Document:

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                                                                   Exhibit 10.14

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                           Dated as of April 25, 2000

                                 by and between

                      CENDANT MOBILITY SERVICES CORPORATION

                                  as Originator

                                       and

                     CENDANT MOBILITY FINANCIAL CORPORATION

                                    as Buyer

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                                TABLE OF CONTENTS

                                                                            PAGE

                                    ARTICLE I

                                   DEFINITIONS

                                   ARTICLE II

                           SALE AND PURCHASE OF ASSETS

Section 2.1    Sale and Purchase...............................................1

Section 2.2    Purchases.......................................................3

Section 2.3    No Assumption...................................................3

Section 2.4    No Recourse.....................................................3

Section 2.5    True Sales......................................................4

Section 2.6    Servicing of CMSC Purchased Assets..............................4

Section 2.7    Financing Statements............................................4

                                   ARTICLE III

                        CALCULATION OF CMF PURCHASE PRICE

Section 3.1    Calculation of the CMF Purchase Price...........................4

ARTICLE IV  PAYMENT OF CMF PURCHASE PRICE......................................5

Section 4.1    CMF Purchase Price Payments.....................................5

Section 4.2    The CMF Subordinated Note.......................................5

Section 4.3    Originator Adjustments..........................................5

Section 4.4    Payments and Computations, Etc..................................7

                                    ARTICLE V

                              CONDITIONS PRECEDENT

Section 5.1    Conditions Precedent to Sales and Purchases.....................8

Section 5.2    Conditions Precedent to CMF Subordinated Loans..................8

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                                TABLE OF CONTENTS
                                   (CONTINUED)

                                                                            PAGE

                                   ARTICLE VI

                         REPRESENTATIONS AND WARRANTIES

Section 6.1    Representations and Warranties of the Originator................8

Section 6.2    Representations and Warranties of the Buyer....................14

                                   ARTICLE VII

                                GENERAL COVENANTS

Section 7.1    Affirmative Covenants of the Originator........................14

Section 7.2    Reporting Requirements.........................................18

Section 7.3    Negative Covenants of the Originator...........................20

Section 7.4    Affirmative Covenants of the Buyer.............................22

                                  ARTICLE VIII

                      ADDITIONAL RIGHTS AND OBLIGATIONS IN
                      RESPECT OF THE CMSC PURCHASED ASSETS

Section 8.1    Rights of the Buyer............................................23

Section 8.2    Responsibilities of the Originator.............................24

Section 8.3    Further Action Evidencing Purchases............................24

Section 8.4    CMSC Collections; Rights of the Buyer and its Assignees........25

                                   ARTICLE IX

                                   TERMINATION

Section 9.1    CMF Purchase Termination Events................................26

Section 9.2    Purchase Termination...........................................27

                                    ARTICLE X

                       INDEMNIFICATION; SECURITY INTEREST

Section 10.1   Indemnities by the Originator..................................28

Section 10.2   Security Interest..............................................30

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                                TABLE OF CONTENTS
                                   (CONTINUED)

                                                                            PAGE

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.1   Amendments; Waivers, Etc.......................................30

Section 11.2   Notices, Etc...................................................30

Section 11.3   Cumulative Remedies............................................31

Section 11.4   Binding Effect; Assignability; Survival of Provisions..........31

Section 11.5   Governing Law..................................................31

Section 11.6   Costs, Expenses and Taxes......................................31

Section 11.7   Submission to Jurisdiction.....................................31

Section 11.8   Waiver of Jury Trial...........................................32

Section 11.9   Integration....................................................32

Section 11.10  Captions and Cross References..................................33

Section 11.11  Execution in Counterparts......................................33

Section 11.12  Acknowledgment and Consent.....................................33

Section 11.13  No Partnership or Joint Venture................................34

Section 11.14  No Proceedings.................................................34

Section 11.15  Severability of Provisions.....................................34

Section 11.16  Recourse to the Buyer..........................................34

Section 11.17  Confidentiality................................................34

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                                    APPENDIX

APPENDIX A              Definitions

                                    SCHEDULES

SCHEDULE 2.1            List of Pool Relocation Management Agreements

SCHEDULE 6.1(n)         Principal Place of Business and Chief Executive Office
                        of the Originator and List of Offices Where the
                        Originator Keeps CMSC Records

SCHEDULE 6.1(s)         List of Legal Names for Cendant Mobility Services
                        Corporation

SCHEDULE 11.2           Notice Addresses

                                    EXHIBITS

EXHIBIT 2.1             Form of Notice of Additional Pool Relocation Management
                        Agreements

EXHIBIT 4.2             Form of CMF Subordinated Note

EXHIBIT 6.1(u)          Credit and Collection Policy

EXHIBIT 7.3(j)          Form of Acknowledgment Letter

EXHIBIT C               Forms of Relocation Management Agreements

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                               PURCHASE AGREEMENT

            THIS PURCHASE AGREEMENT (this "AGREEMENT") dated as of April 25,
2000 made by and between CENDANT MOBILITY SERVICES CORPORATION, a Delaware
corporation, as originator (the "ORIGINATOR") and Cendant Mobility Financial
Corporation, a Delaware corporation, as buyer (the "BUYER").

            WHEREAS, the Originator wishes to sell Receivables and Related
Assets that it now owns and Receivables and Related Assets that it from time to
time hereafter will own to the Buyer, and the Buyer is willing to purchase such
Receivables and Related Assets from the Originator from time to time, on the
terms and subject to the conditions contained in this Agreement; and

            WHEREAS, the Buyer intends to transfer the CMSC Purchased Assets,
together with additional Receivables and Related Assets that the Buyer from time
to time hereafter will own, to Apple Ridge Services Corporation ("ARSC") from
and after the Closing Date pursuant to the terms of the Receivables Purchase
Agreement;

            NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

            Capitalized terms used and not otherwise defined in this Agreement
have the meanings specified in Part A of Appendix A. In addition, this Agreement
shall be interpreted in accordance with the conventions set forth in Parts B, C
and D of Appendix A.

                                   ARTICLE II

                           SALE AND PURCHASE OF ASSETS

            Section 2.1 SALE AND PURCHASE.

            (a) AGREEMENT. Upon the terms and subject to the conditions hereof,
the Buyer agrees to buy, and the Originator agrees to sell, all of the
Originator's right, title and interest in and to the following:

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                  (i) all Receivables owned by the Originator at the close of
      business on the Business Day preceding the Closing Date or thereafter
      created and arising (collectively, the "ORIGINATOR RECEIVABLES");

                  (ii) all Related Property with respect to the Originator
      Receivables (collectively, the "ORIGINATOR RELATED PROPERTY");

                  (iii) all CMSC Collections;

                  (iv) all proceeds of and earnings on any of the foregoing; and

                  (v) all of the right, title and interest, if any, CMSC has in,
      to or under the CMF Designated Receivables, including all Related Property
      with respect thereto, rights, if any, to reimbursement of, or interest on,
      such CMF Designated Receivables and all proceeds thereof;

IT BEING UNDERSTOOD AND AGREED that the Originator does not hereby sell,
transfer or convey any of its right, title or interest in any Excluded Assets or
Excluded Contracts.

            The items listed above in clauses (ii), (iii) and (iv), whenever and
wherever arising, are collectively referred to herein as the "ORIGINATOR RELATED
ASSETS." The Originator Receivables and the Originator Related Assets are
sometimes collectively referred to herein as the "ORIGINATOR ASSETS."

            It is the intent of the parties hereto that CMSC not have any right,
title, or interest in, to, or under the CMF Designated Receivables or the other
property listed in clause (v) above, and such CMF Designated Receivables and
other property is included in the property being sold hereunder solely in case
it should be determined, contrary to the intent of the parties hereto, that CMSC
does have any right, title, or interest in the CMF Designated Receivables or the
other property listed in clause (v) above.

            As used herein, "CMSC RECEIVABLES" means Originator Receivables that
are being Purchased or have been Purchased by the Buyer hereunder; "CMSC RELATED
PROPERTY" means Originator Related Property that is being Purchased or has been
Purchased by the Buyer hereunder; "CMSC RELATED ASSETS" means Originator Related
Assets that are being Purchased or have been Purchased by the Buyer hereunder;
and "CMSC PURCHASED ASSETS" means Originator Assets that are being Purchased or
have been Purchased by the Buyer hereunder.

            Schedule 2.1 sets forth a list of all Relocation Management
Agreements subject to this Agreement (each, a "POOL RELOCATION MANAGEMENT
AGREEMENT") as of the Closing Date. Each new Relocation Management Agreement
that is not an Excluded Contract and that is entered into by the Originator
during any month shall be added to the Pool Relocation Management Agreements on
or after the last day of such month by delivering a written notice in the form
of Exhibit 2.1 to the Buyer or its designee, whereupon Schedule 2.1 shall be
amended by the Originator to add such new Relocation Management Agreement to the
list of Pool Relocation Management Agreements set forth therein. A copy of such
Exhibit 2.1 appended to

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the Receivables Activity Report for such month, upon delivery to the Indenture
Trustee, shall be sufficient evidence of inclusion. On or prior to the date of
the delivery of any such notice, the Originator shall indicate, or cause to be
indicated, in its computer files, books and records that the CMSC Receivables
and other CMSC Purchased Assets then existing and thereafter created pursuant to
or in connection with each such Pool Relocation Management Agreement are being
transferred to the Buyer pursuant to this Agreement.

            (b) TREATMENT OF CERTAIN RECEIVABLES AND RELATED ASSETS. It is
expressly understood that (i) each CMSC Receivable sold to the Buyer hereunder,
together with all CMSC Related Assets then existing or thereafter created and
arising with respect thereto, will thereafter be the property of the Buyer (or
its assignees), without the necessity of any further purchase or other action by
the Buyer (other than satisfaction of the conditions set forth herein) and (ii)
the change of a Receivable's status from that of Unsold Home Receivable to
Unbilled Receivable or from Unbilled Receivable to Billed Receivable shall not
be deemed the creation of a new Receivable for any purpose.

            Section 2.2 PURCHASES. On the Closing Date, the Buyer shall purchase
all of the Originator's right, title and interest in and to all Originator
Assets and any property described in clause (v) of Section 2.1(a) existing as of
the close of business on the immediately preceding Business Day. On each
Business Day thereafter until the Termination Date, the Buyer shall purchase all
of the Originator's right, title and interest in and to all Originator Assets
and any property described in clause (v) of Section 2.1(a) existing as of the
close of business on the immediately preceding Business Day that were not
previously purchased by the Buyer hereunder. Notwithstanding the foregoing, if
an Insolvency Proceeding is pending with respect to either the Originator or the
Buyer prior to the Termination Date, the Originator shall not sell, and the
Buyer shall not buy, any Originator Assets hereunder unless and until such
Insolvency Proceeding is dismissed or otherwise terminated.

            Section 2.3 NO ASSUMPTION. The sales and Purchases of CMSC Purchased
Assets do not constitute and are not intended to result in a creation or an
assumption by the Buyer or its successors and assigns of any obligation of the
Originator or any other Person in connection with the CMSC Purchased Assets
(other than any such obligations as may arise from the ownership of CMSC
Receivables) or under the related Contracts or any other agreement or instrument
relating thereto, including without limitation any obligation to any Obligors or
Transferred Employees. None of the Servicer, the Buyer or the Buyer's assignees
shall have any obligation or liability to any Obligor, Transferred Employee or
other customer or client of the Originator (including without limitation any
obligation to perform any of the obligations of the Originator under any
Relocation Management Agreement, CMSC Home Purchase Contract, CMSC Related
Property or any other agreement), except such obligations as may arise from the
ownership of the CMSC Receivables. Except as expressly provided in Section
3.05(k) of the Transfer and Servicing Agreement, no such obligation or liability
to any Obligor, Transferred Employee or other customer or client of the
Originator is intended to be assumed by the Servicer or its successors and
assigns hereunder or under the Transfer and Servicing Agreement, and any such
assumption is expressly disclaimed.

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            Section 2.4 NO RECOURSE. Except as specifically provided in this
Agreement, the sale and Purchase of the CMSC Purchased Assets and any interest
of CMSC in and to the CMF Designated Receivables and other property described in
clause (v) of Section 2.1(a) under this Agreement shall be without recourse to
the Originator; PROVIDED, HOWEVER, that the Originator shall be liable to the
Buyer for all representations, warranties, covenants and indemnities made by it
pursuant to the terms of this Agreement (IT BEING UNDERSTOOD that such
obligations of the Originator will not arise solely on account of the
credit-related inability of an Obligor to pay a Receivable).

            Section 2.5 TRUE SALES. The Originator and the Buyer intend the
transfers of CMSC Purchased Assets hereunder to be true sales by the Originator
to the Buyer that are absolute and irrevocable and to provide the Buyer with the
full benefits of ownership of the CMSC Purchased Assets, and neither the
Originator nor the Buyer intends the transactions contemplated hereunder to be,
or for any purpose to be characterized as, loans from the Buyer to the
Originator, secured by the CMSC Purchased Assets.

            Section 2.6 SERVICING OF CMSC PURCHASED ASSETS. Consistent with the
Buyer's ownership of all CMSC Purchased Assets and subject to the terms of the
Pool Relocation Management Agreements, as between the parties to this Agreement,
the Buyer shall have the sole right to service, administer and collect all CMSC
Purchased Assets, to assign such right and to delegate such right to others. In
consideration of the Buyer's purchase of the CMSC Purchased Assets and as more
fully set forth in Section 11.12, the Originator hereby acknowledges and agrees
that the Buyer intends to assign for the benefit of ARSC and its successors and
assigns the rights and interests granted by the Originator to the Buyer
hereunder, and agrees to cooperate fully with the Issuer and its successors and
assigns in the exercise of such rights.

            Section 2.7 FINANCING STATEMENTS. In connection with the transfer
described above, the Originator agrees, at its expense, to record and file
financing statements (and continuation statements when applicable) with respect
to the CMSC Purchased Assets conveyed by the Originator meeting the requirements
of applicable law in such manner and in such jurisdictions as are necessary to
perfect and maintain the perfection of the transfer and assignment of its
interest in the CMSC Purchased Assets to the Buyer, and to deliver a file
stamped copy of each such financing statement or other evidence of such filing
to the Buyer as soon as practicable after the Closing Date; PROVIDED, HOWEVER,
that prior to recordation pursuant to Section 8.3 or the sale of a CMSC Home to
an Ultimate Buyer, record title to such CMSC Home may remain in the name of the
related Transferred Employee and no recordation in real estate records of the
conveyance pursuant to the related CMSC Home Purchase Contract or CMSC Home Sale
Contract shall be made except as otherwise required or permitted under Section
2.01(d)(i) of the Transfer and Servicing Agreement.

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                                   ARTICLE III

                        CALCULATION OF CMF PURCHASE PRICE

            Section 3.1 CALCULATION OF THE CMF PURCHASE PRICE.

            (a) On each Business Day from and including the Closing Date to but
excluding the Termination Date, the Originator shall deliver to the Buyer an
accounting (each, a "DAILY ORIGINATOR REPORT") with respect to (i) the Purchases
of CMSC Purchased Assets to be made on such Business Day and (ii) the CMF
Purchase Price to be paid on account of the foregoing as calculated in
accordance with this Section 3.1.

            (b) With respect to the Purchase of any CMSC Purchased Assets by the
Buyer from the Originator pursuant to Article II, (i) on the Closing Date, the
Buyer shall pay to the Originator a purchase price equal to $654,199,874, and
(ii) on any day thereafter, the Buyer shall pay to the Originator a purchase
price equal to the fair market value thereof, using a discount rate and expected
collection period to be recalculated monthly based on the Buyer's weighted cost
of funds and Average Days Outstanding for the prior month and assuming a
reasonable return on the Buyer's equity (each such purchase price, the "CMF
PURCHASE PRICE"), and adjusted to reflect such factors as the Originator and the
Buyer mutually agree will result in a CMF Purchase Price determined to be the
fair market value of such CMSC Purchased Assets. The sale of the property
described in clause (v) of Section 2.1(a) is in consideration of CMF funding the
CMF Designated Receivables or the obligation of the Issuer to reimburse the
Servicer for advances in respect of such CMF Designated Receivables.

                                   ARTICLE IV

                          PAYMENT OF CMF PURCHASE PRICE

            Section 4.1 CMF PURCHASE PRICE PAYMENTS. On the terms and subject to
the conditions of this Agreement, the Buyer shall pay to the Originator on the
Closing Date the CMF Purchase Price for the CMSC Purchased Assets sold on such
date, by paying such CMF Purchase Price to the Originator in cash. On the terms
and subject to the conditions of this Agreement, the Buyer shall pay to the
Originator, on each other Business Day on which any CMSC Purchased Assets are
purchased from the Originator by the Buyer pursuant to Article II, the CMF
Purchase Price for such CMSC Purchased Assets by paying such CMF Purchase Price
to the Originator in cash.

            Section 4.2 THE CMF SUBORDINATED NOTE. On the Closing Date, the
Buyer shall deliver to the Originator the CMF Subordinated Note in the form set
forth as Exhibit 4.2. Subject to the limitations set forth in the CMF
Subordinated Note, the Originator irrevocably agrees to make each advance (each,
a "CMF SUBORDINATED LOAN") requested by the Buyer on or prior to the Termination
Date for the sole purposes of acquiring CMF Homes pursuant to CMF Home Purchase
Contracts (including the making of Equity Payments), making Mortgage Payoffs and
Mortgage Payments with respect to CMF Homes and making Seller Adjustments under
the Receivables Purchase Agreement. No advance shall be made under the CMF

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Subordinated Note on any date if the aggregate principal amount outstanding
thereunder on such date, after giving effect to such advance, would exceed an
amount equal to five times the net worth of the Buyer (such maximum amount
required to be advanced at any time, the "CMF SUBORDINATED NOTE CAP"). The CMF
Subordinated Loans shall be evidenced by, and shall be payable as provided in,
the CMF Subordinated Note. Notwithstanding any other provision of this
Agreement, under no circumstances shall funds borrowed under the CMF
Subordinated Note be used for the purpose of paying the CMF Purchase Price for
the CMSC Purchased Assets.

            Section 4.3 ORIGINATOR ADJUSTMENTS.

            (a) With respect to any CMSC Receivable purchased by the Buyer from
the Originator, if on any day the Buyer (or its assigns), the Servicer or the
Originator determines that (i) such CMSC Receivable (A) was not identified by
the Originator in the Daily Originator Report as other than an Eligible
Receivable on the Business Day such CMSC Receivable was sold hereunder or (B)
was otherwise treated as or represented to be an Eligible Receivable in any
Receivables Activity Report, but was not in fact an Eligible Receivable on such
date or (ii) any of the representations or warranties set forth in Section
6.1(d) or 6.1(k) was not true when made with respect to such CMSC Receivable or
the related CMSC Related Assets (each such CMSC Receivable described in clause
(i) or clause (ii), a "CMSC NONCOMPLYING ASSET"), then the Originator shall pay
the aggregate Unpaid Balance of such CMSC Receivables (such payment, a "CMSC
NONCOMPLYING ASSET ADJUSTMENT") to the Buyer in accordance with Section 4.3(c).

            (b) If on any day the Unpaid Balance of any CMSC Receivable (i) is
reduced as a result of any cash discount or any adjustment by the Originator or
any Affiliate of the Originator (other than the Buyer, ARSC or the Issuer), (ii)
is subject to reduction on account of any offsetting account payable of the
Originator to an Obligor or is reduced or cancelled as a result of a set-off in
respect of any claim by, or defense or credit of, the related Obligor against
the Originator or any Affiliate of the Originator (other than the Buyer, ARSC or
the Issuer) (whether such claim, defense or credit arises out of the same or a
related or an unrelated transaction) or (iii) is reduced on account of the
obligation of the Originator to pay to the related Obligor any rebate or refund
(each of the reductions and cancellations described above in clauses (i) through
(iii), an "ORIGINATOR DILUTION ADJUSTMENT"), then the Originator shall pay such
Originator Dilution Adjustment to the Buyer in accordance with Section 4.3(c).

            (c) On each Business Day, the Originator shall pay to the Buyer, in
cash in accordance with Section 4.4, an amount (an "ORIGINATOR ADJUSTMENT")
equal to the SUM of (A) the aggregate Originator Dilution Adjustment, if any,
for each day from and including the immediately preceding Business Day PLUS (B)
the CMSC Noncomplying Asset Adjustment, if any, for each day from and including
the immediately preceding Business Day. The CMSC Receivables that gave rise to
any Originator Dilution Adjustment and any related CMSC Related Assets shall
remain the property of the Buyer. From and after the day on which any CMSC
Noncomplying Asset Adjustment is made, any collections received by the Buyer
that are identified as proceeds of the Receivables that gave rise to such CMSC
Noncomplying Asset Adjustment and any Related Property with respect to such
Receivable shall be promptly returned to the Originator.

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            Section 4.4 PAYMENTS AND COMPUTATIONS, ETC. All amounts to be paid
by the Originator to the Buyer hereunder shall be paid in accordance with the
terms hereof no later than 11:00 a.m. (New York time) on the day when due in
United States dollars in immediately available funds to an account specified in
writing from time to time by the Buyer or its designee. Payments received by the
Buyer after such time shall be deemed to have been received on the next Business
Day. If any payment becomes due on a day that is not a Business Day, then such
payment shall be made on the next succeeding Business Day. The Originator shall
pay to the Buyer, on demand, interest on all amounts not paid when due hereunder
at a rate equal to the Prime Rate plus 2% per annum; PROVIDED, HOWEVER, that
such interest rate shall not at any time exceed the maximum rate permitted by
applicable law. All computations of interest payable hereunder shall be made on
the basis of a year of 360 days for the actual number of days elapsed (including
the first day but excluding the last day). All payments made under this
Agreement shall be made without set-off or counterclaim.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

            Section 5.1 CONDITIONS PRECEDENT TO SALES AND PURCHASES. No Purchase
of CMSC Purchased Assets shall be made hereunder on any date on which the Buyer
does not have sufficient funds available to pay the CMF Purchase Price in cash.

            Section 5.2 CONDITIONS PRECEDENT TO CMF SUBORDINATED LOANS. The
Originator's obligation to make each CMF Subordinated Loan under this Agreement
shall be subject to the conditions precedent that on the date of such CMF
Subordinated Loan:

            (a) the CMF Subordinated Note shall have been duly executed and
      delivered by the Buyer and shall be in full force and effect;

            (b) no Event of Bankruptcy shall have occurred and be continuing
      with respect to the Buyer; and

            (c) after giving effect to such CMF Subordinated Loan, the aggregate
      outstanding principal amount of the CMF Subordinated Note shall not exceed
      the CMF Subordinated Note Cap.

                                   ARTICLE VI

                         REPRESENTATIONS AND WARRANTIES

            Section 6.1 REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR. In
order to induce the Buyer to enter into this Agreement and to make Purchases
hereunder, the Originator hereby makes the representations and warranties set
forth in this Section 6.1, in each case as of

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the date hereof, as of the Closing Date, as of the date of each Purchase
hereunder and as of any other date specified in such representation and
warranty.

            (a) ORGANIZATION AND GOOD STANDING. The Originator is a corporation
duly organized and validly existing in good standing under the laws of the State
of Delaware and has full power and authority to own its properties and to
conduct its business as such properties are presently owned and such business is
presently conducted. The Originator had at all relevant times, and now has, all
necessary power, authority and legal right to own and sell the CMSC Purchased
Assets.

            (b) DUE QUALIFICATION. The Originator 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.

            (c) POWER AND AUTHORITY: DUE AUTHORIZATION. The Originator (i) has
all necessary corporate power and authority (A) to execute and deliver this
Agreement, the Contracts and the other Transaction Documents to which it is a
party, (B) to perform its obligations under this Agreement, the Contracts and
the other Transaction Documents to which it is a party and (C) to sell and
assign the CMSC Purchased Assets transferred hereunder on and after such date,
on the terms and subject to the conditions herein and therein provided and (ii)
has duly authorized by all necessary corporate action such sale and assignment
and the execution, delivery and performance of, and the consummation of the
transactions provided for in, this Agreement, the Contracts and the other
Transaction Documents to which it is a party.

            (d) VALID SALE; BINDING OBLIGATIONS. This Agreement constitutes a
valid sale, transfer, set-over and conveyance to the Buyer of all of the
Originator's right, title and interest in, to and under the CMSC Receivables
transferred hereunder on such date, which is perfected and of first priority
(subject to Permitted Liens and Permitted Exceptions) under the UCC and other
applicable law, enforceable against creditors of, and purchasers from, the
Originator, free and clear of any Lien (other than Permitted Liens); and this
Agreement constitutes, and each other Transaction Document to which the
Originator is a party when duly executed and delivered will constitute, a legal,
valid and binding obligation of the Originator, enforceable against the
Originator 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. The Originator has no right, title or interest in or to any
CMF Home, CMF Home Purchase Contract or any Receivable created or arising under
any CMF Home Purchase Contract.

            (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 be signed by the Originator,
and the fulfillment of the terms hereof

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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 incorporation or the
by-laws of the Originator or (B) any material indenture, loan agreement,
mortgage, deed of trust or other material agreement or instrument to which the
Originator is a party or by which it or any of its properties is bound, (ii)
result in the creation or imposition of any Lien on any of the CMSC Purchased
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 or (iii) conflict with or
violate any federal, state, local or foreign law or any decision, decree, order,
rule or regulation applicable to the Originator or of any federal, state, local
or foreign regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Originator, which conflict or
violation described in this clause (iii), individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

            (f) LITIGATION AND OTHER PROCEEDINGS. (i) There is no action, suit,
proceeding or investigation pending, or to the best knowledge of the Originator
threatened, against the Originator before any court, arbitrator, regulatory
body, administrative agency or other tribunal or governmental instrumentality
and (ii) the Originator is not subject to any order, judgment, decree,
injunction, stipulation or consent order of or with any court or other
government authority that, in the case of either of the foregoing clauses (i) or
(ii), (A) asserts the invalidity of this Agreement or any other Transaction
Document, (B) seeks to prevent the sale of any CMSC Purchased Asset by the
Originator to the Buyer, the creation of a material amount of CMSC Receivables
or the consummation of any of the transactions contemplated by this Agreement or
any other Transaction Document, (C) seeks any determination or ruling that, in
the reasonable judgment of the Originator, would materially and adversely affect
the performance by the Originator of its obligations under this Agreement or any
other Transaction Document to which it is a party or the validity or
enforceability of this Agreement or any other Transaction Document to which it
is a party 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, (i) all authorizations, consents,
orders and approvals of, or other actions by, any Governmental Authority that
are required to be obtained by the Originator in connection with the conveyance
of the CMSC Purchased Assets transferred hereunder on and after such date, or
the due execution, delivery and performance by the Originator of this Agreement
or any other Transaction Document to which it is a party and the consummation of
the transactions contemplated by this Agreement or any other Transaction
Documents to which it is a party have been obtained or made and are in full
force and effect and (ii) all filings with any Governmental Authority that are
required to be obtained in connection with such conveyance and the execution and
delivery by the Originator of this Agreement have been made; PROVIDED, HOWEVER,
that prior to recordation pursuant to Section 8.3 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
pursuant to the related Home Purchase Contract or Home Sale Contract shall be
made except as otherwise required or permitted under Section 2.01(d)(i) of the
Transfer and Servicing Agreement.

                                       9
<Page>

            (h) MARGIN REGULATIONS. The Originator is not engaged, principally
or as one of 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).
The Originator has not taken and will not take any action to cause the use of
proceeds of the sales hereunder to violate said Regulations T, U or X.

            (i) TAXES. The Originator 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 (i) 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) or (ii) the amount of which, either singly or in
the aggregate, would not have a Material Adverse Effect.

            (j) SOLVENCY. After giving effect to the conveyance of CMSC
Purchased Assets hereunder on such date, the Originator is solvent and able to
pay its debts as they come due and has adequate capital to conduct its business
as presently conducted.

            (k) QUALITY OF TITLE/VALID TRANSFERS.

                  (i) Immediately before the Purchase to be made by the Buyer
            hereunder on such date, each CMSC Purchased Asset to be sold to the
            Buyer shall be owned by the Originator free and clear of any Lien
            (other than any Permitted Lien), and the Originator 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 ownership interest of the Buyer and its successors and assigns
            in such CMSC Purchased Assets against all creditors of, and
            purchasers from, the Originator (subject to Permitted Exceptions).

                  (ii) With respect to each CMSC Receivable transferred
            hereunder on such date, the Buyer shall acquire a valid and (subject
            to Permitted Exceptions) perfected ownership interest in such CMSC
            Receivable and any identifiable proceeds thereof, free and clear of
            any Lien (other than any Permitted Liens).

                  (iii) Immediately prior to the sale of a CMSC Purchased Asset
            hereunder on such date, no effective financing statement or other
            instrument similar in effect that covers all or part of any CMSC
            Purchased Asset or any interest therein is on file in any recording
            office except such as may be filed (A) in favor of the Originator in
            accordance with the Pool Relocation Management Agreements, (B) in
            favor of the Buyer pursuant to this Agreement, (C) in favor of the
            Buyer's successors and assigns pursuant to the Receivables Purchase
            Agreement, the Transfer and Servicing Agreement or the Indenture or
            otherwise filed by or at the direction of the Buyer's successors and
            assigns or (D) to evidence any Mortgage on a CMSC Home created by a
            Transferred Employee.

                                       10
<Page>

                  (iv) The CMF Purchase Price constitutes reasonably equivalent
            value for the CMSC Purchased Assets conveyed in consideration
            therefor on such date, and no purchase of an interest in such CMSC
            Purchased Assets by the Buyer from the Originator constitutes a
            fraudulent transfer or fraudulent conveyance under the United States
            Bankruptcy Code or applicable state bankruptcy or insolvency laws or
            is otherwise void or voidable or subject to subordination under
            similar laws or principles or for any other reason.

            (l) ELIGIBLE RECEIVABLES. Each CMSC Receivable included in the CMSC
Purchased Assets transferred hereunder on such date, unless otherwise identified
to the Buyer and its assignees by the Originator in the related Daily Originator
Report, is an Eligible Receivable on such date.

            (m) ACCURACY OF INFORMATION. All written information furnished by
the Originator to the Buyer or its successors and assigns pursuant to or in
connection with any Transaction Document or any transaction contemplated herein
or therein with respect to the CMSC Purchased Assets transferred hereunder on
such date is true and correct in all material respects on such date.

            (n) OFFICES. The principal place of business and chief executive
office of the Originator is located, and the offices where the Originator keeps
all CMSC Records (and all original documents relating thereto) are located, at
the addresses specified in Schedule 6.1(n), except that (i) Home Deeds and
related documents necessary to close CMSC Home sale transactions, including
powers of attorney, may be held by local attorneys or escrow agents acting on
behalf of the Originator in connection with the sale of CMSC Homes to Ultimate
Buyers, so long as such local attorneys are notified of the interest of the
Buyer and the Buyer's assignees therein and (ii) CMSC Records relating to any
Pool Relocation Management Agreement and the Receivables arising thereunder or
in connection therewith may be maintained at the offices of the related
Employer.

            (o) PAYMENT INSTRUCTIONS TO OBLIGORS. The Originator has instructed
(i) all Obligors to remit all payments on the CMSC Purchased Assets directly to
one of the Lockboxes or Lockbox Accounts, (ii) all Lockbox Banks to deposit all
CMSC Collections remitted to a Lockbox directly to the related Lockbox Account
and (iii) all Persons receiving CMSC Home Sale Proceeds to deposit such CMSC
Home Sale Proceeds in one of the Lockboxes or Lockbox Accounts within two
Business Days after receipt, except to the extent a longer escrow period is
required under applicable law, in which case such CMSC Home Sale Proceeds shall
be deposited into one of the Lockboxes or Lockbox Accounts within one Business
Day after the expiration of such period.

            (p) INVESTMENT COMPANY ACT. The Originator is not, and is not
controlled by, an "investment company" registered or required to be registered
under the Investment Company Act.

                                       11
<Page>

            (q) ACCOUNTING FOR CERTAIN ASSETS. (i) If the CMSC Receivables sold
on such date hereunder had not been sold to the Buyer hereunder, and if
interests therein had not been transferred by the Buyer in accordance with the
Transaction Documents, all CMSC Receivables would have been and at all times
would be represented in the financial statements and records of the Originator
as accounts receivable or amounts owed from Obligors in accordance with GAAP
consistently applied by the Originator and (ii) in accordance with GAAP
consistently applied, upon the sale of any CMSC Home to an Ultimate Buyer, any
such obligation relating to any Equity Payment, Mortgage Payoff or Mortgage
Payment with respect to such CMSC Home would be reduced by the amount of the
cash proceeds of the sale of such CMSC Home (in some cases, net of certain
Direct Expenses relating to such CMSC Home).

            (r) ERISA. Each Plan is in compliance with all applicable material
provisions of ERISA, and the Originator 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 Originator 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.

            (s) LEGAL NAMES. Except as described in Schedule 6.1(s), since
January 1, 1995, the Originator (i) has not been known by any legal name other
than its corporate name as of the date hereof, except as otherwise permitted
pursuant to Section 7.3(d), (ii) has not been the subject of any merger or other
corporate reorganization that resulted in a change of name, identity or
corporate structure and (iii) has not used any trade names other than its actual
corporate name.

            (t) COMPLIANCE WITH APPLICABLE LAWS. The Originator is in compliance
with the requirements of all applicable laws, rules, regulations and orders of
all Governmental Authorities (federal, state, local or foreign, including
without limitation Environmental Laws), a violation of any of which,
individually or in the aggregate for all such violations, is reasonably likely
to have a Material Adverse Effect.

            (u) CREDIT AND COLLECTION POLICY. The copy of the Credit and
Collection Policy of the Originator attached as Exhibit 6.1(u) to this Agreement
is a true and complete copy thereof. As of the date each CMSC Purchased Asset is
transferred hereunder, the Originator has complied in all applicable material
respects with the Credit and Collection Policy with respect to such CMSC
Purchased Asset transferred on such date and the related Contract. There has
been

                                       12
<Page>

no change to the Credit and Collection Policy that would be reasonably likely to
adversely affect the collectibility of any material portion of the CMSC
Receivables or other CMSC Purchased Assets or to decrease the credit quality of
any newly created CMSC Receivables or other CMSC Purchased Assets.

            (v) ENVIRONMENTAL. On such date, to the best knowledge of the
Originator, (i) there are no (A) pending or threatened claims, complaints,
notices or requests for information received by the Originator with respect to
any alleged violation of any Environmental Law in connection with any CMSC Home
relating to any CMSC Receivable transferred hereunder on such date or (B)
pending or threatened claims, complaints, notices or requests for information
received by the Originator regarding potential liability under any Environmental
Law in connection with any CMSC Home relating to any CMSC Receivable transferred
hereunder on such date and (ii) the Originator is in material compliance with
all permits, certificates, approvals, licenses and other authorizations relating
to environmental matters, if any, that are required to be held by it under
applicable law in connection with any CMSC Homes relating to any CMSC Receivable
transferred hereunder on such date, other than those that, in the case of either
clause (i) or (ii), singly or in the aggregate, are not reasonably likely to
have a Material Adverse Effect.

            (w) POOL RELOCATION MANAGEMENT AGREEMENTS. The Pool Relocation
Management Agreements include all Relocation Management Agreements to which the
Originator is a party except for Excluded Contracts.

            (x) INDEBTEDNESS FOR BORROWED MONEY. As of the Closing Date, the
Originator has no Indebtedness for Borrowed Money.

            Section 6.2 REPRESENTATIONS AND WARRANTIES OF THE BUYER. The Buyer
hereby represents and warrants, on and as of the date hereof and on and as of
the Closing Date, that (a) this Agreement has been duly authorized, executed and
delivered by the Buyer and constitutes the Buyer's valid, binding and legally
enforceable obligation, except (i) as such enforceability may be limited by
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,
(b) the execution, delivery and performance of this Agreement does not violate
any federal, state, local or foreign law applicable to the Buyer or any
agreement to which the Buyer is a party and (c) all of the outstanding capital
stock of the Buyer is directly or indirectly owned by the Originator, and all
such capital stock is fully paid and nonassessable.

                                       13
<Page>

                                   ARTICLE VII

                                GENERAL COVENANTS

            Section 7.1 AFFIRMATIVE COVENANTS OF THE ORIGINATOR. From the
Closing Date until the termination of this Agreement in accordance with Section
11.4, the Originator hereby agrees that it will perform the covenants and
agreements set forth in this Section 7.1.

            (a) COMPLIANCE WITH LAWS, ETC. The Originator will comply in all
material respects with all applicable laws, rules, regulations, judgments,
decrees and orders (including without limitation those relating to the CMSC
Receivables, CMSC Home Purchase Contracts, CMSC Related Assets and all
Environmental Laws affecting any CMSC Home), in each case to the extent that any
such failure to comply, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

            (b) PRESERVATION OF CORPORATE EXISTENCE. The Originator (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 7.3(c)) 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.

            (c) KEEPING OF RECORDS AND BOOKS OF ACCOUNT. The Originator will
maintain and implement administrative and operating procedures (including
without limitation an ability to recreate records evidencing the CMSC Purchased
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 the Buyer, for the
collection of all amounts due under any or all CMSC Purchased Assets. Upon the
reasonable request of the Buyer or its assignees made at any time after the
occurrence and continuance of an Unmatured Servicer Default or a Servicer
Default, the Originator will deliver copies of all CMSC Records maintained
pursuant to this Section 7.1(c) to the Buyer or its designee. The Originator
will maintain at all times accurate and complete books, records and accounts
relating to the CMSC Purchased Assets and all CMSC Collections, in which timely
entries will be made. The Originator's master data processing records will be
marked to indicate the sales of all CMSC Purchased Assets to the Buyer hereunder
and will include without limitation all payments received and all credits and
extensions granted with respect to the CMSC Purchased Assets.

            (d) LOCATION OF RECORDS AND OFFICES. The Originator will keep its
principal place of business and chief executive office and the offices where it
keeps all CMSC Records (and all original documents relating thereto other than
those CMSC Records that are maintained with local attorneys or escrow agents or
at the offices of the relevant Employer as described in Section 6.1(n)) at the
addresses specified in Schedule 6.1(n) or, upon not less than 30 days' prior
written notice given by the Originator to the Buyer and its assignees, at such
other locations in jurisdictions in the United States of America where all
action required by Section 8.3 has been taken and completed.

                                       14
<Page>

            (e) SEPARATE CORPORATE EXISTENCE OF THE BUYER. The Originator hereby
acknowledges that the parties to the Transaction Documents are entering into the
transactions contemplated by the Transaction Documents in reliance on the
Buyer's identity as a legal entity separate from the Originator and the other
CMS Persons. From and after the date hereof until the Final Payout Date, the
Originator will, and will cause each other CMS Person to, take such actions on
the part of the Originator or such CMS Person as shall be required in order
that:

                  (i) The Buyer's operating expenses will not be paid by any CMS
      Person, except that certain organizational expenses of the Buyer and
      expenses relating to creation and initial implementation of the
      Transaction Documents have been or will be paid by the Originator;

                  (ii) Any financial statements of any CMS Person that are
      consolidated to include the Buyer will contain appropriate footnotes
      clearly stating that (A) all of the Buyer's assets are owned by the Buyer
      and (B) the Buyer is a separate corporate entity with its own separate
      creditors that will be entitled to be satisfied out of the Buyer's assets
      prior to any value in the Buyer becoming available to the Buyer's equity
      holders;

                  (iii) Any transaction between the Buyer and a CMS Person will
      be fair and equitable to the Buyer, will be the type of transaction that
      would be entered into by a prudent Person in the position of the Buyer
      with a CMS Person and will be on terms that are at least as favorable as
      may be obtained from a Person that is not a CMS Person; and

                  (iv) No CMS Person will be, or will hold itself out to be,
      responsible for the debts of the Buyer.

            (f) PAYMENT INSTRUCTION TO OBLIGORS. The Originator will (i)
instruct all Obligors to submit all payments on the CMSC Purchased 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 Lockboxes or 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 Lockboxes or Lockbox Accounts within one Business Day after the
expiration of such period. The Originator will direct all Obligors with respect
to receivables and related assets that are not CMSC Receivables or CMF
Receivables to deposit all collections in respect of such receivables and
related assets in an account that is not a Lockbox or Lockbox Account and will
take such other steps as the Buyer reasonably may request to ensure that all
collections on such receivables and related assets will be segregated from CMSC
Collections and CMF Collections.

            (g) SEGREGATION OF COLLECTIONS. The Originator will use reasonable
efforts to minimize the deposit of any funds other than CMSC Collections or CMF
Collections into any of the Lockbox Accounts and, to the extent that any such
funds are deposited into any of such Lockbox Accounts, promptly will identify
any such funds or will cause such funds to be so

                                       15
<Page>

identified to the Servicer, IT BEING UNDERSTOOD AND AGREED that the Originator
does not hereby assume any affirmative duty to re-direct Obligors to remit funds
to alternate locations.

            (h) IDENTIFICATION OF ELIGIBLE RECEIVABLES. The Originator will (i)
establish and maintain necessary procedures for determining, no less frequently
than each date on which a Daily Originator Report is required to be delivered
pursuant to Section 3.1(a), whether each CMSC Receivable qualifies as an
Eligible Receivable, and for identifying on any such date all CMSC Receivables
to be sold to the Buyer on that date that are not Eligible Receivables and (ii)
will provide to the Servicer in a timely manner information that shows whether,
and to what extent, the CMSC Receivables described in such Daily Originator
Report are Eligible Receivables.

            (i) PAYMENT OF TAXES. The Originator will file (or there will 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 thereby shown to be owing by it, except for any such
taxes, assessments or charges (i) 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) or (ii) the amount of which, either singly or in
the aggregate, would not have a Material Adverse Effect.

            (j) ACCOUNTING FOR CERTAIN ASSETS. To the extent permitted by
applicable law and GAAP, the Originator will (i) prepare all financial
statements that account for the transactions contemplated hereby as a sale of
the CMSC Purchased Assets by the Originator to the Buyer and, in all other
respects, will account for and treat the transactions contemplated hereby
(including but not limited to accounting and (to the extent taxes are not
consolidated) for tax reporting purposes) as a sale of the CMSC Purchased Assets
by the Originator to the Buyer and (ii) maintain and prepare its financial
statements and records in accordance with GAAP, applied in accordance with the
representation contained in Section 6.1(q).

            (k) RECEIVABLES REVIEWS. Upon reasonable prior notice, the
Originator will permit the Buyer or its assignees (or other Persons designated
by the Buyer from time to time) or their agents or representatives (including
without limitation certified public accountants or other auditors), at the
expense of the Originator and during regular business hours, (i) to examine and
make copies of and abstracts from, and to conduct accounting reviews of, all
CMSC Records in the possession or under the control of the Originator, including
without limitation the related Contracts, invoices and other documents related
thereto and (ii) to visit the offices and properties of the Originator for the
purpose of examining any materials described in the preceding clause (i) and to
discuss matters relating to the CMSC Receivables or the other CMSC Purchased
Assets or the performance by the Originator of its obligations under any
Transaction Document to which it is a party with any Authorized Officers of the
Originator having knowledge of such matters or with the Originator's certified
public accountants or other auditors; PROVIDED, HOWEVER, that all such reviews
will occur no more frequently than twice per year (with only the first such
review in any year being at the Originator's expense) unless (i) CMSC is the
Servicer and a Servicer Default has occurred and is continuing or (ii) the Buyer
or its successor or assignee has given advance written notice to the Originator
that it believes the composition and/or performance of

                                       16
<Page>

the CMSC Purchased Assets have deteriorated in a manner materially adverse to
the interests of the Buyer or its assignees.

            (l) COMPUTER SOFTWARE, HARDWARE AND SERVICES. The Originator will
provide the Buyer and its assignees with such licenses, sublicenses and/or
assignments of contracts as the Servicer, the Buyer or the Buyer's assignees
require with respect to all services and computer hardware or software that
relate to the servicing of the CMSC Receivables or the other CMSC Purchased
Assets; PROVIDED, HOWEVER, that with respect to any computer software licensed
from a third party, the Originator 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
Originator with such third party.

            (m) ENVIRONMENTAL CLAIMS. The Originator will use commercially
reasonable efforts to promptly cure and have dismissed with prejudice to the
satisfaction of the Buyer any actions and any proceedings relating to compliance
with Environmental Laws relating to any CMSC Home, but only to the extent that
the conditions that gave rise to such proceedings were in existence as of the
date on which the Buyer acquired the related CMSC Receivable.

            (n) TURNOVER OF COLLECTIONS. If the Originator or any of its agents
or representatives at any time receives any cash, checks or other instruments
constituting CMSC Collections or CMF Collections, such recipient will segregate
and hold such payments in trust for, and in a manner acceptable to, the Servicer
and will, promptly upon receipt (and in any event within one Business Day
following receipt) remit all such cash, checks and instruments, duly endorsed or
with duly executed instruments of transfer, to a Lockbox Account.

            (o) PERFORMANCE AND COMPLIANCE BY ORIGINATOR WITH RELOCATION
MANAGEMENT AGREEMENTS. The Originator will, at its expense, timely and fully
perform and comply with all provisions, covenants and other promises required to
be observed by it under the Pool Relocation Management Agreements, the CMSC Home
Purchase Contracts and other Contracts related to the CMSC Purchased Assets.

            (p) COMPLIANCE WITH CREDIT AND COLLECTION POLICY. The Originator
will comply in all applicable material respects with the Credit and Collection
Policy with respect to each CMSC Purchased Asset and will not take any action in
violation of the Credit and Collection Policy with respect to any other ARSC
Purchased Asset.

            Section 7.2 REPORTING REQUIREMENTS. From the Closing Date until the
termination of this Agreement in accordance with Section 11.4, the Originator
agrees that it will furnish to the Buyer or its assignees:

            (a) ANNUAL FINANCIAL STATEMENTS. As soon as available and in any
event within 95 days after the end of each fiscal year of the Performance
Guarantor and the Originator, as applicable, copies of (i) the consolidated
balance sheet of the Performance Guarantor and its consolidated subsidiaries as
at the end of such fiscal year and the related statements of earnings and cash
flows and stockholders' equity of the Performance Guarantor and its consolidated
subsidiaries for such fiscal year, setting forth in each case in comparative
form the corresponding

                                       17
<Page>

figures for the preceding fiscal year and prepared in accordance with GAAP
applied consistently throughout the periods reflected therein, certified by
Deloitte & Touche (or such other independent certified public accountants of
nationally recognized standing in the United States of America as shall be
selected by the Performance Guarantor) and (ii) copies of the statements of
earnings of the Originator on a consolidated basis for such fiscal year, setting
forth in each case in comparative form the corresponding figures for the
preceding fiscal year and certified by the chief financial officer, chief
accounting officer or controller of the Originator (it being understood and
agreed that such statements of earnings will be prepared in accordance with the
Originator's customary management accounting practices as in effect on the date
hereof and need not be prepared in accordance with GAAP);

            (b) MATERIAL ADVERSE EFFECT. Promptly and in any event within two
Business Days after the president, chief financial officer, controller or
treasurer of the Originator has actual knowledge thereof, written notice that
describes in reasonable detail any event or occurrence with respect to CMSC
that, individually or in the aggregate for all such events or occurrences, has
had, or that such Authorized Officer in its reasonable good faith judgment
determines could reasonably be expected to have, a Material Adverse Effect (as
defined in the Indenture);

            (c) PROCEEDINGS. Promptly and in any event within five Business Days
after an Authorized Officer of the Originator has knowledge thereof, written
notice of (i) any litigation, investigation or proceeding of the type described
in Section 6.1(f) not previously disclosed to the Buyer, (ii) any material
adverse development that has occurred with respect to any such previously
disclosed litigation, investigation or proceeding or (iii) any CMF Purchase
Termination Event or event which, with the giving of notice or passage of time
or both, would constitute a CMF Purchase Termination Event;

            (d) ERISA EVENT. (i) As soon as possible and in any event within 30
days after the Originator or any ERISA Affiliate knows or has reason to know
that a "reportable event" (as defined in Section 4043 of ERISA) has occurred
with respect to any Plan, a statement of an Authorized Officer of the Originator
setting forth details as to such reportable event and the action that the
Originator or an ERISA Affiliate proposes to take with respect thereto, together
with a copy of the notice of such reportable event, if any, given to the PBGC,
the Internal Revenue Service or the Department of Labor; (ii) promptly and in
any event within 10 Business Days after receipt thereof, a copy of any notice
the Originator or any ERISA Affiliate receives from the PBGC relating to the
intention of the PBGC to terminate any Plan or to appoint a trustee to
administer any such Plan; (iii) promptly and in any event within 10 Business
Days after a filing with the PBGC pursuant to Section 412(n) of the Code of a
notice of failure to make a required installment or other payment with respect
to a Plan, a statement of the chief financial officer of the Originator setting
forth details as to such failure and the action that the Originator or an ERISA
Affiliate proposes to take with respect thereto, together with a copy of such
notice given to the PBGC; and (iv) promptly and in any event within 30 Business
Days after receipt thereof by the Originator or any ERISA Affiliate from the
sponsor of a multiemployer plan (as defined in Section 3(37) of ERISA), a copy
of each notice received by the Originator or any ERISA Affiliate concerning the
imposition of withdrawal liability or a determination that a multiemployer plan
is, or is expected to be, terminated or reorganized;

                                       18
<Page>

            (e) ENVIRONMENTAL CLAIMS. Promptly and in any event within five
Business Days after receipt thereof, notice and copies of all written claims,
complaints, notices, actions, proceedings, requests for information or inquiries
relating to the condition of any CMSC Homes or compliance with Environmental
Laws relating to the CMSC Homes, other than those received in the ordinary
course of business and that, singly or in the aggregate, do not represent events
or conditions that would cause the representation set forth in Section 6.1(v) to
be incorrect; and

            (f) OTHER. Promptly, from time to time, such other information,
documents, records or reports with respect to the CMSC Purchased Assets or the
condition or operations, financial or otherwise, of the Originator as the Buyer
or its assignees may from time to time reasonably request in order to protect
the interests of the Buyer or such assignees under or as contemplated by this
Agreement and the other Transaction Documents, including timely delivery of all
such information required under any Enhancement Agreement.

            Section 7.3 NEGATIVE COVENANTS OF THE ORIGINATOR. From the Closing
Date until the termination of this Agreement in accordance with Section 11.4,
the Originator agrees that it will not:

            (a) SALES, LIENS, ETC. Sell, assign (by operation of law or
      otherwise) or otherwise dispose of, or create or suffer to exist any Lien
      (other than Permitted Liens) of anyone claiming by or through it on or
      with respect to, any ARSC Purchased Asset or Excluded Asset or any
      interest therein or any Lockbox or Lockbox Account, other than (i) sales
      of CMSC Purchased Assets pursuant to this Agreement, (ii) sales of CMSC
      Homes in accordance with the applicable Contracts and (iii) transfers of
      Excluded Assets where the transferee has executed and delivered to the
      Indenture Trustee an Acknowledgement Letter;

            (b) CHANGE IN BUSINESS OR 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 employee relocation 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 composition or performance of the CMSC Purchased Assets;

            (c) NO MERGERS, ETC. Consolidate with or merge with or into any
      other Person or convey, transfer or sell all or substantially all of its
      properties and assets to any Person, unless:

                  (i) (A) the Originator is the surviving entity thereof or, if
                  the Originator is not the surviving entity thereof, (x) the
                  Person formed by such consolidation or into which the
                  Originator is merged or the Person that acquires by
                  conveyance, transfer or sale all or substantially all of the
                  properties and assets of the Originator (any such Person, the
                  "SURVIVING ENTITY") is an entity organized and existing under
                  the laws of the United States of America or any State thereof,
                  (y) such Surviving Entity expressly assumes, by an agreement
                  supplemental hereto in form and substance satisfactory to the
                  Buyer and its assignees, performance of every covenant and
                  obligation of the Originator hereunder and under the other
                  Transaction

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<Page>

                  Documents to which the Originator is a party and (z) such
                  Surviving Entity delivers to the Buyer and its assignees an
                  opinion of counsel that such Surviving Entity is duly
                  organized and validly existing under the laws of its
                  organization, has duly executed and delivered such
                  supplemental agreement, and such supplemental agreement is a
                  valid and binding obligation of such Surviving Entity,
                  enforceable against such Surviving Entity in accordance with
                  its terms (subject to customary exceptions relating to
                  bankruptcy and equitable principles) and covering such other
                  matters as the Buyer or its assignees may reasonably request;

                  (ii) all actions necessary to maintain the perfection of the
                  security interests or ownership interests of the Buyer in the
                  CMSC Purchased Assets in connection with such consolidation,
                  merger, conveyance or transfer have been taken, as evidenced
                  by an opinion of counsel reasonably satisfactory to the Buyer
                  and its assignees;

                  (iii) so long as the Originator is the Servicer, no Servicer
                  Default or Unmatured Servicer Default is then occurring or
                  would result from such merger, consolidation, conveyance or
                  transfer; and

                  (iv) any necessary consents of each applicable Series Enhancer
                  have been obtained.

            (d) CHANGE IN NAME. Change its corporate name or the name under or
      by which it conducts its core relocation business or the jurisdiction in
      which it is incorporated unless the Originator has given the Buyer and its
      assignees and each rating agency then rating any Series of Notes at least
      30 days' prior written notice thereof and unless, prior to any such change
      in name or jurisdiction of incorporation, the Originator has taken and
      completed all action required by Section 8.3;

            (e) HOME DEEDS. Record any Home Deeds with respect to any Homes
      except at the direction of the Buyer or its assignees or as permitted by
      Section 8.3 hereof or by Section 2.01(d)(i) of the Transfer and Servicing
      Agreement; and

            (f) TERMINATION OF RELOCATION MANAGEMENT AGREEMENTS. Terminate any
      Pool Relocation Management Agreement, CMSC Home Purchase Contract, CMSC
      Home Sale Contract, CMSC Equity Loan Note or CMSC Equity Loan Agreement
      except in accordance with the Credit and Collection Policy.

            (g) EXTENSION OR AMENDMENT. Extend, amend or otherwise modify the
      terms of any Receivable included in the ARSC Purchased Assets, or amend,
      modify or waive any material term or condition related thereto, except in
      accordance with Section 3.10 of the Transfer and Servicing Agreement.

            (h) CHANGE IN PAYMENT INSTRUCTION TO OBLIGORS. Make any change in
      its instructions to Obligors or other Persons regarding payments to be
      made to the Originator

                                       20
<Page>

      or payments to be made to any Lockbox Account (except for a change in
      instructions solely for the purpose of directing such Obligors or other
      Persons to make such payments to another existing Lockbox Account), unless
      (i) the Indenture Trustee has received copies of a Lockbox Agreement with
      each new Lockbox Bank duly executed by the Originator, the Buyer, the
      Issuer, the Indenture Trustee and such Lockbox Bank and (ii) in the case
      of any termination, the Buyer 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.

            (i) HOME PURCHASE CONTRACTS. Purchase any Home or make any Equity
      Payments, Mortgage Payoffs, or Mortgage Payments on or after the Closing
      Date other than Equity Payments, Mortgage Payoffs and Mortgage Payments
      with respect to CMSC Homes.

            (j) INDEBTEDNESS FOR BORROWED MONEY. Create, incur, guarantee or
      permit to exist any Indebtedness for Borrowed Money, except for (A) any
      such Indebtedness owed on an intercompany basis to the Performance
      Guarantor or any Affiliate thereof and (B) any such Indebtedness to a
      Person that has executed and delivered an Acknowledgment Letter in favor
      of the Originator and the Buyer and its successors and assigns, including
      any Series Enhancer.

            Section 7.4 AFFIRMATIVE COVENANTS OF THE BUYER. From the Closing
Date until the termination of this Agreement in accordance with Section 11.4,
the Buyer hereby agrees that it will perform the covenants and agreements set
forth in this Section 7.4.

            (a) The Buyer hereby acknowledges that the parties to the
Transaction Documents are entering into the transactions contemplated by the
Transaction Documents in reliance upon the Buyer's identity as a legal entity
separate from the Originator and the other CMS Persons. From and after the date
hereof until one year and one day after the Final Payout Date, the Buyer will
take such actions as shall be required in order that:

                  (i) The Buyer will conduct its business in office space
      allocated to it and for which it pays an appropriate rent and overhead
      allocation;

                  (ii) The Buyer will maintain corporate records and books of
      account separate from those of each CMS Person and telephone numbers and
      stationery that are separate and distinct from those of each CMS Person;

                  (iii) The Buyer's assets will be maintained in a manner that
      facilitates their identification and segregation from those of any CMS
      Person;

                  (iv) The Buyer will strictly observe corporate formalities in
      its dealings with the public and with each CMS Person, and funds or other
      assets of the Buyer will not be commingled with those of any CMS Person,
      except as expressly permitted by the Transaction Documents. The Buyer will
      at all times, in its dealings with the public and

                                       21
<Page>

      with each CMS Person, hold itself out and conduct itself as a legal entity
      separate and distinct from each CMS Person. The Buyer will not maintain
      joint bank accounts or other depository accounts to which any CMS Person
      (other than the Originator in its capacity as Servicer under the Transfer
      and Servicing Agreement) has independent access;

                  (v) The duly elected board of directors of the Buyer and duly
      appointed officers of the Buyer will at all times have sole authority to
      control decisions and actions with respect to the daily business affairs
      of the Buyer;

                  (vi) Not less than one member of the Buyer's board of
      directors will be an Independent Director. The Buyer will observe those
      provisions in its certificate of incorporation that provide that the
      Buyer'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
      Buyer unless the Independent Director and all other members of the Buyer's
      board of directors unanimously approve the taking of such action in
      writing prior to the taking of such action;

                  (vii) The Buyer will compensate each of its employees,
      consultants and agents from the Buyer's own funds for services provided to
      the Buyer;

                  (viii) The Buyer will not hold itself out to be responsible
      for the debts of any CMS Person; and

                  (ix) The Buyer will take all actions necessary on its part to
      be taken in order to ensure that the facts and assumptions relating to the
      Buyer set forth in the opinions of Orrick, Herrington & Sutcliffe LLP of
      even date herewith relating to true sale matters with respect to the
      Purchase of the CMSC Purchased Assets hereunder and substantive
      consolidation matters with respect to the Originator and the Buyer will be
      true and correct at all times.

            (b) The Buyer assumes no obligations of the Originator under the
Pool Relocation Management Agreements with respect to any CMSC Home Purchase
Contracts, including without limitation the obligations of the Originator to
make Equity Payments, Mortgage Payoffs and Mortgage Payments with respect to
CMSC Homes. The Buyer will enter into all Home Purchase Contracts under the Pool
Relocation Management Agreements in its own name and will make all Equity
Payments, Mortgage Payoffs and Mortgage Payments from and after the Closing Date
other than Equity Payments, Mortgage Payoffs and Mortgage Payments with respect
to CMSC Homes.

                                       22
<Page>

                                  ARTICLE VIII

                      ADDITIONAL RIGHTS AND OBLIGATIONS IN
                      RESPECT OF THE CMSC PURCHASED ASSETS

            Section 8.1 RIGHTS OF THE BUYER.

            (a) Subject to Section 8.4(b), the Originator hereby authorizes the
Buyer and its assignees and designees to take any and all steps in the
Originator's name and on behalf of the Originator that the Buyer, the Servicer
and/or their respective designees determine are reasonably necessary or
appropriate to collect all amounts due under any and all CMSC Purchased Assets,
including without limitation endorsing the name of the Originator on checks and
other instruments representing CMSC Collections and enforcing such CMSC
Purchased Assets.

            (b) The Buyer shall have no obligation to account for, to replace,
to substitute or to return any CMSC Purchased Asset to the Originator, except as
provided in Section 4.3(c).

            (c) The Buyer shall have the unrestricted right to further assign,
transfer, deliver, hypothecate, subdivide or otherwise deal with the CMSC
Purchased Assets and all of the Buyer's right, title and interest in, to and
under this Agreement on whatever terms the Buyer determines, pursuant to the
Receivables Purchase Agreement or otherwise.

            (d) As between the Originator and the Buyer, the Buyer shall have
the sole right to retain any gains or profits created by buying, selling or
holding the CMSC Purchased Assets.

            Section 8.2 RESPONSIBILITIES OF THE ORIGINATOR. Anything herein to
the contrary notwithstanding:

            (a) The Originator agrees to deliver directly to the Servicer (for
the Buyer's account), within one Business Day after receipt thereof, any CMSC
Collections or CMF Collections that it receives, in the form so received, and
agrees that all such CMSC Collections and CMF Collections will be deemed to be
received in trust for the Buyer and its assignees and will be maintained and
segregated separate and apart from all other funds and moneys of the Originator
until delivery of such CMSC Collections and CMF Collections to the Servicer; and

            (b) The Originator hereby grants to the Buyer an irrevocable power
of attorney, with full power of substitution, coupled with an interest, to take
in the name of the Originator all steps necessary or advisable to endorse,
negotiate or otherwise realize on any writing or other right of any kind held or
transmitted by the Originator or transmitted or received by the Buyer (whether
or not from the Originator) in connection with any CMSC Purchased Asset (which
power of attorney may be exercised by the Buyer's successors and assigns in
accordance with Section 8.4 and Section 11.12(b)).

                                       23
<Page>

            (c) The Originator shall perform all of its obligations hereunder
and under the Pool Relocation Management Agreements and other Contracts related
to the CMSC Purchased Assets to which it is a party (other than those
obligations undertaken by the Buyer as provided in Section 7.4(b)) to the same
extent as if such CMSC Purchased Assets had not been sold hereunder, and the
exercise by the Buyer or its designee or assignee of the Buyer's rights
hereunder or in connection herewith shall not relieve the Originator from any of
its obligations under any such Pool Relocation Management Agreements or
Contracts related to the CMSC Purchased Assets to which it is a party.
Notwithstanding the foregoing, the Originator acknowledges that the Buyer or its
designees are entitled to perform such obligations to the extent permitted under
the Transaction Documents.

            Section 8.3 FURTHER ACTION EVIDENCING PURCHASES. The Originator
agrees that from time to time, at its expense and upon reasonable request, it
will promptly execute and deliver all further instruments and documents and take
all further action as is reasonably necessary to perfect, protect or more fully
evidence the Purchase of the CMSC Purchased Assets by the Buyer hereunder, or to
enable the Buyer or its assignees to exercise or enforce any of its rights
hereunder or under any other Transaction Document to which the Originator is a
party; PROVIDED, HOWEVER, that the Originator will not file or record any Home
Deeds except (i) in its capacity as the Servicer pursuant to the Transfer and
Servicing Agreement and in accordance with the terms thereof and (ii) at any
time, to the extent such recordation is required by local law, regulation or
custom. No Home Deeds or Home Purchase Contracts may be recorded in the name of
the Originator other than Home Deeds relating to CMSC Homes and CMSC Home
Purchase Contracts. Without limiting the generality of the foregoing, the
Originator shall:

            (a) upon the Buyer's request, execute and file such financing or
      continuation statements or amendments thereto or assignments thereof and
      such other instruments or notices as the Buyer or its assignees may
      reasonably determine to be necessary or appropriate; and

            (b) mark the master data processing records evidencing the CMSC
      Purchased Assets and, if requested by the Buyer or its assignees, legend
      the related Pool Relocation Management Agreements and CMSC Home Purchase
      Contracts to reflect the sale of the CMSC Purchased Assets to the Buyer
      pursuant to this Agreement.

            The Originator hereby authorizes the Buyer and its assignees to file
one or more financing or continuation statements and amendments thereto and
assignments thereof with respect to all or any of the CMSC Purchased Assets, in
each case whether now existing or hereafter generated by the Originator. If (i)
the Originator fails to perform any of its agreements or obligations under this
Agreement and does not remedy such failure within the applicable cure period, if
any, and (ii) the Buyer or its assignees in good faith reasonably believes that
the performance of such agreements and obligations is necessary or appropriate
to protect the interests of the Buyer or its assignees under this Agreement,
then the Buyer or its assignees may (but shall not be required to) perform or
cause performance of such agreement or obligation, and the reasonable expenses
of the Buyer or its assignees incurred in connection with such performance shall
be payable by the Originator as provided in Section 10.1.

                                       24
<Page>

            Section 8.4 CMSC COLLECTIONS; RIGHTS OF THE BUYER AND ITS ASSIGNEES.

            At any time following the designation of a Servicer other than the
Originator pursuant to the Transfer and Servicing Agreement:

                  (a) The Buyer or its assignees may direct the Obligors of CMSC
      Receivables, or any of them, to pay all amounts payable under any CMSC
      Receivable directly to the Buyer or its assignees;

                  (b) At the request of the Buyer or its assignees and at the
      Originator's expense, the Originator shall give notice of such ownership
      to each said Obligor and direct that payments be made directly to the
      Buyer or its assignees;

                  (c) At the request of the Buyer or its assignees and at the
      Originator's expense, the Originator shall (A) assemble all of the CMSC
      Records, to the extent such CMSC Records are in its possession, and make
      the same available at a place selected by the Buyer or its successors and
      assigns, or instruct any escrow agents holding any such documents,
      instruments and other records on its behalf to make the same available and
      (B) segregate all cash, checks and other instruments received by it from
      time to time constituting CMSC Collections or CMF Collections in a manner
      reasonably acceptable to the Buyer or its assignees and, promptly upon
      receipt, remit all such cash, checks and instruments, duly endorsed or
      with duly executed instruments of transfer, to the Buyer or its assignees;
      and

                  (d) The Originator hereby authorizes the Buyer or its
      assignees to take any and all steps in the Originator's name and on behalf
      of the Originator that are necessary or desirable, in the reasonable
      determination of the Buyer or its assignees, to collect all amounts due
      under any and all CMSC Purchased Assets, including without limitation
      endorsing the Originator's name on checks and other instruments
      representing CMSC Collections and enforcing the CMSC Purchased Assets.

                                   ARTICLE IX

                                   TERMINATION

            Section 9.1 CMF PURCHASE TERMINATION EVENTS. The following events
shall be "CMF PURCHASE TERMINATION EVENTS":

            (a) The occurrence of an Event of Default or an Amortization Event
with respect to all outstanding Series of Notes; or

            (b) Any representation or warranty made by the Originator under any
of the Transaction Documents, any Receivables Activity Report or other
information or report delivered by the Originator (including in its capacity as
Servicer) with respect to the Originator or the CMSC Purchased Assets shall
prove to have been untrue or incorrect in any material

                                       25
<Page>

respect when made or deemed to have been made, and such failure could be
reasonably expected to have a Material Adverse Effect and such occurrence
remains unremedied for 30 days; PROVIDED, HOWEVER, that any such incorrect
representation relating to a CMSC Receivable with respect to which the
Originator has made a CMSC Noncomplying Asset Adjustment pursuant to Section
4.3(a) shall not constitute a CMF Purchase Termination Event; or

            (c) (i) The Originator shall fail to perform or observe, as and when
required, any term, covenant or agreement contained in this Agreement or any of
the other Transaction Documents to which it is a party or any Contract required
on its part to be performed or observed, and such failure shall remain
unremedied for: (A) in the case of a failure to deliver any Daily Originator
Report pursuant to Section 3.1(a), ten calendar days (PROVIDED, HOWEVER, that
such ten-day period may be extended for an additional three days if such failure
to deliver a Daily Originator Report is due to computer failure); (B) in the
case of a failure to provide payment instructions to Obligors pursuant to
Section 7.1(f), a failure to segregate CMSC Collections or CMF Collections
pursuant to Section 7.1(g), a failure to provide records pursuant to Section
7.1(k), a failure to provide required notices pursuant to Section 7.2(c), a
failure to provide any required monthly report or a breach of any of the
negative covenants of the Originator set forth in Section 7.3, ten calendar
days; or (C) in the case of any other failure to perform or observe, as and when
required, any term, covenant or agreement, which failure could be reasonably
expected to have a Material Adverse Effect, 30 days or (ii) the Performance
Guarantor shall fail to make any required payment under the PHH Guarantee and
such failure shall remain unremedied for one Business Day or (iii) the
Performance Guarantor shall otherwise fail to perform under the PHH Guarantee;
or

            (d) An Event of Bankruptcy shall have occurred with respect to the
Originator or the Performance Guarantor; or

            (e) The representation and warranty in Section 6.1(k) shall not be
true at any time with respect to a substantial portion of the CMSC Purchased
Assets; or

            (f) Either (i) the Internal Revenue Service shall file notice of a
Lien pursuant to Section 6323 of the Internal Revenue Code with respect to any
of the CMSC Receivables or the CMSC Related Assets and such Lien shall not have
been released within five days or, if released, proved to the satisfaction of
the rating agencies then rating each Series of Notes or (ii) the PBGC shall
file, or shall indicate its intention to file, notice of a Lien pursuant to
Section 4068 of the Employee Retirement Income Security Act of 1974 with respect
to any of the CMSC Receivables or the CMSC Related Assets; or

            (g) This Agreement or the PHH Guarantee shall cease to be in full
force and effect for any reason other than in accordance with its terms; or

            (h) An ARSC Purchase Termination Event or Transfer Termination Event
shall have occurred.

If a CMF Purchase Termination Event occurs, the Originator shall promptly give
notice to the Buyer and its assignees of such CMF Purchase Termination Event.

                                       26
<Page>

            Section 9.2 PURCHASE TERMINATION. (a) On the Termination Date, the
Originator shall cease transferring CMSC Purchased Assets to the Buyer, provided
that any right, title and interest of the Originator in and to any CMF
Designated Receivables arising from any Servicer Advances made thereafter,
including any Related Property relating thereto and proceeds thereof, shall
continue to be transferred. Notwithstanding any cessation of the transfer to the
Buyer of additional CMSC Purchased Assets, CMSC Purchased Assets transferred to
the Buyer prior to the Termination Date and CMSC Collections in respect of such
CMSC Purchased Assets and the related Finance Charges, whenever accrued in
respect of such CMSC Receivables, shall continue to be property of the Buyer
available for transfer by the Buyer pursuant to the Receivables Purchase
Agreement. Nothing in this Section 9.2 shall be deemed to prohibit the Buyer
from funding CMF Designated Receivables from and after the Termination Date.

            (b) Upon the occurrence of a CMF Purchase Termination Event, the
Buyer and its assignees shall have, in addition to all other rights and remedies
under this Agreement or otherwise, all other rights and remedies provided under
the UCC of each applicable jurisdiction and other applicable laws, which rights
shall be cumulative. Without limiting the foregoing, the occurrence of a CMF
Purchase Termination Event shall not deny to the Buyer or its assignees any
remedy in addition to termination of its obligation to make Purchases hereunder
to which the Buyer or its assignees may be otherwise appropriately entitled,
whether by statute or applicable law, at law or in equity.

                                    ARTICLE X

                       INDEMNIFICATION; SECURITY INTEREST

            Section 10.1 INDEMNITIES BY THE ORIGINATOR. Without limiting any
other rights that any CMSC Indemnified Party may have hereunder or under
applicable law, the Originator agrees to indemnify the Buyer and each of its
successors, permitted transferees and assigns, and all officers, directors,
shareholders, controlling Persons, employees and agents of any of the foregoing
(each of the foregoing Persons, a "CMSC INDEMNIFIED PARTY"), from and against
any and all damages, losses, claims (whether on account of settlements or
otherwise), actions, suits, demands, judgments, liabilities (including
penalties), obligations or disbursements of any kind or nature and related costs
and expenses (including reasonable attorneys' fees and disbursements) awarded
against or incurred by any of them, arising out of or as a result of any of the
following (all of the foregoing, collectively, "CMSC INDEMNIFIED LOSSES"):

            (a) any representation or warranty made by the Originator under any
      of the Transaction Documents to which it is a party, any Receivables
      Activity Report or any other information or report delivered by the
      Originator (including in its capacity as Servicer) with respect to the
      Originator or the CMSC Purchased Assets, having been untrue or incorrect
      in any respect when made or deemed to have been made; PROVIDED, HOWEVER,
      that the Originator's obligation to make a CMSC Noncomplying Asset
      Adjustment pursuant to Section 4.3(a) with respect to any representation
      made in Section

                                       27
<Page>

      6.1(1) as to Eligible Receivables having been incorrect when made shall be
      the only remedy available to the Buyer or its assignees relating to such
      incorrect representation;

            (b) the failure by the Originator to comply with any material
      applicable law, rule or regulation applicable to the Originator with
      respect to any CMSC Purchased Asset or any failure of a CMSC Purchased
      Asset to comply with any such law, rule or regulation as of the date of
      sale of such CMSC Purchased Asset hereunder;

            (c) the failure to vest and maintain in the Buyer a valid ownership
      interest in the CMSC Purchased Assets, free and clear of any Lien arising
      through the Originator or anyone claiming through or under the Originator
      (including without limitation any such failure arising from a circumstance
      described in the definition of Permitted Exceptions);

            (d) any failure of the Originator to perform its duties or
      obligations in accordance with the provisions of the Transaction Documents
      or any Contract, in each case to which it is a party;

            (e) the failure to file, or any delay in filing, financing
      statements or other similar instruments or documents under the UCC of any
      applicable jurisdiction or other applicable laws with respect to the
      transfer of any CMSC Purchased Assets to the Buyer, whether at the time of
      any sale or at any subsequent time;

            (f) the failure by the Originator to pay when due any taxes owing by
      it (including sales, excise or property taxes) payable in connection with
      the CMSC Purchased Assets, 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);

            (g) any reduction in the Unpaid Balance of any Receivable included
      in the ARSC Purchased Assets as a result of (i) any cash discount or any
      adjustment by the Originator, (ii) any offsetting account payable of the
      Originator to an Obligor, (iii) a set-off in respect of any claim by, or
      defense or credit of, the related Obligor against the Originator (whether
      such claim, defense or credit arises out of the same or a related or an
      unrelated transaction) or (iv) the obligation of the Originator to pay to
      the related Obligor any rebate or refund;

            (h) any product liability or personal injury claim in connection
      with the service that is the subject of any CMSC Purchased Asset; and

            (i) any investigation, litigation or proceeding related to any use
      by CMSC of the proceeds of any Purchase made hereunder.

            Notwithstanding anything to the contrary in this Agreement, any
representations, warranties and covenants made by the Originator in this
Agreement or the other Transaction Documents that are qualified by or limited to
events or circumstances that have, or are

                                       28
<Page>

reasonably likely to have, given rise to a Material Adverse Effect shall (solely
for purposes of the indemnification obligations set forth in this Section 10.1)
be deemed not to be so qualified or limited.

            Notwithstanding the foregoing (and with respect to clause (ii)
below, without prejudice to the rights that the Buyer may have pursuant to the
other provisions of this Agreement or the provisions of any of the other
Transaction Documents), in no event shall any CMSC Indemnified Party be
indemnified for any CMSC Indemnified Losses (i) resulting from negligence or
willful misconduct on the part of such CMSC Indemnified Party, (ii) to the
extent the same includes losses in respect of CMSC Purchased Assets and
reimbursement therefor that would constitute credit recourse to the Originator
for the amount of any CMSC Receivable not paid by the related Obligor or (iii)
resulting from the action or omission of the Servicer (unless the Servicer is
the Originator or an Affiliate thereof (other than the Buyer, ARSC or the
Issuer)).

            If for any reason the indemnification provided in this Section 10.1
is unavailable to an CMSC Indemnified Party or is insufficient to hold an CMSC
Indemnified Party harmless, then the Originator shall contribute to the maximum
amount payable or paid to such CMSC Indemnified Party as a result of such loss,
claim, damage or liability in such proportion as is appropriate to reflect not
only the relative benefits received by such CMSC Indemnified Party on the one
hand and the Originator on the other hand, but also the relative fault of such
CMSC Indemnified Party and the Originator, and any other relevant equitable
considerations.

            Section 10.2 SECURITY INTEREST. Without prejudice to the provisions
of Section 2.1 providing for the absolute transfer of the Originator's interest
in the CMSC Purchased Assets and the proceeds thereof and any interest of the
Originator in the other property described in clause (v) of Section 2.1(a) to
the Buyer, in order to secure the prompt payment and performance of all
obligations of the Originator to the Buyer arising in connection with this
Agreement, whether now or hereafter existing, due or to become due, direct or
indirect, or absolute or contingent, the Originator hereby assigns and grants to
the Buyer a first priority security interest in the Originator's right, title
and interest, if any, in, to and under all of the CMSC Purchased Assets and the
proceeds thereof and any interest of the Originator in the other property
described in clause (v) of Section 2.1(a), whether now or hereafter existing.

                                   ARTICLE XI

                                  MISCELLANEOUS

            Section 11.1 AMENDMENTS; WAIVERS, ETC.

            (a) The provisions of this Agreement may be amended, modified or
waived from time to time if such amendment, modification or waiver is in writing
and signed by the Originator and the Buyer and its assignees. Any waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

            (b) No failure or delay on the part of the Buyer or its assignees,
or any CMSC Indemnified Party, or any other third party beneficiary referred to
in Section 11.12(a) in

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<Page>

exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right.
No notice to, or demand on, the Originator shall entitle it in any case to any
notice or demand in similar or other circumstances. No waiver or approval by the
Buyer or its assignees under this Agreement shall, except as may otherwise be
stated in such waiver or approval, be applicable to subsequent transactions. No
waiver or approval under this Agreement shall require any similar or dissimilar
waiver or approval thereafter to be granted hereunder.

            Section 11.2 NOTICES, ETC. Unless otherwise stated herein, all
notices, demands, consents, approvals and other communications provided for
hereunder shall be in writing (including via telecopier) and shall be personally
delivered or sent by certified mail, return receipt requested, postage prepaid,
by telecopier or by overnight courier to the intended party at the address or
telecopier number of such party set forth on Schedule 11.2 hereof, or at such
other address or telecopier number as shall be designated by such party in a
written notice to the other party hereto given in accordance with this Section
11.2. Copies of all notices and other communications provided for hereunder
shall be delivered to ARSC and the Issuer at their respective addresses for
notices set forth in the Receivables Purchase Agreement. All notices and
communications provided for hereunder shall be effective when received.

            Section 11.3 CUMULATIVE REMEDIES. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

            Section 11.4 BINDING EFFECT; ASSIGNABILITY; SURVIVAL OF PROVISIONS.
This Agreement shall be binding upon, and inure to the benefit of, the Buyer and
the Originator and their respective successors and assigns. Except as permitted
pursuant to Section 7.3(c), the Originator may not assign any of its rights
hereunder or any interest herein without the prior written consent of the Buyer
and its assignees. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms and shall remain
in full force and effect until terminated pursuant hereto. Such termination
shall not occur prior to the Final Payout Date. The rights and remedies with
respect to any breach of any representation and warranty made by the Originator
pursuant to Article VI and the indemnification and payment provisions of Article
X and Section 11.6 and the provisions of Section 11.14 and Section 11.16 shall
be continuing and shall survive any termination of this Agreement.

            Section 11.5 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK,
INCLUDING ss.5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

            Section 11.6 COSTS, EXPENSES AND TAXES. In addition to the
obligations of the Originator under ARTICLE X, the Originator agrees to pay on
demand:

            (a) all reasonable costs and expenses incurred by the Buyer and its
      assignees in connection with the negotiation, preparation, execution and
      delivery of, the administration (including periodic auditing), the
      preservation of any rights under, or the

                                       30
<Page>

      enforcement of, or any breach of, this Agreement (including any amendment,
      supplement or modification hereto), including without limitation (i) the
      reasonable fees, expenses and disbursements of counsel to any such Persons
      incurred in connection with any of the foregoing or in advising such
      Persons as to their respective rights and remedies under this Agreement
      and (ii) all reasonable out-of-pocket expenses (including reasonable fees
      and expenses of independent accountants) incurred in connection with any
      review of the Originator's books and records either prior to the execution
      and delivery hereof or pursuant to Section 7.1(k), and

            (b) all stamp and other taxes and fees payable or determined to be
      payable in connection with the execution, delivery, filing and recording
      of this Agreement or any amendment, supplement or modification thereto,
      and agrees to indemnify each CMSC Indemnified Party against any
      liabilities with respect to, or resulting from, any delay in paying or
      omission to pay such taxes and fees.

            Section 11.7 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 11.2. NOTHING
IN THIS SECTION 11.7 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.

                                       31
<Page>

            Section 11.8 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.

            Section 11.9 INTEGRATION. This Agreement contains a final and
complete integration of all prior expressions by the parties hereto with respect
to the subject matter hereof and shall constitute the entire agreement between
the parties hereto with respect to the subject matter hereof, superseding all
prior oral or written understandings.

            Section 11.10 CAPTIONS AND CROSS REFERENCES. The various captions
(including without limitation the table of contents) in this Agreement are
provided solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Agreement.

            Section 11.11 EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
agreement.

            Section 11.12 ACKNOWLEDGMENT AND CONSENT.

            (a) The Originator acknowledges that, from time to time prior to the
Termination Date, the Buyer intends to sell all of the Buyer's right, title and
interest in, to and under the CMSC Purchased Assets, this Agreement and all of
the other Transaction Documents pursuant to the Receivables Purchase Agreement,
and that the interests of the Buyer hereunder will be further assigned pursuant
to the Transfer and Servicing Agreement and the Indenture. The Originator
acknowledges and agrees to each such sale by the Buyer and consents to the sale
and assignment by the Buyer of all or any portion of its right, title and
interest in, to and under the CMSC Purchased Assets, this Agreement and the
other Transaction Documents and all of the Buyer's rights, remedies, powers and
privileges and all claims of the Buyer against the Originator under or with
respect to this Agreement and the other Transaction Documents (whether arising
pursuant to the terms of this Agreement or otherwise available at law or in
equity), including without limitation (whether or not an Unmatured Servicer
Default or a Servicer Default has occurred and is continuing) (i) the right of
the Buyer at any time to enforce this Agreement against the Originator and the
obligations of the Originator hereunder and (ii) the right at any time to give
or withhold any and all consents, requests, notices, directions, approvals,
demands, extensions or waivers under or with respect to this Agreement, any
other Transaction Document or the obligations in respect of the Originator
thereunder, all of which rights, remedies, powers, privileges and claims may be
exercised and/or enforced by the Buyer's successors ands assigns to the same
extent as the Buyer may do. Each of the parties hereto acknowledges and agrees
that the Buyer's

                                       32
<Page>

successors and assigns are third party beneficiaries of this Agreement,
including without limitation the rights of the Buyer arising hereunder, and may
rely on the Originator's representations and warranties made herein as if made
directly to them. The Originator hereby acknowledges and agrees that, except
with respect to its rights under Section 4.3, it has no claim to or interest in
any of the Lockbox Accounts.

            (b) The Originator hereby agrees to execute all agreements,
instruments and documents and to take all other actions that the Buyer or its
assignees determines are necessary or appropriate to evidence its consent
described in Section 11.12(a). The Originator hereby acknowledges and agrees
that the Buyer in all of its capacities may assign to the Buyer's successors and
assigns such powers of attorney and other rights and interests granted by the
Originator to the Buyer hereunder and agrees to cooperate fully with the Buyer's
successors and assigns in the exercise of such rights.

            (c) The Originator hereby acknowledges that the Buyer's successors
and assigns are entering into the Transaction Documents in reliance on the
Buyer's identity as a legal entity separate from the Originator.

            Section 11.13 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.

            Section 11.14 NO PROCEEDINGS. The Originator hereby agrees that it
will not institute against the Buyer or its successors or join any other Person
in instituting against the Buyer or its successors any Insolvency Proceeding so
long as there shall not have elapsed one year plus one day since the Final
Payout Date. The foregoing shall not limit the right of the Originator to file
any claim in or otherwise take any action with respect to any Insolvency
Proceeding that was instituted against the Buyer or its successors by any Person
other than the Originator or any other CMS Person.

            Section 11.15 SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement are for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

            Section 11.16 RECOURSE TO THE BUYER. Except to the extent expressly
provided otherwise in the Transaction Documents, the obligations of the Buyer
under the Transaction Documents to which it is a party are solely the
obligations of the Buyer, and no recourse shall be had for payment of any fee
payable by or other obligation of or claim against the Buyer that arises out of
any Transaction Document to which the Buyer is a party against any director,
officer or employee of the Buyer. The provisions of this Section 11.16 shall
survive the termination of this Agreement.

                                       33
<Page>

            Section 11.17 CONFIDENTIALITY. The Buyer agrees to maintain the
confidentiality of any information regarding the Originator, Cendant Corporation
and PHH obtained in accordance with the terms of this Agreement that is not
publicly available; PROVIDED, HOWEVER, that the Buyer may reveal such
information (a) as necessary or appropriate in connection with the
administration or enforcement of this Agreement or its funding of Purchases
under this Agreement or (b) as required by law, government regulation, court
proceeding or subpoena. Notwithstanding anything herein to the contrary, none of
the Originator, Cendant Corporation nor PHH shall have any obligation to
disclose to the Buyer or its assignees any personal and confidential information
relating to a Transferred Employee.

                                       34
<Page>

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

                                        CENDANT MOBILITY SERVICES
                                          CORPORATION

                                        By: /s/ Dennis O'Gara
                                            ------------------------------
                                            Name:  Dennis O'Gara
                                            Title: SVP, CFO

                                        CENDANT MOBILITY FINANCIAL
                                          CORPORATION

                                        By: /s/  Eric J. Barnes
                                            ------------------------------
                                             Name:  Eric J. Barnes
                                             Title: VP, Controller

                     [Signature Page to Purchase Agreement]

<Page>

                                   APPENDIX A

                                   DEFINITIONS

      A.    DEFINED TERMS. As used in this Agreement, the following terms have
            the following meanings (such meanings to be equally applicable to
            the singular and plural forms thereof):

            "ACKNOWLEDGMENT LETTER" shall mean a letter substantially in the
form attached hereto as Exhibit 7.3(j).

            "ADVANCE BILLING RECEIVABLE" shall mean a Billed Receivable for
Advance Payments owed by an Obligor.

            "ADVANCE PAYMENT" shall mean an amount paid by an Obligor pursuant
to a Pool Relocation Management Agreement or otherwise for application to
existing or future Receivables (other than existing Billed Receivables),
including without limitation any payments of anticipated fees and expenses under
a Pool Relocation Management Agreement.

            "AFFILIATE" shall mean, when used with respect to a 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 the
ownership of such Person's voting securities, by contract or otherwise, and the
terms "affiliated," "controlling" and "controlled" have correlative meanings.

            "AGGREGATE EMPLOYER BALANCE" shall have the meaning set forth in the
Indenture.

            "AMORTIZATION EVENT" shall have the meaning provided in the
Indenture.

            "ARSC" shall have the meaning set forth in the Preliminary Statement
to this Agreement.

            "ARSC PURCHASED ASSETS" shall have the meaning set forth in the
Receivables Purchase Agreement.

            "AUTHORIZED OFFICER" shall mean, with respect to any Transaction
Party, the President, the Chief Financial Officer, the Controller, the
Treasurer, any Assistant Treasurer, any Senior Vice President, any Vice
President, the Secretary or any Assistant Secretary of such Transaction Party.

            "AVERAGE DAYS OUTSTANDING" shall have the meaning set forth in the
Indenture.

            "BANKRUPTCY CODE" shall mean the United States Bankruptcy Code, as
amended from time to time (Title 11 of the United States Code).

            "BILLED RECEIVABLE" shall mean any CMSC Receivable or CMF Receivable
that has been billed to an Obligor.

                                      A-1
<Page>

            "BUSINESS DAY" shall mean a day (other than a Saturday or Sunday) on
which commercial banks in New York, New York and Chicago, Illinois are not
authorized or required to be closed.

            "BUYER" shall mean Cendant Mobility Financial Corporation, in its
capacity as the buyer under this Agreement.

            "CERCLA" shall mean the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended.

            "CLOSING DATE" shall mean April 25, 2000.

            "CMF COLLECTIONS" shall have the meaning set forth in the
Receivables Purchase Agreement.

            "CMF DESIGNATED RECEIVABLE" shall mean any Receivable arising from
an amount advanced by CMF or the Servicer on behalf of CMF in respect of Equity
Payments, Mortgage Payoffs, Direct Expenses, Mortgage Payments or Other
Reimbursable Expenses, even though such amounts may be advanced after the
Termination Date.

            "CMF HOME" shall have the meaning set forth in the Receivables
Purchase Agreement.

            "CMF HOME PURCHASE CONTRACT" shall have the meaning set forth in the
Receivables Purchase Agreement.

            "CMF HOME SALE CONTRACT" shall have the meaning set forth in the
Receivables Purchase Agreement.

            "CMF PURCHASE PRICE" shall have the meaning set forth in Section
3.1(b).

            "CMF PURCHASE TERMINATION EVENT" shall have the meaning set forth in
Section 9.1.

            "CMF RECEIVABLE" shall have the meaning set forth in the Receivables
Purchase Agreement.

            "CMF SUBORDINATED LOAN" shall have the meaning set forth in Section
4.2.

            "CMF SUBORDINATED NOTE" shall mean the CMF Subordinated Note dated
the Closing Date, made by the Buyer and payable to the order of the Originator
substantially in the form of Exhibit 4.2, as such note may be amended,
supplemented, otherwise modified or replaced from time to time.

            "CMF SUBORDINATED NOTE CAP" shall have the meaning set forth in
Section 4.2.

            "CMSC" shall mean Cendant Mobility Services Corporation, a Delaware
corporation.

                                      A-2
<Page>

            "CMSC COLLECTIONS" shall mean all funds that are received on account
of or otherwise in connection with any CMSC Purchased Asset, including without
limitation all funds received (a) from or on behalf of any Obligor in payment of
or otherwise in respect of any CMSC Receivable included in the CMSC Purchased
Assets (including without limitation funds received in respect of Advance
Payments, but only including any such Advance Payments to the extent necessary
to reduce the Aggregate Employer Balance of Receivables with respect to the
related Employer to zero), (b) from or on behalf of any Ultimate Buyer or any
other Person in respect of CMSC Home Sale Proceeds, (c) from any other Person to
the extent such funds were applied, or should have been applied, pursuant to any
Contract to repay or discharge any CMSC Receivable or CMSC Related Asset
included in the CMSC Purchased Assets (including without limitation insurance
payments that any Transaction Party applies in the ordinary course of its
business to amounts owed in respect of such CMSC Purchased Assets and the amount
of any Equity Payments applied to repayment of Equity Loans), (d) from the
Originator in respect of Originator Adjustments under this Agreement or any
other obligation of the Originator hereunder, (e) if the Servicer is CMSC, from
the Servicer in respect of Servicer Dilution Adjustments with respect to CMSC
Purchased Assets under Section 3.10(a) of the Transfer and Servicing Agreement
and (f) from PHH in respect of any payments made by PHH as guarantor of the
obligations of CMSC under the PHH Guarantee; PROVIDED, HOWEVER, that any
proceeds of Receivables that gave rise to CMSC Noncomplying Asset Adjustments
that have been paid as provided in Section 4.3 hereof and any Related Property
with respect to such Receivables shall not constitute CMSC Collections and shall
be promptly returned to the Originator as provided in Section 4.3 hereof.

            "CMSC EQUITY LOAN" shall mean an Equity Loan made by the Originator.

            "CMSC EQUITY LOAN AGREEMENT" shall mean a loan agreement entered
into by the Originator and a Transferred Employee in connection with a CMSC
Equity Loan.

            "CMSC EQUITY LOAN NOTE" shall mean a promissory note executed to
evidence a CMSC Equity Loan.

            "CMSC HOME" shall mean any Home subject to a CMSC Home Purchase
Contract.

            "CMSC HOME PURCHASE CONTRACT" shall mean any Home Purchase Contract
that was executed, and pursuant to which CMSC purchased a Home, prior to the
Closing Date and that relates to a Receivable included in the CMSC Purchased
Assets.

            "CMSC HOME SALE CONTRACT" shall mean any Home Sale Contract with
respect to a CMSC Home.

            "CMSC HOME SALE PROCEEDS" shall mean any Home Sale Proceeds arising
under a CMSC Home Sale Contract.

            "CMSC INDEMNIFIED LOSSES" shall have the meaning set forth in
Section 10.1.

            "CMSC INDEMNIFIED PARTY" shall have the meaning set forth in Section
10.1.

                                      A-3
<Page>

            "CMSC NONCOMPLYING ASSET" shall have the meaning set forth in
Section 4.3(a).

            "CMSC NONCOMPLYING ASSET ADJUSTMENT" shall have the meaning set
forth in Section 4.3(a).

            "CMSC PURCHASED ASSETS" shall have the meaning set forth in Section
2.1(a).

            "CMSC RECEIVABLE" shall have the meaning set froth in Section
2.1(a).

            "CMSC RECORDS" shall mean all Records maintained by the Originator
with respect to the CMSC Purchased Assets and/or the related Obligors.

            "CMSC RELATED ASSETS" shall have the meaning set forth in Section
2.1(a).

            "CMSC RELATED PROPERTY" shall have the meaning set forth in Section
2.1(a).

            "CMS PERSON" shall mean the Originator and each of its Subsidiaries
and Affiliates other than CMF, ARSC or the Issuer.

            "CODE" shall mean the Internal Revenue Code of 1986, as amended.

            "CONTRACT" shall mean a Pool Relocation Management Agreement and any
other related contract entered into pursuant thereto or in connection therewith,
pursuant to or under which any Person (other than a Transaction Party) is
obligated to make payments from time to time, including as the context may
require any Equity Loan Note, Equity Loan Agreement, Home Purchase Contract or
Home Sale Contract.

            "CREDIT AND COLLECTION POLICY" shall mean those credit and
collection policies and practices of the Originator relating to the Contracts
and Receivables described in Exhibit 6.1(u), as such credit and collection
policies may be modified from time to time in accordance with Section 7.3(b).

            "CUT-OFF DATE" shall mean the last day of any Monthly Period.

            "DAILY ORIGINATOR REPORT" shall have the meaning set forth in
Section 3.1(a).

            "DEFAULTED RECEIVABLE" shall mean any Receivable that:

            (a) has been or should have been written off as uncollectible in
conformity with the Credit and Collection Policy; or

            (b) is owed by an Obligor who is in Insolvency Proceedings or with
respect to which an Event of Bankruptcy has occurred; or

            (c) has been billed and remains unpaid more than 150 days after the
invoice date thereof.

                                      A-4
<Page>

            "DIRECT EXPENSES" shall mean, with respect to any Home, any costs
attributable to the provision of services to a Transferred Employee, including
without limitation appraisals, broker's market analyses and inspections,
brokerage commissions, title and title search fees, transfer taxes, mortgage
payments, mortgage interest (or interest on the mortgage payments at the
mortgage interest rate), insurance premiums, property taxes, cost of
establishment and maintenance of appropriate files, overnight delivery charges,
wire transfer fees, cost of interest in the manner specified in the related
Contract, cost of improvements, cost of removal and mitigation of Hazardous
Materials or gases (such as removal of asbestos, lead paint, radon gas or urea
formaldehyde insulation) and reinsulation with suitable replacement materials,
repair and maintenance costs, utilities, sales loss on resale, buyer incentive
costs and real estate closing costs.

            "ELIGIBLE CONTRACT" shall mean:

            (a) a Relocation Management Agreement (i) that has been duly
      executed and delivered by an Employer that is an Eligible Obligor and is
      in full force and effect, (ii) (A) the rights to payment under which are
      assignable without the consent of the Employer party thereto or any other
      Person (other than the Originator), other than any such consent that has
      been obtained and remains in effect, or (B) which, if subject to any
      restriction on assignment of rights to payment, is in effect on the date
      of this Agreement and all of the Receivables under such Contract that are
      subject to such restriction constitute rights to payment for services
      rendered not evidenced by an instrument or chattel paper, (iii) that
      provides for the payment in full by the Employer of all Direct Expenses,
      Service Fees and Other Reimbursable Expenses and any loss sustained with
      respect to a Home covered thereby following the sale of such Home (less
      any Advance Payment with respect to such Home and after giving effect to
      the application of the Home Sale Proceeds with respect to such Home) (it
      being understood that any Contract that permits an Employer to approve any
      expenses or the price at which any Home is sold shall not, for that reason
      alone, fail to qualify as an Eligible Contract), (iv) that was originated
      in accordance with the Credit and Collection Policy, (v) the Receivables
      under which, once billed, are required to be paid within 65 days of the
      original invoice date and (vi) that is substantially in the form of
      Relocation Management Agreement attached as Exhibit C, with such Permitted
      Changes to such form as may be made by the Originator in the ordinary
      course of its business (or such other form as has been approved in writing
      by the Buyer and its successors and assigns);

            (b) an Equity Loan Agreement or Equity Loan Note (i) that has been
      duly executed and delivered by a Transferred Employee that is an Eligible
      Obligor and that is an employee of an Employer that is a party to a Pool
      Relocation Management Agreement (which Pool Relocation Management
      Agreement is then an Eligible Contract), (ii) that is substantially in the
      form of Equity Loan Agreement attached as Exhibit C or the form of Equity
      Loan Note attached as Exhibit C, as applicable, with such Permitted
      Changes to such forms as may be made by the Originator in the ordinary
      course of its business (or, in either case, such other form as has been
      approved in writing by the Buyer and its successors and assigns) and (iii)
      the obligations of the Transferred Employee under which are fully covered
      by the Guaranty or loss indemnity of the related Employer or

                                      A-5
<Page>

      Employer-purchased insurance policy under the applicable Pool Relocation
      Management Agreement;

            (c) a Home Purchase Contract that (i) has been duly executed and
      delivered by a Transferred Employee of an Employer that is a party to a
      Pool Relocation Management Agreement (which Pool Relocation Management
      Agreement is then an Eligible Contract) and (ii) is substantially in the
      form of Home Purchase Contract attached as Exhibit C, with such Permitted
      Changes to such form as may be made by the Originator in the ordinary
      course of its business (or such other form as has been approved in writing
      by the Buyer and its successors and assigns); or

            (d) a Home Sale Contract that (i) was entered into under or in
      connection with a Pool Relocation Management Agreement (which Pool
      Relocation Management Agreement is then an Eligible Contract), (ii) has
      been duly executed and delivered by the applicable Ultimate Buyer and is
      in full force and effect and (iii) is substantially in the form of the
      contract of purchase and sale used in the area where the property is
      located, or on a form prescribed by the Originator for that area, with
      such amendments and additions as may be reasonably negotiated to
      efficiently sell the Home (or such other form as has been approved in
      writing by the Buyer and its assignees and assigns).

            "ELIGIBLE HOME" shall mean a Home (a) that is located within the
United States, (b) record title for which is not in the name of any Transaction
Party or any Affiliate of a Transaction Party and (c) that satisfies the
requirements specified in the definition of "Home" in the applicable Pool
Relocation Management Agreement or, if such term is not defined therein, in the
applicable Home Sale Service Supplement; PROVIDED, HOWEVER, that a Home that
does not satisfy the requirement specified in clause (b) may nonetheless be
treated as an Eligible Home if and to the extent that either (i) title is
recorded on terms and conditions reasonably satisfactory to the Buyer and its
assignees or (ii) the aggregate Unpaid Balance of all Eligible Unsold Home
Receivables that do not satisfy the requirement specified in clause (b) would
not exceed 10% of the aggregate Unpaid Balance of all Eligible Unsold Home
Receivables; and PROVIDED, FURTHER, that a Home that does not satisfy the
requirements specified in clause (c) may nonetheless constitute an Eligible Home
if and to the extent that (i) the applicable Employer has acknowledged in
writing that such property constitutes a "Special Home Transaction" within the
meaning of the applicable Home Sale Service Supplement and (ii) the Originator
and its Affiliates followed all necessary procedures and obtained all necessary
approvals with respect to such Home (including without limitation approvals of
the applicable Employer) as may be required by the Credit and Collection Policy
and the customary practices of the Originator with respect to such Homes.

            "ELIGIBLE OBLIGOR" shall mean an Obligor that:

            (a) is a United States resident (which term includes a United States
      division or branch of an entity organized in a jurisdiction outside of the
      United States, so long as such division or branch maintains a place of
      business in the United States to which all Receivables are billed);

                                      A-6
<Page>

            (b) is not the United States of America, any state or local
      government or any agency or instrumentality of any of the foregoing;

            (c) is not an Affiliate of the Originator or the Buyer;

            (d) is not the subject of an Insolvency Proceeding; and

            (e) has been instructed by the Originator to remit all payments on
      the CMSC Purchased Assets directly to one of the Lockboxes or Lockbox
      Accounts.

            "ELIGIBLE RECEIVABLE" shall mean any Receivable:

            (a) the Obligor of which is an Eligible Obligor;

            (b) that is denominated and payable only in U.S. dollars;

            (c) that was generated in the ordinary course of the Originator's
      business;

            (d) either (1) with respect to which all of the Originator's right,
      title and interest has been (or will be, at the time such Receivable
      becomes included in the CMSC Purchased Assets) validly transferred to the
      Buyer under and in accordance with the terms of this Agreement; or (2)
      with respect to any CMF Receivable only, that arose out of or with respect
      to an Equity Payment, Mortgage Payment or Mortgage Payoff made by the
      Buyer in respect of a CMF Home Purchase Contract;

            (e) that arises under or in connection with a Pool Relocation
      Management Agreement that is then an Eligible Contract, and with respect
      to which any Home Sale Contract, Home Purchase Contract, Equity Loan
      Agreement or Equity Loan Note relating to such Receivable is also an
      Eligible Contract;

            (f) that is not a Defaulted Receivable;

            (g) that is an "eligible asset" within the meaning of Rule 3a-7
      promulgated under the Investment Company Act of 1940, as amended;

            (h) that constitutes an "account" or a "general intangible" or
      "chattel paper" and not an "instrument" (except in the case of an Equity
      Loan, to the extent the same is evidenced by an Equity Loan Note), in each
      case within the meaning of the New York UCC;

            (i) the transfer of which (including without limitation the sale by
      the Originator to the Buyer or by the Buyer to ARSC) does not contravene
      or conflict with any law, rule or regulation or any contractual or other
      restriction, limitation or encumbrance that applies to the Originator (or,
      with respect to any CMF Receivable only, the Buyer) (including without
      limitation the related Contract), and the sale, assignment or transfer of
      which, and the granting of a security interest in which, does not require
      the consent of the Obligor thereof or any other Person other than any such
      consent that has

                                      A-7
<Page>

      been previously obtained and is in effect; PROVIDED, HOWEVER, that a
      Receivable arising out of a Relocation Management Agreement that is
      subject to a restriction on assignment may nonetheless be an Eligible
      Receivable hereunder if such Receivable constitutes a right to payment for
      services rendered not evidenced by an instrument or chattel paper;

            (j) that has not been compromised, adjusted, amended or otherwise
      modified (including by extension of time for payment or the granting of
      any discounts, allowances or credits) except in a manner that is expressly
      permitted under Section 3.10(b) of the Transfer and Servicing Agreement;

            (k) that, together with the Contracts related thereto, conforms in
      all material respects with all applicable laws, rules, regulations,
      orders, judgments, decrees and determinations of all courts and other
      Governmental Authorities (whether federal, state, local or foreign and
      including without limitation usury laws);

            (l) that is not subject to an asserted reduction (other than any
      reduction on account of any offsetting account payable of the Originator
      or the Buyer to an Obligor or any Advance Payment made by the related
      Obligor so long as such reduction is included in the determination of the
      Aggregate Employer Balance with respect to the related Obligor)
      cancellation, rebate or refund or any dispute, offset, counterclaim, lien
      or defense whatsoever;

            (m) with respect to which the representations and warranties of the
      Originator in Section 6.1(k) of this Agreement (or with respect to any CMF
      Receivable only, of the Buyer in Section 6.1(k) of the Receivables
      Purchase Agreement) are true and correct;

            (n) that represents a BONA FIDE obligation arising under a Contract
      that has been duly authorized and that, together with such Receivable, is
      in full force and effect and constitutes the legal, valid and binding
      obligation of the Obligor of such Receivable, enforceable against such
      Obligor in accordance with its terms, except as such enforceability may be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or other similar laws affecting the enforcement of creditors' rights
      generally and general principles of equity;

            (o) that, in the case of a Receivable arising on account of any
      Equity Payment, Mortgage Payoff, Mortgage Payment, Direct Expenses or any
      Service Fee or Finance Charge arising in connection with any of the
      foregoing, relates to an Eligible Home as to which (i) a Home Purchase
      Contract has been executed and delivered by the related Homeowner and the
      Originator or the Buyer, as applicable and, to the best knowledge of the
      Originator (or the Buyer, with respect to CMF Homes only), constitutes the
      legal, valid and binding obligation of such Homeowner, (ii) a Home Deed
      has been executed and delivered by the related Homeowner naming the
      Originator or the Buyer, as applicable, as transferee or with the
      transferee's name blank, (iii) such Home Purchase Contract and Home Deed
      have been delivered to and are then in the possession of the agent of CMSC
      (with respect to CMSC Homes) or the agent of CMF (with respect to

                                      A-8
<Page>

      CMF Homes) and (iv) either no Mortgage is outstanding or, if a Mortgage is
      outstanding, no more than one monthly payment on such Mortgage is past
      due;

            (p) that, in the case of a Receivable that arises from an Equity
      Loan, arose under an Equity Loan Agreement and an Equity Loan Note, each
      of which are Eligible Contracts and are then in the possession of the
      Servicer;

            (q) that, in the case of an Unbilled Receivable, represents the
      right to payment for services rendered; and

            (r) that, in the case of a Billed Receivable (other than an Advance
      Billing Receivable), has been fully earned by performance.

            "ELIGIBLE UNSOLD HOME RECEIVABLE" shall mean an Unsold Home
Receivable that is an Eligible Receivable.

            "EMPLOYER" shall mean a customer of the Originator that has executed
a Relocation Management Agreement with the Originator.

            "ENHANCEMENT AGREEMENT" shall have the meaning provided in the
Indenture.

            "ENVIRONMENTAL LAWS" shall mean all applicable federal, state or
local statutes, laws, ordinances, codes, rules, regulations and guidelines
(including consent decrees and administrative orders) relating to public health
and safety and protection of the environment.

            "EQUITY LOAN" shall mean an advance of all or a portion of the
Equity Payment to be made to a Homeowner prior to the execution of the Home
Purchase Contract by such Homeowner.

            "EQUITY LOAN AGREEMENT" shall mean a loan agreement entered into by
a Transferred Employee in connection with an Equity Loan or a proposed Equity
Loan.

            "EQUITY LOAN NOTE" shall mean a promissory note made by a
Transferred Employee to evidence the Transferred Employee's obligations in
respect of an Equity Loan, which may be included in the same document as an
Equity Loan Agreement.

            "EQUITY PAYMENT" shall mean, with respect to any Homeowner, a
payment or credit (other than an Equity Loan) made to such Homeowner at the time
of, or following the execution of, the related Home Purchase Contract by such
Homeowner in respect of its equity interest in a Home as determined pursuant to
the applicable Home Purchase Contract.

            "ERISA" shall mean the Employee Retirement Income Security Act of
1974 and the rules and regulations thereunder, each as amended from time to
time.

            "ERISA AFFILIATE" shall mean any trade or business (whether or not
incorporated) that is treated as a single employer with the Originator under
Section 414 of the Code.

                                      A-9
<Page>

            "EVENT OF BANKRUPTCY" shall be deemed to have occurred with respect
to a Person if either:

            (a) a case or other proceeding has been commenced in any court
      without the application or consent of such Person, seeking the
      liquidation, reorganization, debt arrangement, dissolution, winding up or
      composition or readjustment of debts of such Person, the appointment of a
      trustee, receiver, custodian, liquidator, assignee, sequestrator or the
      like for such Person or any substantial part of its assets, or any similar
      action with respect to such Person under any law (foreign or domestic)
      relating to bankruptcy, insolvency, reorganization, winding up or
      composition or adjustment of debts and such case or proceeding continues
      undismissed or unstayed and in effect for a period of 60 days; or an order
      for relief with respect to such Person has been entered in an involuntary
      case under the Bankruptcy Code or other similar laws (foreign or domestic)
      now or hereafter in effect; or

            (b) such Person has commenced a voluntary case or other proceeding
      under any applicable bankruptcy, insolvency, reorganization, debt
      arrangement, dissolution or other similar law now or hereafter in effect
      or shall consent to the appointment of or taking possession by a receiver,
      liquidator, assignee, trustee, custodian, sequestrator (or other similar
      official) for, such Person or for any substantial part of its property, or
      shall make any general assignment for the benefit of creditors, or shall
      admit in writing its inability to, pay its debts generally as they become
      due.

            "EXCLUDED ASSET" shall mean any receivable or related asset that
arises under or relates to an Excluded Contract.

            "EXCLUDED CONTRACT" shall mean (a) any of the following, to the
extent that either the same have not been identified as Pool Relocation
Management Agreements or all CMSC Receivables and CMF Receivables arising
thereunder have been the subject of a CMSC Noncomplying Asset Adjustment or CMF
Noncomplying Asset Adjustment that has been fully paid: (i) if the Originator
merges with any other Person that is engaged in the relocation management
business, any agreement for relocation management services originated by such
other Person prior to the date of such merger and, so long as such business is
maintained and operated as a separate division of the Originator, any additional
agreements for relocation management services originated by such division, (ii)
any agreement for relocation management services that is not an Eligible
Contract or (iii) any agreement for relocation management services the
receivables arising under which would not be Eligible Receivables because the
Employer party thereto is not obligated to provide reimbursement for losses on
resale of homes or because the homes relating to such agreement would be located
solely outside of the United States and (b) any home purchase contract, home
sale contract, equity loan note, equity loan agreement or similar agreement
entered into pursuant to any agreement referred to in clause (a) above.

            "FINAL PAYOUT DATE" shall mean the EARLIER of the date after the
satisfaction and discharge of the Indenture pursuant to Article IV thereof on
which either (i) all of the Notes have been paid in full or (ii) the Unpaid
Balance of all outstanding CMSC Receivables has been reduced to zero; PROVIDED
that for purposes of this definition of Final Payout Date, the Unpaid

                                      A-10
<Page>

Balance of a Defaulted Receivable shall be deemed to be outstanding until all
Homes related thereto have been sold and such Receivable has been written off as
uncollectible.

            "FINANCE CHARGE" shall mean any interest, late payment fee or other
finance charge with respect to a Receivable or other Related Property, including
without limitation any interest accrued or to accrue on an Equity Loan, Equity
Payment, Mortgage Payoff or Mortgage Payment under the terms of the applicable
Contract or Contracts.

            "GAAP" shall mean generally accepted accounting principles,
including the opinions, statements and pronouncements of the American Institute
of Certified Public Accountants, the Financial Accounting Standards Board and
the Securities and Exchange Commission, as in effect from time to time.

            "GOVERNMENTAL AUTHORITY" shall mean the United States of America,
any State or other political subdivision thereof and any entity in the United
States of America or any applicable foreign jurisdiction that exercises
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

            "GUARANTY" shall mean any agreement, undertaking or arrangement by
which any Person guarantees, endorses, agrees to purchase or otherwise becomes
or is contingently liable upon (by direct or indirect agreement, contingent or
otherwise, to provide funds for payment, to supply funds to, or otherwise to
invest in, a debtor, or otherwise to assure a creditor against loss) the
indebtedness, obligation or any other liability of any other Person (other than
by endorsements of instruments in the course of collection), or guarantees the
payment of dividends or other distributions on the shares of any other Person.

            "HAZARDOUS MATERIAL" shall mean (a) any "hazardous substance" as
defined under CERCLA, (b) any "hazardous waste" as defined under the Resource
Conservation and Recovery Act, 42 U.S.C. Section 690, ET SEQ., as amended, (c)
any petroleum product or (d) any pollutant or contaminant or hazardous,
dangerous or toxic chemical, material or substance within the meaning of any
Environmental Laws.

            "HOME" shall mean a family residence or other improved real estate
that is the subject of any services provided under a Pool Relocation Management
Agreement, including without limitation any Home or property subject to a
"Special Home Transaction" within the meaning of the applicable Home Sale
Service Supplement.

            "HOME DEED" shall mean, with respect to any Home, a deed or other
instrument of conveyance executed by the related Homeowner that effects the
conveyance of such Home pursuant to the related Home Purchase Contract.

            "HOME PURCHASE CONTRACT" shall mean the contract by which a Home is
purchased from a Homeowner pursuant to, or in connection with, a Pool Relocation
Management Agreement.

            "HOME SALE CONTRACT" shall mean, with respect to any Home, the
contract by which such Home is sold to an Ultimate Buyer.

                                      A-11
<Page>

            "HOME SALE PROCEEDS" shall mean, with respect to any Home, the cash
sale proceeds received upon the sale of such Home to an Ultimate Buyer, net of
any unpaid mortgage loan amounts, closing costs, brokerage costs, commissions
owed to third parties and any other amounts payment of which are necessary to
clear title to such Home.

            "HOME SALE SERVICE SUPPLEMENT" shall mean a supplement to a Pool
Relocation Management Agreement substantially in the form attached as Exhibit C.

            "HOMEOWNER" shall mean, with respect to any Home, the Transferred
Employee and any other homeowner of record with respect to such Home.

            "INDEBTEDNESS" of any Person shall mean, in the aggregate, without
duplication, (i) all indebtedness, obligations and other liabilities of such
Person and its Subsidiaries that are, at the date as of which Indebtedness is to
be determined, includable as liabilities in a consolidated balance sheet of such
Person 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 any such Person and (z) current and
deferred income taxes and other similar liabilities, (ii) the maximum aggregate
amount of all liabilities of such Person or any of its Subsidiaries 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 or one of its Subsidiaries and
(iii) all other obligations or liabilities of such Person or any of its
Subsidiaries with respect to the discharge of the obligations of any Person
other than itself or one of its Subsidiaries. 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.

            "INDEBTEDNESS FOR BORROWED MONEY" shall mean, with respect to any
Person, (i) any Indebtedness of such Person, contingent or otherwise, in respect
of borrowed money including all principal, interest, fees and expenses with
respect thereto (whether or not the recourse of the lender is to the whole of
the assets of such Person or only to a portion thereof), or evidenced by bonds,
notes, acceptances, debentures or other instruments or letters of credit (or
reimbursement obligations with respect thereto) but excluding capitalized lease
obligations and excluding obligations representing the deferred and unpaid
purchase price of any property.

            "INDENTURE" shall mean the Indenture dated as of April 25, 2000 by
and between the Issuer and the Indenture Trustee.

            "INDENTURE SUPPLEMENT" shall have the meaning set forth in the
Indenture.

            "INDENTURE TRUSTEE" shall mean Bank One, National Association, as
indenture trustee under the Indenture, and any successor thereto.

            "INDEPENDENT DIRECTOR" shall mean, with respect to the Buyer, ARSC
or the Issuer, an individual who is an Independent Director as defined in the
organizational documents of such entity as in effect on the date of this
Agreement.

            "INSOLVENCY PROCEEDING" shall mean, with respect to any Person, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
under any Federal or state

                                      A-12
<Page>

bankruptcy or similar law or any other proceeding of the type described in the
definition of Event of Bankruptcy, whether voluntary or involuntary.

            "ISSUER" shall mean Apple Ridge Funding LLC, a Delaware limited
liability company.

            "LIEN" shall mean, when used with respect to any Person, any
interest in any real or personal property, asset or other right held, owned or
being purchased or acquired by such Person for its own use, consumption or
enjoyment in its business that secures payment or performance of any obligation,
and includes any mortgage, lien, pledge, encumbrance, charge, retained security
title of a conditional vendor or lessor or other security interest of any kind,
whether arising under a security agreement, mortgage, deed of trust, chattel
mortgage, assignment, pledge, retention of security title, financing or similar
statement or notice or arising as a matter of law, judicial process or
otherwise.

            "LOCKBOX" shall mean any post office box to which the Obligors remit
CMSC Collections established pursuant to the Transfer and Servicing Agreement.

            "LOCKBOX ACCOUNT" shall mean any lockbox account, concentration
account, depositary account or similar account (including any associated demand
deposit account) established pursuant to the Transfer and Servicing Agreement,
in which any CMSC Collections or CMF Collections are collected or deposited.

            "LOCKBOX AGREEMENT" shall have the meaning provided in the Transfer
and Servicing Agreement.

            "LOCKBOX BANK" shall mean any institution at which a Lockbox or
Lockbox Account is maintained.

            "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 Originator, (b) the ability of the
Originator to perform its obligations under any Transaction Document or all or
any substantial portion of the Contracts, (c) the validity or enforceability of,
or collectibility of, amounts payable by the Originator under any Transaction
Document, (d) the status, existence, perfection or priority of the interest of
the Buyer (and its assignees) in the CMSC Purchased Assets, taken as a whole, in
each case free and clear of any Lien (other than Permitted Liens) or (e) the
validity, enforceability or collectibility of all or any substantial portion of
the ARSC Purchased Assets.

            "MONTHLY PERIOD" shall mean (i) a calendar month or (ii) with
respect to the initial Monthly Period for any Series, the period commencing on
the closing date with respect to such Series and ending on the last day of the
same month, or such other period set forth in the related Indenture Supplement.

            "MORTGAGE" shall mean, with respect to a Home, either or both of (a)
any indebtedness of the relevant Homeowner secured by a mortgage, deed of trust
or other Lien on such Home and (b) such mortgage, deed of trust or other Lien,
as the context may require.

                                      A-13
<Page>

            "MORTGAGE PAYMENT" shall mean, with respect to any Home, any payment
actually made under any Mortgage on such Home (other than a Mortgage Payoff),
including without limitation payments of principal and interest and for taxes
and insurance.

            "MORTGAGE PAYOFF" shall mean, with respect to any Home, the amount,
if any, paid to retire the entire remaining principal balance of any Mortgage on
such Home, together with interest accrued thereon to the date of payment.

            "NOTES" shall have the meaning set forth in the Indenture.

            "OBLIGOR" shall mean, with respect to any Contract, the Person or
Persons obligated to make payments in respect of Receivables arising thereunder,
including without limitation (i) with respect to any Equity Payment, Mortgage
Payoff or Mortgage Payment, the related Employer, (ii) with respect to any
Equity Loan, both the Transferred Employee and the related Employer and (iii)
with respect to any Unsold Home Receivable, the Employer party to the related
Relocation Management Agreement.

            "ORIGINATOR" shall mean CMSC and its successors and permitted
assigns.

            "ORIGINATOR ADJUSTMENT" shall have the meaning set forth in Section
4.3(c).

            "ORIGINATOR ASSETS" shall have the meaning set forth in Section
2.1(a).

            "ORIGINATOR DILUTION ADJUSTMENT" shall have the meaning set forth in
Section 4.3(b).

            "ORIGINATOR RECEIVABLES" shall have the meaning set forth in Section
2.1(a).

            "ORIGINATOR RELATED ASSETS" shall have the meaning set forth in
Section 2.1(a).

            "ORIGINATOR RELATED PROPERTY" shall have the meaning set forth in
Section 2.1(a).

            "OTHER REIMBURSABLE EXPENSE" shall mean a cost or expense that is
incurred and paid in connection with services under a Pool Relocation Management
Agreement or reimbursable by the Obligor under the applicable Pool Relocation
Management Agreement, and that is not included in the calculation of Direct
Expenses thereunder.

            "PBGC" shall mean the Pension Benefit Guaranty Corporation and any
successor thereto.

            "PERFORMANCE GUARANTOR" shall mean PHH.

            "PERMITTED CHANGE" shall mean, with respect to any Contract the form
of which is attached hereto in Exhibit C, any revisions or modifications to such
form that (i) are made by the Originator in the ordinary course of its business
consistent with the Credit and Collection Policy, (ii) do not, individually or
in the aggregate, materially adversely affect the collectibility of the CMSC
Receivables or any Receivables arising under or in connection with any CMF Home
Purchase Contract, (iii) do not, individually or in the aggregate, materially
alter (in a manner

                                      A-14
<Page>

adverse to the Originator or any of its assigns) the reimbursement or
indemnification obligations of such Obligor thereunder or the composition of the
losses, costs or expenses to which such reimbursement or indemnification
obligations pertain, (iv) would not cause such Contract to cease to be an
Eligible Contract or the Receivables arising thereunder to cease to be Eligible
Receivables and (v) do not violate any of the terms and provisions of this
Agreement.

            "PERMITTED EXCEPTION" shall mean that, with respect to any
representation, warranty or covenant with respect to the interest of the Buyer
and its assignees in the ARSC Purchased Assets or any Servicer Default, that (i)
prior to recordation (A) pursuant to Section 8.3 of this Agreement and/or
Section 2.01(d)(i) of the Transfer and Servicing Agreement or (B) 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 any mortgage or any conveyance pursuant to the related Home Purchase Contract
or Home Sale Contract in favor of any Transaction Party or any of the Buyer's
assignees and assigns pursuant to the Receivables Purchase Agreement will be
made except as otherwise permitted under Section 2.01(d)(i) of the Transfer and
Servicing Agreement and (ii) no delivery of any Home Purchase Contracts, Home
Deeds and Equity Loan Notes to any custodian will be required.

            "PERMITTED LIEN" shall mean:

                  (a) with respect to any Home, the related Receivables or
            Related Property with respect thereto, (i) an inchoate Lien on the
            Home for real estate taxes not yet due and payable, (ii) a Mortgage
            on the Home created by the related Transferred Employee and (iii)
            any Lien that is fully covered by the terms of the indemnity
            provisions of the applicable Pool Relocation Management Agreement
            and that arises in the ordinary course of the Originator's business;

                  (b) with respect to any CMSC Purchased Asset, any Lien in
            favor of the Buyer pursuant to this Agreement; and

                  (c) with respect to any ARSC Purchased Asset, any Lien created
            pursuant to the Transaction Documents.

            "PERSON" shall mean an individual, partnership, corporation
(including a business trust), joint stock company, trust, limited liability
company, unincorporated association, joint venture, government or any agency or
political subdivision thereof or any other entity.

            "PHH" shall mean PHH Corporation, a Maryland corporation, and any
successor thereto.

            "PHH GUARANTEE" shall mean the performance guarantee dated as of the
Closing Date, executed by the Performance Guarantor in favor of the Buyer and
the Issuer.

            "PLAN" shall mean each employee benefit plan (as defined in Section
3(3) of ERISA) currently sponsored, maintained or contributed to by the
Originator or any ERISA Affiliate or with respect to which the Originator or any
ERISA Affiliate has any liability.

                                      A-15
<Page>

            "POOL RELOCATION MANAGEMENT AGREEMENT" shall have the meaning set
forth in Section 2.1(a).

            "PRIME RATE" shall mean the Prime Rate as most recently published in
The Wall Street Journal in New York City.

            "PURCHASE" shall mean each purchase of CMSC Receivables and other
CMSC Purchased Assets by the Buyer from the Originator hereunder.

            "RECEIVABLE" shall mean any right arising under a Contract to
receive any payment or any funds from or on behalf of an Obligor, whether or not
earned by performance and whether constituting an account, chattel paper,
instrument, general intangible or otherwise. The term "Receivable" includes
without limitation rights to payment (whether matured or unmatured and whether
absolute or contingent) arising out of or with respect to Equity Loans, Equity
Payments, Direct Expenses, Mortgage Payments, Mortgage Payoffs, Service Fees and
Other Reimbursable Expenses and the right to payment of any and all Finance
Charges with respect to any of the foregoing, whether such amounts are owed by
an Employer, a Transferred Employee, an Ultimate Buyer or any other Obligor. The
change of a Receivable's status from that of Unsold Home Receivable to Unbilled
Receivable or from Unbilled Receivable to Billed Receivable shall not be deemed
the creation of a new Receivable for any purpose hereunder.

            "RECEIVABLES ACTIVITY REPORT" shall have the meaning provided in the
Transfer and Servicing Agreement.

            "RECORDS" shall mean all Contracts, purchase orders, invoices,
customer lists, credit files and other agreements, documents, books, records and
other media for the storage of information (including without limitation tapes,
disks, punch cards, computer software and databases and related property) with
respect to the Receivables, the Related Property and/or the related Obligors.

            "RELATED PROPERTY" shall mean, with respect to any Receivable, (i)
all security interests or liens and property subject thereto from time to time
purporting to secure payment of such Receivable, whether pursuant to the related
Relocation Management Agreement or any other Contract related to such Receivable
or otherwise; (ii) all guarantees and other agreements or arrangements of
whatever character from time to time supporting or securing payment of such
Receivable, (iii) all rights under warranties, indemnities or insurance with
respect to such Receivable, related Contracts, CMSC Related Assets (with respect
to CMSC Receivables) or CMF Related Assets (with respect to CMF Receivables),
(iv) all rights to the CMSC Home Sale Proceeds arising out of or with respect to
any CMSC Homes and CMF Home Sale Proceeds arising out of or with respect to any
CMF Homes under the related Relocation Management Agreement and (v) all Records.

            "RELOCATION MANAGEMENT AGREEMENT" shall mean an agreement pursuant
to which the Originator agrees to provide employee relocation, asset management
or other services, as the same may be amended, restated or otherwise modified
from time to time, including any and all supplements thereto, and any similar
agreement, howsoever denominated, and any agreement for intercultural services.

                                      A-16
<Page>

            "SELF-FUNDING OBLIGOR" shall mean an Employer that deposits funds
with the Originator in order to fund Equity Payments, Other Reimbursable
Expenses or other payments made to or on behalf of the Transferred Employees of
such Employer under the terms of the Employer's Relocation Management Agreement.

            "SELLER ADJUSTMENT" shall have the meaning set forth in the
Receivables Purchase Agreement.

            "SERIES" shall have the meaning set forth in the Indenture.

            "SERIES ENHANCER" shall have the meaning set forth in the Indenture.

            "SERVICE FEE" shall mean any fee payable by an Employer under a Pool
Relocation Management Agreement, including without limitation any fee payable
with respect to the marketing and sale of a particular Home or otherwise in
connection with any employee relocation services or asset management services
performed under or in connection with such Pool Relocation Management Agreement.

            "SERVICER" shall mean the Originator, in its capacity as the
Servicer under the Transfer and Servicing Agreement, and any successor thereto
in such capacity appointed pursuant to Article IX of the Transfer and Servicing
Agreement.

            "SERVICER DEFAULT" shall have the meaning set forth in the Transfer
and Servicing Agreement.

            "SERVICER DILUTION ADJUSTMENT" shall have the meaning set forth in
the Transfer and Servicing Agreement.

            "SUBSIDIARY" shall mean, with respect to any Person, any corporation
or other entity of which more than 50% of the outstanding capital stock or other
ownership interests having ordinary voting power to elect a majority of the
board of directors of such corporation (notwithstanding that at the time capital
stock of any other class or classes of such corporation shall or might have
voting power upon the occurrence of any contingency) or other persons performing
similar functions is at the time directly or indirectly owned by such Person.

            "SURVIVING ENTITY" shall have the meaning provided in Section
7.3(c)(i).

            "TERMINATION DATE" shall mean the date specified by the Indenture
Trustee following the occurrence of a CMF Purchase Termination Event; PROVIDED,
HOWEVER, that if an Event of Bankruptcy has occurred with respect to either the
Originator or the Buyer, the Termination Date shall be deemed to have occurred
automatically without any such notice.

            "TRANSACTION DOCUMENTS" shall mean, collectively, this Agreement,
the Receivables Purchase Agreement, the Transfer and Servicing Agreement, the
PHH Guarantee, the CMF Subordinated Note, the Lockbox Agreements and all
agreements, instruments, certificates, reports and documents (other than any of
the Contracts) executed and delivered or to be executed and delivered under or
in connection with any of the foregoing, as any of the foregoing may be amended,
supplemented, restated or otherwise modified from time to time.

                                      A-17
<Page>

            "TRANSACTION PARTY" shall mean the Buyer, the Originator, ARSC, the
Issuer or the Servicer (so long as the Servicer is the Originator or an
Affiliate thereof).

            "TRANSFER AND SERVICING AGREEMENT" shall mean the transfer and
servicing agreement dated as of April 25, 2000 by and between the Originator,
the Buyer, ARSC, the Servicer and the Issuer.

            "TRANSFERRED EMPLOYEE" shall mean an individual designated by an
authorized representative of an Employer pursuant to the applicable Relocation
Management Agreement as a person entitled to the benefits of such Relocation
Management Agreement.

            "UCC" shall mean the Uniform Commercial Code as from time to time in
effect in the applicable jurisdiction or jurisdictions.

            "ULTIMATE BUYER" shall mean the buyer of a Home from the Originator
(or from the Buyer or its assignee, as the case may be).

            "UNBILLED RECEIVABLE" shall mean any CMSC Receivable or CMF
Receivable (other than any Unsold Home Receivable) that has not yet been billed
to the related Obligor.

            "UNMATURED SERVICER DEFAULT" shall have the meaning set forth in the
Transfer and Servicing Agreement.

            "UNPAID BALANCE" of any Receivable shall mean at any time the unpaid
amount thereof at such time; PROVIDED, HOWEVER, that the Unpaid Balance of
Unsold Home Receivables with respect to any Home shall be the aggregate amount
(without duplication) of Receivables arising from Equity Payments, Mortgage
Payoffs, Mortgage Payments and Equity Loans in respect of such Home.

            "UNSOLD HOME RECEIVABLE" shall mean any CMSC Receivable or CMF
Receivable, including any Finance Charges in respect thereof, incurred in
respect of an Equity Loan, Equity Payment, Mortgage Payoff or Direct Expenses on
a Home that has not yet been sold to an Ultimate Buyer (or the sale of which has
not been closed or the Home Sale Proceeds of which have not been received).

            B. OTHER TERMS. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP or with United States generally
accepted regulatory 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. 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".

                                      A-18
<Page>

            D. 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.

                                      A-19
<Page>

                                  SCHEDULE 2.1
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                  List of Pool Relocation Management Agreements

                                    Attached.

                                    S-2.1-1
<Page>

                                 SCHEDULE 6.1(n)
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                           Principal Place of Business
                  and Chief Executive Office of the Originator

CENDANT MOBILITY SERVICES CORPORATION
40 Apple Ridge Road
Danbury, Connecticut 06810

                              List of Offices Where
                        the Originator Keeps CMSC Records

CENDANT MOBILITY SERVICES CORPORATION
40 Apple Ridge Road
Danbury, CT 06810

CENDANT MOBILITY SERVICES CORPORATION
8081 Royal Ridge Parkway
Suite 200
Irving, TX 75063

CENDANT MOBILITY SERVICES CORPORATION
27271 Las Ramblas
Mission Viejo, CA 92691

CENDANT MOBILITY SERVICES CORPORATION
2221 Camden Court
Oakbrook, IL 60523

CENDANT MOBILITY SERVICES CORPORATION
401 Lennon Lane
Suite 200
Walnut Creek, CA 94598

                                   S-6.1(n)-1
<Page>

                                 SCHEDULE 6.1(s)
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

          List of Legal Names for Cendant Mobility Services Corporation

Cendant Mobility Services Corporation
Coldwell Banker Moving Services, Inc.
Coldwell Banker Relocation Services, Inc.
Executrans, Inc.
HFS Mobility Services, Inc.
PHH Homequity Corporation
PHH Real Estate Services Corporation
Relocation 1, Inc.
Worldwide Relocation Management Inc.

                                   S-6.1(s)-1
<Page>

                                  SCHEDULE 11.2
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                                Notice Addresses

CENDANT MOBILITY SERVICES CORPORATION
40 Apple Ridge Road
Danbury, Connecticut 06810
Fax: (203) 205-3704

CENDANT MOBILITY FINANCIAL CORPORATION
40 Apple Ridge Road
Suite 6000
Danbury, Connecticut 06910
Fax: (203) 205-3054

                                    S-11.2-1
<Page>

                                   EXHIBIT 2.1
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                          FORM OF NOTICE OF ADDITIONAL
                      POOL RELOCATION MANAGEMENT AGREEMENTS

                                     [DATE]

Cendant Mobility Financial Corporation
40 Apple Ridge Road
Suite 6000
Danbury, CT 06810

      Re:   ADDITIONAL POOL RELOCATION MANAGEMENT AGREEMENTS

Dear Sir or Madam:

      Reference is made to the Purchase Agreement, dated as of April 25, 2000
(the "Purchase Agreement"), between Cendant Mobility Services Corporation and
Cendant Mobility Financial Corporation. Capitalized terms used herein and not
defined herein shall have the meanings assigned to them in the Purchase
Agreement.

      Pursuant to Section 2.1 of the Purchase Agreement, we are required to
deliver a notice to you on the last of day of each month setting forth the new
Relocation Management Agreements which were executed during such month. Attached
hereto is a list of Pool Relocation Management Agreements that were executed
during [Month/Year]. Pursuant to Section 2.1 of the Purchase Agreement, Schedule
2.1 to the Purchase Agreement is hereby amended to include the Relocation
Management Agreements attached hereto.

                                         Very truly yours,

                                         CENDANT MOBILITY SERVICES
                                                CORPORATION

                                         By: ______________________________
                                             Name:
                                             Title:

                                     E-2.1-1
<Page>

                                   EXHIBIT 4.2
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                          FORM OF CMF SUBORDINATED NOTE

                                 April 25, 2000

            1. NOTE. FOR VALUE RECEIVED, the undersigned, CENDANT MOBILITY
FINANCIAL CORPORATION, a Delaware corporation (the "Buyer"), hereby
unconditionally promises to pay to the order of CENDANT MOBILITY SERVICES
CORPORATION, a Delaware corporation (the "Originator"), in lawful money of the
United States of America and in immediately available funds, on the day
following the Final Payout Date, the aggregate unpaid principal sum outstanding
of all "CMF Subordinated Loans" made from time to time by the Originator to the
Buyer pursuant to and in accordance with the terms of that certain Purchase
Agreement dated as of April 25, 2000, between the Originator and the Buyer (as
amended, restated, supplemented, or otherwise modified from time to time, the
"Purchase Agreement"). Reference to Sections 4.2 and 5.2 of the Purchase
Agreement is hereby made for a statement of the terms and conditions under which
the loans evidenced hereby have been and will be made. All capitalized terms
used herein that are not otherwise specifically defined herein shall have the
meanings given to such terms in the Purchase Agreement. No advance shall be made
hereunder on any date if the aggregate principal amount outstanding hereunder on
such date after giving effect to such advance, plus the aggregate amount then
outstanding under the Notes, would exceed an amount equal to five times the net
worth of CMF. Proceeds of amounts advanced hereunder shall not be used for any
purpose except to purchase CMF Homes (including the making of Equity Payments),
to make Mortgage Payments and Mortgage Payoffs with respect to CMF Homes and to
pay Seller Adjustments.

            2. INTEREST. The Buyer further promises to pay interest on the
outstanding unpaid principal amount hereof from the date hereof until payment in
full hereof at a rate equal to LIBOR PLUS 2.25%; PROVIDED, HOWEVER, that if the
Buyer defaults in the payment of any principal hereof, the Buyer promises to
pay, on demand, interest at the Prime Rate plus 2.00% per annum on any such
unpaid amounts, accrued with respect to each Interest Period from the date such
payment is due to the date of actual payment. LIBOR shall be determined on each
LIBOR Determination Date on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such date. If such rate does not appear on Telerate Page
3750, the rate for that LIBOR Determination Date shall be determined on the
basis of the rates quoted by the four major banks in the London interbank market
selected by the Paying Agent to the Paying Agent as the rates at which deposits
in United States dollars are offered by such banks in the London interbank
market at approximately 11:00 a.m., London time, on that day to prime banks in
the London interbank market for a one-month period. Notwithstanding the
foregoing, interest shall accrue at a rate equal to 8.46% per annum during the
first Interest Period. Interest shall be payable on the

                                     E-4.2-1
<Page>

Distribution Date in each month in arrears. The outstanding principal of any
loan made under this CMF Subordinated Note shall be due and payable on the day
after the Final Payout Date, and may be repaid or prepaid at any time without
premium or penalty.

                  LIBOR Determination Date means the second London Business Day
prior to the commencement of the second and each subsequent Interest Period. A
London Business Day is any Business Day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market and banking institutions
in London are not authorized or obligated by law or regulation to close. An
Interest Period is the period beginning on and including the Distribution Date
immediately preceding such Distribution Date and ending on and excluding such
Distribution Date; PROVIDED that the first Interest Period shall begin on and
include April 25, 2000 and end on and exclude June 15, 2000. A Distribution Date
means June 15, 2000 and the fifteenth day of each calendar month thereafter, or
if such fifteenth day is not a Business Day, the next succeeding Business Day.

            3. PRINCIPAL PAYMENTS. The Originator is authorized and directed by
the Buyer to enter in its books and records the date and amount of each loan
made by it that is evidenced by this CMF Subordinated Note and the amount of
each payment of principal made by the Buyer and, absent manifest error, such
entries shall constitute prima facie evidence of the accuracy of the information
so entered; PROVIDED that neither the failure of the Originator to make any such
entry or any error therein shall expand, limit or affect the obligations of the
Buyer hereunder.

            4. SUBORDINATION. The indebtedness evidenced by this CMF
Subordinated Note is subordinated to the prior payment in full of all of the
Buyer's recourse obligations under the Receivables Purchase Agreement. The
subordination provisions contained herein are for the direct benefit of, and may
be enforced by, the Buyer's successors and assigns and/or any of their
respective assignees (collectively, the "Senior Claimants") under the
Receivables Purchase Agreement. Until the date after the Final Payout Date on
which all advances outstanding under the Receivables Purchase Agreement have
been repaid in full and all other obligations of the Buyer thereunder (all such
obligations, collectively, the "Senior Claims") have been indefeasibly paid and
satisfied in full, the Originator shall not demand, accelerate, sue for, take,
receive or accept from the Buyer, directly or indirectly, in cash or other
property or by set-off or any other manner (including without limitation from or
by way of collateral) any payment or security of all or any of the indebtedness
under this CMF Subordinated Note or exercise any remedies or take any action or
proceeding to enforce the same; PROVIDED, HOWEVER, that (i) the Originator
hereby agrees that it will not institute against the Buyer any Insolvency
Proceeding unless and until a period of one year and one day has elapsed after
the Final Payout Date and (ii) nothing in this paragraph shall restrict the
Buyer from paying, or the Originator from requesting, any payments under this
CMF Subordinated Note so long as the Buyer is not required under the Receivables
Purchase Agreement to set aside the funds used for such payments for the benefit
of, or otherwise pay over to, any of the Senior Claimants; and PROVIDED,
FURTHER, that the making of such payment would not otherwise violate the terms
and provisions of the Receivables Purchase Agreement. Should any payment,
distribution or security or proceeds thereof be received by the Originator in
violation of the immediately preceding sentence, the Originator agrees that such
payment shall be segregated, received and held in trust for the benefit of, and
deemed to be the

                                     E-4.2-2
<Page>

property of, and shall be immediately paid over and delivered to the Indenture
Trustee for the benefit of the Senior Claimants.

            5. BANKRUPTCY; INSOLVENCY. Upon the occurrence of any Insolvency
Proceeding involving the Buyer as debtor, then and in any such event the Senior
Claimants shall receive payment in full of all amounts due under the Receivables
Purchase Agreement (whether or not any or all of such amount is an allowable
claim in any such proceeding) before the Originator is entitled to receive
payment on account of this CMF Subordinated Note and, to that end, any payment
or distribution of assets of the Buyer of any kind or character, whether in
cash, securities or other property in any applicable Insolvency Proceeding which
would otherwise be payable to, or deliverable upon or with respect to, any or
all indebtedness under this CMF Subordinated Note, is hereby assigned to and
shall be paid or delivered by the Person making such payment or delivery
(whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee
or otherwise) pursuant to the Receivables Purchase Agreement for application to,
or as collateral for the payment of, the Senior Claim until such Senior Claim
shall have been paid in full and satisfied.

            6. GOVERNING LAW. THIS CMF SUBORDINATED NOTE SHALL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE
WITH THE LAWS AND DECISIONS OF THE STATE OF NEW YORK. WHEREVER POSSIBLE EACH
PROVISION OF THIS CMF SUBORDINATED NOTE SHALL BE INTERPRETED IN SUCH MANNER AS
TO BE EFFECTIVE AND VALID UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS CMF
SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH
PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY,
WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS
OF THIS CMF SUBORDINATED NOTE.

            7. WAIVERS. All parties hereto, whether as makers, endorsers, or
otherwise, severally waive presentment for payment, demand, protest and notice
of dishonor. Originator additionally expressly waives all notice of the
acceptance by any Senior Claimant of the subordination and other provisions of
this CMF Subordinated Note and expressly waives reliance by any Senior Claimant
upon the subordination and other provisions herein provided.

            8. ASSIGNMENT. Prior to the satisfaction and discharge of the
Indenture pursuant to Article IV thereof, this CMF Subordinated Note may not be
assigned, pledged or otherwise transferred to any party other than Originator
except in accordance with the Receivables Purchase Agreement.

                                       Cendant Mobility Financial Corporation

                                       By: _____________________________
                                           Name:
                                           Title:

                                     E-4.2-3
<Page>

                                 EXHIBIT 6.1(u)
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                          CREDIT AND COLLECTION POLICY

                                    Attached.

                                   E-6.1(u)-1
<Page>

                                 EXHIBIT 7.3(j)
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                          FORM OF ACKNOWLEDGMENT LETTER

                                     [Date]

Bank One, National Association,
  as Indenture Trustee
[Address]
Attn: [Corporate Trust Department]

MBIA Insurance Corporation,
  as Insurer
113 King Street
Armonk, NY 10504
Attn: [         ]

      Re:   APPLE RIDGE FUNDING, LLC NOTES, SERIES 2000-1

Ladies and Gentlemen:

            Reference is made to that certain Transfer and Servicing Agreement
dated March __, 2000 (as amended, modified, restated or supplemented from time
to time, the "TRANSFER AGREEMENT") among Cendant Mobility Services Corporation
("CMSC") as an Originator and as Servicer, Cendant Mobility Financial
Corporation ("CMF"), as an Originator, Apple Ridge Services Corporation, as
Transferor (the "TRANSFEROR"), Apple Ridge Funding, LLC, as Issuer (the
"ISSUER") and Bank One, National Association, as Indenture Trustee (the
"INDENTURE TRUSTEE"). Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Transfer Agreement.

            1. The undersigned [creditor of] [buyer from] CMSC (the "CMSC
CREDITOR" ["CMSC BUYER"]) hereby acknowledges that: (a) CMF is a limited purpose
corporation whose primary activities are restricted in its certificate of
incorporation to purchasing Receivables arising under certain Pool Relocation
Management Agreements (the "POOL CONTRACTS") and other CMSC Purchased Assets
from CMSC, making Equity Advances to employees or otherwise purchasing Homes in
connection with the Pool Contracts, funding such activities through the sale of
Receivables (the "POOL RECEIVABLES") to the Transferor, and such other
activities as it deems necessary or appropriate in connection therewith; (b) the
Transferor is a limited purpose corporation whose primary activities are
restricted in its certificate of incorporation to purchasing from CMF all Pool
Receivables acquired by CMF from CMSC or otherwise originated by CMF, funding
such acquisitions through the sale of the Pool Receivables to the Issuer and
such other

                                   E-7.3(j)-1
<Page>

activities as it deems necessary or appropriate to carry out such activities;
and (c) the Issuer is a limited purpose limited liability company whose
activities are limited in its certificate of formation to purchasing the Pool
Receivables from the Transferor, funding such acquisitions through the issuance
of the Notes and other securities, pledging such Pool Receivables to the
Indenture Trustee and such other activities as it deems necessary or appropriate
to carry out such activities.

            2. The CMSC [Creditor] [Buyer] hereby acknowledges and agrees that:
(a) the foregoing transfers are intended to be true and absolute sales as a
result of which CMSC has no right, title and interest in and to the Pool
Receivables, any Homes acquired by CMF in connection therewith nor any related
property sold or purported to be sold by CMSC to CMF or by CMF to the Transferor
or by the Transferor to the Issuer under the transactions described above,
including any proceeds thereof or earnings thereon (collectively, the "Pool
Assets"); (b) none of CMF, the Transferor and the Issuer are parties to the
[INSERT NAME OF AGREEMENT TO WHICH THE CMSC [CREDITOR] [BUYER]/BUYER IS A PARTY
AND BY WHICH CMSC IS BOUND] [(the "CMSC [CREDIT] [SECURITIZATION] AGREEMENT")];
(b) the CMSC [Creditor] [Buyer] is not a creditor of, and has no recourse to
CMF, the Transferor or the Issuer pursuant to the CMSC [Credit] [Securitization]
Agreement or any other documents executed in connection therewith; and (c) the
CMSC [Creditor] [Buyer] has no lien on or claim, contractual or otherwise,
arising under the CMSC [Credit] [Securitization] Agreement to the Pool Assets
(whether now existing or hereafter acquired and whether tangible or intangible);
provided that nothing herein shall limit any rights the CMSC [Creditor] [Buyer]
may have to any proceeds or earnings which are transferred from time to time to
CMSC by CMF, the Transferor or the Issuer.

            3. The CMSC [Creditor] [Buyer] hereby covenants and agrees that it
will not file nor join with any other person in filing against CMF, the
Transferor or the Issuer any involuntary bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding under any Federal or state
bankruptcy or similar law at any time other than a date which is at least one
year and one day after all amounts under the Indenture have been paid in full;
provided, that, the foregoing shall not limit the right of the CMSC [Creditor]
[Buyer] to file any claim in or otherwise take any action (not inconsistent with
the express provisions of this agreement) permitted or required by applicable
law with respect to any insolvency proceeding instituted against CMF, the
Transferor or the Issuer by any other person.

            4. Without limiting the foregoing, in the event of any voluntary or
involuntary proceeding of the type described in paragraph 3 above involving
CMSC, CMF, the Transferor or the Issuer or any other affiliates of CMSC as
debtor, or otherwise, the undersigned agrees that if, notwithstanding the intent
of the parties, CMSC is found to have a property interest in the Pool Assets,
then, in such event, CMF and its assigns, including the Indenture Trustee for
the benefit of the Noteholders and the Insurer, shall have a first and prior
claim to the Pool Assets, and any claim or rights the CMSC [Creditor] [Buyer]
may have to the Pool Assets, contractual or otherwise, shall be subject to the
prior claims of the Indenture Trustee and the Noteholders until all amounts
owing under the Indenture shall have been paid in full and the CMSC [Creditor]
[Buyer] agrees to turn over to the Indenture Trustee any amounts received
contrary to the provisions of this paragraph 4.

                                   E-7.3(j)-2
<Page>

            5. The CMSC [Creditor] [Buyer] hereby covenants and agrees that it
will not agree to any amendment, supplement or other modification of this
agreement, without the prior written consent of the Insurer and the Indenture
Trustee. The CMSC [Creditor] [Buyer] further agrees that the provisions of this
agreement are made for the benefit of, and may be relied upon and enforced by,
the Indenture Trustee and the Insurer and that such parties shall be third-party
beneficiaries hereof.

                                             [NAME OF CMSC CREDITOR/BUYER]

                                             By: _______________________________
                                                 Name:
                                                 Title:

                                   E-7.3(j)-3
<Page>

                                    EXHIBIT C
                                       to
                               PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                    FORMS OF RELOCATION MANAGEMENT AGREEMENTS

                                    Attached.

                                      E-C-1<Page>

                                                                   Exhibit 10.15

                                                                  EXECUTION COPY

                         RECEIVABLES PURCHASE AGREEMENT

                           Dated as of April 25, 2000

                                 by and between

                     CENDANT MOBILITY FINANCIAL CORPORATION

                            as originator and seller,

                                       and

                        APPLE RIDGE SERVICES CORPORATION

                                    as buyer

<Page>

                                TABLE OF CONTENTS

                                                                            PAGE

                                    ARTICLE I

                                   DEFINITIONS

                                   ARTICLE II

                           SALE AND PURCHASE OF ASSETS

Section 2.1    Sale and Purchase...............................................1

Section 2.2    Purchases.......................................................2

Section 2.3    No Assumption...................................................3

Section 2.4    No Recourse.....................................................3

Section 2.5    True Sales......................................................3

Section 2.6    Servicing of ARSC Purchased Assets..............................3

Section 2.7    Financing Statements............................................3

                                   ARTICLE III

                       CALCULATION OF ARSC PURCHASE PRICE

Section 3.1    Calculation of the ARSC Purchase Price..........................4

                                   ARTICLE IV

                         PAYMENT OF ARSC PURCHASE PRICE

Section 4.1    ARSC Purchase Price Payments....................................4

Section 4.2    The ARSC Subordinated Note......................................5

Section 4.3    Seller Adjustments; Originator Adjustments......................5

Section 4.4    Payments and Computations, Etc..................................6

                                    ARTICLE V

                              CONDITIONS PRECEDENT

Section 5.1    Conditions Precedent to Sales and Purchases.....................6

Section 5.2    Conditions Precedent to ARSC Subordinated Loans.................6

                                      -i-
<Page>

                                TABLE OF CONTENTS
                                   (CONTINUED)

                                                                            PAGE

                                   ARTICLE VI

                         REPRESENTATIONS AND WARRANTIES

Section 6.1    Representations and Warranties of the Seller....................7

Section 6.2    Representations and Warranties of ARSC.........................11

                                   ARTICLE VII

                                GENERAL COVENANTS

Section 7.1    Affirmative Covenants of the Seller............................12

Section 7.2    Reporting Requirements.........................................15

Section 7.3    Negative Covenants of the Seller...............................17

Section 7.4    Affirmative Covenants of ARSC..................................18

                                  ARTICLE VIII

            ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF THE ARSC

                                PURCHASED ASSETS

Section 8.1    Rights of ARSC.................................................19

Section 8.2    Responsibilities of the Seller.................................20

Section 8.3    Further Action Evidencing Purchases............................20

Section 8.4    CMF Collections; Rights of ARSC and its Assignees..............21

                                   ARTICLE IX

                                   TERMINATION

Section 9.1    ARSC Purchase Termination Events...............................22

Section 9.2    Purchase Termination...........................................22

                                      -ii-
<Page>

                                TABLE OF CONTENTS
                                   (CONTINUED)

                                                                            PAGE

                                    ARTICLE X

                       INDEMNIFICATION; SECURITY INTEREST

Section 10.1   Indemnities by the Seller......................................23

Section 10.2   Security Interest..............................................25

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.1   Amendments; Waivers, Etc.......................................25

Section 11.2   Notices, Etc...................................................26

Section 11.3   Cumulative Remedies............................................26

Section 11.4   Binding Effect; Assignability; Survival of Provisions..........26

Section 11.5   Governing Law..................................................26

Section 11.6   Costs, Expenses and Taxes......................................26

Section 11.7   Submission to Jurisdiction.....................................27

Section 11.8   Waiver of Jury Trial...........................................28

Section 11.9   Integration....................................................28

Section 11.10  Captions and Cross References..................................28

Section 11.11  Execution in Counterparts......................................28

Section 11.12  Acknowledgment and Consent.....................................28

Section 11.13  No Partnership or Joint Venture................................29

Section 11.14  No Proceedings.................................................29

Section 11.15  Severability of Provisions.....................................29

Section 11.16  Recourse to the Seller.........................................29

Section 11.17  Recourse to ARSC...............................................29

Section 11.18  Confidentiality................................................30

                                     -iii-
<Page>

                                    APPENDIX

APPENDIX A              Definitions

                                    SCHEDULES

SCHEDULE 2.1            List of CMF Home Purchase Contracts

SCHEDULE 6.1(n)         Principal Place of Business and Chief Executive Office
                        of the Seller and List of Offices Where the Seller Keeps
                        CMF Records

SCHEDULE 6.1(q)         List of Legal Names for Cendant Mobility Financial
                        Corporation

SCHEDULE 11.2           Notice Addresses

                                    EXHIBITS

EXHIBIT 2.1             Form of Notice of Additional CMF Home Purchase Contracts

EXHIBIT 4.2             Form of ARSC Subordinated Note

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                         RECEIVABLES PURCHASE AGREEMENT

            THIS RECEIVABLES PURCHASE AGREEMENT (this "AGREEMENT") dated as of
April 25, 2000 made by and between CENDANT MOBILITY FINANCIAL CORPORATION, a
Delaware corporation, as originator and seller (the "SELLER") and APPLE RIDGE
SERVICES CORPORATION, a Delaware Corporation, as buyer ("ARSC").

            WHEREAS, the Seller has purchased certain Receivables and Related
Assets from Cendant Mobility Services Corporation ("CMSC") and from time to time
hereafter will create, and will purchase from CMSC, additional Receivables and
Related Assets; and

            WHEREAS, the Seller wishes to sell Receivables and Related Assets
that it now owns and Receivables and Related Assets that it from time to time
hereafter will own to ARSC, and ARSC is willing to purchase such Receivables and
Related Assets from the Seller from time to time, on the terms and subject to
the conditions contained in this Agreement; and

            WHEREAS, ARSC intends to transfer the ARSC Purchased Assets to the
Issuer from and after the Closing Date pursuant to the terms of the Transfer and
Servicing Agreement;

            NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

            Capitalized terms used and not otherwise defined in this Agreement
have the meanings specified in Part A of Appendix A or as specified in Appendix
A of the Purchase Agreement. In addition, this Agreement shall be interpreted in
accordance with the conventions set forth in Parts B, C and D of Appendix A.

                                   ARTICLE II

                           SALE AND PURCHASE OF ASSETS

            Section 2.1 SALE AND PURCHASE.

            (a) AGREEMENT. Upon the terms and subject to the conditions hereof,
ARSC agrees to buy, and the Seller agrees to sell, all of the Seller's right,
title and interest in and to the following:

                  (i) all CMSC Purchased Assets owned by the Seller on the
      Closing Date or thereafter purchased, and all rights of the Seller under
      the Purchase Agreement

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      and the PHH Guarantee with respect to the CMSC Purchased Assets
      (collectively, the "SELLER PURCHASED ASSETS");

                  (ii) all Receivables arising out of or with respect to Equity
      Payments, Mortgage Payments and Mortgage Payoffs made by the Seller in
      respect of Home Purchase Contracts to which CMF is a party from and after
      the Closing Date (collectively, the "SELLER RECEIVABLES");

                  (iii) all Related Property with respect to the Seller
      Receivables (collectively, the "SELLER RELATED PROPERTY");

                  (iv) all CMF Collections;

                  (v) all proceeds of and earnings on any of the foregoing; and

                  (vi) all of the right, title and interest (if any) CMF has in,
      to or under CMF Designated Receivables, including all Related Property
      with respect thereto and all proceeds thereof, including all rights, if
      any, to reimbursement of, or interest on, such CMF Designated Receivables.

            The items listed above in clauses (iii), (iv) and (v), whenever and
wherever arising, are collectively referred to herein as the "SELLER RELATED
ASSETS." The Seller Purchased Assets, the Seller Receivables and the Seller
Related Assets are sometimes collectively referred to herein as the "SELLER
ASSETS."

            As used herein, "CMF PURCHASED ASSETS" means Seller Purchased Assets
that are being purchased or have been Purchased by ARSC hereunder; "CMF
RECEIVABLES" means Seller Receivables that are being purchased or have been
Purchased by ARSC hereunder; "CMF RELATED PROPERTY" means Seller Related
Property that is being purchased or has been Purchased by ARSC hereunder; "CMF
RELATED ASSETS" means Seller Related Assets that are being purchased or have
been Purchased by ARSC hereunder; and "ARSC PURCHASED ASSETS" means Seller
Assets that are being purchased or have been Purchased by ARSC hereunder.

            Schedule 2.1 sets forth a list of all CMF Home Purchase Contracts as
of the Closing Date. Each new Home Purchase Contract that is not an Excluded
Contract and that is entered into by the Seller on any day in a month shall be
added to the CMF Home Purchase Contracts and shall be reported on the last day
of such month by delivering a notice as set forth in Exhibit 2.1 to ARSC or its
designee, whereupon Schedule 2.1 shall be amended by the Seller to add such new
Home Purchase Contract to the list of CMF Home Purchase Contracts set forth
therein. On or prior to the date of the delivery of any such notice, the Seller
shall indicate, or cause to be indicated, in its computer files, books and
records that the CMF Receivables and other ARSC Purchased Assets then existing
and thereafter created pursuant to or in connection with each such CMF Home
Purchase Contract are being transferred to ARSC pursuant to this Agreement.

            (b) TREATMENT OF CERTAIN RECEIVABLES AND CMF RELATED ASSETS. It is
expressly understood that (i) each Pool Receivable sold to ARSC hereunder,
together with all other CMSC Purchased Assets and all CMF Related Assets then
existing or thereafter created and arising with

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respect thereto, will thereafter be the property of ARSC (or its assignees),
without the necessity of any further purchase or other action by ARSC (other
than satisfaction of the conditions set forth herein) and (ii) the change of a
Receivable's status from that of Unsold Home Receivable to Unbilled Receivable
or from Unbilled Receivable to Billed Receivable shall not be deemed the
creation of a new Receivable for any purpose.

            Section 2.2 PURCHASES. On the Closing Date, ARSC shall purchase all
of the Seller's right, title and interest in and to all Seller Assets and in any
property described in clause (vi) of Section 2.1 existing as of the close of
business on the immediately preceding Business Day. On each Business Day
thereafter until the ARSC Termination Date, ARSC shall purchase all of the
Seller's right, title and interest in and to all Seller Assets and in any
property described in clause (vi) of Section 2.1 existing as of the close of
business on the immediately preceding Business Day that were not previously
purchased by ARSC hereunder. Notwithstanding the foregoing, if an Insolvency
Proceeding is pending with respect to either the Seller or ARSC prior to the
Termination Date, the Seller shall not sell and ARSC shall not buy any ARSC
Purchased Assets hereunder unless and until such Insolvency Proceeding is
dismissed or otherwise terminated.

            Section 2.3 NO ASSUMPTION. The sales and Purchases of ARSC Purchased
Assets do not constitute and are not intended to result in a creation or an
assumption by ARSC or its successors and assigns of any obligation of CMSC, the
Seller or any other Person in connection with the ARSC Purchased Assets (other
than such obligations as may arise from the ownership of the Pool Receivables)
or under the related Contracts or any other agreement or instrument relating
thereto, including without limitation any obligation to any Obligors or
Transferred Employees. None of the Servicer, ARSC or ARSC's assignees shall have
any obligation or liability to any Obligor, Transferred Employee or other
customer or client of CMSC (including without limitation any obligation to
perform any of the obligations of CMSC under any Relocation Management
Agreement, CMSC Home Purchase Contract, CMSC Related Property or any other
agreement or any obligation of the Seller under any CMF Home Purchase Contract),
except such obligations as may arise from the ownership of the Pool Receivables.
Except as expressly provided in Section 3.05(j) of the Transfer and Servicing
Agreement, no such obligation or liability to any Obligor, Transferred Employee
or other customer or client of CMSC is intended to be assumed by the Servicer or
its successors and assigns hereunder or under the Transfer and Servicing
Agreement, and any such assumption is expressly disclaimed.

            Section 2.4 NO RECOURSE. Except as specifically provided in this
Agreement, the sale and Purchase of the ARSC Purchased Assets and any other
property described in clause (vi) of Section 2.1(a) under this Agreement shall
be without recourse to the Seller; PROVIDED, HOWEVER, that the Seller shall be
liable to ARSC and its successors and assigns for all representations,
warranties, covenants and indemnities made by it pursuant to the terms of this
Agreement (IT BEING UNDERSTOOD that such obligations of the Seller will not
arise solely on account of the credit-related inability of an Obligor to pay a
Receivable).

            Section 2.5 TRUE SALES. The Seller and ARSC intend the transfers of
ARSC Purchased Assets hereunder to be true sales by the Seller to ARSC that are
absolute and irrevocable and to provide ARSC with the full benefits of ownership
of the ARSC Purchased Assets, and neither the Seller nor ARSC intends the
transactions contemplated hereunder to be,

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or for any purpose to be characterized as, loans from ARSC to the Seller,
secured by the ARSC Purchased Assets.

            Section 2.6 SERVICING OF ARSC PURCHASED ASSETS. Consistent with
ARSC's ownership of all ARSC Purchased Assets and subject to the terms of the
Pool Relocation Management Agreements, as between the parties to this Agreement,
ARSC shall have the sole right to service, administer and collect all ARSC
Purchased Assets, to assign such right and to delegate such right to others. In
consideration of ARSC's purchase of the ARSC Purchased Assets and as more fully
set forth in Section 11.12, the Seller hereby acknowledges and agrees that ARSC
intends to assign for the benefit of the Issuer and its successors and assigns
the rights and interests granted by the Seller to ARSC hereunder, and agrees to
cooperate fully with the Issuer and its successors and assigns in the exercise
of such rights.

            Section 2.7 FINANCING STATEMENTS. In connection with the transfer
described above, the Seller agrees, at its expense, to record and file financing
statements (and continuation statements when applicable) with respect to the
ARSC Purchased Assets conveyed by the Seller meeting the requirements of
applicable law in such manner and in such jurisdictions as are necessary to
perfect and maintain the perfection of the transfer and assignment of its
interest in the ARSC Purchased Assets to ARSC, and to deliver a file stamped
copy of each such financing statement or other evidence of such filing to ARSC
as soon as practicable after the Closing Date; PROVIDED, HOWEVER, that prior to
recordation pursuant to Section 8.3 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 pursuant to
the related Home Purchase Contract or Home Sale Contract shall be made except as
otherwise required or permitted under Section 2.01(d)(i) of the Transfer and
Servicing Agreement.

                                   ARTICLE III

                       CALCULATION OF ARSC PURCHASE PRICE

            Section 3.1 CALCULATION OF THE ARSC PURCHASE PRICE.

            (a) On each Business Day from and including the Closing Date to but
excluding the Termination Date, the Seller shall deliver, or cause the Servicer
to deliver, to ARSC an accounting (each, a "DAILY SELLER REPORT") with respect
to (i) the Purchases of ARSC Purchased Assets to be made on such Business Day
and (ii) the ARSC Purchase Price to be paid on account of the foregoing as
calculated in accordance with this Section 3.1.

            (b) With respect to the Purchase of any ARSC Purchased Assets by
ARSC from the Seller pursuant to Article II, (i) on the Closing Date, ARSC shall
pay to the Seller a purchase price equal to $653,974,274, and (ii) on any day
thereafter ARSC shall pay to the Seller a purchase price equal to the fair
market value thereof using a discount rate and expected collection period to be
recalculated monthly based on ARSC's weighted cost of funds and Average Days
Outstanding for the prior month and assuming a reasonable return on ARSC's
equity (each such purchase price, the "ARSC PURCHASE PRICE"), calculated in the
case of each CMF Receivable at the time of such CMF Receivable's sale to ARSC,
and adjusted to reflect

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such factors as the Seller and ARSC mutually agree will result in an ARSC
Purchase Price determined to be the fair market value of such ARSC Purchased
Assets.

                                   ARTICLE IV

                         PAYMENT OF ARSC PURCHASE PRICE

            Section 4.1 ARSC PURCHASE PRICE PAYMENTS. On the terms and subject
to the conditions of this Agreement, ARSC shall pay to the Seller on the Closing
Date the ARSC Purchase Price for the ARSC Purchased Assets sold on such date, by
paying such ARSC Purchase Price to the Seller in cash. On the terms and subject
to the conditions of this Agreement, ARSC shall pay to the Seller, on each other
Business Day on which any ARSC Purchased Assets are purchased from the Seller by
ARSC pursuant to Article II, the ARSC Purchase Price for such ARSC Purchased
Assets by paying such ARSC Purchase Price to the Seller in cash (including funds
borrowed under the ARSC Subordinated Note as provided in the ARSC Subordinated
Note and in Sections 4.2 and 5.2 of this Agreement).

            Section 4.2 THE ARSC SUBORDINATED NOTE. On the Closing Date, ARSC
shall deliver to CMSC the ARSC Subordinated Note in the form set forth as
Exhibit 4.2. Pursuant to the terms of, and subject to the limitations set forth
in, the ARSC Subordinated Note, CMF will request from CMSC an advance (each, an
"ARSC SUBORDINATED LOAN") on or prior to the ARSC Termination Date for the
purpose of purchasing ARSC Purchased Assets hereunder. Pursuant to the terms of
the ARSC Subordinated Note, ARSC shall not request or receive any advance
thereunder on any date if the aggregate principal amount outstanding thereunder
on such date, after giving effect to such advance, would exceed an amount equal
to five times the net worth of ARSC (such maximum amount required to be advanced
at any time, the "ARSC SUBORDINATED NOTE CAP"). The ARSC Subordinated Loans
shall be evidenced by, and shall be payable in accordance with the terms and
provisions of, the ARSC Subordinated Note. Notwithstanding any other provision
of this Agreement, ARSC shall not use funds borrowed under the ARSC Subordinated
Note for any purpose other than paying the ARSC Purchase Price.

            Section 4.3 SELLER ADJUSTMENTS; ORIGINATOR ADJUSTMENTS

            (a) With respect to any CMF Receivable created by the Seller, if on
any day ARSC (or ARSC's assignee), the Servicer or the Seller determines that
(i) any CMF Receivable that (A) was not identified by or on behalf of the Seller
in the Daily Seller Report as other than an Eligible Receivable on the Business
Day such CMF Receivable was sold hereunder or (B) was otherwise treated as or
represented to be an Eligible Receivable in any Receivables Activity Report, was
not in fact an Eligible Receivable on such date or (ii) any of the
representations or warranties set forth in Section 6.1(d) or 6.1(k) was not true
when made with respect to such CMF Receivable or the related CMF Related Asset
(each such CMF Receivable described in clause (i) or clause (ii), a "CMF
NONCOMPLYING ASSET"), then the Seller shall pay the aggregate Unpaid Balance of
such CMF Receivables (such payment, the "CMF NONCOMPLYING ASSET ADJUSTMENT") to
ARSC in accordance with Section 4.3(c).

            (b) If on any day the Unpaid Balance of any CMF Receivable (i) is
reduced as a result of any cash discount or any adjustment by the Seller, (ii)
is subject to reduction on

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account of any offsetting account payable of the Seller to an Obligor or is
reduced or cancelled as a result of a set-off in respect of any claim by, or
defense or credit of, the related Obligor against the Seller (whether such
claim, defense or credit arises out of the same or a related or an unrelated
transaction) or (iii) is reduced on account of the obligation of the Seller to
pay to the related Obligor any rebate or refund (each of the reductions and
cancellations described above in clauses (i) through (iii), a "SELLER DILUTION
ADJUSTMENT"), then the Seller shall pay such Seller Dilution Adjustment to ARSC
in accordance with Section 4.3(c).

            (c) On each Business Day, the Seller shall pay to ARSC in cash in
accordance with Section 4.4, an amount (a "SELLER ADJUSTMENT") equal to the SUM
of (A) the aggregate Seller Dilution Adjustment, if any, for each day from and
including the immediately preceding Business Day PLUS (B) the CMF Noncomplying
Asset Adjustment, if any, for each day from and including the immediately
preceding Business Day. The CMF Receivables that gave rise to any CMF
Noncomplying Asset Adjustment shall remain the property of ARSC. From and after
the day on which any CMSC Noncomplying Asset Adjustment or CMF Noncomplying
Asset Adjustment is made, any collections received by ARSC that are identified
as proceeds of the Receivables that gave rise to such CMSC Noncomplying Asset
Adjustment or CMF Noncomplying Asset Adjustment and any Related Property with
respect to such Receivable shall be promptly returned to the Seller.

            (d) The Seller shall pay to ARSC in cash, on the date of receipt by
the Seller, any payment in respect of Originator Adjustments relating to the
ARSC Purchased Assets made by CMSC to the Seller pursuant to the Purchase
Agreement. The Seller shall instruct CMSC to deposit all payments in respect of
such Originator Adjustments directly in the Collection Account.

            Section 4.4 PAYMENTS AND COMPUTATIONS, ETC. All amounts to be paid
by the Seller to ARSC hereunder shall be paid in accordance with the terms
hereof no later than 11:00 a.m. (New York time) on the day when due in United
States dollars in immediately available funds to an account specified in writing
from time to time by ARSC or its designee. Payments received by ARSC after such
time shall be deemed to have been received on the next Business Day. If any
payment becomes due on a day that is not a Business Day, then such payment shall
be made on the next succeeding Business Day. The Seller shall pay to ARSC, on
demand, interest on all amounts not paid when due hereunder at a rate equal to
the Prime Rate plus 2% per annum; PROVIDED, HOWEVER, that such interest rate
shall not at any time exceed the maximum rate permitted by applicable law. All
computations of interest payable hereunder shall be made on the basis of a year
of 360 days for the actual number of days elapsed (including the first day but
excluding the last day). All payments made under this Agreement shall be made
without set-off or counterclaim.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

            Section 5.1 CONDITIONS PRECEDENT TO SALES AND PURCHASES. No Purchase
of ARSC Purchased Assets shall be made hereunder on any date on which ARSC does
not have

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sufficient funds available to pay the ARSC Purchase Price in cash (including
cash made available to ARSC under the ARSC Subordinated Loan).

            Section 5.2 CONDITIONS PRECEDENT TO ARSC SUBORDINATED LOANS. ARSC
shall not request any ARSC Subordinated Loan under the ARSC Subordinated Note
unless the following conditions precedent have been satisfied on the date of
such ARSC Subordinated Loan:

            (a) the ARSC Subordinated Note shall have been duly executed and
delivered by ARSC and shall be in full force and effect;

            (b) no Event of Bankruptcy shall have occurred and be continuing
with respect to ARSC; and

            (c) after giving effect to such ARSC Subordinated Loan, the
aggregate outstanding principal amount of the ARSC Subordinated Note shall not
exceed the ARSC Subordinated Note Cap.

                                   ARTICLE VI

                         REPRESENTATIONS AND WARRANTIES

            Section 6.1 REPRESENTATIONS AND WARRANTIES OF THE SELLER. In order
to induce ARSC to enter into this Agreement and to make Purchases hereunder, the
Seller hereby makes the representations and warranties set forth in this Section
6.1, in each case as of the date hereof, as of the Closing Date, as of the date
of each Purchase hereunder and as of any other date specified in such
representation and warranty.

            (a) ORGANIZATION AND GOOD STANDING. The Seller is a corporation duly
organized and validly existing in good standing under the laws of the State of
Delaware and has full power and authority to own its properties and to conduct
its business as such properties are presently owned and such business is
presently conducted. The Seller had at all relevant times, and now has, all
necessary power, authority and legal right to own and sell the ARSC Purchased
Assets.

            (b) DUE QUALIFICATION. The Seller is duly qualified to do business,
is in good standing as a foreign corporation, and has obtained (or has filed all
necessary applications for and will obtain within 60 days of the Closing Date)
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.

            (c) POWER AND AUTHORITY: DUE AUTHORIZATION. The Seller (i) has all
necessary corporate power and authority (A) to execute and deliver this
Agreement, the Contracts and the other Transaction Documents to which it is a
party, (B) to perform its obligations under this Agreement, the Contracts and
the other Transaction Documents to which it is a party and (C) to

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sell and assign the ARSC Purchased Assets transferred hereunder on and after
such date, on the terms and subject to the conditions herein and therein
provided and (ii) has duly authorized by all necessary corporate action such
sale and assignment and the execution, delivery and performance of, and the
consummation of the transactions provided for in, this Agreement, the Contracts
and the other Transaction Documents to which it is a party.

            (d) VALID SALE; BINDING OBLIGATIONS. This Agreement constitutes a
valid sale, transfer, set-over and conveyance to ARSC of all of the Seller's
right, title and interest in, to and under the Pool Receivables transferred
hereunder on such date, which is perfected and of first priority (subject to
Permitted Liens and Permitted Exceptions) under the UCC and other applicable
law, enforceable against creditors of, and purchasers from, the Seller, free and
clear of any Lien (other than Permitted Liens); and this Agreement constitutes,
and each other Transaction Document to which the Seller is a party when duly
executed and delivered will constitute, a legal, valid and binding obligation of
the Seller, enforceable against the Seller 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 be signed by the Seller, 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 incorporation or the by-laws of the Seller or (B) any material
indenture, loan agreement, mortgage, deed of trust or other material agreement
or instrument to which the Seller is a party or by which it or any of its
properties is bound, (ii) result in the creation or imposition of any Lien on
any of the ARSC Purchased 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 or
(iii) conflict with or violate any federal, state, local or foreign law or any
decision, decree, order, rule or regulation applicable to the Seller or of any
federal, state, local or foreign regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller, which conflict
or violation described in this clause (iii), individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

            (f) LITIGATION AND OTHER PROCEEDINGS. (i) There is no action, suit,
proceeding or investigation pending, or to the best knowledge of the Seller
threatened, against the Seller before any court, arbitrator, regulatory body,
administrative agency or other tribunal or governmental instrumentality and (ii)
the Seller is not subject to any order, judgment, decree, injunction,
stipulation or consent order of or with any court or other government authority
that, in the case of either of the foregoing clauses (i) or (ii), (A) asserts
the invalidity of this Agreement or any other Transaction Document, (B) seeks to
prevent the sale of any ARSC Purchased Asset by the Seller to ARSC, the creation
of a material amount of CMF Receivables or the consummation of any of the
transactions contemplated by this Agreement or any other Transaction Document,
(C) seeks any determination or ruling that, in the reasonable judgment of the
Seller, would materially and adversely affect the performance by the Seller of
its obligations

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under this Agreement or any other Transaction Document to which it is a party or
the validity or enforceability of this Agreement or any other Transaction
Document to which it is a party 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, (i) all authorizations, consents,
orders and approvals of, or other actions by, any Governmental Authority that
are required to be obtained by the Seller in connection with the conveyance of
the ARSC Purchased Assets transferred hereunder on and after such date, or the
due execution, delivery and performance by the Seller of this Agreement or any
other Transaction Document to which it is a party and the consummation of the
transactions contemplated by this Agreement or any other Transaction Documents
to which it is a party have been obtained or made and are in full force and
effect and (ii) all filings with any Governmental Authority that are required to
be obtained in connection with such conveyance and the execution and delivery by
the Seller of this Agreement have been made; PROVIDED, HOWEVER, that prior to
recordation pursuant to Section 8.3 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 pursuant to
the related Home Purchase Contract or Home Sale Contract shall be made except as
otherwise required or permitted under Section 2.01(d)(i) of the Transfer and
Servicing Agreement.

            (h) MARGIN REGULATIONS. The Seller is not engaged, principally or as
one of 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).
The Seller has not taken and will not take any action to cause the use of
proceeds of the sales hereunder to violate said Regulations T, U or X.

            (i) TAXES. The Seller 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 (i) 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) or (ii) the amount of which, either singly or in
the aggregate, would not have a Material Adverse Effect.

            (j) SOLVENCY. After giving effect to the conveyance of ARSC
Purchased Assets hereunder on such date, the Seller is solvent and able to pay
its debts as they come due and has adequate capital to conduct its business as
presently conducted.

            (k) QUALITY OF TITLE/VALID TRANSFERS.

                  (i) Immediately before the Purchase to be made by ARSC
            hereunder on such date, each ARSC Purchased Asset to be sold to ARSC
            shall be owned by the Seller free and clear of any Lien (other than
            any Permitted Lien), and the Seller 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

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            ownership interest of ARSC and its successors and assigns in such
            ARSC Purchased Assets against all creditors of, and purchasers from,
            the Seller (subject to Permitted Exceptions).

                  (ii) With respect to each Pool Receivable transferred
            hereunder on such date, ARSC shall acquire a valid and (subject to
            Permitted Exceptions) perfected ownership interest in such Pool
            Receivable and any identifiable proceeds thereof, free and clear of
            any Lien (other than any Permitted Liens).

                  (iii) Immediately prior to the sale of an ARSC Purchased Asset
            hereunder on such date, no effective financing statement or other
            instrument similar in effect that covers all or part of any ARSC
            Purchased Asset or any interest therein is on file in any recording
            office except such as may be filed (A) in favor of CMSC in
            accordance with the Pool Relocation Management Agreements, (B) in
            favor of the Seller in accordance with the Purchase Agreement, (C)
            in favor of ARSC pursuant to this Agreement, (D) in favor of ARSC's
            successors and assigns pursuant to the Transfer and Servicing
            Agreement or the Indenture or otherwise filed by or at the direction
            of ARSC's successors and assigns or (E) to evidence any Mortgage on
            a CMSC Home or CMF Home created by a Transferred Employee.

                  (iv) The ARSC Purchase Price constitutes reasonably equivalent
            value for the ARSC Purchased Assets conveyed in consideration
            therefor on such date, and no purchase of an interest in such ARSC
            Purchased Assets by ARSC from the Seller constitutes a fraudulent
            transfer or fraudulent conveyance under the United States Bankruptcy
            Code or applicable state bankruptcy or insolvency laws or subject to
            subordination under similar laws or principles or for any other
            reason.

            (l) ELIGIBLE RECEIVABLES. Each CMF Receivable included in the ARSC
Purchased Assets transferred hereunder on such date, unless otherwise identified
to ARSC and its assignees by the Seller in the related Daily Seller Report, is
an Eligible Receivable on such date.

            (m) ACCURACY OF INFORMATION. All written information furnished by
the Seller to ARSC or its successors and assigns pursuant to or in connection
with any Transaction Document or any transaction contemplated herein or therein
with respect to the ARSC Purchased Assets transferred hereunder on such date is
true and correct in all material respects on such date.

            (n) OFFICES. The principal place of business and chief executive
office of the Seller is located, and the offices where the Seller keeps all CMF
Records (and all original documents relating thereto) are located, at the
addresses specified in Schedule 6.1(n), except that (i) Home Deeds and related
documents necessary to close CMF Home sale transactions, including powers of
attorney, may be held by local attorneys or escrow agents acting on behalf of
the Seller in connection with the sale of CMF Homes to Ultimate Buyers, so long
as such local attorneys are notified that such Home Deeds constitute property of
CMF and also are notified of the interest of ARSC's assignees therein and (ii)
CMF Records relating to the ARSC Purchased Assets arising under or in connection
with any Pool Relocation Management Agreement may be maintained at the offices
of the related Employer.

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            (o) PAYMENT INSTRUCTIONS TO OBLIGORS. The Seller has instructed (i)
all Obligors to remit all payments on the ARSC Purchased Assets directly to one
of the Lockboxes or Lockbox Accounts, (ii) all Lockbox Banks to deposit all Pool
Collections remitted to a Lockbox directly to the related Lockbox Account and
(iii) all Persons receiving Home Sale Proceeds to deposit such Home Sale
Proceeds in one of the Lockboxes or Lockbox Accounts within two Business Days
after receipt, except to the extent a longer escrow period is required under
applicable law, in which case such Home Sale Proceeds shall be deposited into
one of the Lockboxes or Lockbox Accounts within one Business Day after the
expiration of such period.

            (p) INVESTMENT COMPANY ACT. The Seller is not, and is not controlled
by, an "investment company" registered or required to be registered under the
Investment Company Act.

            (q) LEGAL NAMES. Except as described in Schedule 6.1(q), since
January 1, 1995, the Seller (i) has not been known by any legal name other than
its corporate name as of the date hereof, (ii) has not been the subject of any
merger or other corporate reorganization that resulted in a change of name,
identity or corporate structure and (iii) has not used any trade names other
than its actual corporate name.

            (r) COMPLIANCE WITH APPLICABLE LAWS. The Seller is in compliance
with the requirements of all applicable laws, rules, regulations and orders of
all Governmental Authorities (federal, state, local or foreign, including
without limitation Environmental Laws), a violation of any of which,
individually or in the aggregate for all such violations, is reasonably likely
to have a Material Adverse Effect.

            (s) CREDIT AND COLLECTION POLICY. As of the date each CMF Receivable
is transferred hereunder, the Seller has complied in all applicable material
respects with the Credit and Collection Policy with respect to such CMF
Receivable transferred on such date and the related Contract.

            (t) ENVIRONMENTAL. On such date, to the best knowledge of Seller,
(i) there are no (A) pending or threatened claims, complaints, notices or
requests for information received by Seller with respect to any alleged
violation of any Environmental Law in connection with any CMF Home relating to
any CMF Receivable transferred hereunder on such date or (B) pending or
threatened claims, complaints, notices or requests for information received by
Seller regarding potential liability under any Environmental Law in connection
with any CMF Home relating to any CMF Receivable transferred hereunder on such
date and (ii) the Seller is in material compliance with all permits,
certificates, approvals, licenses and other authorizations relating to
environmental matters, if any, that are required to be held by it under
applicable law in connection with any CMF Homes relating to any CMF Receivable
transferred hereunder on such date, other than those that, in the case of either
clause (i) or (ii), singly or in the aggregate, are not reasonably likely to
have a Material Adverse Effect.

            (u) BUSINESS AND INDEBTEDNESS OF SELLER. The Seller has no
Indebtedness for Borrowed Money except as permitted under this Agreement. The
Seller has not engaged in any business other than the Purchase of CMSC
Receivables and other CMSC Purchased Assets under the Purchase Agreement, the
sale of ARSC Purchased Assets under this Agreement and the

                                       11
<Page>

purchase and sale of CMF Homes and creation of CMF Receivables pursuant to
related Equity Payments, Mortgage Payments and Mortgage Payoffs, and incidental
activities related thereto.

            Section 6.2 REPRESENTATIONS AND WARRANTIES OF ARSC. ARSC hereby
represents and warrants, on and as of the date hereof and on and as of the
Closing Date, that (a) this Agreement has been duly authorized, executed and
delivered by ARSC and constitutes ARSC's valid, binding and legally enforceable
obligation, except (i) as such enforceability may be limited by 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, (b) the
execution, delivery and performance of this Agreement does not violate any
federal, state, local or foreign law applicable to ARSC or any agreement to
which ARSC is a party and (c) all of the outstanding capital stock of ARSC is
directly or indirectly owned by the Seller, and all such capital stock is fully
paid and nonassessable.

                                   ARTICLE VII

                                GENERAL COVENANTS

            Section 7.1 AFFIRMATIVE COVENANTS OF THE SELLER. From the Closing
Date until the termination of this Agreement in accordance with Section 11.4,
the Seller hereby agrees that it will perform the covenants and agreements set
forth in this Section 7.1.

            (a) COMPLIANCE WITH LAWS, ETC. The Seller will comply in all
material respects with all applicable laws, rules, regulations, judgments,
decrees and orders (including without limitation those relating to the CMF
Receivables, CMF Home Purchase Contracts, CMF Related Assets and all
Environmental Laws affecting any CMF Home), in each case to the extent that any
such failure to comply, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

            (b) PRESERVATION OF CORPORATE EXISTENCE. The Seller (i) will
preserve and maintain its corporate existence, rights, franchises and privileges
in the jurisdiction of its incorporation 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.

            (c) KEEPING OF RECORDS AND BOOKS OF ACCOUNT. The Seller will
maintain and implement administrative and operating procedures (including
without limitation an ability to recreate records evidencing the CMF Receivables
and the related CMF Related 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 ARSC, for the collection of all amounts due under any or all
CMF Receivables and the related CMF Related Assets. Upon the reasonable request
of ARSC or its assignees made at any time after the occurrence and continuance
of an Unmatured Servicer Default or a Servicer Default, the Seller will deliver
copies of all CMF Records maintained pursuant to this Section 7.1(c) to ARSC or
its designee. The Seller will maintain at all times accurate and complete books,
records and accounts relating to the CMF Receivables and the related CMF

                                       12
<Page>

Related Assets, in which timely entries will be made. The Seller's computer
files, books and records will be marked to indicate the sales of all ARSC
Purchased Assets to ARSC hereunder and will include without limitation all
payments received and all credits and extensions granted with respect to the
ARSC Purchased Assets.

            (d) LOCATION OF RECORDS AND OFFICES. The Seller will keep its
principal place of business and chief executive office and the offices where it
keeps all CMF Records (and all original documents relating thereto other than
those CMF Records that are maintained with local attorneys or escrow agents or
at the offices of the relevant Employer as described in Section 6.1(n)) at the
addresses specified in Schedule 6.1(n) or, upon not less than 30 days' prior
written notice given by the Seller to ARSC and its assignees, at such other
locations in jurisdictions in the United States of America where all action
required by Section 8.3 has been taken and completed.

            (e) SEPARATE CORPORATE EXISTENCE OF THE SELLER. The Seller hereby
acknowledges that the parties to the Transaction Documents are entering into the
transactions contemplated by the Transaction Documents in reliance upon the
Seller's identity as a legal entity separate from CMSC and the other CMS
Persons. From and after the date hereof until the Final Payout Date, the Seller
will take such actions as shall be required in order that:

                  (i) The Seller will conduct its business in office space
      allocated to it and for which it pays an appropriate rent and overhead
      allocation;

                  (ii) The Seller will maintain corporate records and books of
      account separate from those of each CMS Person and telephone numbers and
      stationery that are separate and distinct from those of each CMS Person;

                  (iii) The Seller's assets will be maintained in a manner that
      facilitates their identification and segregation from those of any CMS
      Person;

                  (iv) The Seller will strictly observe corporate formalities in
      its dealings with the public and with each CMS Person, and funds or other
      assets of the Seller will not be commingled with those of any CMS Person.
      The Seller 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 Seller will not maintain
      joint bank accounts or other depository accounts to which any CMS Person
      (other than the Servicer) has independent access;

                  (v) The duly elected board of directors of the Seller and duly
      appointed officers of the Seller will at all times have sole authority to
      control decisions and actions with respect to the daily business affairs
      of the Seller;

                  (vi) Not less than one member of the Seller's board of
      directors will be an Independent Director. The Seller will observe those
      provisions in its certificate of incorporation that provide that the
      Seller'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
      Seller unless the Independent Director and all other members of the
      Seller's board of directors unanimously approve the taking of such action
      in writing prior to the taking of such action;

                                       13
<Page>

                  (vii) The Seller will compensate each of its employees,
      consultants and agents from the Seller's own funds for services provided
      to the Seller; and

                  (viii) The Seller will not hold itself out to be responsible
      for the debts of any CMS Person.

            (f) PAYMENT INSTRUCTION TO OBLIGORS. The Seller will (or will cause
the Servicer to) (i) instruct all Obligors to submit all payments on the Pool
Receivables 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 Lockboxes or 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 Lockboxes or Lockbox Accounts within one Business Day after the
expiration of such period.

            (g) SEGREGATION OF COLLECTIONS. The Seller will use reasonable
efforts to minimize the deposit of any funds other than Pool Collections into
any of the Lockbox Accounts and, to the extent that any such funds are deposited
into any of such Lockbox Accounts, promptly will identify any such funds or will
cause such funds to be so identified to the Servicer, IT BEING UNDERSTOOD AND
AGREED that the Seller does not hereby assume any affirmative duty to re-direct
Obligors to remit funds to alternate locations.

            (h) IDENTIFICATION OF ELIGIBLE RECEIVABLES. The Seller will (or will
cause the Servicer to) (i) establish and maintain necessary procedures for
determining, no less frequently than each date on which a Daily Seller Report is
required to be delivered pursuant to Section 3.1(a), whether each Receivable
qualifies as an Eligible Receivable, and for identifying on any such date all
CMF Receivables to be sold to ARSC on that date that are not Eligible
Receivables and (ii) will provide to the Servicer in a timely manner information
that shows whether, and to what extent, the CMF Receivables described in such
Daily Seller Report are Eligible Receivables.

            (i) PAYMENT OF TAXES. The Seller will file (or there will 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 thereby shown to be owing by it, except for any such taxes,
assessments or charges (i) 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) or (ii) the amount of which, either singly or in
the aggregate, would not have a Material Adverse Effect.

            (j) RECEIVABLES REVIEWS. Upon reasonable prior notice, the Seller
will permit ARSC or its assignees (or other Persons designated by ARSC from time
to time) or their agents or representatives (including without limitation
certified public accountants or other auditors), at the expense of the Seller
and during regular business hours, (i) to examine and make copies of and
abstracts from, and to conduct accounting reviews of, all CMF Records in the
possession or under the control of the Seller, including without limitation the
related Contracts, invoices and other documents related thereto and (ii) to
visit the offices and properties of the Seller for the

                                       14
<Page>

purpose of examining any materials described in the preceding clause (i) and to
discuss matters relating to the CMF Receivables or the other ARSC Purchased
Assets or the performance by the Seller of its obligations under any Transaction
Document to which it is a party with any Authorized Officers of the Seller
having knowledge of such matters or with the Seller's certified public
accountants or other auditors; PROVIDED, HOWEVER, that all such reviews will
occur no more frequently than twice per year (with only the first such review in
any year being at the Seller's expense) unless (i) a Servicer Default has
occurred and is continuing or (ii) ARSC or its successor or assignee has given
advance written notice to the Seller that it believes the composition and/or
performance of the ARSC Purchased Assets have deteriorated in a manner
materially adverse to the interests of ARSC or its assignees.

            (k) ENVIRONMENTAL CLAIMS. The Seller will use commercially
reasonable efforts to promptly cure and have dismissed with prejudice to the
satisfaction of ARSC any actions and any proceedings relating to compliance with
Environmental Laws relating to any CMF Home, but only to the extent that the
conditions that gave rise to such proceedings were in existence as of the date
on which ARSC acquired the related CMF Receivable.

            (l) TURNOVER OF COLLECTIONS. If the Seller or any of its agents or
representatives at any time receives any cash, checks or other instruments
constituting Pool Collections, such recipient will segregate and hold such
payments in trust for, and in a manner acceptable to, the Servicer and will,
promptly upon receipt (and in any event within one Business Day following
receipt) remit all such cash, checks and instruments, duly endorsed or with duly
executed instruments of transfer, to a Lockbox Account.

            (m) PERFORMANCE AND COMPLIANCE BY SELLER WITH CMF HOME PURCHASE
CONTRACTS AND OTHER CONTRACTS. The Seller will, at its expense, timely and fully
perform and comply with, or cause to be timely and fully performed and complied
with all provisions, covenants and other promises required to be observed by it
under the CMF Home Purchase Contracts and other Contracts related to the CMF
Receivables.

            (n) COMPLIANCE WITH CREDIT AND COLLECTION POLICY. The Seller will
(or will cause the Servicer to) comply in all material respects with the Credit
and Collection Policy with respect to each CMF Receivable and the related
Contract.

            (o) HOME PURCHASE CONTRACTS. From and after the Closing Date, the
Seller will enter into, and purchase the related Homes pursuant to, all Home
Purchase Contracts relating to the Pool Relocation Management Agreements and
will make all Equity Payments, Mortgage Payments and Mortgage Payoffs to be made
in connection therewith in accordance with the Pool Relocation Management
Agreements.

            Section 7.2 REPORTING REQUIREMENTS. From the Closing Date until the
termination of this Agreement in accordance with Section 11.4, the Seller agrees
that it will furnish to ARSC or its assignees:

            (a) ANNUAL FINANCIAL STATEMENTS. As soon as available and in any
event within 95 days after the end of each fiscal year of the Performance
Guarantor and the Seller, as applicable, copies of (i) to the extent received by
the Seller pursuant to Section 7.2(a) of the Purchase Agreement, the
consolidated balance sheet of the Performance Guarantor and its

                                       15
<Page>

consolidated subsidiaries as at the end of such fiscal year and the related
statements of earnings and cash flows and stockholders' equity of the
Performance Guarantor and its consolidated subsidiaries for such fiscal year and
(ii) copies of the statements of earnings of the Seller on a consolidated basis
for such fiscal year, setting forth in each case in comparative form the
corresponding figures for the preceding fiscal year and certified by the chief
financial officer, chief accounting officer or controller of the Seller (it
being understood and agreed that such statements of earnings will be prepared in
accordance with the Seller's customary management accounting practices as in
effect on the date hereof and need not be prepared in accordance with GAAP);

            (b) MATERIAL ADVERSE EFFECT. Promptly and in any event within two
Business Days after the president, chief financial officer, controller or
treasurer of the Seller has actual knowledge thereof, written notice that
describes in reasonable detail any event or occurrence that, individually or in
the aggregate for all such events or occurrences, has had, or that such
Authorized Officer in its reasonable good faith judgment determines could
reasonably be expected to have, a Material Adverse Effect (as defined in the
Indenture);

            (c) PROCEEDINGS. Promptly and in any event within five Business Days
after an Authorized Officer of the Seller has knowledge thereof, written notice
of (i) any litigation, investigation or proceeding of the type described in
Section 6.1(f) not previously disclosed to ARSC, (ii) any material adverse
development that has occurred with respect to any such previously disclosed
litigation, investigation or proceeding or (iii) any CMF Purchase Termination
Event or ARSC Purchase Termination Event or event that, with the giving of
notice or passage of time or both, would constitute an ARSC Purchase Termination
Event;

            (d) ERISA EVENT. (i) As soon as possible and in any event within 30
days after the Seller knows or has reason to know that a "reportable event" (as
defined in Section 4043 of ERISA) has occurred with respect to any Plan, a
statement of an Authorized Officer of the Seller setting forth details as to
such reportable event and the action that the Seller or an ERISA Affiliate
proposes to take with respect thereto, together with a copy of the notice of
such reportable event, if any, given to the PBGC, the Internal Revenue Service
or the Department of Labor; (ii) promptly and in any event within 10 Business
Days after receipt thereof (or knowledge of the receipt by an ERISA Affiliate
thereof), a copy of any notice the Seller receives relating to the intention of
the PBGC to terminate any Plan or to appoint a trustee to administer any such
Plan; (iii) promptly and in any event within 10 Business Days after a filing
with the PBGC pursuant to Section 412(n) of the Code of a notice of failure to
make a required installment or other payment with respect to a Plan, a statement
of the chief financial officer of the Seller setting forth details as to such
failure and the action that the Seller proposes to take (or knows will be taken)
with respect thereto, together with a copy of such notice given to the PBGC; and
(iv) promptly and in any event within 30 Business Days after receipt thereof by
the Seller from the sponsor of a multiemployer plan (as defined in Section 3(37)
of ERISA), a copy of each notice received by the Seller concerning the
imposition of withdrawal liability or a determination that a multiemployer plan
is, or is expected to be, terminated or reorganized;

            (e) ENVIRONMENTAL CLAIMS. Promptly and in any event within five
Business Days after receipt thereof, notice and copies of all written claims,
complaints, notices, actions, proceedings, requests for information or inquiries
relating to the condition of any CMF Homes or compliance with Environmental Laws
relating to the CMF Homes, other than those received in

                                       16
<Page>

the ordinary course of business and that, singly or in the aggregate, do not
represent events or conditions that would cause the representation set forth in
Section 6.1(t) to be incorrect; and

            (f) OTHER. Promptly, from time to time, such other information,
documents, records or reports with respect to the ARSC Purchased Assets or the
condition or operations, financial or otherwise, of the Seller as ARSC or its
assignees may from time to time reasonably request in order to protect the
interests of ARSC or such assignees under or as contemplated by this Agreement
and the other Transaction Documents, including timely delivery of all such
information required under any Enhancement Agreement.

            Section 7.3 NEGATIVE COVENANTS OF THE SELLER. From the Closing Date
until the termination of this Agreement in accordance with Section 11.4, the
Seller agrees that it will not:

            (a) SALES, LIENS, ETC. Sell, assign (by operation of law or
otherwise) or otherwise dispose of, or create or suffer to exist any Lien (other
than Permitted Liens) of anyone claiming by or through it on or with respect to,
any ARSC Purchased Asset or any interest therein or any Lockbox or Lockbox
Account, other than (i) sales of ARSC Purchased Assets pursuant to this
Agreement and (ii) sales of Homes in accordance with the applicable Contracts;

            (b) NO MERGERS, ETC. Consolidate with or merge with or into any
other Person or convey, transfer or sell all or substantially all of its
properties and assets to any Person;

            (c) CHANGE IN NAME. Change its corporate name or the name under or
by which it conducts its business or the jurisdiction in which it is
incorporated unless the Seller has given ARSC and its assignees and the rating
agencies then rating each Series of Notes at least 30 days' prior written notice
thereof and unless, prior to any such change in name or jurisdiction of
incorporation, the Seller has taken and completed all action required by Section
8.3;

            (d) HOME DEEDS. Record any Home Deeds with respect to any Homes
except at the direction of ARSC or its assignees or as permitted by Section 8.3
hereof or by Section 2.01(d) of the Transfer and Servicing Agreement; and

            (e) EXTENSION OR AMENDMENT OF ARSC PURCHASED ASSETS. Extend, amend
or otherwise modify the terms of any CMF Receivable included in the ARSC
Purchased Assets, or amend, modify or waive any material term or condition
related thereto, except in accordance with Section 3.10 of the Transfer and
Servicing Agreement.

            (f) CHANGE IN PAYMENT INSTRUCTION TO OBLIGORS. Make any change in
its instructions to Obligors or other Persons regarding payments to be made to
the Seller or payments to be made to any Lockbox Account (except for a change in
instructions solely for the purpose of directing such Obligors or other Persons
to make such payments to another existing Lockbox Account), unless (i) the
Indenture Trustee has received copies of a Lockbox Agreement with each new
Lockbox Bank duly executed by the Originator, the Seller, the Issuer, the
Indenture Trustee and such Lockbox Bank and (ii) in the case of any termination,
ARSC 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.

                                       17
<Page>

            (g) INDEBTEDNESS. Create, incur or permit to exist, or give any
guarantee or indemnity in respect of, any Indebtedness except for (A)
liabilities created or incurred by the Seller pursuant to the Transaction
Documents to which it is a party or contemplated by such Transaction Documents
and (B) other reasonable and customary operating expenses.

            (h) AMENDMENTS, ETC. Permit the validity or effectiveness of any
Transaction Document to which it is a party or the rights and obligations
created thereby or pursuant thereto to be amended, terminated, postponed or
discharged, or permit any amendment to any Transaction Document to which it is a
party without the consent of the Issuer and the Indenture Trustee, or permit any
person whose obligations form part of the ARSC Purchased Assets to be released
from such obligations, except in accordance with the terms of such Transaction
Document.

            (i) CAPITAL EXPENDITURES. Incur or make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or
personalty).

            (j) LIMITATION ON BUSINESS. Engage in any business other than
financing, purchasing, owning and selling and managing the ARSC Purchased Assets
and the CMF Homes in the manner contemplated by the Transaction Documents and
all activities incidental thereto, or enter into or be a party to any agreement
or instrument other than any Transaction Document or documents and agreements
incidental thereto.

            (k) CAPITAL CONTRIBUTIONS. Except as contemplated by the 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.

            (l) CHARTER AMENDMENTS. Amend any provision of its certificate of
incorporation or by-laws unless (a) (i) ARSC shall have received not less than
five Business Days' prior written notice thereof and (ii) the certificate of
incorporation of the Seller, as in effect on the date hereof, provides that such
amendment can be made without the vote of the Seller's Independent Directors or
(b) the Majority Investors have consented to such amendment.

            (m) NET WORTH REQUIREMENTS. Declare or pay any distributions on any
of its common stock or make any purchase, redemption or other acquisition of,
any of its common stock if, after giving effect thereto, (i) the aggregate
principal amount outstanding under the CMF Subordinated Note would exceed five
times the net worth of the Seller or (ii) the net worth of the Seller would be
less than $8,000,000.

            Section 7.4 AFFIRMATIVE COVENANTS OF ARSC. From the Closing Date
until the termination of this Agreement in accordance with Section 11.4, ARSC
hereby agrees that it will perform the covenants and agreements set forth in
this Section 7.4.

            (a) ARSC hereby acknowledges that the parties to the Transaction
Documents are entering into the transactions contemplated by the Transaction
Documents in reliance upon

                                       18
<Page>

ARSC's identity as a legal entity separate from CMSC and the other CMS Persons.
From and after the date hereof until one year and one day after the Final Payout
Date, ARSC will take such actions as shall be required in order that:

                  (i) ARSC will conduct its business in office space allocated
      to it and for which it pays an appropriate rent and overhead allocation;

                  (ii) ARSC will maintain corporate records and books of account
      separate from those of each CMS Person and telephone numbers and
      stationery that are separate and distinct from those of each CMS Person;

                  (iii) ARSC's assets will be maintained in a manner that
      facilitates their identification and segregation from those of any CMS
      Person;

                  (iv) ARSC will strictly observe corporate formalities in its
      dealings with the public and with each CMS Person, and funds or other
      assets of ARSC will not be commingled with those of any CMS Person, except
      as expressly permitted by the Transaction Documents. ARSC 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. ARSC will not maintain joint bank accounts or other
      depository accounts to which any CMS Person (other than CMSC in its
      capacity as Servicer under the Transfer and Servicing Agreement) has
      independent access;

                  (v) The duly elected board of directors of ARSC and duly
      appointed officers of ARSC will at all times have sole authority to
      control decisions and actions with respect to the daily business affairs
      of ARSC;

                  (vi) Not less than one member of ARSC's board of directors
      will be an Independent Director. ARSC will observe those provisions in its
      certificate of incorporation that provide that ARSC's board of directors
      will not approve, or take any other action to cause the filing of, a
      voluntary bankruptcy petition with respect to ARSC unless the Independent
      Director and all other members of ARSC's board of directors unanimously
      approve the taking of such action in writing prior to the taking of such
      action;

                  (vii) ARSC will compensate each of its employees, consultants
      and agents from ARSC's own funds for services provided to ARSC;

                  (viii) ARSC will not hold itself out to be responsible for the
      debts of any CMS Person; and

                  (ix) ARSC will take all actions necessary on its part to be
      taken in order to ensure that the facts and assumptions relating to ARSC
      set forth in the opinion of Orrick, Herrington & Sutcliffe LLP of even
      date herewith relating to substantive consolidation matters with respect
      to CMSC and CMF will be true and correct at all times.

            (b) ARSC assumes no obligations of the Originator under the Pool
Relocation Management Agreements with respect to any Home Purchase Contracts,
including without

                                       19
<Page>

limitation the obligations of the Originator to make Equity Payments, Mortgage
Payoffs and Mortgage Payments with respect to CMSC Homes or of the Seller to
make Equity Payments, Mortgage Payoffs and Mortgage Payments with respect to CMF
Homes.

                                  ARTICLE VIII

                      ADDITIONAL RIGHTS AND OBLIGATIONS IN
                      RESPECT OF THE ARSC PURCHASED ASSETS

            Section 8.1 RIGHTS OF ARSC.

            (a) Subject to Section 8.4(b), the Seller hereby authorizes ARSC and
its assignees and designees to take any and all steps in the Seller's name and
on behalf of the Seller that ARSC, the Servicer and/or their respective
designees determine are reasonably necessary or appropriate to collect all
amounts due under any and all ARSC Purchased Assets, including without
limitation endorsing the name of the Seller on checks and other instruments
representing Pool Collections and enforcing such ARSC Purchased Assets.

            (b) ARSC shall have no obligation to account for, to replace, to
substitute or to return any ARSC Purchased Asset to the Seller, except as
provided in Section 4.3(c).

            (c) ARSC shall have the unrestricted right to further assign,
transfer, deliver, hypothecate, subdivide or otherwise deal with the ARSC
Purchased Assets and all of ARSC's right, title and interest in, to and under
this Agreement on whatever terms ARSC determines, pursuant to the Transfer and
Servicing Agreement or otherwise.

            (d) As between the Seller and ARSC, ARSC shall have the sole right
to retain any gains or profits created by buying, selling or holding the ARSC
Purchased Assets.

            Section 8.2 RESPONSIBILITIES OF THE SELLER. Anything herein to the
contrary notwithstanding:

            (a) The Seller agrees to deliver directly to the Servicer (for
ARSC's account), within one Business Day after receipt thereof, any Pool
Collections that it receives, in the form so received, and agrees that all such
Pool Collections shall be deemed to be received in trust for ARSC and its
assignees and shall be maintained and segregated separate and apart from all
other funds and moneys of the Seller until delivery of such Pool Collections to
the Servicer; and

            (b) The Seller hereby grants to ARSC an irrevocable power of
attorney, with full power of substitution, coupled with an interest, to take in
the name of the Seller all steps necessary or advisable to endorse, negotiate or
otherwise realize on any writing or other right of any kind held or transmitted
by the Seller or transmitted or received by ARSC (whether or not from the
Seller) in connection with any ARSC Purchased Asset (which power of attorney may
be exercised by ARSC's successors and assigns in accordance with Section 8.4 and
Section 11.12(b)).

            (c) The Seller shall perform, or cause to be performed, all of its
obligations hereunder and under the CMF Home Purchase Contracts and other
Contracts related to the CMF

                                       20
<Page>

Receivables to which it is a party to the same extent as if such CMF Receivables
had not been sold hereunder, and the exercise by ARSC or its designee or
assignee of ARSC's rights hereunder or in connection herewith shall not relieve
the Seller from any of its obligations under any such CMF Home Purchase
Contracts or Contracts related to the CMF Receivables.

            Section 8.3 FURTHER ACTION EVIDENCING PURCHASES. The Seller agrees
that from time to time, at its expense and upon reasonable request, it will
promptly execute and deliver all further instruments and documents and take all
further action as is reasonably necessary to perfect, protect or more fully
evidence the Purchase of the ARSC Purchased Assets by ARSC hereunder, or to
enable ARSC or its assignees to exercise or enforce any of its rights hereunder
or under any other Transaction Document to which the Seller is a party;
PROVIDED, HOWEVER, that the Seller will not file or record any Home Deeds except
to the extent such recordation is required by local law, regulation or custom.
Without limiting the generality of the foregoing, the Seller shall:

            (a) upon ARSC's request, execute and file such financing or
continuation statements or amendments thereto or assignments thereof and such
other instruments or notices as ARSC or its assignees may reasonably determine
to be necessary or appropriate; and

            (b) mark the master data processing records evidencing the ARSC
Purchased Assets and, if requested by ARSC or its assignees, legend (or cause
the Servicer to legend) the CMF Home Purchase Contracts to reflect the sale of
the ARSC Purchased Assets to ARSC pursuant to this Agreement.

            The Seller hereby authorizes ARSC and its assignees to file one or
more financing or continuation statements and amendments thereto and assignments
thereof with respect to all or any of the ARSC Purchased Assets, in each case
whether now existing or hereafter purchased or generated by the Seller. If (i)
the Seller fails to perform any of its agreements or obligations under this
Agreement and does not remedy such failure within the applicable cure period, if
any, and (ii) ARSC or its assignees in good faith reasonably believes that the
performance of such agreements and obligations is necessary or appropriate to
protect the interests of ARSC or its assignees under this Agreement, then ARSC
or its assignees may (but shall not be required to) perform or cause performance
of such agreement or obligation, and the reasonable expenses of ARSC or its
assignees incurred in connection with such performance shall be payable by the
Seller as provided in Section 10.1.

            Section 8.4 COLLECTIONS; RIGHTS OF ARSC AND ITS ASSIGNEES.

            (a) The Seller hereby transfers to ARSC the ownership of, and the
exclusive dominion and control over, each of the Lockboxes and Lockbox Accounts
owned by the Seller, and the Seller hereby agrees to take any further action
that ARSC or its assignees may reasonably request in order to effect or complete
such transfer.

            (b) At any time following the designation of a Servicer other than
CMSC pursuant to the Transfer and Servicing Agreement:

                                       21
<Page>

                  (i) ARSC or its assignees may direct the Obligors of Pool
      Receivables, or any of them, to pay all amounts payable under any Pool
      Receivable directly to ARSC or its assignees;

                  (ii) At the request of ARSC or its assignees and at the
      Seller's expense, the Seller shall give notice of such ownership to each
      said Obligor and direct that payments be made directly to ARSC or its
      assignees;

                  (iii) At the request of ARSC or its assignees and at the
      Seller's expense, the Seller shall (A) assemble all of the CMF Records, to
      the extent such CMF Records are in its possession, or instruct any escrow
      agents holding any such documents, instruments and other records on its
      behalf to make the same available and (B) segregate all cash, checks and
      other instruments received by it from time to time constituting Pool
      Collections in a manner reasonably acceptable to ARSC or its assignees
      and, promptly upon receipt, remit all such cash, checks and instruments,
      duly endorsed or with duly executed instruments of transfer, to ARSC or
      its assignees; and

                  (iv) The Seller hereby authorizes ARSC or its assignees to
      take any and all steps in the Seller's name and on behalf of the Seller
      that are necessary or desirable, in the reasonable determination of ARSC
      or its assignees, to collect all amounts due under any and all ARSC
      Purchased Assets, including without limitation endorsing the Seller's name
      on checks and other instruments representing Pool Collections and
      enforcing the ARSC Purchased Assets.

                                   ARTICLE IX

                                   TERMINATION

            Section 9.1 ARSC PURCHASE TERMINATION EVENTS. The following events
shall be "ARSC PURCHASE TERMINATION EVENTS":

            (a) The occurrence of an Event of Default or an Amortization Event
with respect to all outstanding Series of Notes; or

            (b) Any representation or warranty made by the Seller under any of
the Transaction Documents, any Daily Seller Report or other information or
report delivered by the Seller with respect to the Seller or the ARSC Purchased
Assets shall prove to have been untrue or incorrect in any material respect when
made or deemed to have been made, such failure could reasonably be expected to
have a Material Adverse Effect and such occurrence remains unremedied for 30
days; PROVIDED, HOWEVER, that any such incorrect representation relating to a
CMF Receivable with respect to which the Seller has made a CMF Noncomplying
Asset Adjustment pursuant to Section 4.3(a) of this Agreement shall not
constitute an ARSC Purchase Termination Event; or

            (c) (i) The Seller shall fail to perform or observe, or cause to be
performed or observed, as and when required, any term, covenant or agreement
contained in this Agreement or any of the other Transaction Documents to which
it is a party, or any CMF Home Purchase

                                       22
<Page>

Contract to which it is a party required on its part to be performed or
observed, and such failure shall remain unremedied for: (A) in the case of a
failure to maintain its separate corporate existence pursuant to Section 7.1(p),
a failure to provide payment instructions to Obligors pursuant to Section
7.1(f), a failure to segregate Pool Collections pursuant to Section 7.1(g), a
failure to provide access to records and required reports pursuant to Section
7.1(j), or a breach of any of the negative covenants of the Seller set forth in
Section 7.3, ten calendar days or (B) in the case of any other failure to
perform or observe, as and when required, any term, covenant or agreement, which
failure could reasonably be expected to have a Material Adverse Effect, 30 days
or (iii) the Performance Guarantor shall fail to make any required payment under
the PHH Guarantee and such failure shall remain unremedied for one Business Day
or (iv) the Performance Guarantor otherwise fails to perform under the PHH
Guarantee; or

            (d) An Event of Bankruptcy shall have occurred with respect to the
Seller, CMSC or the Performance Guarantor; or

            (e) The representation and warranty in Section 6.1(k) shall not be
true at any time with respect to a substantial portion of the ARSC Purchased
Assets; or

            (f) Either (i) the Internal Revenue Service shall file notice of a
Lien pursuant to Section 6323 of the Internal Revenue Code with respect to any
of the ARSC Purchased Assets and such Lien shall not have been released within
five days or if released, proved to the satisfaction of the rating agencies then
rating each Series of Notes or (ii) the PBGC shall file, or shall indicate its
intention to file, notice of a Lien pursuant to Section 4068 of the Employee
Retirement Income Security Act of 1974 with respect to any of the ARSC Purchased
Assets; or

            (g) This Agreement, the Purchase Agreement or the PHH Guarantee
shall cease to be in full force and effect for any reason other than in
accordance with its terms; or

            (h) A CMF Purchase Termination Event or Transfer Termination Event
shall have occurred.

If an ARSC Purchase Termination Event occurs, the Seller shall promptly give
notice to ARSC and its assignees of such ARSC Purchase Termination Event.

            Section 9.2 PURCHASE TERMINATION. (a) On the ARSC Termination Date,
the Seller shall cease transferring ARSC Purchased Assets to ARSC, PROVIDED that
any right, title and interest of the Seller in and to any CMF Designated
Receivables arising from any Servicer Advances made thereafter, including any
Related Property relating thereto and proceeds thereof, shall continue to be
transferred. Notwithstanding any cessation of the transfer to ARSC of additional
ARSC Purchased Assets, ARSC Purchased Assets transferred to ARSC prior to the
Termination Date and Pool Collections in respect of such ARSC Purchased Assets
and the related Finance Charges, whenever accrued in respect of such ARSC
Purchased Assets, shall continue to be property of ARSC available for transfer
by ARSC pursuant to the Transfer and Servicing Agreement.

            (b) Upon the occurrence of an ARSC Purchase Termination Event, ARSC
and its assignees shall have, in addition to all other rights and remedies under
this Agreement or otherwise, all other rights and remedies provided under the
UCC of each applicable jurisdiction and other applicable laws, which rights
shall be cumulative. Without limiting the foregoing, the

                                       23
<Page>

occurrence of an ARSC Purchase Termination Event shall not deny to ARSC or its
assignees any remedy in addition to termination of its obligation to make
Purchases hereunder to which ARSC or its assignees may be otherwise
appropriately entitled, whether by statute or applicable law, at law or in
equity.

                                    ARTICLE X

                       INDEMNIFICATION; SECURITY INTEREST

            Section 10.1 INDEMNITIES BY THE SELLER. Without limiting any other
rights that any CMF Indemnified Party may have hereunder or under applicable
law, the Seller agrees to indemnify ARSC and each of its successors, permitted
transferees and assigns, and all officers, directors, shareholders, controlling
Persons, employees and agents of any of the foregoing (each of the foregoing
Persons, a "CMF INDEMNIFIED PARTY"), from and against any and all damages,
losses, claims (whether on account of settlements or otherwise), actions, suits,
demands, judgments, liabilities (including penalties), obligations or
disbursements of any kind or nature and related costs and expenses (including
reasonable attorneys' fees and disbursements) awarded against or incurred by any
of them, arising out of or as a result of any of the following (all of the
foregoing, collectively, "CMF INDEMNIFIED LOSSES"):

            (a) any representation or warranty made by the Seller under any of
      the Transaction Documents, any Daily Seller Report or any other
      information or report delivered by the Seller with respect to the Seller
      or the ARSC Purchased Assets, having been untrue or incorrect in any
      respect when made or deemed to have been made; PROVIDED, HOWEVER, that the
      Seller's obligation to make a CMF Noncomplying Asset Adjustment pursuant
      to Section 4.3(a) with respect to any representation made in Section
      6.1(l) as to Eligible Receivables having been incorrect when made shall be
      the only remedy available to ARSC or its assignees relating to such
      incorrect representation;

            (b) the failure by the Seller to comply with any material applicable
      law, rule or regulation applicable to the Seller with respect to any ARSC
      Purchased Asset or any failure of a ARSC Purchased Asset to comply with
      any such law, rule or regulation as of the date of the sale of such ARSC
      Purchased Asset hereunder;

            (c) the failure to vest and maintain in ARSC a valid ownership or
      security interest in the ARSC Purchased Assets, free and clear of any Lien
      arising through the Seller or anyone claiming through or under the Seller
      (including without limitation any such failure arising from a circumstance
      described in the definition of Permitted Exceptions);

            (d) any failure of the Seller to perform its duties or obligations
      in accordance with the provisions of the Transaction Documents or any
      Contract, in each case to which it is a party;

            (e) the failure to file, or any delay in filing, financing
      statements or other similar instruments or documents under the UCC of any
      applicable jurisdiction or other

                                       24
<Page>

      applicable laws with respect to the transfer of any ARSC Purchased Assets
      to ARSC, whether at the time of any sale or at any subsequent time;

            (f) the failure by the Seller to pay when due any taxes owing by it
      (including sales, excise or property taxes) payable in connection with the
      ARSC Purchased Assets, 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);

            (g) any reduction in the Unpaid Balance of any CMF Receivable
      included in the ARSC Purchased Assets as a result of (i) any cash discount
      or any adjustment by the Seller or any Affiliate of the Seller (other than
      CMSC, the Issuer or ARSC), (ii) any offsetting account payable of the
      Seller to an Obligor, (iii) a set-off in respect of any claim by, or
      defense or credit of, the related Obligor against the Seller or any
      Affiliate of the Seller (other than CMSC, the Issuer or ARSC) (whether
      such claim, defense or credit arises out of the same or a related or an
      unrelated transaction) or (iv) the obligation of the Seller to pay to the
      related Obligor any rebate or refund;

            (h) any product liability or personal injury claim in connection
      with the service which is the subject of any CMF Receivable or CMF Related
      Property; and

            (i) any investigation, litigation or proceeding related to any use
      by the Seller of the proceeds of any Purchase made hereunder.

            Notwithstanding anything to the contrary in this Agreement, any
representations, warranties and covenants made by the Seller in this Agreement
or the other Transaction Documents that are qualified by or limited to events or
circumstances that have, or are reasonably likely to have, given rise to a
Material Adverse Effect, shall (solely for purposes of the indemnification
obligations set forth in this Section 10.1) be deemed not to be so qualified or
limited.

            Notwithstanding the foregoing, no indemnification payments shall be
payable by the Seller pursuant to this Section 10.1 until all amounts owing by
the Issuer under the Indenture have been paid in full and all amounts payable by
the Seller to CMSC under the CMF Subordinated Note have been paid in full.

            Notwithstanding the foregoing (and with respect to clause (ii)
below, without prejudice to the rights that ARSC may have pursuant to the other
provisions of this Agreement or the provisions of any of the other Transaction
Documents), in no event shall any CMF Indemnified Party be indemnified for any
CMF Indemnified Losses (i) resulting from negligence or willful misconduct on
the part of such CMF Indemnified Party, (ii) to the extent the same includes
losses in respect of ARSC Purchased Assets and reimbursement therefor that would
constitute credit recourse to the Seller for the amount of any ARSC Purchased
Asset not paid by the related Obligor or (iii) resulting from the action or
omission of the Servicer.

            If for any reason the indemnification provided in this Section 10.1
is unavailable to a CMF Indemnified Party or is insufficient to hold a CMF
Indemnified Party harmless, then the Seller shall contribute to the maximum
amount payable or paid to such CMF Indemnified

                                       25
<Page>

Party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect not only the relative benefits received by such CMF
Indemnified Party on the one hand and the Seller on the other hand, but also the
relative fault of such CMF Indemnified Party and the Seller, and any other
relevant equitable considerations.

            Section 10.2 SECURITY INTEREST. Without prejudice to the provisions
of Section 2.1 providing for the absolute transfer of the Seller's interest in
the ARSC Purchased Assets and the proceeds thereof and any interest of the
Seller in the other property described in clause (vi) of Section 2.1(a) to ARSC
in order to secure the prompt payment and performance of all obligations of the
Seller to ARSC arising in connection with this Agreement, whether now or
hereafter existing, due or to become due, direct or indirect, or absolute or
contingent, the Seller hereby assigns and grants to ARSC a first priority
security interest in the Seller's right, title and interest, if any, in, to and
under all of the ARSC Purchased Assets and the proceeds thereof and any interest
of the Seller in the other property described in clause (vi) of Section 2.1(a),
whether now or hereafter existing.

                                   ARTICLE XI

                                  MISCELLANEOUS

            Section 11.1 AMENDMENTS; WAIVERS, ETC.

            (a) The provisions of this Agreement may be amended, modified or
waived from time to time if such amendment, modification or waiver is in writing
and signed by the Seller and ARSC and its assignees; PROVIDED, HOWEVER, that no
amendment, modification or waiver of this Agreement shall be effective unless
the Indenture Trustee shall consent to such amendment, modification or waiver in
writing and the rating agencies then rating each Series of Notes shall have been
notified of such amendment, modification or waiver. Any waiver or consent shall
be effective only in the specific instance and for the specific purpose for
which given.

            (b) No failure or delay on the part of ARSC or its assignees, or any
CMF Indemnified Party, or any other third party beneficiary referred to in
Section 11.12(a) in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power or
right preclude any other or further exercise thereof or the exercise of any
other power or right. No notice to, or demand on, the Seller shall entitle it in
any case to any notice or demand in similar or other circumstances. No waiver or
approval by ARSC or its assignees under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent
transactions. No waiver or approval under this Agreement shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder.

            Section 11.2 NOTICES, ETC. Unless otherwise stated herein, all
notices, demands, consents, approvals and other communications provided for
hereunder shall be in writing (including via telecopier) and shall be personally
delivered or sent by certified mail, return receipt requested, postage prepaid,
by telecopier or by overnight courier to the intended party at the address or
telecopier number of such party set forth on Schedule 11.2 hereof, or at such
other address or telecopier number as shall be designated by such party in a
written notice to the other

                                       26
<Page>

party hereto given in accordance with this Section 11.2. Copies of all notices
and other communications provided for hereunder shall be delivered to the Issuer
at its address for notices set forth in the Transfer and Servicing Agreement.
All notices and communications provided for hereunder shall be effective when
received.

            Section 11.3 CUMULATIVE REMEDIES. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

            Section 11.4 BINDING EFFECT; ASSIGNABILITY; SURVIVAL OF PROVISIONS.
This Agreement shall be binding upon, and inure to the benefit of, ARSC and the
Seller and their respective successors and assigns. The Seller may not assign
any of its rights hereunder or any interest herein without the prior written
consent of ARSC and its assignees. This Agreement shall create and constitute
the continuing obligations of the parties hereto in accordance with its terms
and shall remain in full force and effect until terminated pursuant hereto. Such
termination shall not occur prior to the Final Payout Date. The rights and
remedies with respect to any breach of any representation and warranty made by
the Seller pursuant to Article VI and the indemnification and payment provisions
of Article X and Section 11.6 and the provisions of Section 11.14, Section 11.16
and Section 11.17 shall be continuing and shall survive any termination of this
Agreement.

            Section 11.5 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK,
INCLUDING ss. 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

            Section 11.6 COSTS, EXPENSES AND TAXES. In addition to the
obligations of the Seller under Article X, the Seller agrees to pay on demand:

            (a) all reasonable costs and expenses incurred by ARSC and its
assignees in connection with the negotiation, preparation, execution and
delivery of, the administration (including periodic auditing), the preservation
of any rights under, or the enforcement of, or any breach of, this Agreement
(including any amendment, supplement or modification hereto), including without
limitation (i) the reasonable fees, expenses and disbursements of counsel to any
such Persons incurred in connection with any of the foregoing or in advising
such Persons as to their respective rights and remedies under this Agreement and
(ii) all reasonable out-of-pocket expenses (including reasonable fees and
expenses of independent accountants) incurred in connection with any review of
the Seller's books and records either prior to the execution and delivery hereof
or pursuant to Section 7.1(h), and

            (b) all stamp and other taxes and fees payable or determined to be
payable in connection with the execution, delivery, filing and recording of this
Agreement or any amendment, supplement or modification thereto, and agrees to
indemnify each CMF Indemnified Party against any liabilities with respect to, or
resulting from, any delay in paying or omission to pay such taxes and fees.

            Section 11.7 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

                                       27
<Page>

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 11.2.
NOTHING IN THIS SECTION 11.7 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 11.8 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.

            Section 11.9 INTEGRATION. This Agreement contains a final and
complete integration of all prior expressions by the parties hereto with respect
to the subject matter hereof and shall constitute the entire agreement between
the parties hereto with respect to the subject matter hereof, superseding all
prior oral or written understandings.

            Section 11.10 CAPTIONS AND CROSS REFERENCES. The various captions
(including without limitation the table of contents) in this Agreement are
provided solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Agreement.

                                       28
<Page>

            Section 11.11 EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
agreement.

            Section 11.12 ACKNOWLEDGMENT AND CONSENT.

            (a) The Seller acknowledges that, from time to time prior to the
Termination Date, ARSC intends to sell all of ARSC's right, title and interest
in, to and under the ARSC Purchased Assets, this Agreement and all of the other
Transaction Documents pursuant to the Transfer and Servicing Agreement and that
the interests of ARSC hereunder will be further assigned pursuant to the
Indenture. The Seller acknowledges and agrees to each such sale by ARSC and
consents to the sale and assignment by ARSC of all or any portion of its right,
title and interest in, to and under the ARSC Purchased Assets, this Agreement
and the other Transaction Documents and all of ARSC's rights, remedies, powers
and privileges and all claims of ARSC against the Seller under or with respect
to this Agreement and the other Transaction Documents (whether arising pursuant
to the terms of this Agreement or otherwise available at law or in equity),
including without limitation (whether or not an Unmatured Servicer Default or a
Servicer Default has occurred and is continuing) (i) the right of ARSC at any
time to enforce this Agreement against the Seller and the obligations of the
Seller hereunder and (ii) the right at any time to give or withhold any and all
consents, requests, notices, directions, approvals, demands, extensions or
waivers under or with respect to this Agreement, any other Transaction Document
or the obligations in respect of the Seller thereunder, all of which rights,
remedies, powers, privileges and claims may be exercised and/or enforced by
ARSC's successors ands assigns to the same extent as ARSC may do. Each of the
parties hereto acknowledges and agrees that ARSC's successors and assigns are
third party beneficiaries of this Agreement, including without limitation the
rights of ARSC arising hereunder, and may rely on the Seller's representations
and warranties made herein as if made directly to them. The Seller hereby
acknowledges and agrees that, except with respect to its rights under Section
4.3, it has no claim to or interest in any of the Lockbox Accounts.

            (b) The Seller hereby agrees to execute all agreements, instruments
and documents and to take all other actions that ARSC or its assignees
determines are necessary or appropriate to evidence its consent described in
Section 11.12(a). The Seller hereby acknowledges and agrees that ARSC in all of
its capacities may assign to ARSC's successors and assigns such powers of
attorney and other rights and interests granted by the Seller to ARSC hereunder
and agrees to cooperate fully with the Indenture Trustee in the exercise of such
rights.

            Section 11.13 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.

            Section 11.14 NO PROCEEDINGS. (a) The Seller hereby agrees that it
will not institute against ARSC or join any other Person in instituting against
ARSC any Insolvency Proceeding so long as the Final Payout Date shall not have
occurred or there shall not have elapsed one year plus one day since the Final
Payout Date. The foregoing shall not limit the right of the Seller to file any
claim in or otherwise take any action with respect to any Insolvency

                                       29
<Page>

Proceeding that was instituted against ARSC or its successors by any Person
other than the Seller.

            (b) ARSC hereby agrees that it will not institute against the Seller
or join any other Person in instituting against the Seller any Insolvency
Proceeding so long as the Final Payout Date shall not have occurred or there
shall not have elapsed one year plus one day since the Final Payout Date. The
foregoing shall not limit the right of ARSC to file any claim in or otherwise
take any action with respect to any Insolvency Proceeding that was instituted
against the Seller or its successors by any Person other than ARSC.

            Section 11.15 SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement are for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

            Section 11.16 RECOURSE TO THE SELLER. Except to the extent expressly
provided otherwise in the Transaction Documents, the obligations of the Seller
under the Transaction Documents to which it is a party are solely the
obligations of the Seller, and no recourse shall be had for payment of any fee
payable by or other obligation of or claim against the Seller that arises out of
any Transaction Document to which the Seller is a party against any director,
officer or employee of the Seller. The provisions of this Section 11.16 shall
survive the termination of this Agreement.

            Section 11.17 RECOURSE TO ARSC. Except to the extent expressly
provided otherwise in the Transaction Documents, the obligations of ARSC under
the Transaction Documents to which it is a party are solely the obligations of
ARSC, and no recourse shall be had for payment of any fee payable by or other
obligation of or claim against ARSC that arises out of any Transaction Document
to which ARSC is a party against any director, officer or employee of ARSC. The
provisions of this Section 11.17 shall survive the termination of this
Agreement.

            Section 11.18 CONFIDENTIALITY. ARSC agrees to maintain the
confidentiality of any information regarding CMSC, the Seller, Cendant
Corporation and PHH obtained in accordance with the terms of this Agreement that
is not publicly available; PROVIDED, HOWEVER, that ARSC may reveal such
information (a) as necessary or appropriate in connection with the
administration or enforcement of this Agreement or its funding of Purchases
under this Agreement or (b) as required by law, government regulation, court
proceeding or subpoena. Notwithstanding anything herein to the contrary, none of
CMSC, the Seller, Cendant Corporation nor PHH shall have any obligation to
disclose to ARSC or its assignees any personal and confidential information
relating to a Transferred Employee.

                                       30
<Page>

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

                                          CENDANT MOBILITY FINANCIAL
                                            CORPORATION

                                          By: /s/ Dennis O'Gara
                                              ---------------------------------
                                              Name:  Dennis O'Gara
                                              Title: SVP, CFO

                                          APPLE RIDGE SERVICES CORPORATION

                                          By: /s/ Eric J. Barnes
                                              ---------------------------------
                                              Name:  Eric J. Barnes
                                              Title: VP, Controller

               [Signature Page to Receivables Purchase Agreement]

<Page>

                                   APPENDIX A

                                   DEFINITIONS

      A.    DEFINED TERMS. Capitalized terms used in this Agreement but not
            defined herein shall have the meanings assigned to them in the
            Purchase Agreement. As used in this Agreement, the following terms
            have the following meanings (such meanings to be equally applicable
            to the singular and plural forms thereof):

            "ARSC" shall mean Apple Ridge Services Corporation, a Delaware
corporation.

            "ARSC PURCHASE PRICE" shall have the meaning set forth in Section
3.1(b).

            "ARSC PURCHASE TERMINATION EVENT" shall have the meaning set forth
in Section 9.1.

            "ARSC PURCHASED ASSETS" shall have the meaning set forth in Section
2.1(a).

            "ARSC SUBORDINATED LOAN" shall have the meaning set forth in Section
4.2.

            "ARSC SUBORDINATED NOTE" shall mean the ARSC Subordinated Note dated
the Closing Date, made by ARSC and payable to the order of CMSC substantially in
the form of Exhibit 4.2, as such note may be amended, supplemented, otherwise
modified or replaced from time to time.

            "ARSC SUBORDINATED NOTE CAP" shall have the meaning set forth in
Section 4.2.

            "ARSC TERMINATION DATE" shall mean the date specified by the
Indenture Trustee following the occurrence of an ARSC Purchase Termination
Event; PROVIDED, HOWEVER, that if an Event of Bankruptcy has occurred with
respect to either the Seller or ARSC, the ARSC Termination Date shall be deemed
to have occurred automatically without any such notice.

            "CMF COLLECTIONS" shall mean all funds that are received on account
of or otherwise in connection with any CMF Pool Asset, including without
limitation all funds received (a) from or on behalf of any Obligor in payment of
or otherwise in respect of any CMF Receivable included in the CMF Pool Assets
(including without limitation funds received in respect of Advance Payments to
the extent necessary to reduce the Aggregate Employer Balance of Receivables
with respect to that Employer to zero), (b) from or on behalf of any Ultimate
Buyer in respect of CMF Home Sale Proceeds, (c) from any other Person to the
extent such funds were applied, or should have been applied, pursuant to any
Contract to repay or discharge any CMF Receivable or CMF Related Asset included
in the CMF Pool Assets (including without limitation insurance payments that any
Transaction Party applies in the ordinary course of its business to amounts owed
in respect of such CMF Pool Assets), (d) from the Seller in respect of Seller
Adjustments with respect to the ARSC Purchased Assets under this Agreement or
any other obligation of the Seller hereunder, (e) from the Originator in respect
to Originator Adjustments with respect to the ARSC Purchased Assets under
Section 4.3(c) of the Purchase Agreement, (f) from the Servicer in respect of
Servicer Dilution Adjustments with respect to the ARSC Purchased Assets under
Section 3.10(a) of the Transfer and Servicing Agreement and (g)

                                      A-1
<Page>

from PHH in respect of any payments made by PHH as guarantor of the obligations
of the Originator or the Servicer under the PHH Guarantee.

            "CMF HOME" shall mean any Home subject to a CMF Home Purchase
Contract.

            "CMF HOME PURCHASE CONTRACT" shall mean any Home Purchase Contract
that was executed, and pursuant to which CMF purchases a Home, on or after the
Closing Date, and that relates to a Receivable included in the ARSC Purchased
Assets.

            "CMF HOME SALE CONTRACT" shall mean any Home Sale Contract with
respect to a CMF Home.

            "CMF HOME SALE PROCEEDS" shall mean any Home Sale Proceeds arising
under a CMF Home Sale Contract.

            "CMF INDEMNIFIED LOSSES" shall have the meaning set forth in Section
10.1.

            "CMF INDEMNIFIED PARTY" shall have the meaning set forth in Section
10.1.

            "CMF NONCOMPLYING ASSET" shall have the meaning set forth in Section
4.3(a).

            "CMF NONCOMPLYING ASSET ADJUSTMENT" shall have the meaning set forth
in Section 4.3(a).

            "CMF POOL ASSET" shall mean, collectively, all of the following
assets and interests in property, whether now existing or hereafter arising and
wheresoever located:

            (a) all CMF Receivables, all CMF Related Assets, all CMF Collections
and all proceeds of the foregoing;

            (b) the PHH Guarantee;

            (c) all rights to payment due or to become due from the Seller under
the Transaction Documents and all other rights and interests of ARSC under this
Agreement and the other Transaction Documents;

            (d) all Lockboxes and Lockbox Accounts and all funds on deposit
therein and certificates and instruments, if any, from time to time evidencing
such accounts and funds on deposit therein, all investments made with such
funds, all claims thereunder or in connection therewith and all interest,
dividends, monies, instruments, securities and other property from time to time
received, receivable or otherwise distributed in respect of, or in exchange for,
any or all of the foregoing; and

            (e) all moneys due or to become due and all amounts received or
receivable with respect to any of the foregoing and all proceeds of, and
earnings on the foregoing.

            "CMF PURCHASED ASSETS" shall have the meaning set forth in Section
2.1(a).

            "CMF RECEIVABLE" shall have the meaning set forth in Section 2.1(a).

                                      A-2
<Page>

            "CMF RECORDS" shall mean all Records maintained by the Seller with
respect to the CMF Receivables and CMF Related Assets.

            "CMF RELATED ASSETS" shall have the meaning set forth in Section
2.1(a).

            "CMF RELATED PROPERTY" shall have the meaning set forth in Section
2.1(a).

            "COLLECTION ACCOUNT" shall have the meaning provided in the Transfer
and Servicing Agreement.

            "DAILY SELLER REPORT" shall have the meaning set forth in Section
3.1.

            "ELIGIBLE RECEIVABLE" shall mean any Eligible Receivable as defined
in the Purchase Agreement that has been (or will be at the time such Receivable
becomes included in the ARSC Purchased Assets) validly transferred to ARSC by
CMF under and in accordance with this Agreement.

            "FINAL PAYOUT DATE" shall mean the EARLIER of the date after the
satisfaction and discharge of the Indenture pursuant to Article IV thereof on
which either (i) all of the Notes have been paid in full or (ii) the Unpaid
Balance of all outstanding Pool Receivables has been reduced to zero; PROVIDED
that for purposes of this definition of Final Payout Date, the Unpaid Balance of
a Defaulted Receivable shall be deemed to be outstanding until all Homes related
thereto have been sold and such Receivable has been written off as
uncollectible.

            "INDEPENDENT DIRECTOR" shall mean an individual who is an
Independent Director as defined in the Certificate of Incorporation of ARSC as
in effect on the date of this Agreement.

            "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 Seller, (b) the ability of the Seller to
perform its obligations under any Transaction Document or all or any substantial
portion of the Contracts, (c) the validity or enforceability of, or
collectibility of, amounts payable by the Seller under any Transaction Document,
(d) the status, existence, perfection or priority of the interest of ARSC (and
its assigns) in the ARSC Purchased Assets, taken as a whole, in each case free
and clear of any Lien (other than Permitted Liens) or (e) the validity,
enforceability or collectibility of all or any substantial portion of the ARSC
Purchased Assets.

            "PERMITTED EXCEPTION" shall mean that, with respect to any
representation, warranty or covenant with respect to the interest of ARSC and
its assignees in the ARSC Purchased Assets or any Servicer Default, that (i)
prior to recordation (A) pursuant to Section 8.3 of this Agreement and/or
Section 2.01(d)(i) of the Transfer and Servicing Agreement or (B) 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 any mortgage or any conveyance pursuant to the related Home Purchase Contract
or Home Sale Contract in favor of any Transaction Party, the Issuer or any of
ARSC's assignees and assigns pursuant to the Transfer and Servicing Agreement
will be made except as otherwise permitted under Section 2.01(d)(i) of the
Transfer and Servicing Agreement and (ii) no delivery of any Home Purchase
Contract, Home Deed or Equity Loan Note to any custodian will be required.

                                      A-3
<Page>

            "POOL COLLECTIONS" shall mean, collectively and without duplication,
the CMSC Collections and the CMF Collections; PROVIDED, HOWEVER, that any
proceeds of Receivables that gave rise to CMF Noncomplying Asset Adjustments
that have been paid as provided in Section 4.3 hereof or CMSC Noncomplying Asset
Adjustments that have been paid as provided in Section 4.3 of the Purchase
Agreement and any Related Property with respect to such Receivable shall not
constitute Pool Collections and shall be promptly returned to CMF as provided in
Section 4.3 hereof.

            "POOL RECEIVABLES" shall mean, collectively, the CMSC Receivables
and the CMF Receivables.

            "PURCHASE" shall mean each purchase of Receivables, Related Assets
and other ARSC Purchased Assets by ARSC from the Seller hereunder.

            "PURCHASE AGREEMENT" shall mean the Purchase Agreement dated as of
the date hereof by and between CMSC and the Seller.

            "SELLER" shall mean Cendant Mobility Financial Corporation.

            "SELLER ADJUSTMENT" shall have the meaning set forth in Section
4.3(c).

            "SELLER ASSETS" shall have the meaning provided in Section 2.1(a).

            "SELLER DILUTION ADJUSTMENT" shall have the meaning set forth in
Section 4.3(b).

            "SELLER PERSON" means the Seller and each of its Subsidiaries and
Affiliates other than CMSC, ARSC and the Issuer.

            "SELLER PURCHASED ASSETS" shall have the meaning provided in Section
2.1(a).

            "SELLER RECEIVABLES" shall have the meaning provided in Section
2.1(a).

            "SELLER RELATED ASSETS" shall have the meaning provided in Section
2.1(a).

            "SELLER RELATED PROPERTY" shall have the meaning provided in Section
2.1(a).

            "TRANSACTION DOCUMENTS" means, collectively, this Agreement, the
Purchase Agreement, the Transfer and Servicing Agreement, the PHH Guarantee, the
ARSC Subordinated Note, the Lockbox Agreements and all agreements, instruments,
certificates, reports and documents (other than any of the Contracts) executed
and delivered or to be executed and delivered by ARSC under or in connection
with any of the foregoing, as any of the foregoing may be amended, supplemented,
restated or otherwise modified from time to time.

            "TRANSACTION PARTY" means ARSC, CMSC, the Seller, the Issuer or the
Servicer (so long as the Servicer is CMSC or an Affiliate thereof).

            B. OTHER TERMS. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP or with United States generally
accepted regulatory

                                      A-4
<Page>

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 ARSC and Cendant Mobility Financial
Corporation in this Agreement in each of their respective capacities as buyer,
Seller and originator shall be deemed to be the agreements, representations and
warranties of ARSC and Cendant Mobility Financial Corporation solely in each
such capacity for so long as ARSC and Cendant Mobility Financial Corporation act
in each 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. 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.

                                      A-5
<Page>

                                  SCHEDULE 2.1
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                       List of CMF Home Purchase Contracts

               Sent directly to Apple Ridge Services Corporation.

                                     S-2.1-1
<Page>

                                 SCHEDULE 6.1(n)
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                           Principal Place of Business
                    and Chief Executive Office of the Seller

CENDANT MOBILITY FINANCIAL CORPORATION
40 Apple Ridge Road
Suite 6000
Danbury, Connecticut 06810

                              List of Offices Where
                          the Seller Keeps CMF Records

CENDANT MOBILITY SERVICES CORPORATION
40 Apple Ridge Road
Danbury, CT 06810

CENDANT MOBILITY SERVICES CORPORATION
8081 Royal Ridge Parkway
Suite 200
Irving, TX 75063

CENDANT MOBILITY SERVICES CORPORATION
27271 Las Ramblas
Mission Viejo, CA 92691

CENDANT MOBILITY SERVICES CORPORATION
2221 Camden Court
Oakbrook, IL 60523

CENDANT MOBILITY SERVICES CORPORATION
401 Lennon Lane
Suite 200
Walnut Creek, CA 94598

                                   S-6.1(n)-1
<Page>

                                 SCHEDULE 6.1(q)
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

         List of Legal Names for Cendant Mobility Financial Corporation

Mobility Financial Corporation

                                   S-6.1(q)-1
<Page>

                                  SCHEDULE 11.2
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                                Notice Addresses

CENDANT MOBILITY FINANCIAL CORPORATION
40 Apple Ridge Road
Suite 6000
Danbury, CT 06810
Fax: (203) 205-3054

APPLE RIDGE SERVICES CORPORATION
40 Apple Ridge Road
Suite 5000
Danbury, CT 06810
Fax: (203) 205-3056

                                    S-11.2-1
<Page>

                                   EXHIBIT 2.1
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                          FORM OF NOTICE OF ADDITIONAL
                           CMF HOME PURCHASE CONTRACTS

                                     [DATE]

Apple Ridge Services Corporation
40 Apple Ridge Road
Suite 5000
Danbury, CT 06810

      Re: ADDITIONAL CMF HOME PURCHASE CONTRACTS

Dear Sir or Madam:

      Reference is made to the Receivables Purchase Agreement, dated as of April
25, 2000 (the "Receivables Purchase Agreement"), between Cendant Mobility
Financial Corporation and Apple Ridge Services Corporation. Capitalized terms
used herein and not defined herein shall have the meanings assigned to them in
the Receivables Purchase Agreement.

      Pursuant to Section 2.1 of the Receivables Purchase Agreement, we are
required to deliver a notice to you on the last of day of each month setting
forth the new Home Purchase Contracts which were executed during such month.
Attached hereto is a list of CMF Home Purchase Contracts that were executed
during [Month/Year]. Pursuant to Section 2.1 of the Receivables Purchase
Agreement, Schedule 2.1 to the Receivables Purchase Agreement is hereby amended
to include the Home Purchase Contracts attached hereto.

                                            Very truly yours,

                                            CENDANT MOBILITY FINANCIAL
                                              CORPORATION

                                            By: _____________________________
                                                Name:
                                                Title:

                                     E-2.1-1
<Page>

                                   EXHIBIT 4.2
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                           Dated as of April 25, 2000

                         FORM OF ARSC SUBORDINATED NOTE

                                 April 25, 2000

            1. NOTE. FOR VALUE RECEIVED, the undersigned, APPLE RIDGE SERVICES
CORPORATION, a Delaware corporation ("ARSC"), hereby unconditionally promises to
pay to the order of CENDANT MOBILITY SERVICES CORPORATION, a Delaware
corporation ("CMSC"), in lawful money of the United States of America and in
immediately available funds, on the day following the Final Payout Date, the
aggregate unpaid principal sum outstanding of all "ARSC Subordinated Loans" made
from time to time by CMSC to ARSC pursuant to and in accordance with the terms
of that certain Receivables Purchase Agreement dated as of April 25, 2000,
between the Seller and ARSC (as amended, restated, supplemented, or otherwise
modified from time to time, the "Receivables Purchase Agreement"). Reference to
Sections 4.2 and 5.2 of the Receivables Purchase Agreement is hereby made for a
statement of the terms and conditions under which the loans evidenced hereby
have been and will be made. All capitalized terms used herein that are not
otherwise specifically defined herein shall have the meanings given to such
terms in the Receivables Purchase Agreement. No advance shall be made hereunder
on any date if the aggregate principal amount outstanding hereunder on such
date, after giving effect to such advance, PLUS the aggregate amount then
outstanding under the Notes, would exceed an amount equal to five times the net
worth of ARSC. Proceeds of any loan hereunder shall be used solely for the
purposes of paying the Purchase Price of the ARSC Purchased Assets.

            2. AGREEMENT TO MAKE ADVANCES. Subject to the limitations set forth
herein and the following limitations set forth in Section 5.2 of the Receivables
Purchase Agreement: (a) this ARSC Subordinated Note has been duly executed and
delivered by ARSC and is in full force and effect, (b) no Event of Bankruptcy
has occurred and is continuing with respect to ARSC and (c) after giving effect
to the ARSC Subordinated Loan, the aggregate outstanding principal amount of
this ARSC Subordinated Note does not exceed the ARSC Subordinated Note Cap, CMSC
irrevocably agrees to make each ARSC Subordinated Loan requested by ARSC on or
prior to the Termination Date for the sole purpose of purchasing ARSC Purchased
Assets under the Receivables Purchase Agreement.

            3. INTEREST. ARSC further promises to pay interest on the
outstanding unpaid principal amount hereof from the date hereof until payment in
full hereof at a rate equal to LIBOR PLUS 2.25%; PROVIDED, HOWEVER, that if ARSC
defaults in the payment of any principal hereof, ARSC promises to pay, on
demand, interest at the Prime Rate plus 2.00% per annum on any such unpaid
amounts, accrued with respect to each Interest Period from the date such payment
is due to the date of actual payment. LIBOR shall be determined on each LIBOR

                                     E-4.2-1
<Page>

Determination Date on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such date. If such rate does not appear on Telerate Page
3750, the rate for that LIBOR Determination Date shall be determined on the
basis of the rates quoted by the four major banks in the London interbank market
selected by the Paying Agent to the Paying Agent as the rates at which deposits
in United States dollars are offered by such banks in the London interbank
market at approximately 11:00 a.m., London time, on that day to prime banks in
the London interbank market for a one-month period. Notwithstanding the
foregoing, interest shall accrue at a rate equal to 8.46% per annum during the
first Interest Period. Interest shall be payable on the Distribution Date in
each month in arrears. The outstanding principal of any loan made under this
ARSC Subordinated Note shall be due and payable on the day after the Final
Payout Date, and may be repaid or prepaid at any time without premium or
penalty.

            LIBOR Determination Date means the second London Business Day prior
to the commencement of the second and each subsequent Interest Period. A London
Business Day is any Business Day on which dealings in deposits in U.S. dollars
are transacted in the London interbank market and banking institutions in London
are not authorized or obligated by law or regulation to close. An Interest
Period is the period beginning on and including the Distribution Date
immediately preceding such Distribution Date and ending on and excluding such
Distribution Date; PROVIDED that the first Interest Period shall begin on and
include April 25, 2000 and end on and exclude June 15, 2000. A Distribution Date
means June 15, 2000 and the fifteenth day of each calendar month thereafter, or
if such fifteenth day is not a Business Day, the next succeeding Business Day.

            4. PRINCIPAL PAYMENTS. CMSC is authorized and directed by ARSC to
enter in its books and records the date and amount of each loan made by it that
is evidenced by this ARSC Subordinated Note and the amount of each payment of
principal made by ARSC and, absent manifest error, such entries shall constitute
prima facie evidence of the accuracy of the information so entered; PROVIDED
that neither the failure of CMSC to make any such entry or any error therein
shall expand, limit or affect the obligations of ARSC hereunder.

            5. SUBORDINATION. The indebtedness evidenced by this ARSC
Subordinated Note is subordinated to the prior payment in full of all of ARSC's
recourse obligations under the Transfer and Servicing Agreement. The
subordination provisions contained herein are for the direct benefit of, and may
be enforced by, ARSC's successors and assigns and/or any of their respective
assignees (collectively, the "Senior Claimants") under the Transfer and
Servicing Agreement. Until the date after the Final Payout Date on which all
advances outstanding under the Transfer and Servicing Agreement have been repaid
in full and all other obligations of ARSC thereunder (all such obligations,
collectively, the "Senior Claims") have been indefeasibly paid and satisfied in
full, CMSC shall not demand, accelerate, sue for, take, receive or accept from
ARSC, directly or indirectly, in cash or other property or by set-off or any
other manner (including without limitation from or by way of collateral) any
payment or security of all or any of the indebtedness under this ARSC
Subordinated Note or exercise any remedies or take any action or proceeding to
enforce the same; PROVIDED, HOWEVER, that (i) CMSC hereby agrees that it will
not institute against ARSC any Insolvency Proceeding unless and until a period
of one year and one day has elapsed after the Final Payout Date and (ii) nothing
in this paragraph shall

                                     E-4.2-4
<Page>

restrict ARSC from paying, or CMSC from requesting, any payments under this ARSC
Subordinated Note so long as ARSC is not required under the Transfer and
Servicing Agreement to set aside the funds used for such payments for the
benefit of, or otherwise pay over to, any of the Senior Claimants; and PROVIDED,
FURTHER, that the making of such payment would not otherwise violate the terms
and provisions of the Transfer and Servicing Agreement. Should any payment,
distribution or security or proceeds thereof be received by CMSC in violation of
the immediately preceding sentence, CMSC agrees that such payment shall be
segregated, received and held in trust for the benefit of, and deemed to be the
property of, and shall be immediately paid over and delivered to the Indenture
Trustee for the benefit of the Senior Claimants.

            6. BANKRUPTCY; INSOLVENCY. Upon the occurrence of any Insolvency
Proceeding involving ARSC as debtor, then and in any such event the Senior
Claimants shall receive payment in full of all amounts due under the Transfer
and Servicing Agreement (whether or not any or all of such amount is an
allowable claim in any such proceeding) before CMSC is entitled to receive
payment on account of this ARSC Subordinated Note and, to that end, any payment
or distribution of assets of ARSC of any kind or character, whether in cash,
securities or other property in any applicable Insolvency Proceeding which would
otherwise be payable to, or deliverable upon or with respect to, any or all
indebtedness under this ARSC Subordinated Note, is hereby assigned to and shall
be paid or delivered by the Person making such payment or delivery (whether a
trustee in bankruptcy, a receiver, custodian or liquidating trustee or
otherwise) pursuant to the Transfer and Servicing Agreement for application to,
or as collateral for the payment of, the Senior Claim until such Senior Claim
shall have been paid in full and satisfied.

            7. GOVERNING LAW. THIS ARSC SUBORDINATED NOTE SHALL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE
WITH THE LAWS AND DECISIONS OF THE STATE OF NEW YORK. WHEREVER POSSIBLE EACH
PROVISION OF THIS ARSC SUBORDINATED NOTE SHALL BE INTERPRETED IN SUCH MANNER AS
TO BE EFFECTIVE AND VALID UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS
ARSC SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW,
SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR
INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE
REMAINING PROVISIONS OF THIS ARSC SUBORDINATED NOTE.

            8. WAIVERS. All parties hereto, whether as makers, endorsers, or
otherwise, severally waive presentment for payment, demand, protest and notice
of dishonor. CMSC additionally expressly waives all notice of the acceptance by
any Senior Claimant of the subordination and other provisions of this ARSC
Subordinated Note and expressly waives reliance by any Senior Claimant upon the
subordination and other provisions herein provided.

            9. ASSIGNMENT. Prior to the satisfaction and discharge of the
Indenture pursuant to Article IV thereof, this ARSC Subordinated Note may not be
assigned, pledged or otherwise transferred to any party other than Originator
except in accordance with the Transfer and Servicing Agreement.

                                     E-4.2-4
<Page>

                                            APPLE RIDGE SERVICES CORPORATION

                                            By: _____________________________
                                                Name:
                                                Title:

ACKNOWLEDGED AND AGREED:

CENDANT MOBILITY SERVICES CORPORATION

By: ______________________________________
    Name:
    Title:

                                     E-4.2-4

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