Receivables	  	34
			
	 Section 3.07
	  	Separate Corporate Existence of the Issuer	  	35

  

 i 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

	 	  	ARTICLE IV	  	 
			
	 	  	SATISFACTION AND DISCHARGE	  	 
			
	 Section 4.01.
	  	Satisfaction and Discharge of this Indenture	  	36
			
	 Section 4.02.
	  	Application of Trust Money	  	37
			
	 	  	ARTICLE V	  	 
			
	 	  	EVENTS OF DEFAULT AND REMEDIES	  	 
			
	 Section 5.01.
	  	Events of Default	  	37
			
	 Section 5.02.
	  	Acceleration of Maturity; Rescission and Annulment	  	38
			
	 Section 5.03.
	  	Collection of Indebtedness and Suits for Enforcement by the Trustee	  	38
			
	 Section 5.04.
	  	Remedies; Priorities	  	40
			
	 Section 5.05.
	  	Sale of Assets	  	41
			
	 Section 5.06.
	  	Limitations on Suits	  	42
			
	 Section 5.07.
	  	Unconditional Right of Noteholders to Receive Principal and Interest	  	42
			
	 Section 5.08.
	  	Restoration of Rights and Remedies	  	43
			
	 Section 5.09.
	  	Rights and Remedies Cumulative	  	43
			
	 Section 5.10.
	  	Delay or Omission Not a Waiver	  	43
			
	 Section 5.11.
	  	Control by Noteholders	  	43
			
	 Section 5.12.
	  	Waiver of Past Defaults	  	44
			
	 Section 5.13.
	  	Undertaking for Costs	  	44
			
	 Section 5.14.
	  	Waiver of Stay or Extension Laws	  	44
			
	 Section 5.15.
	  	Action on Notes	  	45
			
	 	  	ARTICLE VI	  	 
			
	 	  	THE TRUSTEE	  	 
			
	 Section 6.01.
	  	Duties of the Trustee	  	45
			
	 Section 6.02.
	  	Notice of Event of Default	  	47
			
	 Section 6.03.
	  	Rights of Trustee	  	47

  

 ii 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

	 Section 6.04.
	  	Not Responsible for Recitals or Issuance of Notes	  	48
			
	 Section 6.05.
	  	May Hold Notes	  	48
			
	 Section 6.06.
	  	Money Held in Trust	  	48
			
	 Section 6.07.
	  	Compensation, Reimbursement and Indemnification	  	48
			
	 Section 6.08.
	  	Replacement of Trustee	  	49
			
	 Section 6.09.
	  	Successor Trustee by Merger	  	50
			
	 Section 6.10.
	  	Appointment of Co-Trustee or Separate Trustee	  	50
			
	 Section 6.11.
	  	Eligibility; Disqualification	  	51
			
	 Section 6.12.
	  	Representations and Covenants of the Trustee	  	52
			
	 Section 6.13.
	  	Custody of Pledged Assets and Other Collateral	  	52
			
	 	  	ARTICLE VII	  	 
			
	 	  	NOTEHOLDERS’ LIST AND REPORTS BY TRUSTEE	  	 
			
	 Section 7.01.
	  	Issuer to Furnish Trustee Names and Addresses of Noteholders	  	52
			
	 Section 7.02.
	  	Preservation of Information	  	53
			
	 	  	ARTICLE VIII	  	 
			
	 	  	ALLOCATION AND APPLICATION OF POOL COLLECTIONS AND	  	 
			
	 	  	FEE COLLECTIONS	  	 
			
	 Section 8.01.
	  	Collection of Money	  	53
			
	 Section 8.02.
	  	Rights of Noteholders	  	53
			
	 Section 8.03.
	  	Establishment of Collection Account	  	54
			
	 Section 8.04.
	  	Pool Collections and Fee Collections and Allocations	  	54
			
	 Section 8.05.
	  	Release of Pledged Assets	  	55
			
	 Section 8.06.
	  	Officer’s Certificate	  	56
			
	 Section 8.07.
	  	Money for Notes Payments to Be Held in Trust	  	56

  

 iii 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

	 	  	ARTICLE IX	  	 
			
	 	  	DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS	  	 
			
	 Section 9.01.
	  	Determination of Interest and Monthly Interest	  	56
			
	 Section 9.02.
	  	Determination of Principal Distribution	  	57
			
	 Section 9.03.
	  	[Reserved]	  	57
			
	 Section 9.04.
	  	Application of Series 2002-1 Collections	  	57
			
	 Section 9.05.
	  	Expense Subaccount	  	58
			
	 Section 9.06.
	  	Principal Subaccount	  	58
			
	 Section 9.07.
	  	Investment Instructions	  	59
			
	 	  	ARTICLE X	  	 
			
	 	  	AMORTIZATION EVENTS	  	 
			
	 Section 10.01.
	  	Amortization Events	  	59
			
	 	  	ARTICLE XI	  	 
			
	 	  	SUPPLEMENTAL INDENTURES	  	 
			
	 Section 11.01.
	  	Supplemental Indentures Without Consent of Noteholders	  	62
			
	 Section 11.02.
	  	Supplemental Indentures with Consent of Noteholders	  	62
			
	 Section 11.03.
	  	Execution of Supplemental Indentures	  	64
			
	 Section 11.04.
	  	Effect of Supplemental Indenture	  	64
			
	 Section 11.05.
	  	Reference in Notes to Supplemental Indentures	  	64
			
	 	  	ARTICLE XII	  	 
			
	 	  	MANDATORY REDEMPTION; OPTIONAL REDEMPTION OF NOTES	  	 
			
	 Section 12.01.
	  	Mandatory Redemption	  	65
			
	 Section 12.02.
	  	Optional Redemption of Notes	  	65

  

 iv 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page

	 	  	ARTICLE XIII	  	 
			
	 	  	MISCELLANEOUS	  	 
			
	 Section 13.01.
	  	Compliance Certificates and Opinions, etc	  	65
			
	 Section 13.02.
	  	Form of Documents Delivered to Trustee	  	67
			
	 Section 13.03.
	  	Acts of Noteholders	  	68
			
	 Section 13.04.
	  	Notices to Issuer, Trustee, Paying Agent, Authentication Agent and Transfer Agent and Registrar	  	68
			
	 Section 13.05.
	  	Notices to Noteholders; Waiver	  	69
			
	 Section 13.06.
	  	Alternate Payment and Notice Provisions	  	69
			
	 Section 13.07.
	  	Effect of Headings and Table of Contents	  	69
			
	 Section 13.08.
	  	Successors and Assigns	  	69
			
	 Section 13.09.
	  	Separability	  	70
			
	 Section 13.10.
	  	Benefits of Indenture	  	70
			
	 Section 13.11.
	  	Legal Holidays	  	70
			
	 Section 13.12.
	  	Governing Law	  	70
			
	 Section 13.13.
	  	Counterparts	  	70
			
	 Section 13.14.
	  	No Petition	  	70

  

 v 

 This INDENTURE, dated as of March 7, 2002 (as amended, modified or supplemented from time to time,
the “Indenture”), by and between KENOSIA FUNDING, LLC, a limited liability company organized under the laws of the State of Delaware (together with its permitted successors and assigns, the “Issuer”),
and THE BANK OF NEW YORK, a New York state banking corporation, as trustee (herein, together with its successors in the trusts hereunder, the “Trustee”) and as paying agent, authentication agent and transfer agent and
registrar. 
  
 PRELIMINARY STATEMENT 
  
 The Issuer has duly authorized the execution and delivery of this Indenture
to provide for the issuance of the Kenosia Funding, LLC Secured Variable Funding Notes, Series 2002-1 (the “Series 2002-1 Notes”) as provided in this Indenture. All covenants and agreements made by the Issuer herein are for
the benefit and security of the Noteholders. The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

  
 Simultaneously with the delivery of this Indenture, the Issuer
is entering into the Servicing Agreement (the “Servicing Agreement”) with Cendant Mobility Government Financial Services Corporation (“CMGFSC”), a Delaware corporation, as an originator, and Cendant
Mobility Services Corporation (“CMSC”), a Delaware corporation, as an originator and as servicer (in such capacity, the “Servicer”), pursuant to which the Servicer will agree to service the Receivables
and Related Assets and make collections thereon on behalf of the Noteholders. The Receivables were, and in the future will be, originated by either CMSC or Cendant Mobility Government Financial Services Corporation (each, an
“Originator”). Certain Receivables originated by CMSC will be purchased by CMGFSC pursuant to the CMGFSC Purchase Agreement. Certain Receivables originated by CMSC will be purchased by the Issuer pursuant to the Fee
Receivables Purchase Agreement. The Receivables originated by CMSC and purchased by CMGFSC, together with those originated by CMGFSC, will be purchased by the Issuer pursuant to the Receivables Purchase Agreement. 
  
 Under the Fee Receivables Purchase Agreement and the Receivables Purchase
Agreement, additional Receivables from time to time will automatically be conveyed thereunder to the Issuer without any further action by either Originator. 
  
 GRANTING CLAUSE 
  
 The Issuer hereby Grants to the Trustee, for the benefit of the Holders of the Notes and each Liquidity Party, all of the Issuer’s right, title and
interest, whether now owned or hereafter acquired and wherever located, in, to and under: (i) all Receivables; (ii) all Related Property; (iii) all Pool Collections and Fee Collections; (iv) the Collection Account (including the
Expense Subaccount and the Principal Subaccount) and all money, instruments, investment property and other property credited to or deposited in such accounts from time to time; (v) the PHH Guarantee, the Servicing Agreement, the Receivables
Purchase Agreement, the Fee Receivables Purchase Agreement and the CMGFSC Purchase Agreement; (vi) all accounts, 

 money, chattel paper, investment property, instruments, documents, deposit accounts, letters of credit, letter of credit
rights, general intangibles, oil, gas and other minerals, and goods consisting of, arising from or relating to any of the foregoing; (vii) all other accounts, money, chattel paper, investment property, instruments, documents, deposit accounts,
letters of credit, letter of credit rights, general intangibles, oil, gas and other minerals, and goods consisting of, arising from or relating to any assets of the Issuer; and (viii) all proceeds of the foregoing (collectively, the
“Pledged Assets”). 
  
 For avoidance of
doubt, it is expressly understood and agreed that, to the extent the UCC is revised subsequent to the date hereof such that the definition of any of the foregoing terms included in the description of Pledged Assets is changed, the parties hereto
desire that any property that is included in such changed definitions that would not otherwise be included in the foregoing Grant on the date hereof be included in such Grant immediately upon the effective date of such revisions, it being the
intention of the Issuer that the description of Pledged Assets set forth above be construed to include the broadest possible range of assets. 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.01 Definitions 
  
 Whenever used
in this Agreement, the following words and phrases shall have the following meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such terms. 
  
 “Act”
shall have the meaning set forth in Section 13.03(a). 
  
 “Additional Interest” shall have the meaning set forth in Section 9.01(b). 
  
 “Adjusted Days in Inventory” shall mean, for any Monthly Period, the product of (i) 1.50 multiplied by
(ii) the Weighted Average Inventory Hold Period for such Monthly Period. 
  
 “Administrative Agent” shall mean The Bank of Tokyo - Mitsubishi, Ltd., New York Branch, in its capacity as Administrative Agent for the Purchaser. 
  
 “Affiliate” shall mean, when used with respect to any
Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person. As used in this definition of Affiliate, the term “control” means the power, directly or indirectly, to direct or cause
the direction of the management and policies of a Person, whether through ownership of such Person’s voting securities, by contract or otherwise, and the terms “affiliated,” “controlling” and “controlled” have
correlative meanings. 
  

 2 

 “Aggregate Receivable Balance” shall mean, as of any date of determination,
(a) the aggregate Unpaid Balance of the Fee Receivables and Pool Receivables arising under the Pool Relocation Management Agreements, calculated in the following manner: the Unpaid Balance will be reduced (without duplication), by
(i) the amount of any funds received on account of or otherwise in connection with such Fee Receivable or Pool Receivable, including the amount of Home Sale Proceeds received with respect to the related Home (to the extent that they have not
previously been applied to reduce the Unpaid Balance of the related Receivable) and (ii) the amount of any net gains on sales of Homes or other amounts (including without limitation rebates for referral fees, if any, and if allowed by law) that
have not yet been remitted to the related Employer or the related Transferred Employee, to the extent required by the related Pool Relocation Management Agreement minus (b) the aggregate Unpaid Balance of all Pool Receivables and Fee
Receivables that are not Eligible Receivables, but in the case of each amount calculated pursuant to clause (b) only to the extent such amounts have not already been subtracted in calculating such Aggregate Receivable Balance. 
  
 “Amortization Event” shall have the meaning set forth
in Section 10.01. 
  
 “Amortization
Period” shall mean the period commencing at the earlier to occur of (a) the close of business on April 15, 2005 and (b) the close of business on the Business Day immediately preceding the day on which an
Amortization Event has occurred, and ending on the date on which (x) the Outstanding Amount shall have been paid in full, together with all accrued interest thereon, and (y) all amounts owed to the Administrative Agent, the Purchaser and
each Liquidity Party hereunder and under the Note Purchase Agreement shall have been paid and satisfied in full. 
  
 “Applicable Margin” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Applicable Stress Factor” shall mean, as of any date
of determination, (i) with respect to the Applicable Stress Factor used in the calculation of the Fee Loss Reserve or the Unbilled USPS Receivable Loss Reserve, 2.0, and (ii) with respect to the Applicable Stress Factor used in the
calculation of the Loss-to-Acquisition Value Reserve or the Carrying Cost Reserve, 1.5. 
  
 “Asset Amount Deficiency” shall occur if and to the extent the Aggregate Receivable Balance as of any date of determination is less than the Required Asset Amount as of such date. 

 
 “Authentication Agent” shall mean the Trustee and
any successor thereto in such capacity. 
  
 “Authorized
Officer” shall mean: 
  
 (a) with respect to the
Issuer, any officer of the Issuer who is authorized to act for the Issuer in matters relating to the Issuer and who is identified on the list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Issuer to
the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter); or 
  

 3 

 (b) with respect to the Servicer, any officer of the Servicer who is authorized to act for the Servicer
in matters relating to the Servicer and who is identified on the list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Servicer to the Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter). 
  
 “Base
Rate” shall mean a fluctuating interest rate per annum equal to the higher of (i) the rate of interest announced publicly by the Bank of Tokyo-Mitsubishi Trust Company as its prime rate, whether or not such rate is the
lowest rate offered by such institution to its corporate borrowers, and (ii) 1/2 of one percent per annum above the Federal Funds Rate. 
  
 “Base Rate Tranche” shall mean any portion of the Outstanding Amount that, pursuant to Section 2.3 of the Note Purchase
Agreement, is not a CP Tranche or a Eurodollar Tranche. 
  
 “Billed USPS Concession Ratio” shall mean, for any calendar month and any Billed USPS Receivables, the quotient, expressed as a percentage, of (a) the aggregate amount of reductions to the Unpaid Balances
of such Billed USPS Receivables due to Concessions occurring during such calendar month divided by (b) the aggregate Unpaid Balance of such Billed USPS Receivables that are Eligible Receivables as of the last day of such calendar month.

  
 “Billed USPS Loss Ratio” shall mean,
for any calendar month and any Billed USPS Receivables, the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balance of such Billed USPS Receivables that have become Defaulted Receivables in accordance with clause
(a) or (c) of the definition of Defaulted Receivable during such calendar month divided by (b) the aggregate Unpaid Balance of such Billed USPS Receivables generated during the sixth calendar month preceding such calendar
month. 
  
 “Billed USPS Receivable” shall
mean any Billed Receivable arising under a Guaranteed Government Contract and out of or with respect to Direct Expenses, Service Fees and Other Reimbursable Expenses and the right to payment of any and all Finance Charges with respect to any of the
foregoing. 
  
 “Breakage Amounts” shall
have the meaning set forth in the Note Purchase Agreement. 
  
 “Carrying Cost Ratio” shall mean, for any calendar month, the quotient, expressed as a percentage, of (a) the outstanding principal balance of the aggregate amount of acquisition, carrying costs and
closing costs incurred during the Weighted Average Inventory Hold Period divided by (b) the aggregate Unpaid Balance of the KF Equity Receivables as of the last day of such calendar month. 
  
 “Carrying Cost Reserve” shall mean, as of any date of
determination, the percentage equivalent of the product of: 
  
 (i) the Applicable Stress Factor multiplied by 
  

 4 

 (ii) the highest Three Month Average Carrying Cost Ratio for the twelve calendar months
ended as of the immediately preceding calendar month, multiplied by 
  
 (iii) the Unpaid Balance of the KF Equity Receivables that are Eligible Receivables as of the last day of the current calendar month. 
  
 “Closing Date” shall mean March 7, 2002. 
  
 “Change of Control” shall have the meaning set forth
in the Note Purchase Agreement. 
  
 “CMGFSC” shall have the meaning set forth in the preliminary statement to this Indenture. 
  
 “CMGFSC Purchase Agreement” shall mean the purchase agreement dated as of March 7, 2002 between CMSC and CMGFSC, as amended
from time to time. 
  
 “CMSC” shall have
the meaning set forth in the preliminary statement to this Indenture. 
  
 “Commercial Paper Notes” shall mean the short-term promissory notes of the Purchaser denominated in dollars, and issued from time to time in connection with the Series 2002-1 Notes. 
  
 “Commission” shall mean the Securities and Exchange
Commission and its successors in interest. 
  
 “Concession” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Concession Ratio” shall mean, for any calendar month and any Fee Receivables, the quotient, expressed as a percentage, of
(a) the aggregate amount of reductions to the Unpaid Balances of such Fee Receivables due to Concessions occurring during such calendar month divided by (b) the aggregate Unpaid Balance of such Fee Receivables that are Eligible
Receivables as of the last day of such calendar month. 
  
 “Corporate Trust Office” shall mean the principal office of the Trustee at which at any particular time its corporate trust business shall be administered, which office on the date of the execution of this Agreement
is located at 5 Penn Plaza, 16th Floor, New York, New York 10001, or at such other address as the Trustee may designate from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Trustee
(of which address any successor Trustee shall notify the Noteholders and the Issuer). 
  
 “CP Disruption” shall have the meaning set forth in the Note Purchase Agreement. 
  

 5 

 “Date of Processing” shall mean, with respect to any transaction, the date on
which such transaction is first recorded on the Servicer’s computer master file maintained for the purpose of recording Pool Collections and Fee Collections. 
  
 “Default” shall mean any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default. 
  
 “Default
Ratio” shall mean, for any calendar month, the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balance of Fee Receivables that have become Defaulted Receivables in accordance with clause (a) or
(c) of the definition of Defaulted Receivable during such calendar month divided by (b) the aggregate Unpaid Balance of Fee Receivables as of the last day of such calendar month. 
  
 “Definitive Notes” shall mean Notes in definitive,
fully registered form. 
  
 “Deposit Date”
shall mean each day on which the Servicer deposits Pool Collections or Fee Collections in the Collection Account in accordance with Section 3.02 of the Servicing Agreement. 
  
 “Distribution Date” shall mean April 15, 2002 and the fifteenth day of each calendar month
thereafter or, if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Dollars,” “$” or “U.S. $” shall mean United States dollars. 
  
 “Eligible Investments” shall mean instruments, investment property or other property or, in the case of deposits described below,
deposit accounts held in the name of the Trustee in trust for the benefit of the Noteholders, other than securities issued by or obligations of CMSC or any Affiliate thereof, subject to the exclusive custody and control of the Trustee and for which
the Trustee has sole signature authority, which mature so that funds will be available no later than the close of business on the Business Day prior to each Distribution Date and which evidence: 
  
 (a) direct obligations of, or obligations fully guaranteed as to timely
payment by, the United States of America; 
  
 (b) demand deposits,
time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States of America or any state thereof, including the District of Columbia (or domestic branches of foreign banks) and
subject to supervision and examination by federal or state banking or depository institution authorities; provided that at the time of the Issuer’s investment or contractual commitment to invest therein, the short-term debt rating of
such depository institution or trust company shall be at least A-1 by Standard & Poor’s, P-1 by Moody’s and F1+ by Fitch (if rated by Fitch); 
  

(c) commercial paper having, at the time of the Issuer’s investment or contractual commitment to invest therein, a rating of at least A-1 by
Standard & Poor’s, P-1 by Moody’s and F1+ by Fitch (if rated by Fitch); 
  

 6 

 (d) demand deposits, time deposits and certificates of deposit that are fully insured by the FDIC having,
at the time of the Issuer’s investment therein, a rating of at least A-l by Standard & Poor’s, P-l by Moody’s and F1+ by Fitch (if rated by Fitch); 
  
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; or

  
 (f) money market funds having, at the time of the
Issuer’s investment therein, a rating in the highest rating category of Standard & Poor’s, Moody’s and Fitch (if rated by Fitch) (including funds for which the Trustee or any of its Affiliates is investment manager or
advisor). 
  
 “Eligible Receivable” shall,
in the case of any CMSC Fee Receivable, have the meaning set forth in the Fee Receivables Purchase Agreement and shall, in the case of any CMSC Receivable, have the meaning set forth in the CMGFSC Purchase Agreement. 
  
 “ERISA Affiliate” shall mean any trade or business
(whether or not incorporated that is treated as a single employer with the Issuer or any CMS Person under Section 414 of the Code. 
  
 “Eurodollar Rate” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Eurodollar Tranche” shall mean any portion of the
Outstanding Amount that has been designated by the Administrative Agent as a Eurodollar Tranche pursuant to Section 2.3 of the Note Purchase Agreement. 
  
 “Event of Default” shall have the meaning set forth in Section 5.01. 
  
 “Expense Subaccount” shall have the meaning set forth
in Section 9.05(a). 
  
 “Federal Funds
Rate” shall mean, for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York or, if such rate is not so published for any day which is a Business Day, the average of the quotations for
such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Fee Letter” shall mean that certain Fee Letter executed by and between the Issuer and the Administrative Agent in connection with
the Note Purchase Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Fee Loss Reserve” shall mean, as of any date of determination, the percentage equivalent of the product of: 
  
 (i) the Applicable Stress Factor multiplied by

  

 7 

 (ii) a fraction, calculated as of the last day of the most recently ended calendar month,
the numerator of which is equal to the aggregate Unpaid Balance of all Fee Receivables created by each Originator during the six most recently ended calendar months, and the denominator of which is equal to the aggregate Unpaid Balance
of Fee Receivables that are Eligible Receivables as of the end of the most recently ended calendar month, multiplied by; 
  
 (iii) the sum of (A) the highest Three Month Rolling Fee Concession Ratio plus (B) the highest Three Month Rolling
Fee Loss Ratio, in each case for any calendar month over the twelve calendar months ended as of the immediately preceding calendar month, multiplied by 
  

(iv) the Unpaid Balance of the Fee Receivables that are Eligible Receivables as of the last day of the most recently ended calendar
month. 
  
 “Fee Receivables Purchase
Agreement” shall mean the purchase agreement dated as of March 7, 2002 between CMSC and the Issuer, as amended from time to time. 
  
 “Final Stated Maturity Date” shall mean the earlier of (a) the Distribution Date occurring in July 2006 and
(b) the Distribution Date occurring in the 15th Monthly Period following the Monthly Period in which the Amortization Period commenced. 
  
 “Finance Rate” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Financial Covenants” shall mean the covenants and
agreements contained in Sections 6.7 and 6.8 of the PHH Revolving Credit Agreement; as amended, supplemented or otherwise revised from time to time; provided, however, that for so long as The Bank of Tokyo-Mitsubishi, Ltd., New York
Branch (“BTM”) is a party to the PHH Revolving Credit Agreement, a waiver of any provision of such Sections 6.7 and 6.8 that has been agreed to or consented to by BTM thereunder shall cease to be applicable hereto; and
provided, further, that if BTM is no longer a party to the PHH Revolving Credit Agreement or BTM has not consented to any waiver described in the preceding proviso, Financial Covenants shall mean the applicable covenants and agreements
in effect pursuant to this definition immediately prior to such event. 
  
 “Fitch” shall mean Fitch, Inc. or its successors. 
  
 “Funding Termination Date” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Grant” shall mean to mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create and grant a
lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Pledged Assets or of any other agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Pledged Assets and all other moneys payable
thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all 
  

 8 

 rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive
anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  
 “Indemnity Amounts” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Indenture” shall have the meaning set forth in the
introductory paragraph to this Indenture. 
  
 “Independent Certificate” shall mean a certificate or opinion to be delivered to the Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 13.01, made
by an Independent appraiser or other expert, and such opinion or certificate shall state that the signer has read the definition of Independent in this Indenture and that the signer is Independent within the meaning thereof. 
  
 “Ineligible Receivable” shall mean, as of any date of
determination, any Receivable that is not an Eligible Receivable as of such date. 
  
 “Initial Outstanding Amount” shall mean $49,901,207.  
  
 “Insolvency Event” shall mean, for any Person: 
  
 (a) that such Person shall admit in writing its inability, or fail generally, to pay its debts as they
become due; or 
  
 (b) (i) a proceeding
shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or for the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of such Person or for any substantial part of its property, or for the winding-up or liquidation of its
affairs and (ii) either such proceedings shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceedings shall occur, provided that the grace period allowed for by this clause (ii) shall
not apply to any proceeding instituted by an Affiliate of such Person in furtherance of any of the actions set forth in the preceding clause (i); or 
  
 (c) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or such Person’s consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator,
conservator or other similar official of such Person or for any substantial part of its property, or any general assignment for the benefit of creditors; or 
  

 9 

 (d) if such Person is a corporation or a limited liability company, such Person or any
Subsidiary of such Person shall take any corporate or limited liability company action in furtherance of any of the actions set forth in the preceding clause (a), (b) or (c). 
  
 “Interest Payment Date” shall have the meaning set forth in the Note Purchase Agreement. 

 
 “Interest Period” shall mean, with respect to each
Tranche: 
  
 (a) initially, the period commencing
on the date such Tranche is funded and ending such number of days thereafter selected by the Issuer and approved by the Administrative Agent; and 
  
 (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period for such Tranche and ending such
number of days thereafter selected pursuant to clause (a) above; 
  
 in each case, provided that 
  
 (i) any Interest Period that otherwise would end on a day that is not a Business Day shall be extended to the next succeeding Business Day; provided, however, that if such Interest Period relates to a
Eurodollar Tranche and such next succeeding Business Day would cause the Interest Period to end in the next calendar month, such Interest Period shall end on the next preceding Business Day; and 
  
 (ii) any Interest Period that otherwise would end beyond the
Final Stated Maturity Date shall end on the Final Stated Maturity Date. 
  
 Unless otherwise approved by the Administrative Agent, an Interest Period shall be (i) one calendar month with respect to any CP Tranche or Base Rate Tranche and (ii) one, two or three months with respect to any Eurodollar
Tranche. 
  
 “Interest Shortfall” shall
have the meaning set forth in Section 9.0l(b). 
  
 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended, together with the rules and regulations promulgated thereunder. 
  
 “Issuer” shall have the meaning set forth in the introductory paragraph to this Indenture.

  
 “KF Equity Receivable” shall mean any
Pool Receivable arising out of or with respect to Equity Loans, Equity Payments, Mortgage Payments and Mortgage Payoffs other than a Pool Receivable with respect to a Guaranteed Government Contract. 
  
 “Libor Rate” shall have the meaning set forth in the
Note Purchase Agreement. 
  

 10 

 “Liquidity Agreement” shall have the meaning set forth in the Note Purchase
Agreement. 
  
 “Liquidity Party” shall
have the meaning set forth in the Note Purchase Agreement. 
  
 “Liquidity Purchase” shall mean either the funding of an Advance with respect to Related Commercial Paper or a purchase by the Purchaser under any asset purchase agreement referenced in the definition of Liquidity
Agreement. 
  
 “Liquidity Termination Date”
shall mean the earlier of (i) the occurrence of a Funding Termination Date or (ii) March 6, 2003. 
  
 “Loss Ratio” shall mean, for any calendar month and any Fee Receivables, the quotient, expressed as a percentage, of
(a) the aggregate Unpaid Balance of such Fee Receivables that have become Defaulted Receivables in accordance with clause (a) or (c) of the definition of Defaulted Receivable during such calendar month divided by (b) the
aggregate Unpaid Balance of such Fee Receivables generated during the sixth calendar month preceding such calendar month. 
  
 “Loss-to-Acquisition Value Ratio” shall mean, for any calendar month and the KF Equity Receivables, the quotient, expressed
as a percentage, of (a) for all related Homes sold during such calendar month, the aggregate of the amounts, if any, by which the purchase price of each such Home paid by the applicable Originator, exceeded the sale price for such Home received
by the Servicer (the amount of any such excess with respect to a Home for purposes of this definition being a “Loss”) divided by (b) the aggregate purchase prices paid for such Homes. The Loss-to-Acquisition Value Ratio for any
calendar month shall be based on the net Losses for such calendar month, which is calculated to include any gains on the sale of such Homes during such calendar month. 
  
 “Loss-to-Acquisition Value Reserve” shall mean, as of any date of determination, the percentage
equivalent of the product of: 
  
 (i) the
Applicable Stress Factor multiplied by 
  
 (ii) the highest Three Month Average Loss-to-Acquisition Value Ratio for any calendar month over the twelve calendar months ended as of the immediately preceding calendar month multiplied by 
  
 (iii) the Unpaid Balance of the KF Equity Receivables that
are Eligible Receivables as of the last day of the most recently ended calendar month. 
  
 “Majority Investors” shall mean Noteholders holding Notes evidencing more than 50% of the Outstanding Amount. 
  
 “Material Adverse Effect” shall mean, with respect to any event or circumstance, a material adverse
effect on (a) the business, financial condition, operations or assets of the Issuer or any other Transaction Party, (b) the ability of the Issuer or any other 
  

 11 

 Transaction Party to perform its obligations under any Transaction Document to which it is a party, (c) the validity
or enforceability of, or collectibility of, amounts payable by the Issuer or any other Transaction Party under any Transaction Document to which it is a party, (d) the status, existence, perfection or priority of the interest of the Issuer or
any assignee thereof in the Pledged Assets, taken as a whole, in each case free and clear of any Lien (other than a Permitted Lien) or (e) the validity, enforceability or collectibility of all or any substantial portion of the Pledged Assets

  
 “Monthly Interest” shall have the
meaning set forth in Section 9.01(b). 
  
 “Monthly
Period” shall mean (i) a calendar month or (ii) with respect to the initial Monthly Period, the period commencing on the Closing Date and ending on March 31, 2002. 
  
 “Monthly Principal” shall have the meaning set forth
in Section 9.02. 
  
 “Monthly Program
Fees” shall mean for any Distribution Date, the fee payable to the Administration Agent under Section 3.4 of the Note Purchase Agreement. 
  
 “Monthly Program Fee Rate” shall have the meaning set forth in the Fee Letter. 
  
 “Multiemployer Plan” shall mean at any time an
employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any ERISA Affiliate is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions,
including for these purposes any Person which ceased to be a member of the ERISA Affiliate during such five year period. 
  
 “Note Interest Rate” shall mean, as of any date, the sum of the weighted average of the Tranche Rates. 
  
 “Note Purchase Agreement” shall mean that certain
Note Purchase Agreement dated as of even date herewith (as the same may be amended, restated, supplemented or otherwise modified from time to time) by and between the Issuer, CMGFSC, CMSC, the Purchaser and the Administrative Agent. 
  
 “Note Register” shall have the meaning set
forth in Section 2.05. 
  
 “Noteholder”
or “Holder” shall mean the Person in whose name a Series 2002-1 Note is registered in the Note Register, which initially shall be the Purchasers. 
  
 “Notes” or “Series 2002-1 Notes” shall mean the Notes executed by the Issuer
and authenticated by the Authentication Agent, substantially in the form of Exhibit A, and any replacement Notes in exchange therefor. 
  
 “NYUCC” shall have the meaning set forth in Section 2.05. 
  
 “Officer’s Certificate” shall mean, unless otherwise specified in this Agreement, a certificate
delivered hereunder, signed by any Authorized Officer of the Issuer, CMGFSC or the Servicer, as applicable, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 13.01. 
  

 12 

 “Opinion of Counsel” shall mean a written opinion of counsel, who may be counsel
for, or an employee of, the Person providing the opinion and who shall be reasonably acceptable to the Trustee and the Administrative Agent, provided that a Tax Opinion shall be an opinion of nationally recognized independent tax counsel.

  
 “Originator” shall have the meaning
set forth in the preliminary statement to this Indenture. 
  
 “Outstanding” shall mean, with respect to the Notes as of any date of determination, all Notes authenticated and delivered under this Indenture except: 
  
 (i) Notes previously cancelled by the Transfer Agent and Registrar or delivered to the Transfer Agent and
Registrar for cancellation; 
  
 (ii) Notes or
portions thereof that are either due at maturity or have been duly called for redemption, and the payment for which money in the necessary amount (without giving account to any investment proceeds of any kind) has been previously deposited with the
Trustee or any Paying Agent in trust for the Holders of such Notes; and 
  
 (iii) Notes in exchange for or in lieu of other Notes that have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a
protected purchaser; 
  
 provided that in determining whether the Holders
of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, any other obligor on the Notes, the Servicer or any Affiliate of any of the
foregoing Persons shall be disregarded and deemed not to be Outstanding (except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes
that a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded). Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor on the Notes, CMGFSC, the Servicer or any Affiliate of any of the foregoing Persons. In making any such determination, the Trustee
may rely on the representations of the pledgee and shall not be required to undertake any independent investigation. 
  
 “Outstanding Amount” shall mean, as of any date of determination, an amount equal to (i) the Initial Outstanding Amount
plus (ii) the aggregate amount of all Increases minus (iii) the aggregate amount of Monthly Principal previously paid to the Series 2002-1 Noteholders; provided that, to the extent that any portion of Monthly Principal
(or other payment on or account of principal of the Series 2002-1 Notes) shall be required to be returned or restored under or in connection with the bankruptcy, liquidation, insolvency or other condition with 
  

 13 

 respect to the Issuer or any CMS person or otherwise, the amount of such Monthly Principal shall be restored and included
in the Outstanding Amount as though the former payment had never been made. 
  
 “Outstanding Tranche Amount” shall mean, with respect to any Tranche, the portion of the Outstanding Amount designated by the Administrative Agent as allocable to such Tranche. 
  
 “Paying Agent” shall mean the Trustee and any
successor thereto in such capacity. 
  
 “Person” shall mean any 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. 
  
 “PHH Indebtedness” shall mean (i) indebtedness, obligations or other liabilities of PHH or its Subsidiaries which are, at the date as of which such indebtedness is to be determined, includable as liabilities in
a consolidated balance sheet of PHH and its Subsidiaries, other than (x) accounts payable and accrued expenses, (y) advances from clients obtained in the ordinary course of the relocation management services business of PHH and its
Subsidiaries and (z) current and deferred income taxes and other similar liabilities, plus (ii) without duplicating any items included in such indebtedness pursuant to the foregoing clause (i), the maximum aggregate amount of all
liabilities of PHH or any of its Subsidiaries under any Guaranty (as defined in the PHH Revolving Credit Agreement), indemnity or similar undertaking given or assumed of, or in respect of, the indebtedness, obligations or other liabilities, assets,
revenues, income or dividends of any Person other than PHH or one of its Subsidiaries and (iii) all other obligations or liabilities of PHH or any of its Subsidiaries in relation to the discharge of the obligations of any Person other than PHH
or one of its Subsidiaries. 
  
 “PHH Interest Rate
Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement or other similar financial agreement or arrangement of PHH or one of its Subsidiaries. 
  
 “PHH Revolving Credit Agreement” shall mean the Two
Year Competitive Advance and Revolving Credit Agreement dated as of March 4, 1997, as amended and restated through February 21, 2002 among PHH Corporation, the Lender referred to therein, JPMorgan Chase Bank, as Administrative Agent and
JPMorgan Securities Inc., as Lead Arranger and Bookrunner. 
  
 “Pledged Assets” shall have the meaning set forth in the granting clause.  
  
 “Principal Subaccount” shall have the meaning set forth in Section 9.06(a). 
  
 “Proceeding” shall mean any suit in equity, action at
law or other judicial or administrative proceeding. 
  
 “Purchaser” shall mean Gotham Funding Corporation, and its successors and assigns. 
  

 14 

 “Receivables Purchase Agreement” shall mean the receivables purchase agreement
dated as of March 7, 2002 between CMGFSC and the Issuer, as amended from time to time. 
  
 “Record Date” shall mean, with respect to any Distribution Date, the Trustee’s close of business on the last Business Day preceding such Distribution Date. 
  
 “Redemption Date” shall mean the date the Notes are
redeemed in accordance with Section 12.02. 
  
 “Redemption Price” shall mean, with respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Outstanding
Amount on such Distribution Date plus (ii) Monthly Interest for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 2002-1 Noteholders plus (iii) all Monthly Program Fees
plus (iv) any applicable Breakage Amounts plus (v) any other amounts owed to the Administrative Agent, the Purchaser or any Liquidity Party pursuant to this Agreement or the Note Purchase Agreement. 
  
 “Related Commercial Paper” shall have the meaning set
forth in the Note Purchase Agreement. 
  
 “Required
Amount” shall mean, as of any date of determination, the sum of (a)(i) all accrued and unpaid interest on the Series 2002-1 Notes as calculated in accordance with Section 9.01 plus (ii) all unaccrued interest
that will become due and payable on or prior to the next Distribution Date plus (iii) any Additional Interest previously accrued and not reimbursed plus (b) the sum of (i) if CMSC is no longer the Servicer, the
Monthly Servicing Fee to be distributed on such Distribution Date plus (ii) any Monthly Servicing Fee previously accrued with respect to any Monthly Period for which CMSC was not the Servicer and not paid plus (iii) the
Monthly Program Fees to be distributed on such Distribution Date plus (iv) any Monthly Program Fees previously accrued and not paid plus (v) any Breakage Amounts, Yield Protection Amount and Indemnity Amounts previously
accrued and not yet paid. 
  
 “Required Asset
Amount” shall mean, as of any date of determination, an amount equal to the sum of (a) the Outstanding Amount plus (b) the Required Overcollateralization Amount. 
  
 “Required Enhancement Amount” shall mean, as of any
date of determination, an amount equal to the greater of (i) 10% of the Aggregate Receivables Balance and (ii) an amount equal to the product of (A) the Aggregate Receivables Balance multiplied by (B) the
Reserve Percentage; provided, however, that after the declaration or occurrence of an Amortization Event, the Required Enhancement Amount shall equal the Required Enhancement Amount in effect on the date of the declaration or
occurrence of such Amortization Event. 
  
 “Required
Overcollateralization Amount” shall mean, as of any date of determination, the amount by which the Required Enhancement Amount exceeds the amount on deposit in the Principal Subaccount. 
  

 15 

 “Requirement of Law” shall have the meaning set forth in the Note Purchase
Agreement. 
  
 “Reserve Percentage” shall
mean, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the sum of (u) the Fee Loss Reserve plus (v) the Unbilled USPS Loss Reserve plus (w) the
Loss-to-Acquisition Value Reserve plus (x) the Carrying Cost Reserve plus (y) the Yield Reserve Ratio plus (z) the Servicing Fee Reserve and the denominator of which is the Aggregate Receivables Balance.

  
 “Restricted Payment” shall mean, with
respect to any Person (i) any dividend or other distribution on any shares of capital stock of, or other Security issued by, such Person or (ii) any payment on account of the purchase, redemption, retirement or acquisition of (a) any
shares of capital stock of, or other Security issued by, such Person or (b) any option, warrant or other right to acquire shares of the capital stock of, or other Security issued by, such Person or (iii) any loan, advance or other direct
or indirect provision of funds of credit by such Person to any holder of any shares of its capital stock or of any other Security issued it. 
  
 “Revolving Period” shall mean the period beginning on the Closing Date and ending upon the commencement of the Amortization
Period. 
  
 “Security” shall have the
meaning set forth in the Note Purchase Agreement. 
  
 “Servicer” shall have the meaning set forth in the preliminary statement to this Indenture. 
  
 “Servicing Agreement” shall have the meaning set forth in the preliminary statement to this Indenture. 
  
 “Servicing Fee Reserve” shall mean, as of any date of
determination, the product of (i) the Servicing Fee multiplied by (ii) a fraction, the numerator of which is the Adjusted Days in Inventory as of the end of the current Monthly Period and the denominator of
which is 360, multiplied by (iii) the Aggregate Receivable Balance as of such date. 
  
 “Servicing Fee” shall have the meaning set forth in the Servicing Agreement.  
  
 “Solvent” shall have the meaning set forth in the
Note Purchase Agreement.  
  
 “Stated
Amount” shall mean $100,000,000. 
  
 “Subsidiary” shall mean with respect to any Person, any corporation, association, joint venture, partnership or other business entity (whether now existing or hereafter organized) of which at least a majority of the
voting stock or other ownership interests having ordinary voting power for the election of directors (or the equivalent) is, at the time as of which any determination is being made, owned or controlled by such Person or one or more subsidiaries of
such Person or by such Person and one or more subsidiaries of such Person. 
  

 16 

 “Tax Opinion” shall mean, in connection with the issuance of the Notes pursuant
to this Indenture, the Notes will be properly characterized as debt for federal income tax purposes. 
  
 “Three Month Average Carrying Cost Ratio” shall mean, for any calendar month, the average of the Carrying Cost Ratios for each of
the three calendar months preceding the prior calendar month. 
  
 “Three Month Average Loss-to-Acquisition Value Ratio” shall mean, for any calendar month, the average of the Loss-to-Acquisition Value Ratios for each of the three calendar months preceding the prior calendar month.

  
 “Three Month Rolling Billed USPS Concession
Ratio” shall mean, for any calendar month, the rolling average of the Billed USPS Concession Ratios for each of the three calendar months preceding the prior calendar month. 
  
 “Three Month Rolling Billed USPS Loss Ratio” shall mean, for any calendar month, the rolling average
of the Billed USPS Loss Ratios for each of the three calendar months preceding the prior calendar month. 
  
 “Three Month Rolling Fee Concession Ratio” shall mean, for any calendar month, the rolling average of the Concession Ratios for
each of the three calendar months preceding the prior calendar month. 
  
 “Three Month Rolling Default Ratio” shall mean, for any calendar month, the rolling average of the Default Ratios for each of the three calendar months preceding the prior calendar month. 
  
 “Three Month Rolling Fee Loss Ratio” shall mean, for
any calendar month, the rolling average of the Loss Ratios for each of the three calendar months preceding the prior calendar month. 
  
 “Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Tranche Rate” shall mean, at any time during an
Interest Period with respect to any Tranche, the CP Rate or the Eurodollar Rate, as applicable, provided, however, that if any principal or interest on the Series 2002-1 Notes is not paid in full through the allocation of Collections
when the same shall have become required to be paid or if any Amortization Event has occurred and is continuing, then the Tranche Rate shall be the Alternate Base Rate plus two percent (2.0%) with respect to such deficiency or with respect to
any interest accrued on the Series 2002-1 Notes after the occurrence of such Amortization Event. 
  
 “Transaction Documents” shall mean the CMGFSC Purchase Agreement, the Fee Receivables Purchase Agreement, the Receivables Purchase
Agreement, the Servicing Agreement, the PHH Guarantee, this Indenture and the Note Purchase Agreement. 
  
 “Transfer Agent and Registrar” shall mean the Trustee and any successor thereto in such capacity. 
  

 17 

 “Transfer Restriction” shall have the meaning set forth in the Note Purchase
Agreement. 
  
 “Trustee” shall have the
meaning set forth in the introductory paragraph of this Indenture. 
  
 “Trustee Officer” shall mean, with respect to the Trustee, any officer assigned to the Corporate Trust Office, including any officer of the Trustee having direct responsibility for the administration of the
applicable Transaction Documents, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  
 “Unbilled USPS Receivable Loss Reserve” shall mean,
as of any date of determination, the percentage equivalent of the product of: 
  
 (i) the Applicable Stress Factor multiplied by 
  
 (ii) a fraction, calculated as of the last day of the most recently ended calendar month, the
numerator of which is equal to the aggregate Unpaid Balance of all Billed USPS Receivables created by each Originator during the twelve most recently ended calendar months, and the denominator of which is equal to the aggregate Unpaid
Balance of Unbilled USPS Receivables that are Eligible Receivables as of the end of the most recently ended calendar month, multiplied by; 
  
 (iii) the sum of (A) the highest Three Month Rolling Billed USPS Concession Ratio plus (B) the highest Three Month
Rolling Billed USPS Loss Ratio, in each case for any calendar month over the twelve calendar months ended as of the immediately preceding calendar month, multiplied by 
  
 (iv) the Unpaid Balance of the Unbilled USPS Receivables that are Eligible Receivables as of the last day of
the most recently ended calendar month. 
  
 “Unbilled
USPS Receivable” shall mean any Unbilled Receivable arising out of or with respect to Direct Expenses, Equity Loans, Equity Payments, Mortgage Payments and Mortgage Payoffs with respect to a Guaranteed Government Contract. 

 
 “Unmatured Amortization Event” shall mean any
occurrence or event which, with the giving of notice, the passage of time or both, would constitute an Amortization Event. 
  
 “Unmatured Funding Termination Date” shall have the meaning set forth in the Note Purchase Agreement. 
  
 “Weighted Average Inventory Hold Period” shall mean,
for any Monthly Period, the average number of days the Homes have been owned by each Originator as of the close of business on the last day of such Monthly Period, weighted by the aggregate purchase prices paid by the Originators for such Homes.

  

 18 

 “Yield Protection Amount” shall have the meaning set forth in the Note Purchase
Agreement. 
  
 “Yield Reserve” shall mean,
as of any date of determination during an Interest Period, the quotient, expressed as a percentage, of (a) the product of (i) the sum of (A) 1.50% Plus (B) the Eurodollar Rate for the Interest Period
in which such date occurs multiplied by (ii) the Outstanding Amount multiplied by (iii) Adjusted Days in Inventory as of the end of the current Monthly Period, divided by (b) 360. 
  
 Section 1.02 Other Definitional Provisions 
  
 (a) All terms used herein and not otherwise defined herein shall have
meanings ascribed to them in the CMGFSC Purchase Agreement, the Fee Receivables Purchase Agreement, the Receivables Purchase Agreement or the Servicing Agreement, as applicable. 
  
 (b) All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly
defined in this Indenture or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles and as in effect on the date of this Indenture. To the
extent that the definitions of accounting terms in this Indenture or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles in the United States, the definitions
contained in this Indenture or in any such certificate or other document shall control. 
  
 (d) All references herein to Contractual Obligations or to other documents or instruments shall refer to the same as from time to time amended, supplemented or modified. 
  
 (e) Unless otherwise specified, references to any amount as on deposit or
outstanding on any particular date shall mean such amount at the close of business on such day. 
  
 (f) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this
Indenture as a whole and not to any particular provision of this Indenture; references to any subsection, Section, Schedule or Exhibit are references to subsections, Sections, Schedules and Exhibits in or to this Indenture unless otherwise
specified; and the term “including” means “including without limitation.” 
  

 19 

 ARTICLE II 
  
 THE NOTES 
  
 Section 2.01 Form Generally. 
  
 The Series 2002-1 Notes, upon original issuance, shall be issued in definitive, fully registered form, authenticated and delivered in substantially the
form attached hereto as Exhibit A. Each Note shall be dated as of the date of its authentication. 
  
 Section 2.02 Denominations. 
  
 The Notes shall be issued in fully registered form in minimum amounts of $5,000,000 and in integral multiples of $1,000 in excess thereof (except that one
Note may be issued in a different amount, so long as such amount exceeds the minimum denomination), and shall be issued upon initial issuance as one or more Notes in an aggregate original principal amount equal to the initial Outstanding Amount.

  
 Section 2.03 Execution, Authentication and
Delivery. 
  
 Each Note shall be executed by manual or
facsimile signature on behalf of the Issuer by an Authorized Officer. 
  
 Notes bearing the manual or facsimile signature of an individual who was authorized to sign on behalf of the Issuer at the time when such signature was affixed shall not be rendered invalid, notwithstanding the fact that such individual
ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office at the date of issuance such Notes. 
  
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the
Authentication Agent for authentication and delivery, and the Authentication Agent shall authenticate and deliver such Notes as, and with the designation provided in, this Indenture and not otherwise. The Trustee shall deliver the Series 2002-1
Notes to or upon the order of the Issuer when so authenticated. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Notes a certificate of authentication substantially in the form provided for herein executed by or on
behalf of the Authentication Agent by the manual signature of a duly authorized signatory, and such certificate of authentication on any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered under this Indenture. 
  
 Section 2.04 Authentication
Agent. 
  
 (a) The Authentication Agent undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Authentication Agent. The Issuer may remove the 
  

 20 

 Authentication Agent if the Issuer determines in its sole discretion that the Authentication Agent shall have failed to
perform its obligations under this Indenture in any material respect or for other good reason. The Authentication Agent shall be permitted to resign upon 30 days’ written notice to the Issuer. Upon the removal or resignation of the
Authentication Agent, the Issuer shall appoint a successor to act as Authentication Agent. The Issuer shall notify the Trustee of the removal or resignation of the Authentication Agent and the identity and location of the successor Authentication
Agent. 
  
 (b) Pursuant to the Servicing Agreement, the Issuer
shall direct the Servicer to pay to the Authentication Agent from time to time reasonable compensation for its services and all reasonable out-of-pocket expenses incurred or made by it, including costs of collection. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Authentication Agent’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Authentication Agent against any and all loss,
liability or expense (including the fees and expenses of either in-house counsel or outside counsel, but not both) incurred by it in connection with the performance of its duties hereunder. The Authentication Agent shall notify the Issuer and the
Servicer promptly of any claim for which it may seek indemnity. Failure by the Authentication Agent to so notify the Issuer and the Servicer shall not relieve the Servicer of its obligations hereunder unless such loss, liability or expense could
have been avoided with such prompt notification and then only to the extent of such loss, expense or liability which could have been so avoided. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Authentication Agent through the Authentication Agent’s own willful misconduct, negligence or bad faith. The Authentication Agent recognizes and agrees that it shall have no claim against the Issuer or any of the
Pledged Assets, but only against the Servicer, which shall, to the exclusion of all other Persons, be responsible for all fees, reimbursements and other amounts due or to become due to the Authentication Agent. 
  
 (c) The provisions of Sections 6.01, 6.03, 6.04 and 6.05 shall be applicable
to the Authentication Agent. 
  
 (d) Pursuant to any appointment
made under this Section 2.04, the Notes may have endorsed thereon, in lieu of or in addition to the Authentication Agent’s certificate of authentication, an alternative certificate of authentication in substantially the following form:

  
 “This is one of the Notes described in the
within-mentioned Agreement. 
  

			
	 The Bank of New York,
     as Authentication Agent

		
	 By:
	 	  

	 	 	Authorized Signatory”

  

 21 

 Section 2.05 Registration of and Limitations on Transfer and Exchange of Notes. 

 
 The Transfer Agent and Registrar shall keep a register (the “Note
Register”) in which the Transfer Agent and Registrar shall provide for the registration of Notes and the registration of transfers of Notes. Upon any resignation of any Transfer Agent and Registrar, the Issuer shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties of Transfer Agent and Registrar. The Issuer shall notify the Trustee of the identity and location of any successor Transfer Agent and Registrar. 
  
 The Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Trustee shall have the right to rely upon a certificate executed on behalf of the Transfer Agent and Registrar by an officer thereof as to the names and addresses of the Noteholders and the
principal amounts and numbers of such Notes. 
  
 Upon surrender
for registration of transfer of any Notes at the office or agency of the Transfer Agent and Registrar to be maintained as provided in Section 3.02(i), if the requirements of Section 8-401(a) of the New York Uniform Commercial Code (the
“NYUCC”) are met and any applicable requirements for transfer set forth herein are satisfied, the Issuer shall execute, and upon receipt of such surrendered Notes the Authentication Agent shall authenticate and deliver to the
Noteholder, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations of like aggregate principal amount. 
  

At the option of a Noteholder, Notes may be exchanged for other Notes, in any authorized denominations and of like aggregate principal amount, upon
surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the NYUCC are met, the Issuer shall execute, and
upon receipt of such surrendered Notes the Authentication Agent shall authenticate and deliver to the Noteholder, the Notes that the Noteholder making the exchange is entitled to receive. 
  
 All Notes issued upon any registration of transfer or exchange of Notes shall evidence the same obligations, evidence the
same debt, and be entitled to the same rights and privileges under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in a form satisfactory to the Transfer Agent and Registrar duly executed by, the Noteholder thereof or its attoney-in-fact duly authorized in writing, and by such other documents as the Transfer Agent and Registrar may reasonably require.

  
 No service charge shall be made for any registration of
transfer or exchange of Notes, but the Issuer or the Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange
of such Notes. 
  

 22 

 All Notes surrendered for registration of transfer or exchange shall be cancelled by the Transfer Agent
and Registrar and disposed of by the Transfer Agent and Registrar in accordance with its customary procedures. 
  
 No Note or any interest therein may be transferred to any Person unless such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended (the “Securities Act”). Each purchaser will be deemed to have acknowledged, represented, warranted and agreed by its purchase of a Note that it understands that the offering and sale of the Notes has not been and
will not be registered under the Securities Act, and has not and will not be registered or qualified under any applicable “blue sky” law, and that the offering and sale of the Notes has not been reviewed by, passed on or submitted to any
federal or state agency or commission, securities exchange or other regulatory body. 
  
 Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. 
  
 If (a) any mutilated Note is surrendered to the Transfer Agent and Registrar or the Transfer Agent and Registrar receives evidence to its reasonable
satisfaction of the destruction, loss or theft of any Notes and (b) in the case of a destroyed, lost or stolen Notes there is delivered to the Transfer Agent and Registrar such security or indemnity as may be required by it to hold the Issuer
and the Transfer Agent and Registrar harmless and the requirements of Section 8-405 of the NYUCC are met, then the Issuer shall execute, and the Authentication Agent shall authenticate and deliver, a replacement Note of like tenor (including
the same date of issuance) and principal amount, bearing a number not contemporaneously outstanding in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note; provided, however, that if any such mutilated,
destroyed, lost or stolen Note shall have become, or within seven days shall be, due and payable, or shall have been selected or called for redemption, the Issuer may pay such Note without surrender thereof instead of issuing a replacement Notes,
except that any mutilated Note shall be surrendered. After the delivery of such replacement Notes or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, if a protected purchaser of the original Note in lieu
of which such replacement Notes was issued presents such original Note for payment, the Issuer and the Transfer Agent and Registrar shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Notes from such Person to whom such replacement Note was delivered or any assignee of such Person other than a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the Transfer Agent and Registrar in connection therewith. 
  
 Upon the issuance of any replacement Note pursuant to this Section 2.06, the Issuer or the Transfer Agent and Registrar may require the payment by
the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed with respect thereto and any other reasonable expenses (including the fees and expenses of the Transfer Agent and Registrar) in connection
therewith. 
  
 Every replacement Note issued in replacement of any
mutilated, destroyed, lost or stolen Note pursuant to this Section 2.06 shall constitute complete and indefeasible evidence of an obligation of the Issuer as if originally issued, whether or not the mutilated, destroyed, lost or stolen Note
shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  

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 The provisions of this Section 2.06 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section 2.07 Persons Deemed Owners. 
  
 Prior to due presentment for registration of transfer of any Notes, the Issuer, the Trustee, the Paying Agent, the Authentication Agent, the Transfer
Agent and Registrar and any agent of the foregoing shall treat the Person in whose name any Notes is registered as the owner of such Notes for all purposes of this Indenture, whether or not such Notes is overdue, and neither the Issuer, the Trustee,
the Paying Agent, the Authentication Agent, the Transfer Agent and Registrar nor any agent of the foregoing shall be affected by any notice to the contrary. 
  
 Section 2.08 Paying Agent. 
  
 (a) The Paying Agent shall have the revocable power to withdraw funds and make distributions to Noteholders from the appropriate account or accounts
maintained for the benefit of Noteholders as specified in this Indenture. The Issuer may revoke such power and remove the Paying Agent if the Issuer determines in its sole discretion that the Paying Agent shall have failed to perform its obligations
under this Indenture in any material respect or for other good cause. The Paying Agent shall be permitted to resign upon 30 days’ written notice to the Issuer. Upon the removal or resignation of the Paying Agent, the Issuer shall appoint a
successor to act as Paying Agent (which successor shall be a bank or trust company). Any reference in this Indenture to the Paying Agent shall include any co-paying agent unless the context requires otherwise. The Issuer shall notify the Trustee of
the removal or the resignation of any Paying Agent and the identity and location of the successor Paying Agent. The Paying Agent recognizes and agrees that it shall have no claim against the Issuer or any of the Pledged Assets, but only against the
Servicer, which shall, to the exclusion of all other Persons, be responsible for all fees, reimbursements and other amounts due or to become due to the Paying Agent. 
  
 (b) The Paying Agent agrees that it will: 
  
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and pay such sums to such Persons as herein provided; 
  
 (ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
  

 24 

 (iii) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 
  
 (iv) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 (c) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order
direct the Paying Agent to pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Section 2.09 Cancellation. 
  
 All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Transfer Agent and
Registrar, be delivered to the Transfer Agent and Registrar and shall be promptly cancelled by it. The Issuer may at any time deliver to the Transfer Agent and Registrar for cancellation any Notes previously authenticated and delivered hereunder
that the Issuer may have acquired in any lawful manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Transfer Agent and Registrar. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as
provided in this Section 2.09, except as expressly permitted by this Indenture. All cancelled Notes held by the Transfer Agent and Registrar shall be disposed of by the Transfer Agent and Register in accordance with its customary procedures.

  
 Section 2.10 Increases and Reductions in the
Outstanding Amount. 
  
 (a) At any time during the Revolving
Period, so long as the Liquidity Termination Date shall not have occurred, the Outstanding Amount may be increased from time to time by the funding of Increases subject to the terms and conditions set forth in the Note Purchase Agreement;
provided that, after giving effect thereto, the Outstanding Amount may not exceed the Stated Amount. Whenever the Issuer wishes to make an Increase, the Issuer or the Servicer on its behalf shall give the Trustee and the Administrative Agent
prior written notice of such Increase not less than three Business Days prior to the proposed Increase Date. 
  
 (b) In the event that the Issuer reduces the Stated Amount in accordance with the Note Purchase Agreement (which reduction shall be irrevocable), it shall
give prompt written notice of such reduction to the Administrative Agent, the Trustee and the Paying Agent not less than one Business Day prior to the effective date of such reduction. 
  
 (c) The Series 2002-1 Notes shall evidence the outstanding indebtedness owed from time to time by the Issuer thereunder. The
Purchaser, or the Administrative Agent on its behalf, shall be and hereby is authorized to record on the grid attached to its Series 2002-1 
  

 25 

 Note (or at its option, in its internal books and records) the date and amount of the funding of the Initial Outstanding
Amount of such Series 2002-1 Note and the date and amount of each Increase, the amount of each repayment of the principal amount represented by such Series 2002-1 Note, the portions of the Outstanding Amount that are from time to time allocated to
the CP Tranche, any Base Rate Tranche and any Eurodollar Tranche, and any reductions to the Stated Amount of such Note; provided, however, that failure to make any recordation on the grid or records or any error in recordation shall
not adversely affect the Purchaser’s rights with respect to its right to receive principal and interest under the Series 2002-1 Notes. 
  
 Section 2.11 Representations and Covenants of Paying Agent, Authentication Agent and Transfer Agent and Registrar. 
  
 The Bank of New York, as Paying Agent, Authentication Agent and Transfer
Agent and Registrar, represents, warrants and covenants that: 
  
 (a) The Bank of New York is a New York state banking corporation duly organized and validly existing under the laws of the State of New York; 
  
 (b) The Bank of New York has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution,
delivery and performance by it of this Indenture; and 
  
 (c) Each
of this Indenture and other Transaction Documents to which it is a party has been duly executed and delivered by The Bank of New York and constitutes its legal, valid and binding obligation in accordance with its terms. 
  
 ARTICLE III  
  
 REPRESENTATIONS AND COVENANTS OF THE ISSUER 
  
 Section 3.01 Representations and Warranties of the Issuer. The
Issuer hereby makes the representations and warranties set forth in this Section 3.01, in each case as of the date hereof, as of the Closing Date and as of any other date specified in such representation and warranty. 
  
 (a) Organization and Good Standing. The Issuer is a limited liability
company duly formed 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 Issuer
is duly qualified to do business, is in good standing as a foreign limited liability company 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 in which the failure so to qualify or 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. 
  

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 (c) Power and Authority: Due Authorization. The Issuer (i) has all necessary limited
liability company power and authority (A) to execute and deliver this Indenture and the other Transaction Documents to which it is a party, (B) to perform its obligations under this Indenture and the other Transaction Documents to which it
is a party and (C) to make a Grant of the Pledged Assets to the Trustee on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such Grant and the execution, delivery and performance
of, and the consummation of the transactions provided for in, this Indenture and the other Transaction Documents to which it is a party. 
  
 (d) Binding Obligations. This Indenture (i) constitutes a Grant of a security interest (as defined in the NYUCC) in all of the Issuer’s
right, title and interest in, to and under the Pledged Assets, free and clear of any Lien (other than Permitted Liens) to the Trustee, which is enforceable with respect to the existing Pledged Assets owned by the Issuer and the proceeds thereof upon
execution and delivery of this Agreement and which will be enforceable with respect to the Pledged Assets hereafter acquired by the Issuer and the proceeds thereof upon such acquisition by the Issuer and (ii) constitutes, and each other
Transaction Document to which the Issuer is a party when duly executed and delivered will constitute, a legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except (A) as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (B) as such enforceability may be limited 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, and the consummation of the transactions contemplated by, this Indenture
and the other Transaction Documents to be signed by the Issuer, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, 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 material default under (A) the certificate of formation or the limited liability company agreement of the Issuer or (B) any material indenture, loan agreement, mortgage, deed of trust, or other agreement or
instrument to which the Issuer is a party or by which it or any of its respective properties is bound, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) on any of the Pledged Assets pursuant to the terms of any
such material indenture, loan agreement, mortgage, deed of trust, or other material agreement or instrument other than this Indenture and the other Transaction Documents or (iii) conflict with or violate any material applicable Requirement of
Law. 
  
 (f) Litigation and Other Proceedings.
(i) There is no action, suit, proceeding or investigation pending, or to the best knowledge of the Issuer threatened, against the Issuer before any Governmental Authority and (ii) the Issuer is not subject to any order, judgment, decree,
injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Indenture or any other Transaction Document,
(B) seeks to prevent the Grant of any Pledged Asset by the Issuer to the Trustee, the ownership or acquisition by the Issuer of a material amount of Receivables or the consummation of any of the transactions contemplated by this Indenture or
any other Transaction Document, (C) seeks any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Issuer of its obligations under 
  

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 this Indenture or any other Transaction Document or the validity or enforceability of this Indenture or any other
Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect. 
  
 (g) Governmental Approvals. Except where the failure to obtain or make
such authorization, consent, order, approval or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be
obtained by the Issuer in connection with the Grant of the Pledged Assets or the due execution, delivery and performance by the Issuer of this Indenture or any other Transaction Document to which it is a party and the consummation by the Issuer of
the transactions contemplated by this Indenture and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect; provided, however, that prior to recordation pursuant to
Section 8.3 of the CMGFSC Purchase Agreement or Section 8.3 of the Receivables Purchase Agreement or the sale of a Home to an Ultimate Buyer, record title to such Home may remain in the name of the related Transferred Employee and no
recordation in real estate records of the conveyance of the related Home Purchase Contract or Home Sale Contract shall be made except as otherwise required under Section 2.01(d)(i) of the Servicing Agreement. 
  
 (h) Margin Regulations. The Issuer is not engaged, principally or as
one its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System). No portion of the
proceeds of the Notes will be used by the Issuer, directly or indirectly, to purchase or carry margin stock or to advance or otherwise supply funds to others for such purpose. 
  
 (i) Taxes. The Issuer has filed (or there have been filed on its behalf as a member of a consolidated group) all tax
returns and reports required by law to have been filed by it and has paid all taxes, assessments and governmental charges thereby shown to be owing by it, other than any such taxes, assessments or charges that are being diligently contested in good
faith by appropriate proceedings, for which adequate reserves in accordance with GAAP have been set aside on its books and that have not given rise to any Liens (other than Permitted Liens); provided, however, that as of the date of
this Indenture, the Issuer is a newly established entity and as such has not been required to file any tax returns. 
  
 (j) Solvency. After giving effect to the transactions contemplated by this Indenture and the other Transaction Documents, the Issuer is Solvent and
able to pay its debts as they come due and has adequate capital to conduct its business as presently conducted. 
  
 (k) Offices. The principal place of business and chief executive office of the Issuer is located at 40 Apple Ridge Road, Danbury, Connecticut
06810. 
  
 (l) Investment Company Act. The Issuer is not,
and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act. 
  

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 (m) Accuracy of Financial Information and Other Information. All balance sheets, all statements of
operations and of cash flow and other financial data that have been or shall hereafter be furnished by the Issuer to the Trustee pursuant to Section 3.02 have been prepared in accordance with GAAP (to the extent applicable) and fairly present
the financial condition of the Issuer as of the dates thereof. All certificates, reports, statements, documents and other information furnished to the Trustee by or on behalf of the Issuer pursuant to any provision of this Indenture or any other
Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Indenture or any other Transaction Document, shall, at the time the same are so furnished, be complete and correct in all material
respects on the date the same are furnished to the Trustee. 
  
 (n) Security Interests. No security agreement, financing statement or equivalent security or lien instrument listing the Issuer as debtor covering all or any part of the Pledged Assets is on file or of record in any jurisdiction,
except such as may have been filed, recorded or made by the Issuer in favor of the Trustee on behalf of the Noteholders in connection with this Indenture. This Indenture constitutes a valid and continuing Lien on the Pledged Assets in favor of the
Trustee on behalf of the Noteholders, which Lien will be prior to all other Liens (other than Permitted Liens), will be enforceable as such as against creditors of and purchasers from the Issuer in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at
law or in equity and by an implied covenant of good faith and fair dealing. The Issuer has taken all action necessary to perfect such security interest. 
  
 (o) ERISA. The Issuer and each ERISA Affiliate are in compliance with the minimum funding requirements of ERISA. Each Plan is in compliance with
all applicable material provisions of ERISA, and the Issuer or the relevant ERISA Affiliate has received a favorable determination letter from the Internal Revenue Service that each Plan intended to be qualified under Section 401 (a) of
the Code is so qualified. No Plan has incurred an “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived. Neither the Issuer nor any ERISA Affiliate
(i) has incurred or expects to incur any liability under Title IV of ERISA with respect to any Plan that could give rise to a lien in favor of the PBGC other than liability for the payment of premiums, all of which have been timely paid when
due in accordance with Section 4007 of ERISA, (ii) has incurred or expects to incur any withdrawal liability within the meaning of Section 4201 of ERISA, (iii) is subject to any lien under Section 412(n) of the Code or
Sections 302(f) or 4068 of ERISA or arising out of any action brought under Sections 4070 or 4301 of ERISA or (iv) is required to provide security to a Plan under Section 401(a)(29) of the Code. The PBGC has not instituted proceedings to
terminate any Plan or to appoint a trustee or administrator of any such Plan, and no circumstances exist that constitute grounds under Section 4042 of ERISA to commence any such proceedings. Neither the Issuer nor any ERISA Affiliate that is a
subsidiary of PHH 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 PHH 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. 
  

 29 

 (p) Eligible Receivables; Quality of Title. Each Receivable included in the Pledged Assets
hereunder on such date, unless otherwise identified to the Trustee and its assignees by the Originators in the related Monthly Originator Report, is an Eligible Receivable on such date. Immediately before the pledge to be made by the Issuer
hereunder on such date, each Pledged Asset to be Granted to the Trustee shall be owned by the Issuer free and clear of any Lien (other than any Permitted Lien), and the Issuer shall have made all filings and shall have taken all other action under
applicable law in each relevant jurisdiction in order to protect and perfect the security interest of the Trustee and its successors and assigns in such Pledged Assets against all creditors of, and purchasers from, the Issuer (subject to Permitted
Exceptions). 
  
 Section 3.02 Affirmative Covenants of the
Issuer. From the Closing Date until the termination of this Indenture, the Issuer hereby agrees that it will perform the covenants and agreements set forth in this Section 3.02. 
  
 (a) Financial Reports by the Issuer. As soon as available, but in any event within 120 days after the end of each
fiscal year of the Issuer, the Issuer shall deliver to the Trustee, and the Trustee shall forward to each Noteholder, a copy of the management reports of the Issuer at the end of such year. 
  
 (b) Books and Records. The Issuer shall keep proper books of record
and account in which full, true and correct entries shall be made of all dealings and transactions in relation to the Pledged Assets and its business activities in accordance with GAAP, and shall permit the Trustee to visit and inspect any of its
properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, employees and independent public accountants, all at such reasonable times upon reasonable
notice and as often as may reasonably be requested. 
  
 (c)
Notice of Defaults and Events of Default. The Issuer shall give the Trustee prompt written notice of each Default and Event of Default hereunder and the occurrence of any Unmatured Amortization Event or Amortization Event with respect to the
Notes and, immediately after obtaining knowledge of any of the following occurrences, written notice of each default on the part of the Servicer of its obligations under the Servicing Agreement and each default on the part of CMSC of its obligations
under the CMGFSC Purchase Agreement or Fee Receivables Purchase Agreement or CMGFSC of its obligations under the Receivables Purchase Agreement, as the case may be, and the action, if any, being taken with respect to each such default. 

 
 (d) Maintenance of Existence. The Issuer shall keep in full effect
its existence, rights and franchises as a limited liability company under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of
America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Pledged Assets and each other related instrument or agreement. 
  

 30 

 (e) Compliance with Laws. The Issuer will comply with all Requirements of Law, a violation of
which, individually or in the aggregate for all such violations, is reasonably likely to have a Material Adverse Effect. 
  
 (f) Annual Tax Information. On or before January 31 of each calendar year, beginning with calendar year 2003, the Trustee or the Paying Agent
shall furnish to each Person who at any time during the preceding calendar year was a Noteholder a statement prepared by or on behalf of the Issuer containing the information that is necessary or desirable to enable the Noteholders to prepare their
tax returns. The obligations of the Issuer to prepare and the Trustee or the Paying Agent to distribute such information shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee
or the Paying Agent pursuant to any requirements of the Code as from time to time in effect. 
  
 (g) Statements as to Compliance. The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer (commencing within 120 days after the end of the fiscal year 2002), an
Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that 
  
 (i) a review of the activities of the Issuer during the 12-month period ending at the end of such fiscal year (or in the case of the
fiscal year ending December 31, 2002, the period from the Closing Date to December 31, 2002) and of performance under this Indenture has been made under such Authorized Officer’s supervision, and 
  
 (ii) to the best of such Authorized Officer’s
knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof. 
  
 (h) Maintenance of Office or Agency. The Issuer shall maintain an office or agency within the Borough of Manhattan, City of New York where Notes may be presented or surrendered for payment, where Notes may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Transfer Agent and Registrar at the Corporate Trust Office
(or at such other address as the Transfer Agent and Registrar may designate from time to time by notice to the Issuer, the Trustee and the Noteholders) to serve as its agent for the foregoing purposes. 
  
 (i) Further Instruments and Acts. Upon request of the Trustee, the
Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  

 31 

 Section 3.03 Negative Covenants of the Issuer. From the Closing Date until the termination of
this Indenture, the Issuer hereby agrees that it shall not: 
  
 (a) Change in Location of Chief Executive Office. (i) Change the location of its chief executive office or principal place of business (within the meaning of the UCC) without sixty (60) days’ prior written notice to
the Trustee or (ii) change its name or the jurisdiction of its formation without prior written notice to the Trustee sufficient to allow the Trustee to execute all filings prepared by the Issuer (including filings of financing statements on
form UCC- 1) and recordings necessary to maintain the perfection of the interest of the Trustee on behalf of the Noteholders in the Pledged Assets pursuant to this Indenture. If the Issuer desires to so change its office or change its name or the
jurisdiction of its formation, the Issuer will make any required filings and prior to actually changing its office or its name or the jurisdiction of its formation the Issuer shall deliver to the Trustee (i) an Officer’s Certificate and
(ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made; 
  
 (b) Capital Expenditures. Make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty);

  
 (c) No Other Business or Agreements. Engage in any
business or activity (whether or not pursued for gain or other pecuniary advantage) other than financing, purchasing, owning and selling and managing the Pledged Assets in the manner expressly contemplated by this Indenture and the other Transaction
Documents and all activities incidental thereto, or enter into or be a party to any Contractual Obligation or instrument other than any Transaction Document or documents and agreements incidental thereto; 
  
 (d) Consolidation, Merger or Other Form of Combination and Sale of
Assets. Enter into any consolidation, merger, joint venture, syndicate or other form of combination with any Person or sell, lease or transfer or otherwise dispose of any assets, including without limitation the Pledged Assets, other than as
expressly provided for in the Transaction Documents, or engage in any other transaction that would result in a Change of Control with respect to the Issuer; 
  
 (e) Guarantees, Loans, Advances and other Liabilities. Except as contemplated by this Indenture or the other Transaction Documents, make any loan
or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently
liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or Securities of, or any other interest in, or make
any capital contribution to, any other Person; 
  
 (f)
Indebtedness. Issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any debt, duty, liability or obligation of any kind except as expressly provided for pursuant to the terms of the Transaction Documents and
the Notes; 
  

 32 

 (g) Deduction from Principal and Interest. Claim any credit on, or make any deduction from, the
principal and interest payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of any
taxes levied or assessed upon any part of the Pledged Assets; 
  
 (h) Effectiveness of Indenture, Liens. (i) Permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or
permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other
encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Pledged Assets or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this
Indenture not to constitute a valid first priority perfected security interest in the Pledged Assets; or 
  
 (i) Dissolve or Liquidate. Dissolve or liquidate in whole or in part. 
  
 (j) Restricted Payments. Declare or make any Restricted Payment with respect to any amounts received by the Issuer
pursuant to Section 8.04(d)(v) after the occurrence of a Funding Termination Date. For the avoidance of doubt, it is hereby agreed and acknowledged that funds transferred or held by the Servicer pursuant to Section 4.01 of the Servicing
Agreement are not considered Restricted Payments made in violation of this Section 3.03(j). 
  
 Section 3.04 Protection of Pledged Assets. 
  
 The Issuer shall from time to time prepare (or cause to be prepared), execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to: 
  
 (a) Grant more effectively all or any portion of the Pledged Assets for the Notes; 
  
 (b) maintain or preserve the lien (and the priority thereof) of this
Indenture or to carry out more effectively the purposes hereof; 
  
 (c) perfect, publish notice of, or protect the validity of, any Grant made or to be made by this Indenture; 
  
 (d) enforce any of the Pledged Assets; or 
  
 (e) preserve and defend title to the Pledged Assets securing the Notes and the rights therein of the Trustee and the Noteholders secured thereby against
the claims of all persons and parties. 
  

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 The Issuer hereby designates the Trustee its agent and attorney-in-fact to execute any financing
statement, continuation statement or other instrument required pursuant to this Section 3.04. 
  
 Section 3.05 Opinions as to Pledged Assets. 
  
 (a) On the Closing Date, the Issuer shall furnish to the Trustee and the Administrative Agent an Opinion of independent Counsel either stating that, in the opinion of such counsel, such action has been taken as is
necessary to perfect the lien and security interest of this Indenture, including without limitation with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to
the execution and filing of any financing statements and continuation statements, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and
security interest. 
  
 (b) On or before April 30 in each
calendar year, beginning in the year 2003, the Issuer shall furnish to the Trustee and the Administrative Agent an Opinion of independent Counsel either stating that, in the opinion of such counsel, such action has been taken as is necessary to
perfect the lien and security interest of this Indenture, including without limitation with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and continuation statements, and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien
and security interest. Such Opinion of Counsel also shall describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that, in the opinion of such counsel, will be required to maintain the perfection of the lien and security interest of this Indenture until April 30 in the following calendar year. 
  
 Section 3.06 Obligations Regarding Servicing of Receivables.

  
 (a) The Issuer shall not take any action, and shall use its
best efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Pledged Assets or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Servicing Agreement, the Receivables Purchase
Agreement, the Fee Receivables Purchase Agreement, the CMGFSC Purchase Agreement or such other instrument or agreement. 
  
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by such
Person shall be deemed to be action taken by the Issuer. The Issuer shall cause the Servicer to comply with all the Servicer’s obligations under the Transaction Documents to which the Servicer is a party and shall not agree to the resignation
of the Servicer from its obligations and duties imposed by the Servicing Agreement unless the Majority Investors have consented to such resignation. 
  

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 (c) The Issuer shall punctually perform and observe all of its obligations and agreements contained in
this Indenture, the other Transaction Documents and in the instruments and agreements relating to the Pledged Assets, including but not limited to filing or causing to be filed all UCC financing statements required to be filed by the terms of this
Indenture and the Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
  
 (d) If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with
respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 
  
 (e) Without derogating from the absolute nature of the assignment granted to the Trustee or the rights of the Trustee under this Indenture, the Issuer
agrees that it will not, without the prior written consent of the Trustee and the Majority Investors, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of,
the terms of any Pledged Assets (except to the extent otherwise provided in the Servicing Agreement) or the Transaction Documents (except to the extent otherwise provided in the Transaction Documents) if any such amendment has the effect of
increasing or reducing in any manner the amount of, or accelerating or delaying the timing of, Pool Collections or Fee Collections or payments on the Pledged Assets or distributions that are required to be made for the benefit of the Noteholders or
change the definition of Majority Investors, without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so consented to by the Trustee and the Majority Investors or the Holders
of all the Outstanding Notes, as required, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the Trustee may deem necessary or appropriate in the
circumstances. 
  
 Section 3.07 Separate Corporate
Existence of the Issuer. The Issuer hereby acknowledges that the parties to the Transaction Documents are entering into the transactions contemplated by the Transaction Documents in reliance on the Issuer’s identity as a legal entity
separate from the Originators and the other CMS Persons. From and after the date hereof until the date of which there are no Notes of any Outstanding, the Issuer shall take such actions as shall be required in order that: 
  
 (a) The Issuer will conduct its business in office space allocated to it and
for which it pays an appropriate rent and overhead allocation; 
  
 (b) The Issuer will maintain corporate records and books of account separate from those of each CMS Person; 
  
 (c) The Issuer’s assets will be maintained in a manner that facilitates their identification and segregation from those of any CMS Person;

  
 (d) The Issuer will strictly observe limited liability company
formalities in its dealings with the public and with each CMS Person, and funds or other assets of the Issuer will 
  

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 not be commingled with those of any CMS Person, except as may be permitted by the Transaction Documents. The Issuer will
at all times, in its dealings with the public and with each CMS Person, hold itself out and conduct itself as a legal entity separate and distinct from each CMS Person. The Issuer will not maintain joint bank accounts or other depository accounts to
which any CMS Person (other than the Servicer) has independent access; 
  
 (e) The duly admitted members of the Issuer and duly appointed managers or officers of the Issuer will at all times have sole authority to control decisions and actions with respect to the daily business affairs of the Issuer; 

 
 (f) Not less than two members of the Issuer’s board of directors will
be Independent. The Issuer will observe those provisions in its limited liability company agreement that provide that the Issuer’s board of directors will not approve, or take any other action to cause the filing of, a voluntary bankruptcy
petition with respect to the Issuer unless each Independent director and all other members of the Issuer’s board of directors unanimously approve the taking of such action in writing prior to the taking of such action; 
  
 (g) The Issuer will compensate each of its employees, consultants and agents
from the Issuer’s own funds for services provided to the Issuer; and 
  
 (h) The Issuer will not hold itself out to be responsible for the debts of any CMS Person. 
  
 ARTICLE IV 
  
 SATISFACTION AND DISCHARGE 
  
 Section 4.01. Satisfaction and Discharge of this Indenture. 
  
 This Indenture shall cease to be of further effect with respect to the Notes (except as to (a) rights of registration of transfer and exchange,
(b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.02(i), 3.03, 3.05, 3.06 and 12.14, (e) the rights and
immunities of the Trustee hereunder, including the rights of the Trustee under Section 6.07 and the obligations of the Trustee under Section 4.02, the rights and immunities of the Paying Agent, Authentication Agent and Transfer Agent and
Registrar hereunder, including the rights of the Paying Agent, Authentication Agent and Transfer Agent and Registrar under Section 2.04(b) and the obligations of the Paying Agent, Authentication Agent and Transfer Agent and Registrar under
Section 2.05, 2.06, 2.08 and 2.09 and (g) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee and payable to all or any of them) and the Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes when: 
  
 (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have
been replaced, or paid as provided in 
  

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 Section 2.06 and (2) Notes for whose full payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 8.07) have been delivered to the Trustee for cancellation; or 
  
 (ii) the Issuer has paid or caused to be paid all other sums
payable hereunder by the Issuer and all other obligations of the Issuer pursuant to any of the Transaction Documents to Gotham, any Noteholder and each Liquidity Party shall have been paid and satisfied in full; and 
  
 Section 4.02. Application of Trust Money. 
  
 All monies deposited with the Trustee pursuant to Section 4.01 shall be
held in trust and applied by it in accordance with the provisions of the Notes, this Indenture and the applicable Indenture Supplement, to make payments, through the Paying Agent, to the Noteholders and for the payment in respect of which such
monies have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or required by law. 
  
 ARTICLE V 
  
 EVENTS OF DEFAULT AND REMEDIES 
  
 Section 5.01. Events of Default. 
  
 Each of the following events shall be an “Event of Default” hereunder: 
  
 (a) The Issuer shall fail to make any payment of interest on the Notes when
due and such failure shall remain unremedied for five Business Days; or 
  
 (b) The Issuer shall fail to make any payment of the principal of the Notes when due and such failure shall remain unremedied for five Business Days; or 
  
 (c) (i) The Issuer shall fail to perform or observe, as and when required, any term, covenant or agreement contained in
this Indenture or any of the other Transaction Documents on its part to be performed or observed (other than as referred to in Section 5.01(a) or (b) above), (ii) such failure materially and adversely affects the rights of the
Noteholders and (iii) such failure shall remain unremedied for 60 days after written notice thereof (specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder) shall have
been given (A) to the Issuer by the Trustee or (B) to the Issuer and the Trustee by Noteholders evidencing at least 25% of the Outstanding Amount; or 
  

(d) (i) any representation or warranty made by the Issuer in this Indenture or any of the other Transaction Documents shall prove to have been
untrue and incorrect in any material respect when made or deemed to have been made, (ii) such occurrence materially and adversely affects the rights of the Noteholders and (iii) such occurrence remains unremedied for 
  

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 60 days after written notice thereof (specifying such failure and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder) shall have been (A) given to the Issuer by the Trustee or (B) to the Issuer and the Trustee by Noteholders evidencing at least 25% of the Outstanding Amount; or 
  
 (e) An Insolvency Event shall have occurred with respect to the Issuer; or

  
 (f) The Commission or other regulatory body having
jurisdiction reaches a final determination that the Issuer is required to be registered under the Investment Company Act. 
  
 The Issuer shall deliver to the Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any
event that with the giving of notice and the lapse of time would become an Event of Default, its status and what action the issuer is taking or proposes to take with respect thereto. 
  
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default referred to in clause (e) or (f) of
Section 5.01 has occurred, the unpaid principal amount of all Notes, together with interest accrued but unpaid thereon, and all other amounts due to the Noteholders under this Agreement shall immediately and without further act become due and
payable. If an Event of Default referred to in clause (a), (b), (c) or (d) of Section 5.01 shall occur and be continuing, then and in every such case the Trustee or Noteholders holding Notes evidencing a majority of the Outstanding
Amount may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Trustee if given by the Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  
 Section 5.03. Collection of Indebtedness and Suits for Enforcement by the Trustee. 
  
 The Issuer covenants that if (i) a default occurs in the payment of any
interest on any Notes when the same becomes due and payable, and such default continues for a period of five Business Days or (ii) a default occurs in the payment of the principal of any Notes when the same becomes due and payable, and such
default continues for a period of five Business Days by acceleration or at stated maturity, upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of such Notes, the entire amount then due and payable on such
Notes for principal and interest, with interest on the overdue principal, and to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest, at the Note Interest Rate borne by the Notes and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
  
 If the Issuer shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and on behalf of the Noteholders, may institute a proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or 
  

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 final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuer the moneys adjudged or decreed to be payable. 
  
 If an Event of Default occurs and is continuing, the Trustee may in its discretion, as more particularly provided in Section 5.04, proceed to protect
and enforce its rights and the rights of the Noteholders by such appropriate proceedings as the Trustee deems most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
  
 If there shall be pending, relative to the Issuer or any Person having or claiming an ownership interest in the Pledged
Assets, proceedings under the Bankruptcy Code or any other applicable Federal or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in the event of any other comparable judicial proceedings relative to the Issuer or to the creditors or property of the
Issuer, then the Trustee shall be entitled and empowered, by intervention in such proceedings or otherwise and whether or not the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and whether or
not the Trustee shall have made any demand pursuant to the provisions of this Section 5.03: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred and all advances made by the Trustee and each predecessor Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such
proceedings; 
  
 (ii) unless prohibited by
applicable law and regulations, to vote on behalf of the Holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 
  
 (iii) to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee or the Holders of the Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  

 39 

 and any trustee, receiver, liquidator, custodian or other similar official in any such proceeding is hereby authorized by
each of such Noteholders to make payments to the Trustee and, if the Trustee consents to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.

  
 Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to, or vote for or accept or adopt on behalf of any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Noteholder in any such proceeding except to vote for the election of a trustee in bankruptcy or similar person as aforesaid. 
  

All rights of action and of asserting claims under this Indenture or under any of the Notes may be enforced by the Trustee without the possession of
any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
  
 In any proceedings brought by the Trustee (and also any proceedings involving
the interpretation of any provision of this Indenture or any Indenture Supplement to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a
party to any such proceedings. 
  
 Section 5.04. Remedies:
Priorities. 
  
 (a) If an Event of Default shall have
occurred and be continuing and the Notes have been accelerated under Section 5.02, the Trustee may institute proceedings to enforce the obligations of the Issuer hereunder in its own name and on behalf of the Noteholders for the collection of
all amounts then payable on the Notes or under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer moneys adjudged due. 
  
 (b) If an Event of Default shall have occurred and is continuing, and the Notes have been accelerated under
Section 5.02, the Trustee may or, if so directed by the Majority Investors, the Trustee shall, do one or more of the following: 
  
 (i) institute proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Pledged Assets;

  
 (ii) exercise any remedies of a secured party
under the NYUCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 
  

 40 

 (iii) in the case of an Event of Default referred to in clause (a) or (b) of
Section 5.01, sell the Pledged Assets or rights or interest therein, at one or more public or private sales called and conducted in accordance with Section 5.05; 
  
 provided that the Trustee may not sell or otherwise liquidate the Pledged Assets following an Event of Default referred to in clause
(a) or (b) of Section 5.01 unless (A) the proceeds of the sale or liquidation of the Pledged Assets are sufficient to discharge in full all amounts due and unpaid with respect to the Notes, (B) if the Trustee has determined
that the Pledged Assets will not continue to provide sufficient funds for the payment of principal of and interest on the Notes, Holders of Notes evidencing 66 2/3% of the Outstanding Amount, voting as a single class, consent to such sale or liquidation or (C) Holders of Notes evidencing 100% of the Outstanding Amount consent to such
sale or liquidation. In determining such sufficiency or insufficiency with respect to clause (A) or (B), the Trustee at the expense of the Issuer may, but is not required to, obtain and rely upon an opinion of an Independent investment banking
or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Pledged Assets for such purpose. 
  

(c) If the Trustee collects any money or property pursuant to this Article V, such money or property shall be held by the Trustee as additional
collateral hereunder and the Trustee shall pay out such money or property to the Collection Account for distribution in accordance with the provisions of Article VIII and Article IX. 
  
 Section 5.05. Sale of Assets. 
  
 (a) The method, manner and time, place and terms of any sale of all of the Pledged Assets pursuant to Section 5.04(b)
shall be commercially reasonable. The Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Trustee hereby expressly waives its right to any amount fixed by law as compensation for such
sale. 
  
 (b) In connection with a sale of all of the Pledged
Assets pursuant to Section 5.04(b), any Noteholder may bid for and purchase the property offered for sale, and upon compliance with the terms of such sale may hold, retain and possess and dispose of such property, without further
accountability, and may, in paying the purchase money therefor, deliver any Outstanding Notes or claims for interest thereon in lieu of cash up to the amount that shall, upon distribution of the net proceeds of such sale, be payable thereon.

  
 (c) The Trustee may bid for and acquire any portion of the
Pledged Assets securing the Notes in connection with a public sale thereof, and may pay all or part of the purchase price by crediting against amounts owing to the Trustee under this Indenture, including without limitation the costs, charges and
expenses incurred by the Trustee in connection with such sale. 
  
 (d) The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Pledged Assets in connection with a sale thereof In addition, the Trustee is hereby irrevocably appointed the
agent and attorney-in-fact of 
  

 41 

 the Issuer to transfer and convey its interest in any portion of the Pledged Assets in connection with a sale thereof,
and to take all action necessary to effect such sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any
monies. 
  
 Section 5.06. Limitations on Suits.

  
 No Noteholder shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 
  
 (b) Noteholders holding Notes evidencing at least 25% of the Outstanding
Notes have made written request to the Trustee to institute such proceeding in respect of such Event of Default in its own name as the Trustee hereunder; 
  
 (c) such Noteholder or Noteholders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be
incurred in complying with such request; 
  
 (d) the Trustee has
failed to institute such proceedings for 60 days after its receipt of such notice, request and offer of indemnity; and 
  
 (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Majority Investors; 
  
 it being understood and intended that no one or more Noteholders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce
any right under this Indenture, except in the manner herein provided. 
  
 If the Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders holding Notes, each evidencing less than a majority of the Notes, the Trustee shall act at the direction of the group of
Noteholders holding Notes evidencing the greater amount of Notes; provided, however, that, notwithstanding any other provisions of this Indenture, if the Trustee receives conflicting or inconsistent requests and indemnity from two or
more groups of Noteholders holding an equal amount of Notes, the Trustee in its sole discretion may determine what, if any, action shall be taken. 
  
 Section 5.07. Unconditional Right of Noteholders to Receive Principal and Interest. 
  
 Notwithstanding any other provision of this Indenture, other than provisions
hereof limiting the right to recover amounts due on the Notes to recoveries from the Pledged Assets, the holder of any Notes shall have the absolute and unconditional right to receive 
  

 42 

 payment of the principal of and interest on such Notes as such principal and interest becomes due and payable and to
institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 
  
 Section 5.08. Restoration of Rights and Remedies. 
  
 If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
  
 Section 5.09. Rights and Remedies Cumulative. 
  
 No right or remedy herein conferred upon or reserved to the Trustee or to
the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 5.10. Delay or Omission Not a Waiver. 
  
 No delay or omission of the Trustee or any Noteholder to exercise any right
or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the
Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be. 
  
 Section 5.11. Control by Noteholders. 
  
 Except as specifically set forth herein and subject to Section 6.03(d), the Majority Investors shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Notes or exercising any trust or power conferred on the Trustee, provided that: 
  
 (a) such direction shall not be in conflict with any rule of
law or with this Indenture; 
  
 (b) the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction; and 
  
 (c) such direction shall be in writing; 
  

 43 

 and provided, further, that subject to Section 6.01, the Trustee need not take any action that it
determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 
  
 Section 5.12. Waiver of Past Defaults. 
  
 Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, Noteholders holding Notes evidencing a
majority of the Outstanding Amount may, on behalf of all such Noteholders, waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on the Notes or (b) in respect of a
covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note. In the event of any such waiver, the Issuer, the Trustee and the Noteholders shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  
 Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
  
 Section 5.13. Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as the Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, the provisions of this Section 5.13
shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in each case holding Notes evidencing in the aggregate more than 10% of the Outstanding Amount, or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Notes on or after the respective due dates expressed in such Notes and in this Indenture. 
  
 Section 5.14. Waiver of Stay or Extension Laws. 
  
 The Issuer covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

 44 

 Section 5.15. Action on Notes. 
  
 The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the
Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Pledged Assets or upon any of the assets of the Issuer. 
  

ARTICLE VI 
  
 THE TRUSTEE 
  
 Section 6.01. Duties of the Trustee. 
  
 (a) If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee;
and 
  
 (ii) in the absence of bad faith or
negligence on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions and calculations expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; provided, however, that the Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically
required to be furnished pursuant to any provision of this Indenture or any Indenture Supplement, shall examine them to determine whether they substantially conform, without verification of the accuracy of any computations therein, to the
requirements of this Indenture or any Indenture Supplement. The Trustee shall give prompt written notice to the Noteholders of any material lack of conformity of any such instrument to the applicable requirements of this Indenture discovered by the
Trustee. 
  
 (c) No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) this Section 6.0l(c) shall not be construed to limit the effect of Section 6.01(a); 
  

 45 

 (ii) permissive rights of the Trustee shall not be construed as duties; 
  
 (iii) the Trustee shall not be liable for any error of
judgment made in good faith by a Trustee Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (iv) the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance
with the Indenture and at the direction of the Majority Investors relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or for exercising any trust or power conferred upon the Trustee under this
Indenture; 
  
 (v) no provision of this Indenture
or of any Transaction Document shall require the Trustee to be responsible for the acts or omissions of the Servicer or to act as Successor Servicer until such time as it is required to act as Successor Servicer under this Indenture; and 

 
 (vi) the Trustee shall have no duty (A) to see to
any recording or filing of this Indenture or any agreement referred to herein or any financing statement or continuation statement or any duty to see to the maintenance of any such recording or filing, (B) to see to any insurance or (C) to
see to the payment or discharge of any tax or other governmental charge with respect to the Issuer, other than from funds in the Collection Account. 
  
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

  
 (e) Each provision of this Indenture that in any way relates
to the Trustee is subject to Sections 6.01(a) and (b). 
  
 (f) The Trustee shall have no responsibility or liability for investment losses on Eligible Investments, except to the extent that the institution acting as Trustee is an obligor on such Eligible Investment. 
  
 (g) For all purposes under this Indenture and the Servicing Agreement, the
Trustee shall not be deemed to have notice or knowledge of any Event of Default, Servicer Default or Amortization Event unless a Trustee Officer assigned to and working in the Corporate Trust Office of the Trustee has actual knowledge thereof or has
received written notice thereof. For purposes of determining the Trustee’s responsibility and liability hereunder, any reference to an Event of Default, Servicer Default or Amortization Event shall be construed to refer only to such event of
which the Trustee is deemed to have notice as described in this Section 6.01(g). 
  

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 (h) The Trustee shall promptly comply with the direction of the Noteholders to issue a Notice of
Exclusive Control pursuant to the Deposit Account Control Agreement by and between the Issuer, CMSC, the Trustee and Mellon Bank, N.A. as Lockbox Bank. 
  
 Section 6.02. Notice of Event of Default. 
  
 Upon the occurrence of any Event of Default of which a Trustee Officer has actual knowledge or has received notice, the Trustee shall transmit by mail to
all Noteholders as their names and addresses appear on the Note Register, notice of such Event of Default known to the Trustee within the later of (i) 30 days after such Event of Default occurs or (ii) ten Business Days after the Trustee
receives such notice or obtains actual notice, if later. 
  
 Section 6.03. Rights of Trustee. 
  
 Except
as otherwise provided in Section 6.01: 
  
 (a) The Trustee
may conclusively rely and shall fully be protected in acting or refraining from acting on any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, Notes or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 (b) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee may (unless other evidence be herein specifically prescribed), in the absence of bad faith on its part, rely on an Officer’s Certificate of the Issuer. 
  
 (c) The Trustee may consult with counsel with respect to any action to be
taken, suffered or omitted by it hereunder and the written advice of such counsel, obtained in good faith, or any Opinion of Counsel or any Tax Opinion shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith reliance thereon. 
  
 (d)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture (including instituting or defending any
lawsuit) unless such Noteholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
  
 (e) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, Notes or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney. 
  

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 (f) Subject to Section 6.13, the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, Affiliates, attorneys, custodians or nominees, and the Trustee shall not be liable for the acts of such agents, attorneys or custodians appointed by the Trustee with due care.

  
 (g) The Trustee shall not be liable for any actions taken,
suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights conferred upon the Trustee by this Indenture. 
  
 (h) If the Trustee also is acting as Paying Agent, Authentication Agent and Transfer Agent and Registrar, the rights and protections afforded to the
Trustee pursuant to this Article VI shall also be afforded to such Paying Agent, Authentication Agent and Transfer Agent and Registrar. 
  
 Section 6.04. Not Responsible for Recitals or Issuance of Notes. 
  
 The recitals contained herein and in the Notes shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture, the other Transaction Documents, the Pledged Assets, the Notes or any related document. The Trustee shall not be
accountable for the use or application by the Issuer of the proceeds from the Notes. 
  
 Section 6.05. May Hold Notes. 
  
 The Trustee and any Affiliates, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer, any CMS Person and their Affiliates, or any of the other
parties to the Transaction Documents with the same rights it would have if it were not the Trustee or an Affiliate of the Trustee. 
  
 Section 6.06. Money Held in Trust. 
  
 Money held by the Trustee in trust hereunder need not be segregated from other funds held by the Trustee in trust hereunder except to the extent required
herein or required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed upon in writing by the Trustee and the Issuer. 
  
 Section 6.07. Compensation, Reimbursement and Indemnification.

  
 Pursuant to the Servicing Agreement, the Issuer shall direct
the Servicer to pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to
reimburse the Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,

  

 48 

 disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the
Servicer to indemnify the Trustee against any and all loss, liability or expense (including the fees of either in-house counsel or outside counsel, but not both) incurred by it in connection with the administration of this trust and the performance
of its duties hereunder and under any other Transaction Document. The Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer and the Servicer shall not
relieve the Issuer of its obligations hereunder unless such loss, liability or expense could have been avoided with such prompt notification and then only to the extent of such loss, expense or liability which could have been so avoided. Neither the
Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 
  
 When the Trustee incurs expenses after the occurrence of a Default specified
in Section 5.01(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law.

  
 The Trustee recognizes and agrees that it shall have no claim
against the Issuer or any of the Pledged Assets, but only against the Servicer, which shall, to the exclusion of all other Persons, be responsible for all fees, reimbursements and other amounts due or to become due to the Trustee. The Trustee
further acknowledges receipt of payment in full of its fees hereunder. 
  
 Section 6.08. Replacement of Trustee. 
  
 No
resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee pursuant to this Section 6.08. The Trustee may resign at any time by giving 30
days’ written notice to the Issuer. The Majority Investors may remove the Trustee by so notifying the Trustee. The Issuer shall remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 6.11; 
  
 (b) the Trustee is adjudged a bankrupt or insolvent; or 
  
 (c) the Trustee otherwise becomes legally unable to act. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring
Trustee), the Issuer shall promptly appoint a successor Trustee (who satisfies the requirements of Section 6.11) subject to the consent of the Majority Investors. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, the Issuer and the
Servicer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of
its succession to all Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 
  

 49 

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Issuer or the Majority Investors may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

If the Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee. 
  
 Notwithstanding
the replacement of the Trustee pursuant to this Section 6.08, the issuer’s obligations under Section 6.07 shall continue for the benefit of the retiring Trustee. 
  
 Section 6.09. Successor Trustee by Merger. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust
business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee, provided that such corporation or banking association is otherwise
qualified and eligible under Section 6.11. 
  
 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Pledged Assets may at the time be located, the Trustee shall
have the power and may execute and deliver at any time all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Pledged Assets, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Pledged Assets or any part thereof and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as
the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.08. No appointment of a separate or co-trustee shall reduce or otherwise affect the Trustee’s primary fiduciary duties hereunder. 
  
 (b) Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed on the Trustee shall be conferred or imposed on, and exercised or performed by, the Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the
Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the 
  

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 holding of title to the Pledged Assets or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Trustee may at any time accept the resignation of
or remove any separate trustee or co-trustee. 
  
 (c) Any notice,
request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to,
the Trustee. Every such instrument shall be filed with the Trustee. 
  
 (d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
  
 Section 6.11. Eligibility; Disqualification. 
  
 The Trustee shall at all times be a corporation organized and doing business under the laws of the United States or any State thereof authorized under such laws to exercise corporate trust powers, having a combined
capital and unimpaired surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and having long-term unsecured debt with a rating of at least Baa3 by Moody’s and BBB- by Standard &
Poor’s and subject to supervision or examination by federal or state authority, and shall satisfy the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act. 
  
 If at any time the Trustee ceases to be eligible in accordance with the
provisions of this Section 6.11, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. 
  

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 Section 6.12. Representations and Covenants of the Trustee. 
  
 The Trustee represents, warrants and covenants that: 
  
 (a) The Trustee is duly organized and validly existing under the laws of the
jurisdiction of its organization; 
  
 (b) The Trustee has full
power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other Transaction Documents to which it is a party; and 
  
 (c) Each of this Indenture and other Transaction Documents to which it is a
party has been duly executed and delivered by the Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
  
 (d) The Trustee is eligible pursuant to Section 6.11. 
  
 Section 6.13. Custody of Pledged Assets and Other Collateral. 
  
 The Trustee shall hold such of the Pledged Assets (and any other collateral that may be granted to the Trustee) as consists
of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of New York. The Trustee shall hold such of the Pledged Assets as constitute investment property through a securities
intermediary, which securities intermediary shall agree with the Trustee that (a) such investment property shall at all times be credited to a securities account of the Trustee, (b) such securities intermediary shall treat the Trustee as
entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall
comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person other than the Trustee to comply with entitlement orders
originated by such other person, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, right of set-off in favor of such securities intermediary or anyone claiming through it (other
than the Trustee), and (g) such agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the NYUCC and not otherwise defined herein shall have the meaning set forth in the NYUCC.
Except as permitted by this Section 6.13, the Trustee shall not hold Pledged Assets through an agent or a nominee. 
  
 ARTICLE VII 
  
 NOTEHOLDERS’ LIST AND REPORTS BY TRUSTEE 
  
 Section 7.01. Issuer to Furnish Trustee Names and Addresses of Noteholders. 
  
 The Issuer shall furnish or cause the Transfer Agent and Registrar to furnish to the Trustee (a) upon each transfer of
a Notes, a list of the names, addresses and taxpayer 
  

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 identification numbers of the Noteholders as they appear on the Note Register as of such Record Date, in such form as the
Trustee may reasonably require, and (b) at such other times as the Trustee may request in writing, within 10 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to
the time such list is furnished; provided, however, that if the Trustee is the Transfer Agent and Registrar, the Trustee shall furnish to the Issuer such list in the same manner prescribed in clause (b) above. 
  
 Section 7.02. Preservation of Information. 
  
 If the Trustee is not the Transfer Agent and Registrar, the Trustee shall
preserve the names, addresses and taxpayer identification numbers of the Noteholders contained in the most recent list furnished to the Trustee as provided in Section 7.01. The Trustee may destroy any list furnished to it as provided in
Section 7.01 upon receipt of a new list so furnished. 
  
 ARTICLE VIII 
  
 ALLOCATION AND APPLICATION OF POOL
COLLECTIONS AND FEE COLLECTIONS 
  
 Section 8.01.
Collection of Money. 
  
 Except as otherwise expressly
provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the
Trustee pursuant to this Indenture. The Trustee shall hold all such money and property received by it in trust for the Noteholders and shall apply it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under the Servicing Agreement or any other Transaction Document, the Trustee may, and upon the request of the Majority Investors shall, take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim an Event of Default under this Indenture and to proceed thereafter as provided in Article
V. 
  
 Section 8.02. Rights of Noteholders.

  
 The Notes shall represent limited recourse obligations of the
Issuer secured by the Pledged Assets, including the right to receive Pool Collections and Fee Collections and other amounts at the times and in the amounts specified in this Article VIII to be deposited in Collection Account. The Notes do not
represent obligations of, or interests in, CMSC, CMGFSC or the Servicer. The Notes are limited in right of payment to Pool Collections and Fee Collections on the Pledged Assets and other assets of the Issuer allocable to the Notes as provided
herein. 
  

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 Section 8.03. Establishment of Collection Account. The Collection Account shall be
established and maintained in accordance with the provisions of the Servicing Agreement. Funds on deposit in any subaccount of the Collection Account shall not be commingled with (i) funds on deposit in any other subaccount of the Collection
Account or (ii) funds on deposit in the Collection Account which have not been allocated to any subaccount of the Collection Account. 
  
 Section 8.04. Pool Collections and Fee Collections and Allocations. 
  
 (a) The Issuer shall cause the Servicer to deposit Pool Collections and Fee Collections into the Collection Account as
promptly as possible after the receipt in a Lockbox Account of such Pool Collections or Fee Collections, as applicable, but in no event later than the second Business Day following the receipt in a Lockbox Account of such Pool Collections or Fee
Collections. Notwithstanding the foregoing, unless and until the Purchaser has notified the Issuer and the Servicer that, at the Administrative Agent’s sole discretion, it no longer consents to the following, the Servicer may instruct the
Trustee to transfer funds on deposit in the Collection Account to the Servicer, and such amounts may be commingled with other general collections of the Servicer and re-deposited in the Collection Account no later than one Business Day prior to the
related Distribution Date. 
  
 (b) The Issuer agrees that if any
Pool Collections or Fee Collections are received by the Issuer in an account other than the Collection Account, such monies, instruments, cash and other proceeds will not be commingled by the Issuer with any of its other funds or property, if any,
but will be held separate and apart therefrom and will be held in trust by the Issuer for, and immediately remitted to, the Trustee, with any necessary endorsement. 
  
 (c) (i) Prior to the allocation of funds as set forth in clause (ii), the Trustee shall make the
distributions set forth in Sections 3.02(c)(vi), 3.12 and 3.14(b) of the Servicing Agreement. 
  
 (ii) After making the distributions set forth in clause (i), the Trustee shall allocate all funds on deposit in the Collection Account as
set forth in Section 9.04. 
  
 (d) Prior to the close of
business on each Deposit Date, the Servicer shall direct the Trustee to allocate Collections in the amounts and according to the priority set forth below pursuant to Section 8.04: 
  
 (i) (A) If the amount of funds on deposit in the Expense Subaccount on such Deposit Date is less than
the Required Amount for such Deposit Date (excluding any amounts deposited in the Expense Subaccount during the preceding Monthly Period that are being held for distribution on the next Distribution Date or Interest Payment Date), from the
Collection Account to the Expense Subaccount an amount equal to the lesser of (A) the amount of such deficiency or (B) the Collections on such Deposit Date; 
  
 (B) If the amount of funds on deposit in the Expense Subaccount on such Deposit Date (excluding any amounts
deposited in the Expense 
  

 54 

 Subaccount during the preceding Monthly Period that are being held for distribution on the next
succeeding Distribution Date or Interest Payment Date) exceeds the Required Amount for such Deposit Date, and subject to clause (iii) below, from the Expense Subaccount an amount equal to such excess to be treated as Collections for
distribution in accordance with this Section 8.04(d); 
  
 (ii) During the Revolving Period, and during the Amortization Period after the Series 2002-1 Notes have been paid in full, to the Administrative Agent an amount equal to any other amounts (other than principal and
interest owed under the Series 2002-1 Notes) owed by the Issuer pursuant to the Note Purchase Agreement; 
  
 (iii) During the Revolving Period, if CMSC is the Servicer, to the Expense Subaccount, the Monthly Servicing Fee to be distributed on such
Distribution Date plus any Monthly Servicing Fee previously accrued with respect to any Monthly Period for which CMSC is the Servicer and unpaid; 
  
 (iv) During the Amortization Period, (A) to the Principal Subaccount, the Collections on such Deposit Date (after giving effect to
the transfers set forth in clauses (i) and (ii) above); provided, however, that the aggregate amount deposited into the Principal Subaccount pursuant to this clause on any Deposit Date shall not exceed the Outstanding Amount
on the immediately preceding Business Day and (B) to the Expense Subaccount, if CMSC is the Servicer, the Monthly Servicing Fee to be distributed on such Distribution Date plus any Monthly Servicing Fee previously accrued with respect to
any Monthly Period for which CMSC is the Servicer and unpaid; 
  
 (v) all remaining Collections to the Issuer; 
  
 provided, however, that if any event giving rise to a Funding Termination Date has occurred and is continuing, or the release of funds to the Issuer would result in a Funding Termination Date or would
otherwise result in the occurrence of an event that, with the passage of time or the giving of notice or both, would become any event giving rise to a Funding Termination Date, all remaining Collections shall be transferred to the Principal
Subaccount. 
  
 (e) On each Deposit Date, the Trustee shall pay to
the Issuer the remaining funds, if any, on deposit in the Collection Account on such Deposit Date after giving effect to transfers to be made pursuant to Section 8.04(c). 
  
 Section 8.05. Release of Pledged Assets. 
  
 (a) The Trustee may, and when required by the provisions of this Indenture or the other Transaction Documents shall, with
the consent of the Administrative Agent, execute instruments to release property from the Lien of this Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of
this Indenture or the Transaction Documents. No party relying on an instrument executed by the Trustee as provided in this Article VIII shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 
  

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 (b) The Trustee shall, at such time as there are no Notes outstanding, release and transfer, without
recourse, representation or warranty all of the Pledged Assets that secured the Notes (other than any cash held for the payment of the Notes pursuant to Section 4.02) to the Issuer. 
  
 Section 8.06. Officer’s Certificate. 
  
 The Issuer shall provide the Trustee and the Administrative Agent with at least seven days’ prior written notice when
requesting the Trustee to take any action pursuant to Section 8.05(a), which notice shall be accompanied by copies of any instruments involved, and the Trustee shall also require, as a condition to such action, an Officer’s Certificate and
Opinion of Counsel stating that such action is authorized hereunder and under the Transaction Documents and will not materially and adversely impair the security for the Notes or the rights of the Noteholders under this Indenture. The Trustee may
rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. 
  
 Section 8.07. Money for Notes Payments to Be Held in Trust. 
  
 All payments of amounts due and payable with respect to the Notes that are
to be made from amounts withdrawn from the Collection Account shall be made on behalf of the Issuer by the Trustee or by the Paying Agent, and no amounts so withdrawn from the Collection Account shall be paid over to or at the direction of the
Issuer except as provided in this Section 8.07 or Section 8.04(d). 
  
 ARTICLE IX 
  
 DISTRIBUTIONS AND
REPORTS TO NOTEHOLDERS 
  
 Section 9.01 Determination of
Interest and Monthly Interest. 
  
 (a) The amount of interest
distributable from the Expense Subaccount with respect to the Series 2002-1 Notes on any Interest Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the Interest
Period then ending and the denominator of which is 360, multiplied by (ii) the Tranche Rate in effect with respect to the related Tranche and multiplied by (iii) the Outstanding Tranche Amount of the related Tranche as of the
close of business on the last day of the related Interest Period. The portion of the Outstanding Amount allocable to any Tranche and the related amount of the interest due on each Interest Payment Date shall be determined by the Administrative Agent
and notified by the Administrative Agent to the Servicer and the Trustee in accordance with the procedures set forth in the Note Purchase Agreement. 
  
 (b) The “Monthly Interest” for any Distribution Date shall mean the sum of the aggregate unpaid amount, if any, of all unpaid
interest that became due and owing under Section 9.01(a) for each Tranche on any Interest Payment Date occurring since the immediately preceding Distribution Date plus accrued and unpaid interest on any such unpaid amounts at the

  

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 applicable Series 2002-1 Tranche Rate plus, without duplication, if such Distribution Date is also an Interest
Payment Date, the amount of interest due and owing as of such Distribution Date in accordance with Section 9.01(a). On the third Business Day preceding each Distribution Date, the Servicer shall determine the excess (the
“Interest Shortfall”), if any, of (x) the Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Monthly Interest on such Distribution Date. If
the Interest Shortfall with respect to any Distribution Date is greater than zero, then on each subsequent Distribution Date until such Interest Shortfall is fully paid, an additional amount (“Additional Interest”) equal to
the product of (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360 multiplied by (B) the applicable Series 2002-1 Tranche Rate
multiplied by (C) such Interest Shortfall (or the portion thereof that has not been paid to the Series 2002-1 Noteholders shall be payable as provided herein with respect to the Series 2002-1 Notes. Notwithstanding anything herein to the
contrary, Additional Interest shall be payable or distributed only to the extent permitted by applicable law. From and after the calculation of any Interest Shortfall, Monthly Interest shall be calculated without duplication of any amounts included
in the calculation of Additional Interest. 
  
 Section 9.02.
Determination of Principal Distribution. On any Interest Payment Date for any Tranche (i) during the Revolving Period, if there are funds on deposit in the Principal Subaccount, and (ii) during the Amortization Period, the Trustee,
in accordance with the written instructions of the Servicer, shall distribute from the Principal Subaccount, for application to reduce the Outstanding Amount, an amount of principal (the “Monthly Principal”) equal to the
amount on deposit in the Principal Subaccount. 
  
 Section 9.03. [Reserved] 
  
 Section 9.04.
Application of Series 2002-1 Collections. On each Interest Payment Date or Distribution Date, as applicable, the Servicer shall instruct the Trustee in writing (such writing to be substantially in the form of Exhibit B unless otherwise
agreed) to apply amounts on deposit in the Collection Account (and any Subaccount thereof) as follows: 
  
 (a) On each Interest Payment Date, to withdraw from the amounts on deposit in the Expense Subaccount of the Collection Account an amount equal to the
amount of interest then due and owing on the Series 2002-1 Notes in accordance with Section 9.01 (a) and to distribute such interest to the Series 2002-1 Noteholders pursuant to Section 5.04. 
  
 (b) On each Distribution Date, to transfer amounts on deposit in the Expense
Subaccount of the Collection Account in the following order of priority: 
  

	 	(i)	An amount equal to the sum of (A) Monthly Interest, if any, for such Distribution Date plus (B) any Interest Shortfall previously accrued and not reimbursed
plus (C) any Additional Interest previously accrued and not reimbursed shall be distributed to the Series 2002-1 Noteholders on such Distribution Date pursuant to Section 5.04; 

  

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	 	(ii)	An amount equal to the Monthly Program Fees for such Distribution Date, together with all accrued and unpaid Yield Protection Amounts, Breakage Amounts and Indemnity Amounts shall
be distributed to the Administrative Agent; and 

  

	 	(iii)	An amount equal to the sum of (A) the Monthly Servicing Fee for such Distribution Date plus (B) any Monthly Servicing Fee previously accrued and not paid
pursuant to this Section 9.04(b)(iii) shall be distributed to the Servicer. 

  
 (c) On each Interest Payment Date for each Tranche, to transfer an amount equal to the Monthly Principal for such Interest Payment Date for such Tranche from the Principal Subaccount to the Series 2002-1 Noteholder on
such Distribution Date pursuant to Section 5.04. 
  
 Section 9.05. Expense Subaccount. 
  
 (a)
The Issuer, for the benefit of the Series 2002-1 Noteholder, shall establish and maintain with the Trustee or its nominee in the name of the Trustee, the Expense Subaccount, which shall be a subaccount of the Collection Account (the
“Expense Subaccount”). The Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property credited from time to time to the Expense Subaccount (and any subaccount
thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2002-1 Noteholder. The Expense Subaccount shall be under the sole dominion and control of the Trustee for the benefit of the
Series 2002-1 Noteholder. Pursuant to the authority granted to the Servicer in Article III of the Servicing Agreement, the Servicer shall have the power, revocable by the Trustee, to instruct the Trustee to make withdrawals and payments from the
Expense Subaccount for the purposes of making the payments required under Section 9.04. 
  
 (b) Funds on deposit in the Expense Subaccount shall be invested in Eligible Investments accordance with the written instructions of the Servicer pursuant to Section 4.01 of the Servicing Agreement and
Section 6.13 of the Indenture. The Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 9.05(b) nor for the selection of Eligible
Investments, except with respect to investments on which the institution acting as Trustee is an obligor. 
  
 Section 9.06. Principal Subaccount. 
  
 (a) The Issuer, for the benefit of the Noteholders, shall establish and maintain with the Trustee or its nominee in the name of the Trustee, the Principal
Subaccount, which shall be a subaccount of the Collection Account (the “Principal Subaccount”). The Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property
credited from time to time to the Principal Subaccount (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2002-1 Noteholder. The Principal Subaccount shall
be under the sole dominion and control of the Trustee for the benefit of the Noteholders. Pursuant to the authority granted to the 
  

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 Servicer in Article III of the Servicing Agreement, the Servicer shall have the power, revocable by the Trustee, to
instruct the Trustee to make withdrawals and payments from the Principal Subaccount for the purposes of making the payments required under Section 9.04. 
  
 (b) Funds on deposit in the Principal Subaccount shall be invested in accordance with Section 4.01 of the Servicing Agreement and Section 6.13
of the Indenture. The Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 9.06(b) nor for the selection of Eligible Investments, except with
respect to investments on which the institution acting as Trustee is an obligor. 
  
 (c) The Trustee shall withdraw and transfer funds on deposit in the Principal Subaccount on each Business Day during the Revolving Period to, or at the direction of, the Issuer if no Asset Amount Deficiency has
occurred and is continuing and no Amortization Event or Unmatured Amortization Event has occurred or would result from such withdrawal. Any such transfer to the Issuer shall be made free and clear of the lien of the Indenture and without compliance
with Section 13.01(b) of the Indenture. It is expressly understood that, during the Amortization Period, the Trustee shall not withdraw funds on deposit in the Principal Subaccount except to fund payments of Monthly Principal under
Section 9.02 and, after the Series 2002-1 Note has been paid in full, to fund any other payments owed under Section 8.04 in the order of priority set forth therein. 
  
 Section 9.07. Investment Instructions. Any investment instructions required to be given to the Trustee pursuant
to the terms hereof must be given to the Trustee no later than 11:00 a.m. (New York City time) on the date such investment is to be made; provided, however, that if such investment is in commercial paper, instructions must be given to
the Trustee prior to 10:00 a.m. (New York City time). If the Trustee receives such investment instruction later than such time, the Trustee may, but shall have no obligation to, make such investment. If the Trustee is unable to make an investment
required in an investment instruction received by the Trustee after 11:00 a.m. (or 10:00 a.m. in the case of commercial paper) (New York City time) on such day, such investment shall be made by the Trustee on the next succeeding Business Day. In no
event shall the Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m. (New York City time) on the day such investment is requested to be made. 
  
 ARTICLE X 
  
 AMORTIZATION EVENTS 
  
 Section 10.01. Amortization Events. Upon the occurrence and continuance of any of the following events: 
  
 (a) (i) failure on the part of the Issuer to pay principal of and
interest on the Series 2002-1 Notes in full on or before the Final Stated Maturity Date, or to pay Monthly Principal to the extent required under Section 9.04, or to pay accrued interest on the Series 2002-1 Notes in full on any Interest
Payment Date, or to pay accrued Monthly Program Fees on any Distribution Date or to pay Breakage Amounts, Yield Protection Amounts or Indemnity 
  

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 Amounts as and when due, and such failure remains unremedied for three Business Days, or (ii) failure on the part of
the Issuer duly to perform or observe the covenants and agreements set forth in Sections 3.02(e) or 3.03, or (iii) failure on the part of the Issuer duly to perform or observe any other covenants or agreements of the Issuer set forth herein,
which failure has a Material Adverse Effect on the rights of the Holders of the Series 2002-1 Notes and which failure continues unremedied for a period of 30 days, in each case, after the date of such failure; 
  
 (b) (i) any of the representations and warranties made by the Issuer in
Section 3.01(d) or 3.01(e), proves to have been incorrect in any material respect when made, or (ii) any representation or warranty made by the Issuer herein proves to have been incorrect in any material respect when made, and continues to
be incorrect in any material respect for a period of 30 days, in each case, after the date on which an Authorized Officer of any CMS Person knew or with reasonable diligence would have known of such failure; 
  
 (c) a Servicer Default has occurred under the Servicing Agreement and remains
unremedied for a period of five Business Days; 
  
 (d) a CMGFSC
Purchase Termination Event under the CMGFSC Purchase Agreement or KF Purchase Termination Event under the Receivables Purchase Agreement or the Fee Receivables Purchase Agreement has occurred and, in each case, remains unremedied for a period of
five Business Days; 
  
 (e) an Event of Default shall have
occurred or a Funding Termination Date other than a Funding Termination Date resulting from any event described in clause (ii)(a) of the definition thereof has occurred; 
  
 (f) the failure to vest and maintain in the Trustee a perfected first priority security interest in the Pledged Assets;

  
 (g) an Event of Bankruptcy shall occur with respect to the
Issuer, the Performance Guarantor, CMSC or CMGFSC; 
  
 (h)
(i) default in payment shall have been made with respect to any PHH Indebtedness or PHH Interest Rate Protection Agreements where the amount or amounts of such PHH Indebtedness exceeds $25,000,000 (or the equivalent thereof in any other
currency) in the aggregate; or (ii) default in payment or performance shall have been made with respect to any PHH Indebtedness or PHH Interest Rate Protection Agreements where the amount or amounts of such PHH Indebtedness or PHH Interest Rate
Protection Agreements exceeds $25,000,000 (or the equivalent thereof in any other currency) in the aggregate, if the effect of such default is to result in the acceleration of the maturity of such PHH Indebtedness or PHH Interest Rate Protection
Agreement; or (iii) any other circumstance shall have arisen (other than the mere passage of time) by reason of which PHH or any of its Subsidiaries is required to redeem or repurchase, or offer to holders the opportunity to have redeemed or
repurchased, any such PHH Indebtedness or PHH Interest Rate Protection Agreement where the amount or amounts of such PHH Indebtedness or PHH Interest Rate Protection Agreement exceeds $25,000,000 (or the equivalent thereof in any other currency) in
the aggregate; provided that clause (iii) shall not apply to a secured PHH Indebtedness or PHH Interest Rate Protection Agreement that becomes 
  

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 due as a result of a voluntary sale of the property or assets securing such PHH Indebtedness or PHH Interest Rate
Protection Agreement and provided, further, that clauses (ii) and (iii) shall not apply to any PHH Indebtedness or PHH Interest Rate Protection Agreement of any Subsidiary issued and outstanding prior to the date such
Subsidiary became a Subsidiary of PHH (other than PHH Indebtedness or PHH Interest Rate Protection Agreement issued in connection with, or in anticipation of, such Subsidiary become a Subsidiary of PHH) if such default or circumstance arises solely
as a result of a “change of control” provision applicable to such PHH Indebtedness or PHH Interest Rate Protection Agreement which becomes operative as a result of the acquisition of such Subsidiary by PHH or any of its Subsidiaries.

  
 (i) exclusive control of any Lockbox Account has not been
transferred to the Administrative Agent upon request; 
  
 (j) the
Three Month Rolling Fee Concession Ratio shall exceed 1.5%; 
  
 (k) the Three Month Rolling Default Ratio shall exceed 12.5%; 
  
 (1) the Three Month Average Loss-to-Acquisition Value Ratio shall exceed 8.5%; 
  
 (m) any Pool Relocation Management Agreement is terminated for any reason, if the aggregate Unpaid Balance of Receivables arising under such Pool Relocation Management Agreement represent more than 30% of the
Aggregate Receivables Balance, in each case as of the date such Pool Relocation Management Agreement is terminated; 
  
 (n) the Weighted Average Inventory Hold Period exceeds 100 days; 
  

(o) PHH shall have breached its obligations under the Financial Covenants; or 
  
 (p) the PHH Guarantee is rescinded or the Performance Guarantor shall deny that it has liability thereunder) or shall for
any reason cease to be the valid, binding and enforceable general obligation of the Performance Guarantor; or the Performance Guarantor shall default in the payment or performance of any of its debts, duties, liabilities or obligations under the PHH
Guaranty; 
  
 then, (i) in the case of any event described in clauses
(a) through (e) and (h) through (q), an “Amortization Event” will be deemed to have occurred only if, after the applicable grace period, if any, set forth in such clauses, either the Trustee (at the direction
of the Holders of not less than a majority of the Outstanding Amount) or the Holders of not less than a majority of the Outstanding Amount by notice then given in writing to the Issuer and the Servicer (and to the Trustee if given by the Series
2002-1 Noteholder) declare that an Amortization Event has occurred as of the date of such notice and (ii) in the case of either event described in clauses (f), or (g), an Amortization Event shall occur immediately upon the occurrence of such
event without any notice or other action on the part of the Trustee or the Series 2002-1 Noteholders. 
  
 [END OF ARTICLE X] 
  

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 ARTICLE XI 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 11.01. Supplemental Indentures Without Consent of Noteholders. 
  
 Without the consent of the Holders of any Notes, the Issuer, the Trustee, the Paying Agent, the Authentication Agent and the
Transfer Agent and Registrar, at any time and from time to time, may enter into an indenture or indentures supplemental hereto for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture,
or better to assure, convey and confirm to the Trustee any property subject, or required to be subjected, to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  
 (ii) to add to the covenants of the Issuer, for the benefit
of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 
  
 (iii) to convey, transfer, assign, mortgage or pledge any property to or with the consent of the Trustee; 
  
 (iv) to cure any ambiguity, to correct or supplement any
provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any
supplemental indenture; or 
  
 (v) to evidence
and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the Pledged Assets
hereunder by more than one trustee, pursuant to the requirements of Article VI. 
  
 The Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar are hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained. 
  
 Section 11.02. Supplemental Indentures with Consent of Noteholders. 
  
 The Issuer, the Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar also, with the consent of the Majority Investors, by Act of such Holders delivered to the Issuer and the
Trustee, may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the
Noteholders. Notwithstanding the foregoing, no supplemental indenture shall, without the consent of Holders of 100% of the Outstanding Amount of the Outstanding Notes: 
  
 (a) change the due date of any payment of principal of or interest on any Notes, or reduce the principal amount thereof, the
interest rate specified thereon or the redemption price with respect thereto or change any place of payment where, or the coin or currency in which, any Notes or any interest thereon is payable; 
  

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 (b) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring
the application of funds available therefor to the payment of any such amount due on the Notes on or after the respective due dates thereof, as provided in Article V (or, in the case of redemption, on or after the Redemption Date); 
  
 (c) reduce the percentage that constitutes a majority of the Outstanding
Amount of the Notes the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences as provided for in this Indenture; 
  
 (d) reduce the percentage of the Outstanding Amount of the Notes which is required to direct the Trustee to sell or liquidate the Pledged Assets if the proceeds of such sale would be insufficient to pay the principal amount and accrued but
unpaid interest on the Outstanding Notes; 
  
 (e) decrease the
percentage of the aggregate principal amount of the Notes required to amend the sections of this Indenture that specify the applicable percentage of the aggregate principal amount of the Notes necessary to amend the Indenture or any Transaction
Documents that require such consent; 
  
 (f) modify or alter the
provisions of this Indenture regarding the voting of Notes held by the Issuer, any other obligor on the Notes, the Servicer or any Affiliate of any of the foregoing Persons; 
  
 (g) permit the creation of any Lien ranking prior to, junior to, or on a parity with the lien of this Indenture with respect
to any part of the Pledged Assets for any Notes or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any such Pledged Assets at any time subject hereto or deprive the Holder of any Notes of the security
provided by the lien of this Indenture; or 
  
 (h) issue
additional Series of Notes under this Indenture. 
  
 It shall not
be necessary for any Act of Noteholders under this Section 11.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer, the Trustee, the Paying Agent,
the Authentication Agent and the Transfer Agent and Registrar of any Supplement Indenture pursuant to this Section 11.02, the Paying Agent shall mail to the Holders of the Notes to which 
  

 63 

 such supplemental indenture relates written notice setting forth in general terms the substance of such supplement
indenture; provided, however, that any failure of the Paying Agent to mail such notice, or any defect therein, shall not in any way impair or affect the validity of any such supplemental indenture. 
  
 Section 11.03. Execution of Supplemental Indentures. 

 
 In executing, or permitting the additional trusts created by any
supplemental indenture permitted by this Article X or the modification thereby of the trusts created by this Indenture, the Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar shall be entitled to receive, and
subject to Section 6.01, shall be fully protected in relying on, an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. The Paying Agent, the Authentication Agent and the Transfer Agent and Registrar, as the
case may be, may, but shall not be obligated to, enter into any such supplemental indenture that affects their respective rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 11.04. Effect of Supplemental Indenture. 
  
 Upon the execution of any supplemental indenture under this Article X, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes, and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby. 
  
 Section 11.05. Reference in Notes to
Supplemental Indentures. 
  
 Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article X may, and if required by the Authentication Agent shall, bear a notation in form approved by the Trustee and the Authentication Agent as to any matter provided for
in such supplemental indenture. If the Issuer shall so determine, new Notes modified so as to conform, in the opinion of the Trustee and the Authentication Agent and the Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Authentication Agent in exchange for the Outstanding Notes. 
  

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 ARTICLE XII 
  
 MANDATORY REDEMPTION; OPTIONAL REDEMPTION OF NOTES 
  
 Section 12.01. Mandatory Redemption. The Series 2002-1 Notes shall be subject to mandatory redemption in whole, at the Redemption Price, on
the second Business Day following the occurrence of any Change of Control to which the Administrative Agent has not consented. 
  
 Section 12.02. Optional Redemption of Notes. 
  
 (a) On any Business Day occurring on or after the date on which the Outstanding Amount is reduced to an amount equal to or less than 10% of the Initial
Outstanding Amount, the Issuer shall have the option to redeem the Series 2002-1 Note, at a redemption price equal to (i) if such day is a Distribution Date, the Redemption Price for such Distribution Date or (ii) if such day is not a
Distribution Date, the Redemption Price for the immediately succeeding Distribution Date. 
  
 (b) The Issuer shall give the Servicer and the Trustee at least 30 days prior written notice of the date on which the Issuer intends to exercise such optional redemption. Not later than 12:00 noon, New York City time,
on such day the Issuer shall deposit into (a) the Principal Subaccount in immediately available funds the excess of the principal portion of the Redemption Price over the amount, if any, on deposit in the Principal Subaccount and (b) the
Expense Subaccount in immediately available funds the excess of the interest portion of the Redemption Price over the amount, if any, of the Monthly Interest on deposit in the Expense Subaccount. Upon payment and distribution of the Redemption Price
and the reduction in the Outstanding Amount to zero, the Series 2002-1 Noteholder shall have no further interest in the Pledged Assets. The Redemption Price shall be distributed as set forth in Section 9.04. 
  
 [END OF ARTICLE XII] 
  
 ARTICLE XIII 
  
 MISCELLANEOUS 
  
 Section 13.01. Compliance Certificates and Opinions, etc. 
  
 (a) Upon any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture or
any other Transaction Document, the Issuer shall furnish to the Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) an Independent Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section 13.01, except that, in the case of any such application or request as to which the furnishing of specific documents is required by any provision of this Indenture, no additional certificate or opinion need be
furnished. 
  

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 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture shall include: 
  
 (i) a statement that
each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (iii)
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been
complied with; and 
  
 (iv) a statement as to
whether, in the opinion of each such signatory, such condition or covenant has been complied with 
  
 (b) (i) Prior to the deposit of any Pledged Assets or other property or securities with the Trustee that is to be made the basis for
the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 13.01(a) or elsewhere in this Indenture, furnish to the Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Pledged Assets or other property or securities to be so deposited. 
  
 (ii) Whenever the Issuer is required to furnish to the
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer also shall deliver to the Trustee an Independent Certificate as to the same matters, if
the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the
certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited if the fair value thereof
to the Issuer as set forth in the related Officer’s Certificate is less than 10% of the Outstanding Amount of the Notes. 
  
 (iii) Other than as provided in the Granting Clause, whenever any property or securities are to be released from the lien of this
Indenture, the Issuer also shall furnish to the Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities
proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
  

 66 

 (iv) Whenever the Issuer is required to furnish to the Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer also shall furnish to the Trustee an Independent Certificate as to the same matters if the fair value of the
property or securities and of all other property, other than as provided in the Granting Clause, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates
required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set
forth in the related Officer’s Certificate is less than 10% of the then Outstanding Amount of the Notes. 
  
 (v) Notwithstanding any provision of this Section 13.01, the Issuer may (A) collect, liquidate, sell or otherwise dispose of
Receivables as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by the Transaction Documents, and the provisions of the Granting
Clause shall apply. 
  
 Section 13.02. Form of Documents
Delivered to Trustee. 
  
 In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

  
 Any certificate or opinion of a Responsible Officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of a Responsible Officer or Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Servicer or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer or the Issuer, unless such
Responsible Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  
 In any case in which any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

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 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee,
it is provided that the Issuer shall deliver any document as a condition of the granting of such application or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting
of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted
or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 
  
 Section 13.03. Acts of Noteholders.

  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly
appointed in writing and satisfying any requisite percentages as to the minimum number or Dollar value of outstanding principal amount represented by such Noteholders; and except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee, and, to the extent hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 13.03. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee deems sufficient.

  
 (c) The ownership of Notes shall be proved by the Note
Register. 
  
 (d) Any request, demand, authorization, direction,
notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder (and any transferee thereof) of every Notes issued upon the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Notes. 
  
 Section 13.04. Notices to Issuer, Trustee, Paying Agent, Authentication Agent and Transfer Agent and Registrar. 
  
 All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered at, sent by facsimile to, sent by courier at or mailed by certified or registered mail, return receipt requested, to (a) in the case of the Issuer, to 40 Apple Ridge Road, Danbury,
Connecticut 06810, Attention: Controller, (b) in the case of the Trustee, to the Corporate Trust Office and (c) in the case of the Paying Agent, the Authentication Agent or the Transfer Agent and Registrar, to the Corporate Trust Office;
or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  

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 Section 13.05. Notices to Noteholders; Waiver. 
  
 In any case in which this Indenture provides for notice to Noteholders of
any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by registered or certified mail or first class postage prepaid or national overnight courier service to each Noteholder affected
by such event, at the Noteholder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither
the failure to mail such notice nor any defect in any notice so mailed to any particular Person shall affect the sufficiency of such notice with respect to other Persons, and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given. 
  
 In any case in which this
Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Noteholders shall be filed with the Trustee (with a copy to the Paying Agent), but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 If, by reason of the suspension of regular mail service as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustee or the Paying Agent, as the case may be, shall be deemed to be a sufficient giving of such notice. 
  
 Section 13.06. Alternate Payment and Notice Provisions. 
  
 Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the consent of the
Paying Agent, may enter into any agreement with any Holder of a Notes providing for a method of payment, or notice by the Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments
or notices. The Issuer shall furnish to the Trustee or/and the Paying Agent a copy of each such agreement and the Paying Agent or the Trustee, as the case may be, shall cause payments to be made and notices to be given in accordance with such
agreements. 
  
 Section 13.07. Effect of Headings and
Table of Contents. 
  
 The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 13.08. Successors and Assigns. 
  
 All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 
  

 69 

 Section 13.09. Separability. 
  
 If any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 13.10. Benefits of Indenture. 
  
 Nothing in this Indenture or in the Notes, express or implied, shall give to any Person other than the parties hereto and their successors hereunder and
the Noteholders, any benefit 
  
 Section 13.11. Legal
Holidays. 
  
 If the date on which any payment is due shall
not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on
which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 Section 13.12. GOVERNING LAW. 
  
 THE INDENTURE AND EACH NOTES SHALL BE 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. 
  
 Section 13.13. Counterparts. 
  
 This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  
 Section 13.14. No Petition. 
  
 The Trustee, the Paying Agent, the Authentication Agent and the Transfer
Agent and Registrar, by entering into this Indenture, and each Noteholder, by accepting a Notes, hereby covenant and agree that they will not at any time institute against the Issuer or CMGFSC, or join in any institution against the Issuer or
CMGFSC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this
Indenture or any of the Transaction Documents until the expiration of one year and one day after payment in full of the latest maturing Notes issued by the Issuer under this Indenture. This Section shall survive termination of the Indenture.

  

 70 

 IN WITNESS WHEREOF, the Issuer, the Trustee, the Paying Agent, the Authentication Agent and the Transfer
Agent and Registrar have caused this Indenture to be duly executed by their respective officers thereunto duly authorized and attested, all as of the day and year first above written. 
  

			
	 KENOSIA FUNDING, LLC,
     as Issuer

		
	 By:
	 	 /s/ Eric J. Barnes

	 	 	 Name: Eric J. Barnes

	 	 	 Title:   Sr. Vice President & CFO

	
	 THE BANK OF NEW YORK
     as Trustee and as Paying Agent, Authentication
     Agent and Transfer Agent and Registrar

		
	 By:
	 	  

		
	 	 	 Name:

	 	 	 Title:

  
 [Signature Page
to Indenture] 

 IN WITNESS WHEREOF, the Issuer, the Trustee, the Paying Agent, the Authentication Agent and the Transfer
Agent and Registrar have caused this Indenture to be duly executed by their respective officers thereunto duly authorized and attested, all as of the day and year first above written. 
  

			
	 KENOSIA FUNDING, LLC,
     as Issuer

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK
     as Trustee and as Paying Agent, Authentication
     Agent and Transfer Agent and Registrar

		
	 By:
	 	 /s/ Catherine Cerilles

	 	 	 Name: Catherine Cerilles

	 	 	 Title:   Assistant Vice President

  
 [Signature Page
to Indenture]

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