Document:

Amended and Restated Series 2007-1 Indenture Supplement

 Exhibit 10.38 
 EXECUTION COPY 
  

 INDENTURE SUPPLEMENT 
 APPLE RIDGE FUNDING LLC, 
 as Issuer, 
 and 
 THE BANK OF NEW YORK 
 as Indenture
Trustee, Paying Agent, Authentication Agent and 
 Transfer Agent and Registrar 
 SERIES 2007-1 INDENTURE SUPPLEMENT 
 Dated as of April 10, 2007 

 

					
	ARTICLE I CREATION OF THE SERIES 2007-1 NOTES	  	
			
		  	 Section 1.01. Designation
	  	1
		
	ARTICLE II DEFINITIONS	  	
			
		  	 Section 2.01. Definitions
	  	2
		
	ARTICLE III SERVICING FEE; INCREASES AND REDUCTIONS IN THE SERIES OUTSTANDING AMOUNT	  	
			
		  	 Section 3.01. Servicing Fee
	  	12
		  	 Section 3.02. Increases and Reductions in the Series Outstanding Amount
	  	12
		
	ARTICLE IV RIGHTS OF SERIES 2007-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF POOL COLLECTIONS	  	
			
		  	 Section 4.01. Pool Collections and Allocations
	  	13
		  	 Section 4.02. Determination of Interest and Monthly Interest
	  	15
		  	 Section 4.03. Determination of Principal Distribution
	  	16
		  	 Section 4.04. Application of Series 2007-1 Collections
	  	16
		  	 Section 4.05. Distribution Account
	  	17
		  	 Section 4.06. Series 2007-1 Principal Subaccount.
	  	18
		  	 Section 4.07. Investment Instructions
	  	18
		
	ARTICLE V DELIVERY OF SERIES 2007-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2007-1 NOTEHOLDERS	  	
			
		  	 Section 5.01. Delivery and Payment for the Series 2007-1 Notes; Denominations
	  	19
		  	 Section 5.02. Registration; Registration of Transfer and Exchange; Transfer Restrictions
	  	19
		  	 Section 5.03. Definitive Notes
	  	22
		  	 Section 5.04. Distributions
	  	22
		  	 Section 5.05. Reports and Statements to Series 2007-1 Noteholders
	  	22
		
	ARTICLE VI AMORTIZATION EVENTS	  	
			
		  	 Section 6.01. Series 2007-1 Amortization Events
	  	22
		
	ARTICLE VII OPTIONAL REDEMPTION OF SERIES 2007-1 NOTES	  	
			
		  	 Section 7.01. Optional Redemption of Series 2007-1 Notes
	  	25
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	
			
		  	 Section 8.01. Ratification of Agreement
	  	26
		  	 Section 8.02. Counterparts
	  	26
		  	 Section 8.03. Governing Law
	  	26

			
	EXHIBITS	  	
		
	EXHIBIT A    	  	Form of Series 2007-1 Note
		
	EXHIBIT B	  	Form of Monthly Payment Instructions and Notification to the Indenture Trustee and Paying Agent
		
	EXHIBIT C	  	Form of Monthly Statement
		
	EXHIBIT D	  	Form of Weekly Activity Report

 SERIES 2007-1 INDENTURE SUPPLEMENT, dated as of April 10, 2007 (as amended, modified, restated or
supplemented from time to time, the “Indenture Supplement”), by and among APPLE RIDGE FUNDING LLC, a limited liability company organized under the laws of the State of Delaware, as Issuer (together with its permitted successors and
assigns, the “Issuer”), and THE BANK OF NEW YORK, a New York state banking corporation, as successor to JPMorgan Chase Bank National Association as indenture trustee, and as paying agent, authentication agent and transfer agent and
registrar (together with its permitted successors and assigns, “BNY” and in its capacity as indenture trustee, the “Indenture Trustee”). 
 Pursuant to Section 2.10 of the Master Indenture, dated as of April 25, 2000 (as amended, modified, restated or supplemented from time to time, the “Indenture” and together with the
Indenture Supplement, the “Agreement”), by and among the Issuer, the Indenture Trustee and BNY, the Issuer may issue one or more Series of Notes the Principal Terms of which shall be set forth in an indenture supplement to the
Indenture. In accordance with the terms of the Indenture, the Issuer hereby creates a Series of Notes and specifies the Principal Terms of such Series of Notes in this Indenture Supplement. 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee, for the benefit of
the Holders of the Series 2007-1 Notes, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in, to and under: (i) the Series 2007-1 Principal Subaccount, (ii) the Distribution Account (to the extent
of Series 2007-1 Collections on deposit therein), (iii) all accounts, money, chattel paper, investment property, instruments, documents, deposit accounts, letters of credit, letter-of-credit rights, general intangibles, goods, oil, gas and
other minerals consisting of, arising from, or relating to any of the foregoing and (iv) all proceeds of the foregoing. 
 ARTICLE I

 CREATION OF THE SERIES 2007-1 NOTES 
 Section 1.01. Designation. 
 (a) There is hereby created a Series of Notes to be issued pursuant to the Indenture and
this Indenture Supplement to be known as the “Apple Ridge Funding LLC Secured Variable Funding Notes, Series 2007-1” or the “Series 2007-1 Notes.” 
 (b) In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be
controlling. 

 ARTICLE II 
 DEFINITIONS 
 Section 2.01. Definitions. 
 (a) Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms. 
 “Additional Interest” shall have the meaning set forth in Section 4.02(b). 
 “Administrative
Agent” shall mean Calyon New York Branch, in its capacity as “Administrative Agent” and “Lead Arranger” for the Purchasers. 
 “Administrative Agent Fee Letter” means that certain fee letter dated as of the date hereof between the Issuer and the Administrative Agent. 
 “Alternate Base Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “Amortization Event” shall have the meaning set forth in Section 6.01. 
 “Amortization Period” shall mean the period commencing at the earliest to occur of (a) the close of business on the
Commitment Termination Date, (b) the close of business on the Scheduled Amortization Date and (c) the close of business on the Business Day immediately preceding the day on which an Amortization Event has occurred, and ending on the date
on which (x) the Series Outstanding Amount shall have been paid in full, together with all accrued interest thereon, and (y) all amounts owed to the Administrative Agent, the Managing Agents and the Purchasers under the Indenture
Supplement and the Note Purchase Agreement shall have been paid in full. 
 “Applicable Stress Factor” shall mean, as of any
date of determination, 2.50. 
 “Appraised Value Home” shall mean a Home purchased by an Originator if the owner of the Home
is unsuccessful at contracting to sell the Home prior to the purchase of the Home by the applicable Originator and as to which the purchase price is generally determined by the average of two or more independent appraisals. 
 “Average Days in Inventory” shall mean, for any Monthly Period, the average number of days the Homes have been owned by each Originator
as of the close of business on the last day of such Monthly Period. 
 “Average Days Outstanding” shall mean, as of the end
of any Monthly Period, the sum of: 
 (a) the product of (i) a fraction, the numerator of which is the
aggregate Unpaid Balance of Unsold Home Receivables (net of Advance Payments relating thereto) as of the end of such Monthly Period and the denominator of which is the Aggregate Receivable Balance as of the end of such Monthly Period, multiplied
by (ii) the Average Days in Inventory for such Monthly Period, plus 
  

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 (b) the product of (i) a fraction, the numerator of which is the aggregate
Unpaid Balance of Billed Receivables and Unbilled Receivables (net of Advance Payments relating thereto) as of the end of such Monthly Period, and the denominator of which is the Aggregate Receivable Balance as of the end of such Monthly Period,
multiplied by (ii) the sum of (A) the average number of days as of the end of such Monthly Period it took to bill Unbilled Receivables once they became billable plus (B) the average number of days Billed
Receivables have been outstanding as of the end of such Monthly Period. 
 For the purposes of the foregoing calculation, Unbilled Receivables are deemed to
be billable (x) if the Receivable was previously an Unsold Home Receivable, upon the subsequent sale of the Home by the applicable Originator and (y) if such Receivable relates to services that are not related to Home sales, upon
disbursement. 
 “Base Rate Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Change in Control” shall mean either that (v) the Issuer ceases to be a wholly-owned subsidiary of Cartus, (w) any of Cartus,
CFC, the Transferor or the Issuer ceases to be a wholly-owned subsidiary of the Performance Guarantor, (x) the equity owners of the Performance Guarantor as of the date hereof cease (other than as a result of a “Borrower Qualified
IPO” as such term is defined in the Realogy Credit Agreement as in effect on the date hereof) to own, directly or indirectly, at least 51% of the equity interests in, or voting securities of, the Performance Guarantor or (y) following any
initial public offering of Realogy common stock, any other Person not an equity owner of the Performance Guarantor as of the date hereof acquires more than 51% of the equity interests in or voting securities of the Performance Guarantor or
(z) any other “Change in Control” as defined in the Realogy Credit Agreement. 
 “Commercial Paper Notes”
shall have the meaning set forth in the Note Purchase Agreement. 
 “Commitment Termination Date” shall have the meaning set
forth in the Note Purchase Agreement. 
 “Committed Purchaser” shall have the meaning set forth in the Note Purchase
Agreement. 
 “Conduit Purchaser” shall have the meaning set forth in the Note Purchase Agreement. 
 “CP Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “CP Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Decrease” shall have the meaning set forth in Section 3.02(b). 
 “Decrease Date” shall have the meaning set forth in Section 3.02(b). 
  

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 “Default Ratio” shall mean, for any Monthly Period, the quotient, expressed as a
percentage, of (a) the sum of (i) the aggregate Unpaid Balance of the Receivables that have become Defaulted Receivables in accordance with clause (a) or (c) of the definition of Defaulted Receivable during such Monthly
Period plus (ii) the Aggregate Employer Balance of each Employer (reduced by any Advance Payments) whose Receivables have become Defaulted Receivables in accordance with clause (b) of the definition of Defaulted Receivables during
such Monthly Period, divided by (b) the aggregate Unpaid Balance of the Billed Receivables generated during the fifth Monthly Period preceding such Monthly Period. 
 “Determination Date” shall mean, with respect to any Distribution Date, the second Business Day preceding such Distribution Date.

 “Dilution Ratio” shall mean, for any Monthly Period, the quotient, expressed as a percentage, of (a) the
aggregate amount of reductions to the Unpaid Balances of the Billed Receivables due to offsets, chargebacks, credits, adjustments, rebates and other Originator Dilution Adjustments, Seller Dilution Adjustments and Servicer Dilution Adjustments
occurring during such Monthly Period divided by (b) the aggregate Unpaid Balance of the Billed Receivables generated during the fifth Monthly Period preceding such Monthly Period. 
 “Dilution Reserve Ratio” shall mean, as of any date of determination, the product, expressed as a percentage, of: 
 (a) the greater of: 
 (i) the
product of (A) the Applicable Stress Factor multiplied by (B) the average of the Dilution Ratios for the three Monthly Periods preceding the first day of the Interest Period in which such date occurs, and 
 (ii) the highest Dilution Ratio for any Monthly Period over the twelve Monthly Periods preceding the first day of the Interest Period in
which such date occurs, multiplied by 
 (b) a fraction, the numerator of which is the sum of: 
 (i) the aggregate Unpaid Balance of the Billed Receivables generated during the five Monthly Periods preceding the first day of the
Interest Period in which such date occurs plus 
 (ii) the aggregate Unpaid Balance of the Unbilled Receivables as of the end
of the Monthly Period preceding the first day of the Interest Period in which such date occurs, 
 and the denominator of which is the
aggregate Unpaid Balance of the Billed Receivables as of the end of such Monthly Period, multiplied by 
 (c) a fraction, the numerator
of which is equal to the sum of: 
 (i) the aggregate Unpaid Balance of the Billed Receivables as of the end of such
Monthly Period plus 
  

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 (ii) the aggregate Unpaid Balance of the Unbilled Receivables as of the end of such
Monthly Period plus 
 (iii) the greater of (A) the product of 3.5 multiplied by the average
of the Monthly Loss on Sale for such Monthly Period and the two immediately preceding Monthly Periods and (B) 10% of the aggregate Unpaid Balance of Unsold Home Receivables relating to Appraised Value Homes as of the end of such Monthly Period,

 and the denominator of which is equal to the aggregate Unpaid Balance of Eligible Receivables as of the end of such Monthly Period
minus the Aggregate Adjustment Amount on such date. 
 The Dilution Reserve Ratio calculated as of any Distribution Date shall continue until (but not
including) the next succeeding Distribution Date. 
 “Distribution Date” shall mean the sixteenth day of each calendar
month, or if such sixteenth day is not a Business Day, the next succeeding Business Day. 
 “Eurodollar Rate” shall have the
meaning set forth in the Note Purchase Agreement. 
 “Eurodollar Rate Margin” shall have the meaning set forth in the Fee
Letter. 
 “Eurodollar Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Facility Fee” shall have the meaning set forth in the Fee Letter. 
 “Federal Funds Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “Fee Letter” shall mean that certain Fee Letter executed by and between the Issuer and the Administrative Agent in connection with the
Note Purchase Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Final Stated Maturity
Date” shall mean the earlier of (a) the Distribution Date occurring in April, 2012 and (b) the Distribution Date occurring in the ninth Monthly Period following the Monthly Period in which the Amortization Period commenced.

 “Increase” shall mean any funding by the Purchasers pursuant to the Note Purchase Agreement which increases the Series
Outstanding Amount. 
 “Increase Date” shall mean the date on which any Increase is funded. 
  

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 “Initial Series Outstanding Amount” shall mean, with respect to the Series 2007-1 Notes,
$614,500,000. 
 “Interest Period” shall mean, with respect to each Tranche: 
 (a) initially the period commencing on the date such Tranche is funded and ending on the last day of the Monthly Period in which such date
occurs; and 
 (b) thereafter each Monthly Period. 
 “Interest Shortfall” shall have the meaning set forth in Section 4.02(b). 
 “Liquidity Provider Agreement” shall have the meaning set forth in the Note Purchase Agreement. 
 “Liquidity Provider” shall have the meaning set forth in the Note Purchase Agreement. 
 “Loss Reserve Ratio” shall mean, as of any date of determination, the greatest of: 
 (a) the percentage equivalent of the product of: 
 (i) the Applicable Stress Factor multiplied by 
 (ii) the highest Three Month Average Default Ratio for any Monthly Period over the twelve Monthly Periods preceding the first day of the
Interest Period in which such date occurs, multiplied by 
 (iii) a fraction, the numerator of which is the sum
of (A) the aggregate Unpaid Balance of the Billed Receivables generated over the five Monthly Periods preceding the first day of the Interest Period in which such date occurs plus (B) the aggregate Unpaid Balance of the Unbilled
Receivables as of the end of the Monthly Period preceding the first day of the Interest Period in which such date occurs, and the denominator of which is the aggregate Unpaid Balance of the Billed Receivables as of the end of such Monthly Period,
multiplied by 
 (iv) a fraction, the numerator of which is equal to the sum of (A) the aggregate Unpaid
Balance of Billed Receivables as of the end of the Monthly Period preceding the first day of the Interest Period in which such date occurs plus (B) the aggregate Unpaid Balance of Unbilled Receivables as of the end of such Monthly Period
plus (C) the greater of (1) the product of 3.5 multiplied by the average of the Monthly Loss on Sale for such Monthly Period and the two immediately preceding Monthly Periods and (2) 10% of the aggregate
Unpaid Balance of Unsold Home Receivables relating to Appraised Value Homes as of the end of such Monthly Period, and the denominator of which is equal to the aggregate Unpaid Balance of Eligible Receivables as of the end of such Monthly Period
minus the Aggregate Adjustment Amount on such date; 
  

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 (b) the product of (i) the Applicable Stress Factor multiplied by (ii) the
highest Default Ratio for any Monthly Period over the three Monthly Periods preceding the first day of the Interest Period in which such date occurs; and 
 (c) 2.5%. 
 The Loss Reserve Ratio calculated as of any Distribution Date shall continue until (but not
including) the next succeeding Distribution Date. 
 “Managing Agent” shall have the meaning set forth in the Note Purchase
Agreement. 
 “Minimum Enhancement Percentage” shall mean, for any Distribution Date: (i) 9% so long as the Average
Days Outstanding is less than 90 days; (ii) 10% if the Average Days Outstanding is greater than or equal to 90 days but less than 100 days and (iii) 11% if the Average Days Outstanding is greater than or equal to 100 days but less than 120
days and (iv) otherwise, 12%. 
 “Monthly Interest” shall have the meaning set forth in Section 4.02(b).

 “Monthly Loss on Sale” shall equal, for any Monthly Period, for all Homes sold during such Monthly Period, the aggregate
of the amounts, if any, by which the purchase price of each such Home paid by CFC or Cartus, as applicable, exceeded the sale price for such Home received by the Servicer (the amount of any such excess with respect to a Home being a
“Loss”). The Monthly Loss on Sale for any Monthly Period shall be based on the gross Losses for such Monthly Period without regard to any gains on the sale of other Homes during such Monthly Period. 
 “Monthly Period” shall mean the period from and including the first day of a calendar month to and including the last day of such
calendar month. 
 “Monthly Principal” shall have the meaning set forth in Section 4.03. 
 “Monthly Program Fees” shall mean for any Distribution Date the aggregate Facility Fee and Program Fee payable to the Managing Agents
under Section 2.03(c) of the Note Purchase Agreement. 
 “Monthly Servicing Fee” shall have the meaning set
forth in Section 3.01. 
 “Net Credit Losses” shall mean, for any Monthly Period, an amount equal to the excess,
if any, of the estimated losses to be incurred in respect of all Receivables written off by the Servicer in accordance with the Credit and Collection Policy during such Monthly Period over an amount equal to all amounts recovered during such Monthly
Period in respect of Receivables written off by the Servicer in accordance with the Credit and Collection Policy during prior Monthly Periods, which amounts exceed the amounts that the Servicer estimated would be recovered in respect of such
Receivables. For the avoidance of doubt, “Net Credit Losses” includes the portion of any Receivable which has been written off as uncollectible by the Servicer net of any recoveries thereon. 
  

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 “Note Interest Rate” when used in the Indenture with respect to Series 2007-1, shall
mean, as of any date, the sum of the weighted average of the Series 2007-1 Tranche Rates. 
 “Note Purchase Agreement” shall
mean that certain Note Purchase Agreement dated as of even date herewith (as the same may be amended, restated, supplemented or otherwise modified from time to time) among the Issuer, the Servicer, the Purchasers, the Managing Agents and the
Administrative Agent. 
 “Otherwise Released Collections” shall have the meaning set forth in Section 4.01(d).

 “Outstanding Tranche Amount” shall mean, with respect to any Tranche, the portion of the Series Outstanding Amount
designated by a Managing Agent as allocable to such Tranche. 
 “Pro Rata Share” shall have the meaning set forth in the
Note Purchase Agreement. 
 “Program Fee” shall have the meaning set forth in the Fee Letter. 
 “Purchaser Group” shall have the meaning set forth in the Note Purchase Agreement. 
 “Purchasers” shall have the meaning set forth in the Note Purchase Agreement. 
 “QIB” shall have the meaning set forth in Section 5.02(b). 
 “Rating Agency” shall mean each of Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch, Inc.

 “Rating Agency Condition” as used in the Indenture with respect to this Indenture Supplement or the Series 2007-1 Notes
shall mean, with respect to any action, that each of the Managing Agents shall have consented to such action. 
 “Realogy”
shall mean Realogy Corporation, a Delaware Corporation, and its successors. 
 “Redemption Price” shall mean, with respect
to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Series Outstanding Amount on such Distribution Date plus (ii) Monthly Interest
for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 2007-1 Noteholders plus (iii) all Monthly Program Fees plus (iv) any other amounts owed to the Administrative Agent, the
Managing Agents and the Purchasers pursuant to this Indenture Supplement or the Note Purchase Agreement. 
 “Required
Amount” shall mean, for any Distribution Date, the sum of (a) the Monthly Interest for such Distribution Date plus (b) any Additional Interest previously accrued and not reimbursed, plus (c) the sum,
without duplication, of (i) the Monthly Servicing Fee to be 

  

 8 

 
distributed on such Distribution Date plus (ii) any Monthly Servicing Fee previously accrued and not paid plus (iii) the Monthly
Program Fees to be distributed on such Distribution Date plus (iv) any Monthly Program Fees previously accrued and not paid plus (v) any expenses and other amounts which are payable under Section 4.04(b)(iv), as notified
to the Indenture Trustee, the Issuer and the Servicer by the relevant Managing Agent or the Administrative Agent no later than the Business Day preceding the related Determination Date. 
 “Required Managing Agents” shall have the meaning set forth in the Note Purchase Agreement. 
 “Required Overcollateralization Amount” shall mean, as of any date of determination, the amount by which the Series 2007–1 Required
Enhancement Amount on such date exceeds the amount on deposit in the Series 2007-1 Principal Subaccount on such date. 
 “Revolving Period” shall mean the period beginning on the Series 2007-1 Closing Date and ending upon the commencement of the Amortization Period. 
 “Rule 144A” shall mean Rule 144A under the Securities Act. 
 “Scheduled Amortization Date” shall mean April 10, 2012. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Series Outstanding Amount” shall mean, as of any date of determination, an amount equal to (i) the Initial Series Outstanding
Amount plus (ii) the aggregate amount of all Increases minus (iii) the aggregate amount of all Decreases minus (iv) without duplication, the aggregate amount of all Monthly Principal previously paid to the Series
2007-1 Noteholders. 
 “Series Percentage” shall mean, with respect to any date of determination, the percentage equivalent
(which percentage shall never exceed 100%) of a fraction calculated as follows: 
 (a) during the Revolving Period, the numerator of the
fraction will be the Series 2007-1 Required Asset Amount as of the close of business on the immediately preceding day, and the denominator of the fraction will be the greater of (i) the Adjusted Aggregate Receivable Balance as of the end of the
prior Monthly Period (or, if a Servicer Default has occurred, as of the end of the immediately preceding day), and (ii) the sum of the numerators used to determine the Series Percentage for each Series of Notes (including the Series 2007-1
Notes) Outstanding at the close of business on the immediately preceding day; and 
 (b) during the Amortization Period, the numerator of the
fraction will be the Series 2007-1 Required Asset Amount as of the close of business on the last day of the Revolving Period, and the denominator of the fraction will be the sum of the numerators used to determine the Series Percentage for each
Series of Notes (including the Series 2007-1 Notes) Outstanding at the close of business on the immediately preceding day. 
 “Series
2007-1” shall mean the Series of Notes the terms of which are specified in this Indenture Supplement. 
  

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 “Series 2007-1 Allocated Adjusted Aggregate Receivable Balance” shall mean, as of any
date of determination, the lower of (a) the Series 2007-1 Required Asset Amount as of such date and (b) the product of (i) the Adjusted Aggregate Receivable Balance as of the end of the prior Monthly Period multiplied
by (ii) the percentage equivalent of a fraction, the numerator of which is the Series 2007-1 Required Asset Amount as of such date and the denominator of which is the sum of (x) the Series 2007-1 Required Asset Amount as of such date
plus (y) the aggregate of the Required Asset Amounts with respect to each other Series of Notes as of such date. 
 “Series 2007-1 Asset Amount Deficiency” shall occur, on any date of determination, if and to the extent the Series 2007-1 Allocated Adjusted Aggregate Receivable Balance as of such date is less than the Series 2007-1
Required Asset Amount as of such date. 
 “Series 2007-1 Closing Date” shall mean April 10, 2007. 
 “Series 2007-1 Collections” shall have the meaning set forth in Section 4.01(b). 
 “Series 2007-1 Note” shall mean each Note executed by the Issuer and authenticated by the Authentication Agent, substantially in the
form of Exhibit A, and any replacement Note in exchange therefor. 
 “Series 2007-1 Noteholder” shall mean each
Person in whose name a Series 2007-1 Note is registered in the Note Register, which shall initially be each Managing Agent on behalf of the Purchasers in the related Purchaser Group. 
 “Series 2007-1 Principal Subaccount” shall have the meaning set forth in Section 4.06(a). 
 “Series 2007-1 Required Asset Amount” shall mean, as of any date of determination, an amount equal to the sum of (a) the
Series Outstanding Amount on such date plus (b) the Required Overcollateralization Amount on such date. 
 “Series 2007-1
Required Enhancement Amount” shall mean, as of any date of determination, an amount equal to the greater of (i) the Series Outstanding Amount on such date multiplied by the Minimum Enhancement Percentage on such date and
(ii) an amount equal to the product of (A) the Series Outstanding Amount on such date multiplied by (B) the quotient of (1) the sum of (w) the Loss Reserve Ratio on such date plus
(x) the Dilution Reserve Ratio on such date plus (y) the Yield Reserve Ratio on such date plus (z) the Servicing Reserve Ratio on such date divided by (2) one minus the sum of (w) the Loss
Reserve Ratio on such date plus (x) the Dilution Reserve Ratio on such date plus (y) the Yield Reserve Ratio on such date plus (z) the Servicing Reserve Ratio on such date; provided, however, that after the
declaration or occurrence of an Amortization Event, the Series 2007-1 Required Enhancement Amount shall equal the Series 2007-1 Required Enhancement Amount in effect on the date of the declaration or occurrence of such Amortization Event.

 “Series 2007-1 Tranche Rate” shall mean, at any time during an Interest Period (i) with respect to any CP Tranche,
the CP Rate, (ii) with respect to any Eurodollar Tranche, the sum of the Eurodollar Rate plus the Eurodollar Rate Margin, and (iii) with respect to any Base 

  

 10 

 
Rate Tranche, the Alternate Base Rate, as applicable, provided, however, that, if any principal or interest on the Series 2007-1 Notes is not
paid in full when the same shall have become required to be paid, or if any Amortization Event has occurred and is continuing, then the Series 2007-1 Tranche Rate shall be the Alternate Base Rate plus two percent (2.0%) with respect to such
deficiency or with respect to any interest accrued on the Series 2007-1 Notes after the occurrence of such Amortization Event. 
 “Servicing Fee” shall have the meaning set forth in the Transfer and Servicing Agreement. 
 “Servicing Fee
Rate” shall mean 0.75% per annum. 
 “Servicing Reserve Ratio” shall mean, as of any date of determination,
the quotient, expressed as a percentage, of (a) the product of (i) the Applicable Stress Factor multiplied by (ii) the Servicing Fee Rate multiplied by (iii) Average Days Outstanding as of the end of
the Monthly Period preceding the first day of the Interest Period in which such date occurs, divided by (b) 360. 
 “Stated Amount” shall mean $850,000,000 as such amount may be reduced or increased from time to time pursuant to Section 3.02. 
 “Three Month Average Default Ratio” shall mean, for any Monthly Period, the average of the Default Ratios for that Monthly Period and each of the two immediately preceding Monthly Periods. 

“Three Month Average Dilution Ratio” shall mean, for any Monthly Period, the average of the Dilution Ratios for that Monthly Period
and each of the two immediately preceding Monthly Periods. 
 “Tranche” shall have the meaning set forth in the Note
Purchase Agreement. 
 “Transaction Documents” shall mean the “Transaction Documents” as defined in the
Indenture but shall also include the Note Purchase Agreement, the Fee Letter and the Series 2007-1 Notes. 
 “Transfer Date”
shall mean the Business Day immediately preceding each Distribution Date and each Decrease Date. 
 “Yield Reserve Ratio”
shall mean, as of any date of determination, the quotient expressed as a percentage, of (a) the product of (i) the sum of (A) the product of (1) the Applicable Yield Factor multiplied by (2) the one-month Eurodollar Rate as
of the last Business Day of the immediately preceding Monthly Period plus (B) 0.75% multiplied by (ii) 2.50 multiplied by the Average Days Outstanding as of the end of the immediately preceding Monthly Period divided by (b) 360. For
purposes of the foregoing, the “Applicable Yield Factor” shall be (i) 1.25 so long as the Average Days in Inventory for Appraised Value Homes for any Monthly Period is less than one hundred twenty (120) days; (ii) 1.75 if
the Average Days in Inventory for Appraised Value Homes for any Monthly Period is equal to or greater than one hundred twenty (120) days but less than one hundred fifty (150) days until such time as the Average Days in 

  

 11 

 
Inventory for Appraised Value Homes has been reduced to and remained below one hundred twenty (120) days for two (2) consecutive Monthly Periods
(iii) 2.5 if the Average Days in Inventory for Appraised Value Homes for any Monthly Period is greater than or equal to one hundred fifty (150) days until such time as the Average Days in Inventory for Appraised Value Homes has been
reduced to and remained below one hundred fifty (150) days for two (2) consecutive Monthly Periods. 
 (b) Each capitalized term
defined herein shall relate to the Series 2007-1 Notes and no other Series of Notes issued by the Issuer, unless the context otherwise requires. All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in
the Indenture, and, if not defined therein, as defined in the Transfer and Servicing Agreement, the Receivables Purchase Agreement or the Purchase Agreement. 
 (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Indenture Supplement shall refer to this Indenture Supplement as a whole and not to any
particular provision of this Indenture Supplement; references to any Article, subsection, Section or Exhibit are references to Articles, subsections, Sections and Exhibits in or to this Indenture Supplement unless otherwise specified; and the term
“including” means “including without limitation.” 
 ARTICLE III 
 SERVICING FEE; INCREASES AND REDUCTIONS IN THE SERIES OUTSTANDING AMOUNT 
 Section 3.01. Servicing Fee. The Transfer and Servicing Agreement sets forth the full compensation that the Servicer is entitled to receive for its servicing activities. The share of the Servicing Fee allocable to the Series
2007-1 Noteholders with respect to any Distribution Date (the “Monthly Servicing Fee”) shall be equal to the product of (a) the Servicing Fee Rate multiplied by (b) the weighted average over the related
Monthly Period of the daily sums of the Aggregate Employer Balances for each Employer under the Pool Relocation Agreements multiplied by (c) the average Series Percentage during such Monthly Period. The remainder of the Servicing Fee
shall be paid by the noteholders of other Series (as provided in the Indenture Supplement related to such other Series) or the Issuer and in no event shall the Indenture Trustee or the Series 2007-1 Noteholders be liable for the share of the
Servicing Fee to be paid by the Noteholders of such other Series or the Issuer. To the extent that the Monthly Servicing Fee is not paid in full pursuant to the preceding provisions of this Section 3.01 and Section 4.04, it
shall be paid by the Issuer. The Monthly Servicing Fee shall be payable from Series 2007-1 Collections pursuant to, and subject to the priority of payments set forth in, Section 4.04. 
 Section 3.02. Increases and Reductions in the Series Outstanding Amount. 
 (a) At any time during the Revolving Period, so long as the Commitment Termination Date shall not have occurred, the Series Outstanding Amount may be
increased from time to time by the funding of Increases subject to the terms and conditions set forth in the Note Purchase Agreement; provided, that, after giving effect thereto, the Series Outstanding Amount may not exceed the Stated Amount.
Whenever the Issuer wishes to make an Increase, 

  

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the Issuer shall give the Indenture Trustee, the Paying Agent and the Managing Agents prior written notice of such Increase not less than two
(2) Business Days prior to the proposed Increase Date. 
 (b) In the event that the Issuer reduces the Series Outstanding Amount of the
Series 2007-1 Notes in accordance with the Note Purchase Agreement (each such reduction, a “Decrease”), it shall give prompt written notice of such Decrease to the Managing Agents, the Indenture Trustee and the Paying Agent not less
than three (3) Business Days prior to the effective date (each such date, a “Decrease Date”) of such reduction. All accrued and unpaid interest on the amount of such Decrease, together with the principal amount of such
Decrease, shall be due and owing as of the related Decrease Date. 
 (c) The Series 2007-1 Notes shall evidence the outstanding indebtedness
owed from time to time by the Issuer thereunder. Each Managing Agent, on behalf of the Purchasers in the related Purchaser Group, shall be and is hereby authorized to record on the grid attached to its Series 2007-1 Note held by it on behalf of the
Purchasers in the related Purchaser Group (or at its option, in its internal books and records) the date and amount of the initial funding of its Pro Rata Share of the Initial Series Outstanding Amount and the date and amount of each Increase, the
amount of each repayment of the principal amount represented by such Series 2007-1 Note, the portions of its Series 2007-1 Note that are from time to time allocated to the CP Tranche, any Base Rate Tranche and any Eurodollar Tranche, and any
reductions to the Stated Amount; provided, that failure to make any recordation on the grid or records or any error in recordation shall not adversely affect any Purchaser’s rights with respect to its right to receive principal and
interest under a Series 2007-1 Note. 
 ARTICLE IV 
 RIGHTS OF SERIES 2007-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF POOL COLLECTIONS 
 Section 4.01.
Pool Collections and Allocations. 
 (a) Allocation of Pool Collections. Funds on deposit in the Collection Account in
accordance with Section 8.04 of the Indenture shall be allocated and distributed to Series 2007-1 as set forth in the Indenture and this Article IV. 
 (b) Allocation of Pool Collections to Series 2007-1. Prior to the close of business on each Transfer Date, the Servicer shall allocate to Series 2007-1 an amount (such amount, the “Series 2007-1
Collections”) equal to the product of (i) the amount of Pool Collections deposited in the Collection Account during the preceding Monthly Period (less any amounts permitted to be withdrawn pursuant to Sections 3.02(c)(vi), 3.12
and 3.14(b) of the Transfer and Servicing Agreement) multiplied by (ii) the Series Percentage for such Distribution Date. 
 (c)
Allocation of Series 2007-1 Collections. Prior to the close of business on each Transfer Date, the Servicer shall direct the Indenture Trustee to allocate Series 2007-1 Collections in the amounts and according to the priority set forth below
pursuant to Section 8.04 of the Indenture: 
  

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 (i) From the Collection Account to the Distribution Account for distribution in
accordance with Section 4.04(b), an amount equal to the Required Amount for the next succeeding Distribution Date, and if the amount of the Series 2007-1 Collections then on deposit in the Distribution Account exceeds the Required Amount for
such Distribution Date, such Series 2007-1 Collections shall be distributed therefrom in accordance with the remaining provisions of this Section 4.01(c); 
 (ii) During the Revolving Period, and during the Amortization Period after the Series 2007-1 Notes have been paid in full, to the
Distribution Account for distribution to the Managing Agents on behalf of the holders of the Series 2007-1 Notes, an amount equal to any other amounts (other than principal and interest owed under the Series 2007-1 Notes) owed by the Issuer pursuant
to the Note Purchase Agreement; 
 (iii) During the Revolving Period and during the Amortization Period, if (x) a Series
2007-1 Asset Amount Deficiency has occurred and is continuing, or (y) the application of funds to the payment of the principal of another Series of Notes or the release of funds to the Issuer would result in a Series 2007-1 Asset Amount
Deficiency or, during the Revolving Period would otherwise result in the occurrence of an event that, with the passage of time or the giving of notice or both, would become an Amortization Event, all remaining Series 2007-1 Collections shall be
transferred to the Series 2007-1 Principal Subaccount up to the amount necessary to eliminate such Series 2007-1 Asset Amount Deficiency or Amortization Event or to fund such Decrease or optional redemption, as applicable; 
 (iv) If the amount on deposit in the Marketing Expenses Account is less than the Required Marketing Expenses Account Amount, to the
Marketing Expense Account, the lesser of (x) the amount of such deficiency and (y) all remaining Series 2007-1 Collections; 
 (v) On any Decrease Date during the Revolving Period, (i) to the Series 2007-1 Principal Subaccount, the amount of the applicable Decrease and (ii) if such date is other than a Distribution Date, to the
Distribution Account for distribution to the Managing Agents on behalf of the holders of the Series 2007-1 Notes, all (x) accrued and unpaid interest on the amount of such Decrease (which amount shall be due and owing as of such date) together
with (y) if such Decrease Date is other than an Distribution Date, all funding losses, expenses and liabilities owed under Section 2.09 of the Note Purchase Agreement in connection with any such Decrease. 
 (vi) During the Revolving Period, (A) if any other Series of Notes is in its Amortization Period and the Indenture Supplement related
to such amortizing Series of Notes requires the Issuer to transfer such remaining Series 2007-1 Collections to pay the principal of such other Series of Notes, all remaining Series 2007-1 Collections to the applicable Series Account with respect to
such amortizing Series of Notes; provided, that if more than one other Series of Notes is amortizing and the related Indenture Supplement of each such amortizing Series of Notes requires the Issuer to transfer such remaining Series
2007-1 Collections to pay the principal of such other Series of Notes, pro rata to the applicable Series Account of each such other amortizing Series of Notes based on 

  

 14 

 
their respective Series Percentages; and (B) if no transfer of the remaining Series 2007-1 Collections is required pursuant to clause (A), all remaining
Series 2007-1 Collections to the Issuer free and clear of the lien of the Indenture and without compliance with Section 12.01(b) of the Indenture;. 
 (vii) During the Amortization Period, to the Series 2007-1 Principal Subaccount, the Series 2007-1 Collections on each Deposit Date; provided, however, that the aggregate amount deposited into the Series
2007-1 Principal Subaccount pursuant to this clause on any Deposit Date shall not exceed the Series Outstanding Amount on the immediately preceding Business Day; and 
 (viii) To the Distribution Account for distribution to the Managing Agents on behalf of the holders of the Series 2007-1 Notes, an amount
equal to any other amounts owed by the Issuer pursuant to the Note Purchase Agreement and not paid above. 
 (d) Prior to the close of
business (i) on each Deposit Date when a Series 2007-1 Asset Amount Deficiency has occurred and (ii) on each Deposit Date during the Amortization Period, the Issuer shall deposit Pool Collections allocated to other Series in the Series
2007-1 Principal Subaccount to the extent those Pool Collections would otherwise have been released to the Issuer under the terms of the Indenture Supplement related to such Series (“Otherwise Released Collections”). If Series
2007-1 and any other Series are simultaneously in their respective Amortization Periods or otherwise simultaneously requiring such payments, such Otherwise Released Collections shall be allocated ratably between each such Series of Notes (including
Series 2007-1) based on their respective Series Percentages. 
 Section 4.02. Determination of Interest and Monthly Interest.

 (a) The amount of interest distributable from the Distribution Account with respect to the Series 2007-1 Notes on any Distribution Date
shall be an amount equal to the sum of the Monthly Interest for such Distribution Date, plus any Interest Shortfall and any Additional Interest as determined under Section 4.02(b). The monthly interest for any Tranche shall be an amount equal
to the product of (i) a fraction, the numerator of which is the actual number of days during the Interest Period then ending that such Tranche was outstanding and the denominator of which is 360, multiplied by (ii) the Series
2007-1 Tranche Rate in effect with respect to the related Tranche and multiplied by (iii) the daily average Outstanding Tranche Amount of the related Tranche during the related Interest Period. The amount of interest allocable to the
Tranches of any Purchaser Group and due to the Purchasers in the related Purchaser Group shall be determined by each Managing Agent and notified by each Managing Agent to the Administrative Agent, the Servicer, the Issuer, the Paying Agent and the
Indenture Trustee in accordance with the procedures set forth in the Note Purchase Agreement. 
 (b) The “Monthly Interest”
for any Distribution Date shall mean the sum of the aggregate unpaid amount, if any, of all unpaid interest determined for each Tranche under Section 4.02(a). On the Determination Date preceding each Distribution Date, the Servicer shall
determine the excess (the “Interest Shortfall”), if any, of (x) the Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such 

  

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Monthly Interest on such Distribution Date. If the Interest Shortfall with respect to any Distribution Date is greater than zero, then on each subsequent
Distribution Date until such Interest Shortfall is fully paid, an additional amount (“Additional Interest”) equal to the product of (A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, multiplied by (B) the applicable Series 2007-1 Tranche Rate multiplied by (C) such Interest Shortfall (or the portion thereof that has not been paid to the Series 2007-1
Noteholders from other funds) shall be payable as provided herein with respect to the Series 2007-1 Notes. Notwithstanding anything herein to the contrary, Additional Interest shall be payable or distributed only to the extent permitted by
applicable law. From and after the calculation of any Interest Shortfall, Monthly Interest shall be calculated without duplication of any amounts included in the calculation of Additional Interest. 
 Section 4.03. Determination of Principal Distribution. On any Distribution Date and any Decrease Date for any Tranche (i) during the
Revolving Period, if there are funds on deposit in the Series 2007-1 Principal Subaccount, and (ii) during the Amortization Period, the Trustee shall distribute from the Series 2007-1 Principal Subaccount, for application to reduce the Series
Outstanding Amount, an amount of principal (the “Monthly Principal”), equal to the lesser of (a) the amount on deposit in the Series 2007-1 Principal Subaccount and (b) the Series Outstanding Amount. All Monthly
Principal and all Decreases shall be paid to the Purchaser Groups ratably in accordance with their Pro Rata Shares as set forth in the Note Purchase Agreement. 
 Section 4.04. Application of Series 2007-1 Collections. On each Distribution Date and, if different, on each Decrease Date, as applicable, the Servicer shall instruct the Indenture Trustee in writing (such
writing to be substantially in the form of Exhibit B unless otherwise agreed) to apply amounts on deposit in the Collection Account (and any subaccount thereof): 
 (a) On each Decrease Date (if such Decrease Date is not a Distribution Date), to withdraw from the amounts on deposit in the Distribution Account an amount equal to the amount of interest then due and owing on the
Series 2007-1 Notes in accordance with Section 3.02(b), and to pay such interest to the Series 2007-1 Noteholders pursuant to Section 5.04. 
 (b) On each Distribution Date, to transfer amounts on deposit in the Distribution Account in the following order of priority: 
 (i) An amount equal to the sum of (A) Monthly Interest, if any, for such Distribution Date plus (B) any Interest
Shortfall previously accrued and not reimbursed plus (C) any Additional Interest previously accrued and not paid shall be paid to the Series 2007-1 Noteholders on such Distribution Date pursuant to Section 5.04; 

(ii) An amount equal to the Monthly Program Fees for such Distribution Date shall be distributed to each Managing Agent (ratably in
accordance with the amounts owing to each Purchaser Group); 
  

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 (iii) An amount equal to the sum of (A) the Monthly Servicing Fee for such
Distribution Date plus (B) any Monthly Servicing Fee previously accrued and not paid pursuant to this Section 4.04(b)(iii) shall be distributed to the Servicer; 
 (iv) An amount equal to any out-of-pocket costs and expenses of the Administrative Agent and the Managing Agents relating to enforcement
against the Issuer shall be distributed to the Administrative Agent and the Managing Agents (ratably in accordance with the amounts owing to each such Person); 
 (v) If a Series 2007-1 Asset Amount Deficiency has occurred and is continuing an amount necessary to eliminate such Series 2007-1 Asset
Amount Deficiency shall be distributed to the Series 2007-1 Principal Subaccount; 
 (vi) During the Amortization Period, to
the Series 2007-1 Principal Subaccount, for application to reduce the Series Outstanding Amount; and 
 (vii) An amount equal
to all increased costs, fees, expenses and other amounts payable to the Administrative Agent, the Managing Agents and the Purchasers pursuant to the Indenture Supplement and the Note Purchase Agreement shall be distributed to each such Person
(ratably in accordance with the amounts owing to each such Person). 
 (c) To transfer from the Series 2007-1 Principal Subaccount to the
Series 2007-1 Noteholders, (i) on each Decrease Date, an amount equal to the amount of the relevant Decrease and (ii) on each Distribution Date when funds are on deposit in the Series 2007-1 Principal Subaccount, an amount equal to the
Monthly Principal for such Distribution Date, in each case for payment to the Series 2007-1 Noteholders on such Decrease Date or Distribution Date, as applicable, pursuant to Section 5.04 (ratably in accordance with the amounts owing to
each Series 2007-1 Noteholder). 
 Section 4.05. Distribution Account. 
 (a) All Series 2007-1 Collections which are distributed to the Distribution Account in accordance with the terms of this Indenture Supplement, together
with all proceeds, earnings, income, revenue, dividends and distributions thereof, shall be held therein for the benefit of the Series 2007-1 Noteholders. The Indenture Trustee shall, in accordance with the Indenture, possess all right, title and
interest in all monies, instruments, investment property and other property credited from time to time to the Distribution Account (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof. The
Distribution Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders. Pursuant to the authority granted to the Servicer in Article III of the Transfer and Servicing Agreement, the Servicer
shall have the power, revocable by the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Distribution Account for the purposes of making the payments required under Section 4.04. 

(b) Series 2007-1 Collections which are on deposit in the Distribution Account shall be invested in accordance with Section 4.01 of the
Transfer and Servicing Agreement and Section 6.13 of the Indenture. The Indenture Trustee shall bear no responsibility 

  

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or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.05(b) nor for the selection
of Eligible Investments, except with respect to investments on which the institution acting as Indenture Trustee is an obligor. 
 Section 4.06. Series 2007-1 Principal Subaccount. 
 (a) The Issuer, for the benefit of the Series 2007-1 Noteholders,
shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, the Series 2007-1 Principal Subaccount, which shall be a subaccount of the Collection Account (the “Series 2007-1 Principal
Subaccount”). The Indenture Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property credited from time to time to the Series 2007-1 Principal Subaccount (and any subaccount
thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2007-1 Noteholders. The Series 2007-1 Principal Subaccount shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Series 2007-1 Noteholders. Pursuant to the authority granted to the Servicer in Article III of the Transfer and Servicing Agreement, the Servicer shall have the power, revocable by the Indenture Trustee, to instruct
the Indenture Trustee to make withdrawals and payments from the Series 2007-1 Principal Subaccount for the purposes of making the payments required under Section 4.04. 
 (b) Funds on deposit in the Series 2007-1 Principal Subaccount shall be invested in accordance with Section 4.01 of the Transfer and
Servicing Agreement and Section 6.13 of the Indenture. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this
Section 4.06(b) nor for the selection of Eligible Investments, except with respect to investments on which the institution acting as Indenture Trustee is an obligor. 
 (c) The Indenture Trustee shall withdraw and transfer funds on deposit in the Series 2007-1 Principal Subaccount on each Business Day during the
Revolving Period to, or at the direction of, the Issuer if no Series 2007-1 Asset Amount Deficiency has occurred and is continuing and no event that with the passage of time or the giving of notice could become an Amortization Event, including a
Series 2007-1 Asset Amount Deficiency, would result from such withdrawal. Any such transfer to the Issuer shall be made free and clear of the lien of the Indenture and without compliance with Section 12.01(b) of the Indenture. It is
expressly understood that, during the Amortization Period, the Indenture Trustee shall not withdraw funds on deposit in the Series 2007-1 Principal Subaccount except to fund payments of Monthly Principal under Section 4.03 and, after the
Series 2007-1 Notes have been paid in full, to fund any other payments owed under Section 4.01(c) in the order of priority set forth therein. 
 Section 4.07. Investment Instructions. Any investment instructions required to be given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture Trustee no later than 11:00 a.m.
(New York City time) on the date such investment is to be made. If the Indenture Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment. If the Indenture
Trustee is unable to make an investment required in an investment instruction received by the Indenture Trustee after 11:00 a.m. (New York City time) on such day, such investment shall be made by the Indenture Trustee on the next succeeding Business
Day. In no event shall the 

  

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Indenture Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m. (New York City time) on the day such
investment is requested to be made. 
 ARTICLE V 
 DELIVERY OF SERIES 2007-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2007-1 NOTEHOLDERS 
 Section 5.01.
Delivery and Payment for the Series 2007-1 Notes; Denominations. The Issuer shall execute and the Authentication Agent shall authenticate the Series 2007-1 Notes in accordance with Section 2.03 of the Indenture. The Indenture Trustee
shall deliver the Series 2007-1 Notes to or upon the order of the Issuer when so authenticated. 
 Section 5.02. Registration;
Registration of Transfer and Exchange; Transfer Restrictions. 
 (a) The Series 2007-1 Notes have not been registered under the Securities
Act or any state securities law. None of the Issuer, the Servicer, the Transfer Agent and Registrar or the Indenture Trustee is obligated to register the Series 2007-1 Notes under the Securities Act or any other securities or “Blue Sky”
laws or to take any other action not otherwise required under the Agreement to permit the transfer of the Series 2007-1 Notes without registration. 
 (b) No transfer of any Series 2007-1 Note or any interest therein (including, without limitation, by pledge or hypothecation) shall be made except in compliance with the restrictions on transfer set forth in this Section 5.02
(including the applicable legend to be set forth on the face of such Series 2007-1 Note as provided in Exhibit A), in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “Blue
Sky” laws (i) to a person who the transferor reasonably believes is a “qualified institutional buyer” within the meaning thereof in Rule 144A (a “QIB”) and (B) that is aware that the resale or other transfer
is being made in reliance on Rule 144A. 
 (c) Each Purchaser and each Holder of the Series 2007-1 Notes, by its acceptance thereof, will be
deemed to have acknowledged, represented to and agreed with the Issuer and, in the case of any transferee of any Purchaser, such Purchaser as follows: 
 (i) It understands that the Series 2007-1 Notes may be offered and may be resold by such Purchaser only to QIBs and subject to the restrictions of Rule 144A. 
 (ii) It understands that the Series 2007-1 Notes have not been and will not be registered under the Securities Act or any state or other
applicable securities law and that no Series 2007-1 Note, or any interest or participation therein, may be offered, sold, pledged or otherwise transferred unless registered pursuant to, or exempt from registration under, the Securities Act and any
other applicable securities law. 
 (iii) It acknowledges that none of the Issuer, the Servicer, the Administrative Agent or
any Purchaser or any person representing the Issuer, the 

  

 19 

 
Servicer, the Administrative Agent, any Managing Agent or any Purchaser has made any representation to it with respect to the Issuer (except, as to the
Issuer, the representations by the Issuer in the Transaction Documents) or the offering or sale of any Series 2007-1 Note. It has had access to such financial and other information concerning the Issuer and the Series 2007-1 Notes as it has deemed
necessary in connection with its decision to purchase the Series 2007-1 Notes. 
 (iv) It acknowledges that each Series 2007-1
Note will bear a legend to the following effect unless the Issuer determines otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR (2) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO
REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR
TO PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTE UNDER THE SECURITIES ACT, TO QUALIFY
THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.” 
 (v)
If it is acquiring the Series 2007-1 Notes, or any interest or participation therein, as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full
power to make the acknowledgements, representations and agreements contained herein on behalf of each such account. 
 (vi) It
(1) is a QIB, (2) is aware that the sale to it is being made in reliance on Rule 144A and if it is acquiring such Series 2007-1 Note or any interest or participation therein for the account of another QIB, such other QIB is aware that the
sale is being made in reliance on Rule 144A and (3) is acquiring such Series 2007-1 Note or any interest or participation therein for its own account or for the account of a QIB. 
  

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 (vii) It is purchasing such Series 2007-1 Note for its own account, or for one or more
investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any requirements of
law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Series 2007-1 Note, or any interest or participation
therein, as described herein, in the Indenture and in the Note Purchase Agreement. 
 (viii) It agrees that if in the future
it should offer, sell or otherwise transfer such Series 2007-1 Note or any interest or participation therein, it will do so only (A) to the Issuer (B) pursuant to Rule 144A to a person who it reasonably believes is a QIB in a transaction
meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule 144A. 
 (ix) It acknowledges that the Issuer, the Administrative Agent, the Purchasers and others will rely on the truth and accuracy of the
foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer.

 (x) With respect to any foreign purchaser claiming an exemption from United States income or withholding tax, that it has
delivered to the Paying Agent a true and complete Form W-8 BEN or Form W-8-ECI, indicating such exemption. 
 (xi) It
acknowledges that transfers of such Series 2007-1 Note or any interest or participation therein shall otherwise be subject in all respects to the restrictions applicable thereto contained in the Agreement and the Note Purchase Agreement. 

Any transfer, resale, pledge or other transfer of the Series 2007-1 Notes contrary to the restrictions set forth above and in the Indenture shall be deemed void ab
initio by the Transfer Agent and Registrar. 
 (d) Notwithstanding anything to the contrary herein, so long as and provided that the
relevant Liquidity Agreement contains a provision which requires such Liquidity Providers to acknowledge and agree with the provisions of Section 5.02(c) hereof, each Conduit Purchaser may at any time sell or grant, to one or more
Liquidity Providers party to any Liquidity Agreement, participating interests or security interests in the Series 2007-1 Notes without notice to the Issuer or any other action to be taken on the part of such Conduit Purchaser, the related Liquidity
Provider, the Administrative Agent or the applicable Managing Agent on behalf of such Conduit Purchaser. 
 (e) Notwithstanding anything to
the contrary contained herein, the Series 2007-1 Notes and this Indenture Supplement may, with the prior written consent of the Required Managing Agents, be amended or supplemented to modify the restrictions on and procedures for resale and other
transfers of the Series 2007-1 Notes to reflect any change in applicable law or 

  

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regulation (or the interpretation thereof) or in practices relating to the resale or transfer of restricted securities generally. Each Noteholder shall by
its acceptance of a Series 2007-1 Note have agreed to any such amendment or supplement. 
 Section 5.03. Definitive Notes. The
Series 2007-1 Notes, upon original issuance, will be issued in definitive, fully registered form, authenticated and delivered in substantially the form attached hereto as Exhibit A. The Series 2007-1 Notes will constitute Definitive Notes
within the meaning of the Indenture. 
 Section 5.04. Distributions. 
 (a) On each Decrease Date and each Distribution Date, the Paying Agent shall distribute to each Series 2007-1 Noteholder of record on the related Record
Date such Series 2007-1 Noteholder’s pro rata share of amounts on deposit in the Distribution Account as are payable to the Series 2007-1 Noteholders pursuant to Section 4.04. 
 (b) Distributions to the Series 2007-1 Noteholders hereunder shall be made (i) by wire transfer of immediately available funds and (ii) without
presentation or surrender of any Series 2007-1 Note or the making of any notation thereon. 
 Section 5.05. Reports and Statements to
Series 2007-1 Noteholders. 
 (a) On each Distribution Date, the Paying Agent shall forward to the Series 2007-1 Noteholders a statement
substantially in the form of Exhibit C prepared by the Servicer and delivered to the Paying Agent. The Paying Agent shall have no liability for the Servicer’s failure to provide such statement to it. 
 (b) On or before January 31 of each calendar year, beginning with calendar year 2008, the Paying Agent shall furnish or cause to be furnished to
each Person who at any time during the preceding calendar year was a Series 2007-1 Noteholder, a statement prepared by the Servicer containing the information required to be contained in the statement to Series 2007-1 Noteholders, as set forth in
paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2007-1 Noteholder, together with such other information as is required to be provided by an issuer of indebtedness
under the Code. Such obligation of the Paying Agent shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in
effect. 
 ARTICLE VI 
 AMORTIZATION EVENTS 
 Section 6.01. Series 2007-1 Amortization Events. Upon the occurrence and continuance of any of
the following events: 
 (a) failure on the part of the Issuer to pay principal of and interest on the Series 2007-1 Notes in full on or
before the Final Stated Maturity Date, or to pay Monthly Principal or the amount of any Decrease to the extent required under Section 4.03, or to pay 

  

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accrued interest on the Series 2007-1 Notes in full on any Distribution Date, or to pay accrued Monthly Program Fees on any Distribution Date, and such
failure remains unremedied for one Business Day; or 
 (b) failure on the part of the Issuer to maintain its separate existence as required
by Section 3.07 of the Indenture or duly to perform or observe any covenant set forth in Section 3.03(a), (c), (d), (e), (f), (g), (h), (i) or (j) of the Indenture, which failure continues unremedied for a period of ten calendar
days; or 
 (c) failure on the part of the Issuer duly to perform or observe any other covenants or agreements of the Issuer set forth in the
Note Purchase Agreement, the Indenture or this Indenture Supplement, which failure continues unremedied for a period of 30 days, in each case, after the date on which written notice of such failure, requiring the same to be remedied, has been given
to the Issuer by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or 
 (d) any
representation or warranty made by the Issuer in the Note Purchase Agreement, this Indenture Supplement or the Indenture proves to have been incorrect in any material respect when made, and continues to be incorrect in any material respect for a
period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or

 (e) a Servicer Default; or 
 (f) a Cartus Purchase Termination Event (formerly known as a CMSC Purchase Termination Event) under the Purchase Agreement, an ARSC Purchase Termination Event under the Receivables Purchase Agreement or a Transfer Termination Event under
the Transfer and Servicing Agreement; or 
 (g) other than an Event of Default described in clause (v) below, an Event of Default with
respect to the Series 2007-1 Notes; or 
 (h) a Series 2007-1 Asset Amount Deficiency, which Series 2007-1 Asset Amount Deficiency continues
for any two consecutive Business Days after actual knowledge thereof by the Servicer or the Issuer or upon the next succeeding Distribution Date, whichever is earlier; or 
 (i) the amount on deposit in the Marketing Expenses Account is less than the Required Marketing Expenses Account Amount for any five consecutive Business Days after actual knowledge thereof by the Servicer or upon the
next succeeding Distribution Date, whichever is earlier; or 
 (j) the Average Days in Inventory for Appraised Value Homes equals or exceeds
one hundred eighty (180) days for any Monthly Period; or 
  

 23 

 (k) the average of the Average Days in Inventory for Appraised Value Homes for any Monthly Period and for
the immediately preceding five Monthly Periods equals or exceeds one hundred fifty (150) days; or 
 (l) the Average Days in Inventory
for Homes other than Appraised Value Homes equals or exceeds sixty (60) days for any Monthly Period; or 
 (m) the average of the
Average Days in Inventory for Homes other than Appraised Value Homes for any Monthly Period and for the immediately preceding five Monthly Periods equals or exceeds forty (40) days; or 
 (n) the Default Ratio for any Monthly Period exceeds 5.0%, or the Three Month Average Default Ratio for any Monthly Period exceeds 4.0%; or 

(o) the Dilution Ratio for any Monthly Period exceeds 1.5%, or the Three Month Average Dilution Ratio for any Monthly Period exceeds 1.0%; or

 (p) Net Credit Losses for any Monthly Period exceed $750,000 and for any twelve consecutive Monthly Periods exceed $1,500,000; or

 (q) the failure to vest and maintain in the Indenture Trustee a perfected first priority security interest in the Pledged Assets; or

 (r) either (i) the Internal Revenue Service files 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 has not been released within five days or, if released, proved to the satisfaction of the Rating Agencies, or (ii) the PBGC files, or indicates its intention to file a notice of a lien
pursuant to Section 4068 of ERISA with respect to any of the Pledged Assets; or 
 (s) any of the Purchase Agreement, the Receivables
Purchase Agreement, the Transfer and Servicing Agreement, the Note Purchase Agreement, the Performance Guarantees, the Indenture, this Indenture Supplement or any related documents cease, for any reason, to be in full force and effect, other than in
accordance with its terms; or 
 (t) a failure on the part of Cartus, as the Servicer, to cooperate with the transfer of the servicing to a
successor Servicer following the delivery of a Termination Notice pursuant to the Transfer and Servicing Agreement, which failure is determined by the Required Managing Agents to be material and continues unremedied for a period of ten calendar days
after the date on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or 
 (u) an Event of Bankruptcy shall occur with respect to the Issuer, the Transferor, Realogy, Cartus or CFC; or 
 (v) an Event of Default arising from a determination that the Issuer is required to be registered under the Investment Company Act of 1940; or

  

 24 

 (w) a Change in Control shall have occurred; 
 then, (i) in the case of any event described in clauses (a) through (g), (i), (n) through (t), or (w), an “Amortization Event” will be
deemed to have occurred only if, after the applicable grace period, if any, set forth in such clauses, either the Indenture Trustee (at the direction of the Required Managing Agents) or the Required Managing Agents, in each case by notice then given
in writing to the Issuer and the Servicer (and to the Indenture Trustee if given by the Series 2007-1 Noteholder) declare that an Amortization Event has occurred as of the date of such notice, (ii) in the case of any event described in clauses
(h), (j), (k), (l) and (m), an Amortization Event will occur at the close of business on the fifth Business Day following the actual knowledge of the Issuer or the Servicer of such event without any notice or other action on the part of the
Indenture Trustee or the Series 2007-1 Noteholder unless prior to that time the Required Managing Agents by notice then given in writing to the Issuer, the Servicer and the Indenture Trustee declare that an Amortization Event will not result from
the occurrence of such event and (iii) in the case of any event described in clauses (u) or (v), an Amortization Event shall occur immediately upon the occurrence of such event without any notice or other action on the part of the
Indenture Trustee or the Series 2007-1 Noteholders. 
 In addition to the foregoing, if an Amortization Event has occurred, then, at the
written direction of the Required Managing Agents, the Indenture Trustee, as assignee of the Transferor and the Issuer with respect to the Lockboxes, may give Termination Notices to the Lockbox Banks in accordance with Section 9.06 of the
Transfer and Servicing Agreement. 
 ARTICLE VII 
 OPTIONAL REDEMPTION OF SERIES 2007-1 NOTES 
 Section 7.01. Optional Redemption of Series 2007-1
Notes. 
 (a) On any Business Day, subject to the provisions of Section 7.01(b) below, the Issuer shall have the option to
redeem the Series 2007-1 Notes, at a redemption price equal to (i) if such day is a Distribution Date, the Redemption Price for such Distribution Date or (ii) if such day is not a Distribution Date, the Redemption Price for the immediately
succeeding Distribution Date. 
 (b) The Issuer shall give the Servicer, the Administrative Agent, the Managing Agents and the Indenture
Trustee at least thirty (30) days (or such lesser number of days as may be agreed to by the Managing Agents and the Indenture Trustee at such time) prior written notice of the date on which the Issuer intends to exercise such optional
redemption. Not later than 12:00 noon, New York City time, on such day the Issuer shall deposit into (a) the Series 2007-1 Principal Subaccount in immediately available funds the excess of the principal portion of the Redemption Price
over the amount, if any, on deposit in the Series 2007-1 Principal Subaccount and (b) the Distribution Account in immediately available funds the excess of the remaining portions of the Redemption Price over the amount, if any, of the
Monthly Interest, Monthly Program Fees and other amounts on deposit in the Distribution Account which are allocable to Series 2007-1 and available for the payment of such amounts. Such redemption option is subject to payment in full of the
Redemption Price. Upon payment and distribution of 

  

 25 

 
the Redemption Price and the reduction in the Series Outstanding Amount to zero, the Series 2007-1 Notes shall be cancelled, the Series 2007-1 Noteholders
shall have no further obligations to fund under the Note Purchase Agreement and the Series 2007-1 Noteholders shall have no further interest in the Pledged Assets. The Redemption Price shall be distributed as set forth in Section 4.04.

 ARTICLE VIII 
 MISCELLANEOUS
PROVISIONS 
 Section 8.01. Ratification of Agreement. As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 
 Section 8.02. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which
shall constitute one and the same instrument. 
 Section 8.03. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 
  

 26 

 IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed and
delivered by their respective duly authorized officers on the day and year first above written. 
  

			
	APPLE RIDGE FUNDING LLC,
	as Issuer
		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO
	
	 THE BANK OF NEW YORK,
as Indenture Trustee, Paying Agent, Authentication Agent and Transfer Agent and
Registrar

		
	By:	 	 /s/ Amy Suzanne Keith

	Name:	 	Amy Suzanne Keith
	Title:	 	Assistant Vice President

 Signature Page to A&R Series 2007-1 SupplementAmended and Restated Note Purchase Agreement

 Exhibit 10.39 
 EXECUTION COPY 
  

 NOTE PURCHASE AGREEMENT 
 (Secured Variable Funding Notes, Series 2007-1) 
 Dated as of April 10, 2007 
 Among

 APPLE RIDGE FUNDING LLC 
 as
Issuer, 
 CARTUS CORPORATION, 
 as
Servicer, 
 THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME PARTY HERETO, 
 as the Conduit Purchasers, 
 THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO,

 as Committed Purchasers, 
 THE
PERSONS FROM TIME TO TIME PARTY HERETO, 
 as Managing Agents, 
 and 
 CALYON NEW YORK BRANCH, 
 as Administrative Agent and Lead Arranger 
  

  

			
	ARTICLE I DEFINITIONS	  	
		
	 SECTION 1.01. Certain Defined Terms
	  	1
	 SECTION 1.02. Other Terms
	  	7
	 SECTION 1.03. Computation of Time Periods
	  	7
		
	ARTICLE II PURCHASE AND SALE OF SERIES 2007-1 NOTES	  	
		
	 SECTION 2.01. Purchase and Transfer of Series 2007-1 Notes.
	  	7
	 SECTION 2.02. Increases and Reductions to the Series Outstanding Amount.
	  	7
	 SECTION 2.03. Calculation and Payment of Interest and Fees.
	  	9
	 SECTION 2.04. Tranches.
	  	9
	 SECTION 2.05. Reductions and Increases to Stated Amount.
	  	10
	 SECTION 2.06. Increased Costs
	  	11
	 SECTION 2.07. Increased Capital
	  	11
	 SECTION 2.08. Taxes.
	  	12
	 SECTION 2.09. Funding Losses.
	  	14
	 SECTION 2.10. Nonrecourse Obligations
	  	14
		
	ARTICLE III CONDITIONS PRECEDENT	  	
		
	 SECTION 3.01. Conditions Precedent to Purchase
	  	14
	 SECTION 3.02. Conditions Precedent to each Increase
	  	15
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	
		
	 SECTION 4.01. Representations and Warranties of the Issuer
	  	16
		
	ARTICLE V COVENANTS AND INDEMNITIES	  	
		
	 SECTION 5.01. Covenants of the Issuer and Servicer
	  	18
	 SECTION 5.02. Indemnification
	  	23
		
	ARTICLE VI THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS	  	
		
	 SECTION 6.01. Authorization and Action
	  	23
	 SECTION 6.02. Administrative Agent’s Reliance, Etc
	  	24
	 SECTION 6.03. Administrative Agent and Affiliates
	  	24
	 SECTION 6.04. Purchase Decision
	  	24
	 SECTION 6.05. Indemnification of the Administrative Agent
	  	25
	 SECTION 6.06. Successor Administrative Agent
	  	25
	 SECTION 6.07. Authorization and Action of Managing Agents
	  	25
	 SECTION 6.08. Successor Managing Agent
	  	26
	 SECTION 6.09. Payments by a Managing Agent
	  	26
		
	ARTICLE VII MISCELLANEOUS	  	
		
	 SECTION 7.01. Amendments, Waivers and Consents, Etc
	  	26
	 SECTION 7.02. Notices
	  	27
	 SECTION 7.03. No Waiver; Remedies; Rights of Purchasers, Etc
	  	27
	 SECTION 7.04. Binding Effect; Assignability.
	  	27
	 SECTION 7.05. Securities Laws; Series 2007-1 Note as Evidence of Indebtedness.
	  	28
	 SECTION 7.06. SUBMISSION TO JURISDICTION
	  	29
	 SECTION 7.07. GOVERNING LAW; WAIVER OF JURY TRIAL
	  	29
	 SECTION 7.08. Costs and Expenses
	  	29
	 SECTION 7.09. No Proceedings.
	  	30
	 SECTION 7.10. Execution in Counterparts; Severability
	  	30
	 SECTION 7.11. Limited Recourse Obligations.
	  	30
	 SECTION 7.12. Confidentiality
	  	31

  

 i 

			
	SCHEDULES AND EXHIBITS
		
	SCHEDULE I	  	Conditions Precedent Documents
	SCHEDULE II	  	Purchaser Group Information
	SCHEDULE III            	  	Notice Information
		
	EXHIBIT A	  	Form of Assignment and Acceptance
	EXHIBIT B	  	Form of Increase Request
	EXHIBIT C	  	Form of Stated Amount Reduction Notice
	EXHIBIT D	  	Form of Stated Amount Increase Notice

  

 ii 

 NOTE PURCHASE AGREEMENT 
 (Secured Variable Funding Notes, Series 2007-1) 
 Dated as of April 10, 2007 
 APPLE RIDGE FUNDING LLC, a Delaware limited liability company, as Issuer, CARTUS CORPORATION, a Delaware corporation, as Servicer, THE COMMERCIAL PAPER
CONDUITS FROM TIME TO TIME PARTY HERETO, as Conduit Purchasers, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as Committed Purchasers, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Managing Agents and CALYON NEW YORK BRANCH,
(“Calyon”), in its capacity as administrative agent for the Purchasers (in such capacity, the “Administrative Agent”) and as Lead Arranger agree as follows: 
 WHEREAS, the Issuer has entered into that certain Indenture (as defined below) which provides for the issuance of Notes from time to time and the
Purchasers desire to purchase a Series of Notes to be issued pursuant to the Series Supplement described below; 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Certain Defined Terms. Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings set forth in the
Indenture or the Series Supplement (each as defined below), as applicable. In addition, the following terms have the following respective meanings: 
 “Administrative Agent” is defined in the preamble. 
 “Agreement” means this Note Purchase
Agreement, as the same may from time to time be amended, restated, supplemented or otherwise modified. 
 “Alternate Base
Rate” means, with respect to any Interest Period, the daily average of a fluctuating interest rate per annum as shall be in effect from time to time during such Interest Period, which rate shall at all times be equal to the higher of:
(i) the rate of interest announced publicly in New York City by the Administrative Agent from time to time as the Administrative Agent’s base rate for borrowings in United States dollars; and (ii) one half of one percent per annum
above the Federal Funds Rate. 
 “Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement in
substantially the form of Exhibit A hereto pursuant to which any Purchaser assigns all or a portion of its rights and obligations under this Agreement and the other Transaction Documents. 

 “Base Rate Tranche” means a Tranche for which interest is calculated by reference to the
Alternate Base Rate. 
 “Closing Date” means April 10, 2007. 
 “Commercial Paper Notes” means, with respect to any Conduit Purchaser, the commercial paper notes issued by such Conduit Purchaser
allocated in whole or in part by its related Managing Agent to fund the investment of such Conduit Purchaser in the Series 2007-1 Notes. 
 “Commitment” means (i) with respect to each Committed Purchaser, the commitment of such Committed Purchaser to purchase an interest in the Series 2007-1 Notes on the Closing Date and to fund Increases on any Increase
Date in accordance herewith in an amount not to exceed the dollar amount set forth opposite such Committed Purchaser’s name under the heading “Commitment” on Schedule II attached hereto, as such amount may be increased or reduced
pursuant to Section 2.05 of this Agreement, minus the dollar amount of any Commitment or portion thereof assigned by such Committed Purchaser in accordance with this Agreement, plus the dollar amount of any increase to such Committed
Purchaser’s commitment consented to by such Committed Purchaser prior to the time of determination and (ii) with respect to any assignee of a Committed Purchaser pursuant to an Assignment and Acceptance Agreement, the commitment of such
assignee to purchase an interest in the Series 2007-1 Notes and to fund Increases on any Increase Date in accordance herewith in an amount not to exceed such assignee’s commitment, minus the dollar amount of such commitment or portion thereof
assigned by such assignee pursuant to an Assignment and Acceptance prior to the time of determination. 
 “Commitment Termination
Date” means April 10, 2012. 
 “Committed Percentage” means, for each Committed Purchaser within any Purchaser
Group, with respect to any date of determination, (i) a fraction (expressed as a percentage) having as its numerator the Commitment of such Committed Purchaser as of such date and as its denominator the sum of the Commitments of all Committed
Purchasers within the related Purchaser Group as of such date or (ii) such other percentage as is agreed to by such Committed Purchaser and its Managing Agent so long as the sum of the Committed Percentages for all Committed Purchasers within
the same Purchaser Group remains at 100%. 
 “Committed Purchaser” means, with respect to any Purchaser Group, each of the
financial institutions specified as such on Schedule II to this Agreement or in the applicable Assignment and Acceptance Agreement pursuant to which such Person becomes a party hereto and their respective successors and permitted assigns, and
“Committed Purchasers” shall mean, collectively, all of the foregoing. 
 “Conduit Purchaser” means, with respect
any Purchaser Group, each Person specified as such on Schedule II to this Agreement or in the Assignment and Acceptance Agreement pursuant to which such Person became a party hereto and their respective successors and permitted assigns (including
any related Permitted Conduit Assignee), and “Conduit Purchasers” shall mean, collectively, all of the foregoing. 
  

 2 

 “CP Disruption” means the inability of any Conduit Purchaser, at any time, whether as a
result of a prohibition or any other event or circumstance whatsoever, to raise funds through the issuance of its Commercial Paper Notes in the United States commercial paper market. 
 “CP Rate” means, with respect to any Conduit Purchaser for any Interest Period and the related CP Tranche, a rate per annum equal to the
sum of (i) the rate (or if more than one rate, the weighted average of the rates) determined by converting to an interest-bearing equivalent rate per annum, the discount rate (or rates) at which Commercial Paper Notes issued to fund or maintain
such CP Tranche, as the case may be, may be sold by any placement agent or commercial paper dealer selected by its related Managing Agent (as agreed between each such agent or dealer and such Managing Agent), plus (ii) the commissions and
charges charged by such placement agent or commercial paper dealer with respect to such Commercial Paper Notes, expressed as a percentage of such face amount and converted to an interest-bearing equivalent rate per annum. 
 “CP Tranche” means a Tranche for which interest is calculated by reference to the CP Rate. 
 “Eurodollar Determination Date” means, for any Interest Period, the second Business Day prior to the commencement of such Interest
Period. 
 “Eurodollar Rate” means, for any Tranche for any Interest Period, a rate per annum equal to the London interbank
offered rate for deposits in United States dollars in an amount comparable to such Tranche and for a period equal to such Interest Period which appears on Reuters Screen LIBOR01 Page (or any successor page) as of 11:00 a.m., London time, on the
related Eurodollar Determination Date, divided by the remainder of one minus the Eurodollar Reserve Percentage applicable during such Interest Period, if any. If such rate does not appear on Reuters Screen LIBOR01 Page (or any successor page), the
rate for such day will be determined on the basis of the rates at which deposits in United States dollars in an amount comparable to such Tranche and for a period equal to such Interest Period are offered to the Administrative Agent at approximately
11:00 a.m., London time, on such Eurodollar Determination Date by prime banks in the London interbank market. 
 “Eurodollar Rate
Disruption Event” means, for any Owner, for any Interest Period, any of the following: (i) a determination by such Owner that it would be contrary to law or the directive of any central bank or other governmental authority to obtain
United States dollars in the London interbank market to fund or maintain its investment in the Series 2007-1 Notes for such Interest Period, (ii) the inability of such Owner, by reason of circumstances affecting the London interbank market
generally, to obtain United States dollars in such market to fund its investment in the Series 2007-1 Notes for such Interest Period or (iii) a determination by such Owner that the maintenance of its investment in the Series 2007-1 Notes for
such Interest Period at the Eurodollar Rate will not adequately and fairly reflect the cost to such Owner of funding such investment at such rate. 
 “Eurodollar Reserve Percentage” means, as of any day, the percentage (expressed as a decimal) in effect on such day, as prescribed by the Board of Governors of the Federal 

  

 3 

 
Reserve System (or any successor), for determining the maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant to Regulation
D or any other applicable regulation of the Board of Governors of the Federal Reserve System (or any successor) which prescribes reserve requirements applicable to “Eurocurrency Liabilities” as currently defined in Regulation D.

 “Eurodollar Tranche” means a Tranche for which interest is calculated by reference to the Eurodollar Rate. 
 “Federal Bankruptcy Code” means the federal bankruptcy code of the United States of America codified in Title 11 of the United States
Code, as amended, modified, succeeded or replaced from time to time. 
 “Federal Funds Rate” means, for any day, a
fluctuating interest rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “Fifth Omnibus Amendment”
means that certain Fifth Omnibus Amendment of even date herewith by and among Cartus, CFC, the Transferor, Realogy, the Indenture Trustee, the Administrative Agent and the initial Conduit Purchasers and Committed Purchasers party hereto. 

“Increase Request” means a request for an Increase in substantially the form attached hereto as Exhibit B. 
 “Indemnified Party” is defined in Section 5.02. 
 “Indenture” means that certain Master Indenture dated as of April 25, 2000 among the Issuer, The Bank of New York (as successor to JPMorgan Chase Bank, National Association), as Indenture Trustee
and The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar, as amended, restated, supplemented or otherwise modified from time to time. 
 “Lien” has the meaning given in the Purchase Agreement. 
 “Liquidity Provider” means the Person or Persons which provide liquidity support to a Conduit Purchaser pursuant to a Liquidity Provider Agreement. 
 “Liquidity Provider Agreement” means an agreement between a Conduit Purchaser and a Liquidity Provider evidencing the obligation of such
Liquidity Provider to provide liquidity support to such Conduit Purchaser in connection with the issuance by such Conduit Purchaser of Commercial Paper Notes. 
  

 4 

 “Managing Agent” means with respect to any Purchaser Group, the Person identified as
such on Schedule II to this Agreement or in the Assignment and Acceptance Agreement pursuant to which the members of such Purchaser Group became parties hereto. 
 “Other Taxes” is defined in Section 2.08. 
 “Owner” means
(a) each Conduit Purchaser, (b) each Committed Purchaser, (c) each Liquidity Provider, Program Support Provider or other Person that has purchased, or has entered into a commitment to purchase, the Series 2007-1 Notes or an interest
therein from a Conduit Purchaser pursuant to a Liquidity Provider Agreement, Program Support Agreement or otherwise, and (d) any insurance company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support
or facilities to any Conduit Purchaser. 
 “Permitted Conduit Assignee” means, with respect to any Purchaser Group, any
commercial paper conduit administered by the Managing Agent for such Purchaser Group or any of its Affiliates. 
 “Permitted
Lien” has the meaning given in the Purchase Agreement. 
 “Program Support Agreement” means an agreement between a
Conduit Purchaser and a Program Support Provider evidencing the obligation of such Program Support Provider to provide liquidity or credit enhancement or asset purchase facilities for or in respect of any assets or liabilities of such Conduit
Purchaser in connection with the issuance by such Conduit Purchaser of Commercial Paper Notes. 
 “Program Support Provider”
means the Person or Persons who will provide program support to a Conduit Purchaser pursuant to a Program Support Agreement. 
 “Pro
Rata Share” means, for a Purchaser Group at any time of determination, a fraction (expressed as a percentage) having the Purchaser Group Limit for such Purchaser Group as its numerator and the Stated Amount as its denominator;
provided, however, that if any Purchaser fails to fund any amount as required hereunder, “Pro Rata Share” shall mean, for purposes of making all distributions hereunder, a fraction (expressed as a percentage) having the portion of
the Series Outstanding Amount funded by each Purchaser Group as its numerator and the Series Outstanding Amount as its denominator. 
 “Purchase” means the purchase of the Series 2007-1 Notes by the Purchasers from the Issuer on the Closing Date. 
 “Purchaser Group” means each group of Purchasers consisting of one or more Conduit Purchasers and any Permitted Conduit Assignees of such Conduit Purchasers, the related Committed Purchasers, the related Liquidity
Provider(s) and Program Support Provider(s), if any, the related Managing Agent and their respective permitted assigns. 
 “Purchaser
Group Limit” means (i) with respect to each Purchaser Group existing on the date hereof, the amount set forth opposite the name of such Purchaser Group on Schedule II attached hereto, as such amount may be increased or decreased
pursuant to Section 2.05 hereof, or reduced pursuant to Section 7.04(c) hereof and (ii) with respect to any other Purchaser 

  

 5 

 
Group, the amount indicated in the Assignment and Acceptance Agreement pursuant to which the members of such Purchaser Group become parties to this
Agreement, as such amount may be increased or decreased pursuant to Section 2.05 hereof, or reduced pursuant to Section 7.04(c) hereof. 
 “Purchaser” means, a Conduit Purchaser or Committed Purchaser as the context requires and “Purchasers” means collectively, the Conduit Purchasers and the Committed Purchasers. 
 “Rate Type” means the Eurodollar Rate, the Alternate Base Rate or the CP Rate. 
 “Realogy” means Realogy Corporation, a Delaware corporation, and its successors. 
 “Reported EBITDA” has the meaning given in the Transfer and Servicing Agreement. 
 “Required Managing Agents” means, at any time, Managing Agents representing Purchaser Groups which hold Series 2007-1 Notes that
represent at least 66 2/3% of the Series Outstanding Amount or, if the Series Outstanding Amount is zero, Managing Agents representing Purchaser Groups with Pro Rata Shares of not less than 66 2/3%. 
 “Series 2007-1 Notes” has the meaning given in the Series Supplement. 
 “Series Supplement” means the Series 2007-1 Indenture Supplement of even date herewith, among the Issuer, The Bank of New York, as
Indenture Trustee and The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar, supplementing the Indenture, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair
saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and
matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring
debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would
constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. 
 “Taxes” is defined in Section 2.08(a). 
 “Tranche” is defined in Section 2.04.

 “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 
  

 6 

 SECTION 1.02. Other Terms. All accounting terms not specifically defined herein shall be construed
in accordance with generally accepted accounting principles in the United States. 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 Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term
“including” means “including without limitation.” 
 SECTION 1.03. Computation of Time Periods. Unless otherwise
stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to
but excluding.” 
 ARTICLE II 
 PURCHASE AND SALE OF SERIES 2007-1 NOTES 
 SECTION 2.01. Purchase and Transfer of Series 2007-1 Notes. 
 (a) On the terms and subject to the conditions set forth in this Agreement, the Indenture and the Series Supplement, and in reliance on the covenants,
representations and agreements set forth herein and therein, on the Closing Date (i) the Issuer agrees to sell, transfer and deliver to Calyon, as Managing Agent on behalf of the Purchasers in its Purchaser Group and (ii) Atlantic Asset
Securitization LLC, (“Atlantic”), acting through Calyon as Managing Agent, may, in its discretion, and Calyon New York Branch, acting through Calyon as Managing Agent, shall, if Atlantic determines not to so purchase, purchase from
the Issuer, on the date hereof, the Series 2007-1 Note issued to its related Managing Agent having an aggregate maximum face amount equal to the applicable Purchaser Group Limit. Without limiting any other provision of this Agreement, the obligation
of any Purchaser to purchase an interest in a Series 2007-1 Note is subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof. 
 (b) On the Closing Date, the Issuer will deliver to Calyon, as Managing Agent on behalf of the Purchasers in its Purchaser Group, a Series 2007-1 Note, dated as of the Closing Date, registered in the name of such
Managing Agent having a face amount equal to the Purchaser Group Limit of its Purchaser Group, and duly authenticated by the Authentication Agent in accordance with the provisions of the Indenture against delivery by such Managing Agent, on behalf
of the Purchasers in the related Purchaser Group, to the Issuer of such Purchaser Group’s Pro Rata Share of the Initial Series Outstanding Amount. 
 SECTION 2.02. Increases and Reductions to the Series Outstanding Amount. 
 (a) Subject to the terms
and conditions set forth in this Agreement and in the Series Supplement, the Issuer may, in its discretion, at any time during the Revolving Period deliver to the Indenture Trustee, each Managing Agent and the Administrative Agent, an Increase
Request not less than two Business Days prior to the applicable Increase Date, provided, that: 
  

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 (i) after giving effect to such Increase, (A) the Series Outstanding Amount shall
not exceed the Stated Amount at such time; (B) the Pro Rata Share of the Series Outstanding Amount funded by each Purchaser Group shall not exceed its Purchaser Group Limit and (C) the portion of the Series Outstanding Amount funded by any
Committed Purchaser shall not exceed its Commitment; 
 (ii) the Increase Request shall specify: (A) the proposed date of
the requested Increase, (B) the amount of the requested Increase (which shall be in a minimum amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof or, such other amounts as may be agreed among the Issuer and the Managing
Agents), (C) the bank account to which the funds from such Increase should be sent and (D) the requested Rate Type(s); and 
 (iii) if such Increase would cause the Series 2007-1 Required Asset Amount to be greater than the Series 2007-1 Allocated Adjusted Aggregate Receivable Balance as shown on the most recent Receivables Activity Report (or, if less, the Series
2007-1 Allocated Adjusted Aggregate Receivable Balance shown on the most recent Weekly Activity Report, if applicable), each Managing Agent must have received an interim servicing report, in a form to be mutually agreed upon by the Issuer and the
Managing Agents, based on the most recently available interim reporting, which demonstrates that such Increase will not cause a Series 2007-1 Asset Amount Deficiency to occur. 
 (b) Subject to the terms and conditions set forth in this Agreement (including Section 3.02 hereof) and the Series Supplement, on each Increase Date
the Conduit Purchasers in each Purchaser Group, acting through the related Managing Agent, may (but are not committed to) at the request of the Issuer pursuant to an Increase Request, fund such Purchaser Group’s Pro Rata Share of the requested
Increase in amounts to be allocated among such Conduit Purchasers by the related Managing Agent. If any Conduit Purchaser chooses at any time not to fund its portion of such Purchaser Group’s Pro Rata Share of a requested Increase when
requested by the Issuer, on the applicable Increase Date, the related Committed Purchasers, acting through the related Managing Agent, shall, subject to the conditions set forth in Section 3.02 hereof, fund their respective Committed
Percentages of the related Purchaser Group’s Pro Rata Share of the amount of such Increase. Each funding of a Purchaser Group’s Pro Rata Share of an Increase shall be paid by the related Purchasers to an account designated by the related
Managing Agent. Each Managing Agent shall deliver its Purchaser Group’s Pro Rata Share of the amount of each Increase to the Issuer in U.S. Dollars in immediately available funds by 1:00 p.m. (New York City time) on the related Increase Date to
an account designated by the Issuer prior to the Increase Date. Each Increase funded by the Purchasers hereunder shall represent an increase in the Series Outstanding Amount. Each Managing Agent shall provide prompt notice to the Issuer and each
other Managing Agent if any Conduit Purchaser in its Purchaser Group elects not to fund its share of any Increase. 
 (c) Subject to the
terms and conditions set forth in the Series Supplement, at any time during the Revolving Period, in addition to the optional redemption provisions set forth in Section 7.01 of the Series Supplement, the Issuer shall have the right to reduce
the Series Outstanding Amount by at least $10,000,000 (or such other amounts as may be agreed among 

  

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the Issuer and the Managing Agents) by causing Series 2007-1 Collections to be allocated to the Series 2007-1 Principal Subaccount for application towards
principal payments of the Series 2007-1 Notes; provided, that (i) the Issuer shall give at least two (2) Business Days prior written notice to the Managing Agents, the Administrative Agent and the Indenture Trustee in respect of
such reduction; (ii) such reduction of the Series Outstanding Amount shall be applied to reduce the outstanding principal amount of the Series 2007-1 Note held by each Purchaser Group ratably in accordance with its Pro Rata Share and
(iii) unless the date of such reduction is a Distribution Date, the Issuer shall pay to the Managing Agents (for the account of the Purchasers in the related Purchaser Group), the amount of any funding losses incurred by the Purchasers in
connection with such reduction in accordance with Section 2.09 of this Agreement. 
 SECTION 2.03. Calculation and Payment of
Interest and Fees. 
 (a) Each Managing Agent shall, on or prior to the first day of each Interest Period, notify the Indenture Trustee
and the Servicer of the Series 2007-1 Tranche Rate which will be applicable to each Tranche during such Interest Period and Managing Agent shall, no later than the Business Day preceding the next Determination Date, notify such parties of the total
interest to be paid for each such Tranche and the total Monthly Program Fees to be paid to its Purchaser Group on the relevant Distribution Date. 
 (b) Interest on each Tranche during each Interest Period shall accrue at the applicable Series 2007-1 Tranche Rate for such Interest Period and all accrued and unpaid interest on each Tranche shall be payable on each Distribution Date in
accordance with the terms of the Series Supplement. Interest with respect to any Tranche due but not paid on any Distribution Date will be due on the next succeeding Distribution Date together with Additional Interest as calculated in accordance
with the terms of the Series Supplement. 
 (c) The Issuer shall pay to each Managing Agent, for the account of the Purchasers in the related
Purchaser Group, the Facility Fee and Program Fee pursuant to the Fee Letter. The Facility Fee and the Program Fee will constitute “Monthly Program Fees” as defined in the Series Supplement and shall be due and payable on each Distribution
Date pursuant to Section 4.04 of the Series Supplement. 
 SECTION 2.04. Tranches. 
 (a) Each funding made by the Purchasers in the same Purchaser Group on any Increase Date having one Rate Type shall be referred to herein as a
“Tranche”. The Issuer shall select the Rate Type(s) to apply to each Tranche for the related Interest Period in the related Increase Request; provided, however, that 
 (i) the selection of such Rate Type(s) shall be subject to the approval of each Managing Agent in its sole and absolute discretion;

 (ii) if any Managing Agent notifies the Issuer and the Servicer that a CP Disruption has occurred, the Eurodollar Rate
shall automatically apply to any CP Tranche from and after such notice until such Managing Agent notifies the Issuer and the Servicer that such CP Disruption has ceased (it being agreed that each Managing Agent shall give the Issuer and the Servicer
prompt notice that any such CP Disruption has ceased); and 
  

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 (iii) any portion of the Series Outstanding Amount that is not allocated to a CP Tranche
shall be a Eurodollar Tranche unless: (A) on or prior to the first day of the next related Interest Period, such Managing Agent has given the Issuer and the Servicer notice that a Eurodollar Rate Disruption Event has occurred and such Managing
Agent shall not have subsequently notified the Servicer and the Issuer that such Eurodollar Rate Disruption Event no longer exists (it being agreed that each Managing Agent shall give the Issuer and the Servicer prompt notice that any such
Eurodollar Rate Disruption Event no longer exists); (B) such Managing Agent did not receive notice that such Tranche was to be a Eurodollar Tranche by 11:00 A.M. (New York City time) on the second Business Day preceding the first day of such
Interest Period; or (C) the Outstanding Tranche Amount of such Tranche is less than $1,000,000, in any of which events such Tranche shall be a Base Rate Tranche. 
 The Administrative Agent shall promptly, upon the request of any party, notify each Managing Agent, the Issuer and the Servicer of the Eurodollar Rate applicable to any Eurodollar Tranche or the Alternate Base Rate
applicable to any Base Rate Tranche. 
 (b) The Managing Agents may at any time after the occurrence and during the continuance of any
Amortization Event, or at any time after the Amortization Period has commenced either (i) divide any Tranche into two or more Tranches having an aggregate Outstanding Tranche Amount equal to the Outstanding Tranche Amount of such divided
Tranche, or (ii) combine any two or more Tranches into a single Tranche having an Outstanding Tranche Amount equal to the aggregate of the Outstanding Tranche Amounts of such Tranches; provided, however, that no Tranche owned by
any Conduit Purchaser may be combined with a Tranche owned by any other Purchaser and no Tranche held by the Committed Purchasers in any Purchaser Group may be combined with any Tranche held by the Committed Purchasers in any other Purchaser Group;
and provided further that if any such Tranche is requested to become a Eurodollar Tranche, such notice must be received at least two Business Days’ prior to the last day of the Tranche Period for such Tranche. 
 SECTION 2.05. Reductions and Increases to Stated Amount. 
 (a) The Issuer may at any time, upon at least two (2) Business Days’ prior written notice to each Managing Agent, the Indenture Trustee and the Administrative Agent, such notice to be in the form of Exhibit
C hereto, terminate in whole or reduce in part the Stated Amount; provided, however, that each partial reduction shall (i) be in an amount equal to $5,000,000 or an integral multiple thereof, (ii) reduce each Purchaser Group
Limit hereunder ratably in accordance with the respective Purchaser Group’s Pro Rata Share of such reduction to the Stated Amount and (iii) reduce each Committed Purchaser’s Commitment ratably within their respective Purchaser Group
in accordance with each Committed Purchaser’s Committed Percentage. 
 (b) The Issuer may, from time to time upon at least thirty
(30) days’ prior written notice to each Managing Agent, the Indenture Trustee and the Administrative Agent, request an increase to the Stated Amount. Each such notice shall be substantially in the form of 

  

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Exhibit D hereto (each a “Stated Amount Increase Notice”) and shall specify (i) the proposed date such increase shall become effective,
(ii) the proposed amount of such increase, which amount shall be at least $25,000,000; (iii) the identity of the Purchaser Group(s) (and members thereof) whose Purchaser Group Limit(s) will be increased in connection therewith;
(iv) the identity of all Committed Purchasers in such Purchaser Group and the amount of their respective Commitments after giving effect to such increase in the Stated Amount; and (v) a recalculation of the Pro Rata Shares which will
become effective upon such increase in the Stated Amount. No such increase shall become effective unless and until (x) either (i) the Commitments of the Committed Purchasers in such Purchaser Group have been increased by the amount of such
increase in the Stated Amount, as evidenced by the Managing Agent for such Purchaser Group and each of the Purchasers in such Purchaser Group executing such Stated Amount Increase Notice or (ii) one or more additional Purchaser Groups have
become parties to this Agreement by executing a joinder agreement in form and substance reasonably acceptable to the Required Managing Agents and the Issuer. Notwithstanding anything to the contrary set forth herein, nothing contained in this
Agreement shall constitute a commitment on the part of any Purchaser hereunder to agree to any such increase, or to assume or increase any obligation to the Issuer at any time. 
 SECTION 2.06. Increased Costs. If, after the date hereof due to either the introduction of or any change in, or in the interpretation of,
(i) any law or regulation by the Governmental Authority that promulgated or administers compliance with such law or regulation (other than laws or regulations with respect to income taxes, branch profits or franchise taxes based on income or
gross receipts) or (ii) any guideline or request from any central bank or other Governmental Authority or similar agency, including, without limitation, the Financial Accounting Standards Board (“FASB”) or any comparable entity
(whether or not having the force of law), any reserve or deposit or similar requirement shall be imposed, modified or deemed applicable, any basis of taxation shall be changed (other than as a result of a change in laws and regulations with respect
to income tax branch profits or franchise taxes) or any other condition shall be imposed, and there shall be any increase in the cost to any Owner of making, funding, or maintaining the principal outstanding under, a Series 2007-1 Note or in the
cost to any Owner of agreeing to make, fund, or maintain any principal outstanding under, a Series 2007-1 Note, then the Issuer shall from time to time, upon demand by any such Owner, by the submission of the certificate described below, pay to such
Owner, additional amounts sufficient to compensate such Owner for such increased cost; provided, however, that before making any such demand, such Owner has agreed to use reasonable efforts (consistent with its internal policy and
legal and regulatory restrictions) to take such steps (including the designation of a different applicable lending office) as would avoid the need for, or reduce the amount of, such additional cost and would not, in the judgment of such Owner, be
otherwise disadvantageous to such Owner. A certificate setting forth in reasonable detail the reasons for and the amount of such increased cost submitted to the Issuer and the Indenture Trustee by the relevant Owner, or the related Managing Agent on
behalf of such Owner, shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.07. Increased Capital. If
any Owner determines that compliance with any law or regulation or any guideline or request or any written interpretation from any central bank or other Governmental Authority or similar agency, including, without limitation, FASB or any comparable
entity (whether or not having the force of law) which is 

  

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introduced, implemented or received by such Owner after the date hereof, affects or would affect capital adequacy or the amount of capital required or
expected to be maintained by such Owner or any corporation controlling such Owner and that the amount of such capital is increased as a result of the existence of this Agreement, the Series Supplement or the obligations of a Liquidity Provider under
a Liquidity Provider Agreement or the obligations of a Program Support Provider under a Program Support Agreement, or has or would have the effect of reducing such Owner’s rate of return on capital then, upon demand by any such Owner, by the
submission of the certificate described below, the Issuer shall pay to such Owner, from time to time, as specified by such Owner, additional amounts sufficient to compensate such Owner in light of such circumstances, to the extent that such Owner
reasonably determines such increase in capital to be allocable to a Series 2007-1 Note or the existence of this Agreement, the Series Supplement, any Liquidity Provider’s obligations under a Liquidity Provider Agreement or any Program Support
Provider’s obligations under a Program Support Agreement. In determining such amounts, such Owner may use any reasonable averaging and attribution methods, consistent with the averaging and attribution methods generally used by such Owner in
connection with commitments of that type. A certificate as to such amounts submitted to the Issuer and the Indenture Trustee by the relevant Owner, or by the related Managing Agent on behalf of such Owner, setting forth the basis therefor and
calculation thereof in reasonable detail, shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.08.
Taxes. 
 (a) All payments made by the Issuer under this Agreement, the Series Supplement, the Fee Letter and any Series 2007-1 Note to
or for the benefit of a Series 2007-1 Noteholder, the Administrative Agent or any Owner shall be made, to the extent allowed by law, free and clear of, and without deduction or withholding for or on account of, any present or future taxes, levies,
imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority having taxing authority (excluding income taxes, branch profits or franchise taxes based on
income or gross receipts) imposed on such Person as a result of any present or former connection between the jurisdiction of the government or taxing authority imposing such tax or any political subdivision or taxing authority thereof or therein and
such Person (other than any connection arising solely from such Person having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement, the Series Supplement or a Series 2007-1 Note or any other
related document to which such Person is a party) (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions and withholdings being hereinafter called “Taxes”). If any Taxes are required to be withheld from any
amounts payable to or under the Series 2007-1 Note, (i) the sum payable by the Issuer shall be increased as may be necessary so that, after making all required deductions (including deductions applicable to additional sums payable under this
Section 2.08), the relevant Person receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Issuer shall make such deductions, and (iii) the Issuer shall pay the full amount deducted to the
relevant taxing authority or other authority in accordance with applicable law. 
 (b) In addition, the Issuer agrees to pay any present or
future stamp or documentary taxes or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to any Liquidity Provider
Agreement (hereinafter “Other Taxes”). 
  

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 (c) Subject to the provisions set forth in this Section 2.08, the Issuer will indemnify each
Purchaser, the Administrative Agent and each Owner for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.08) paid by such
Purchaser, the Administrative Agent and each Owner and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, provided, that such Purchaser, the Administrative Agent or such Owner, in making a
demand for indemnity, shall provide the Issuer with a certificate from the relevant taxing authority or from a responsible officer of such Person stating or otherwise evidencing that such Person has made payment of such Taxes or Other Taxes and will
provide a copy of or extract from documentation, if available, furnished by such taxing authority evidencing assertion or payment of such Taxes or Other Taxes. Whenever any Taxes are payable by the Issuer, within 30 days thereafter the Issuer shall
send to the applicable Purchaser, the Administrative Agent and any applicable Owner a certified copy of an original official receipt received by the Issuer showing payment thereof. If the Issuer fails to pay any Taxes when due to the appropriate
taxing authority or fails to remit to the applicable Purchaser, the Administrative Agent and any applicable Owner the required receipts or other required documentary evidence, the Issuer shall indemnify such Person for any incremental Taxes,
interest or penalties that such Person is legally required to pay as a result of any such failure. The agreements in this subsection shall survive the termination of this Agreement, the Series Supplement and the payment of the Series 2007-1 Notes.

 (d) On or before the date it becomes a Series 2007-1 Noteholder (and, so long as it may properly do so, periodically thereafter, as may be
required by applicable law, to keep forms up to date), any Series 2007-1 Noteholder that is organized under the laws of a jurisdiction outside the United States of America shall deliver to the Indenture Trustee and the Paying Agent any certificates,
documents or other evidence that shall be required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto to establish its exemption from existing United States federal withholding requirements, including (i) two original
copies of Internal Revenue Service Form W-8 BEN or Form W-8-ECI or successor applicable form, properly completed and duly executed by such Series 2007-1 Noteholder certifying that it is entitled to receive payments under this Agreement without
deduction or withholding of any United States federal income taxes. 
 (e) If any such Series 2007-1 Noteholder does not comply with
Section 2.08(d), amounts payable to such Series 2007-1 Noteholder under this Section 2.08 shall be limited to amounts that would have been payable under this section if such Series 2007-1 Noteholder had so complied. 
 (f) All Taxes and Other Taxes owing under this Section 2.08 shall be payable in accordance with Section 7.11. 
  

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 SECTION 2.09. Funding Losses. 
 (a) If, for any reason, a principal payment with respect to any CP Tranche or any Eurodollar Tranche shall occur on any date which is not the last day of
the applicable Interest Period, the Issuer shall compensate each Purchaser, upon demand, for all funding losses by paying to such Purchaser an amount equal to the sum of (i) the amount of interest which would have accrued on the relevant
Tranche but for such prepayment through the last day of the relevant Interest Period less the interest earned by such Purchaser by investing such funds in investments permissible (in the case of the Conduit Purchaser) for the commercial paper
program of the Conduit Purchaser and (ii) all reasonable out-of-pocket expenses which such Purchaser may sustain or incur as a consequence of such prepayment. Such amounts shall be payable by the Issuer pursuant to Section 4.01(c) of the
Series Supplement. 
 (b) In addition to the foregoing, the Issuer shall compensate each Owner, upon its written demand, for all losses,
expenses and liabilities on account of any liquidation or reemployment of deposits or other funds acquired by such party to make, fund or maintain a Tranche, (i) if by reason of the acts or omissions of the Issuer, the funding of any CP Tranche
or Eurodollar Tranche does not occur on a date specified therefor in the relevant funding request; (ii) if for any reason any payment, prepayment or conversion of principal of any CP Tranche or Eurodollar Tranche occurs on a date which is not
the last day of the Interest Period for such Tranche or (iii) as a consequence of any required conversion of any CP Tranche or Eurodollar Tranche to a Tranche for which interest is calculated at another Rate Type prior to the last day of the
Interest Period for the relevant Tranche. A certificate setting forth in reasonable detail the reasons for and the amount of such demand submitted to the Issuer by such Owner, shall be conclusive and binding for all purposes, absent manifest error.
Such amounts shall be payable by the Issuer pursuant to Section 4.01(c) of the Series Supplement. 
 SECTION 2.10. Nonrecourse
Obligations. Notwithstanding any provision in any other Section of this Agreement to the contrary, the obligation of the Issuer to pay any amounts payable to a Purchaser or any other Owner pursuant to Sections 2.06, 2.07, 2.08, 2.09, 5.02 and
7.08 of this Agreement shall be without recourse to the Issuer (or its assignee, if applicable), the Servicer (or any Person acting on behalf of any of them), the Indenture Trustee or any other Owner or any affiliate, officer or director of any of
them, and the obligation of the Issuer to pay any amounts hereunder shall be limited solely to the application of Pool Collections and other amounts (collectively, the “Available Amounts”) required to be distributed to the Managing
Agents, on behalf of the related Purchasers, in the Indenture and the Series Supplement, to the extent that such amounts are available for distribution. In the event that amounts payable to a Purchaser or any other Owner pursuant to this Agreement
exceed the Available Amounts, the excess of the amounts due hereunder (and subject to this Section 2.10) over the Available Amounts paid shall not constitute a “claim” under Section 101(5) of the Federal Bankruptcy Code against
the applicable party until such time as such party has Available Amounts. 
 ARTICLE III 
 CONDITIONS PRECEDENT 
 SECTION 3.01.
Conditions Precedent to Purchase. The Purchase is subject to the satisfaction of each of the following conditions on or prior to the Closing Date (any or all 

  

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of which (except Section 3.01(e)) may be waived by the Managing Agents in their sole and absolute discretion: 
 (a) The Managing Agents shall have received on or before the date hereof each of the items listed on Schedule I hereto, each (unless otherwise indicated)
dated the date hereof, in form and substance reasonably satisfactory to the Managing Agents; 
 (b) The Series Supplement shall have become
effective in accordance with its terms; 
 (c) All of the conditions precedent set forth in the Indenture to the issuance of the Series
2007-1 Notes shall have been satisfied and all of the terms, covenants, agreements and conditions of this Agreement, the Indenture, the Series Supplement and each other Transaction Document to be complied with and performed by Cartus, CFC, the
Issuer, the Transferor, the Servicer, Realogy or the Indenture Trustee, as the case may be, by the date hereof shall have been complied with or otherwise waived by the Managing Agents; 
 (d) Each of the representations and warranties of Cartus, CFC, the Issuer, the Transferor, the Servicer, Realogy or the Indenture Trustee made in this
Agreement, the Indenture, the Series Supplement and each other Transaction Document shall be true and correct in all material respects as of the date hereof as though made as of such time (except to the extent that they expressly relate to an
earlier or later time); 
 (e) No Amortization Event, Servicer Default or Event of Default or event that with the giving of notice or lapse
of time or both would constitute such an Amortization Event, Servicer Default or Event of Default shall have occurred and be continuing (before and after giving effect to the Purchase); 
 (f) Immediately after giving effect to the Purchase, no Series 2007-1 Asset Amount Deficiency shall exist and be continuing; 
 (g) All fees required to be paid on or prior to the date hereof in accordance with the Fee Letter and the Administrative Agent Fee Letter shall have been
paid in full in accordance with the terms thereof; and 
 (h) Each Managing Agent shall have received a written confirmation from each of the
Rating Agencies that the Purchase hereunder will not result in a downgrade or withdrawal of the rating of the Commercial Paper Notes of the Conduit Purchasers in the related Purchaser Group or shall have confirmed to the Administrative Agent that no
such written confirmation from the Rating Agencies is necessary to maintain such rating. 
 SECTION 3.02. Conditions Precedent to each
Increase. The funding of any Increase under this Agreement shall be subject to the satisfaction, as of the applicable Increase Date, of each of the following conditions: 
 (a) Each of the representations and warranties of Cartus, CFC, the Issuer, the Transferor, the Servicer, Realogy or the Indenture Trustee made in this
Agreement, the Indenture, the Series Supplement and each other Transaction Document shall be true and correct in all material respects as of the date hereof as though made as of such time (except to the extent that they expressly relate to an
earlier or later time); and 
  

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 (b) No Amortization Event, Servicer Default or Event of Default or event that with the giving of notice
or lapse of time or both would constitute such an Amortization Event, Servicer Default or Event of Default shall have occurred and be continuing (before and after giving effect to such Increase); and 
 (c) Immediately after giving effect to such Increase, no Series 2007-1 Asset Amount Deficiency shall exist and be continuing; and 
 (d) Each of this Agreement, the Series Supplement, the Series 2007-1 Notes and each other Transaction Document shall remain in full force and effect; and

 (e) Each Managing Agent shall have received such other approvals, documents, agreements, certificates or opinions as they may reasonably
request. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01. Representations and Warranties of the Issuer. Each of the representations and
warranties made by the Issuer as of the Closing Date pursuant to the Indenture and the Series Supplement is incorporated herein by reference for the benefit of the Purchasers, the Managing Agents and the Administrative Agent. In addition, the Issuer
hereby represents and warrants to the Purchasers, the Managing Agents and the Administrative Agent as of the Closing Date and each date of any Increase that: 
 (a) The Series 2007-1 Notes have been duly and validly authorized, and when duly executed and authenticated in accordance with the terms of the Indenture and the Series Supplement, and when duly delivered to and paid
for by the Purchasers in accordance with this Agreement, will be duly and validly issued and outstanding and will be entitled to the benefits of the Indenture, the Series Supplement and this Agreement. 
 (b) Each of the Indenture, the Series Supplement and, assuming the due authorization, execution and delivery by each of the other parties thereto, this
Agreement and the Series Supplement, is in full force and effect and no default or other event or circumstance has occurred thereunder or in connection therewith that could result in the termination of any such agreement or any other interruption of
the ongoing performance of the obligations by the Issuer under each such agreement. 
 (c) Assuming the accuracy of the representations and
warranties of the Purchasers contained in Section 7.05 and their compliance with the agreements set forth therein, it is not necessary, in connection with the offer, sale and delivery of the Series 2007-1 Notes to the Purchasers, to register
the Series 2007-1 Notes under the Securities Act or to qualify the Indenture or the Series Supplement under the Trust Indenture Act of 1939, as amended; 
  

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 (d) The Issuer is a limited liability company duly formed and validly existing in good standing under the
laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are presently owned and as such business is presently conducted, is qualified to do business and is in good standing
as a foreign limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification, licenses or approvals and in
which the failure so to qualify or to obtain such licenses and approvals or to preserve and maintain such qualification, licenses or approvals could reasonably be expected to give rise to a Material Adverse Effect; 
 (e) The Issuer (i) has all necessary limited liability company power and authority (A) to execute and deliver this Agreement, the Series 2007-1
Notes, the Series Supplement and the other Transaction Documents to which it is a party and (B) to perform its obligations under this Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it is a
party and (ii) has duly authorized by all necessary action the execution, delivery and performance by it of, and the consummation by it of the transactions provided for in, this Agreement, the Series 2007-1 Notes, the Series Supplement and the
other Transaction Documents to which it is a party. Each of this Agreement, the Series 2007-1 Notes and the Series Supplement constitute the legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with its
terms, except (A) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (B) as such enforceability may
be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) The execution, delivery and performance by it of, and the consummation by it of the transactions contemplated by, this Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it is a party,
and the fulfillment by it of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under (A) the
certificate of formation or the limited liability company agreement of the Issuer or (B) any material indenture, loan agreement, mortgage, deed of trust, or other agreement or instrument to which the Issuer is a party or by which it or any of
its respective properties is bound, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) on any of the Pledged Assets pursuant to the terms of any such material indenture, loan agreement, mortgage, deed of trust,
or other material agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any federal, state, local or foreign law (including without limitation, Environmental Laws) or any
decision, decree, order, rule or regulation applicable to the Issuer or of any Governmental Authority having jurisdiction over the Issuer, which conflict or violation described in this clause (iii), individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect. 
 (g) (i) There is no action, suit, proceeding or investigation pending or, to the best
knowledge of the Issuer, threatened, against the Issuer before any Governmental Authority and (ii) the Issuer is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in
the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement, the Series 2007-1 Notes, the Series 

  

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Supplement or any other Transaction Document, (B) seeks to prevent the consummation of any of the transactions contemplated by this Agreement, the
Series 2007-1 Notes, the Series Supplement or any other Transaction Document, (C) seeks any determination or ruling that, in the reasonable judgment of the Issuer, would materially and adversely affect the performance by the Issuer of its
obligations under this Agreement, the Series 2007-1 Notes, the Series Supplement or any other Transaction Document or the validity or enforceability of this Agreement, the Series 2007-1 Notes, the Series Supplement or any other Transaction Document
or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect. 
 (h) Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and
approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Issuer in connection with the due execution, delivery and performance by the Issuer of this Agreement, the Series 2007-1 Notes, the Series
Supplement or any other Transaction Document to which it is a party and the consummation by the Issuer of the transactions contemplated by this Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it
is a party have been obtained or made and are in full force and effect. 
 (i) The Issuer is not, and is not controlled by, an
“investment company” registered or required to be registered under the Investment Company Act of 1940, as amended; 
 (j) On and
immediately after the Closing Date, the Issuer (after giving effect to the issuance of the Series 2007-1 Notes) will remain Solvent. 
 (k)
No proceeds of the Purchase or any Increase hereunder will be used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or
(ii) to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
 (l) As of the Closing Date and as of each Increase Date, unless otherwise previously disclosed to the Managing Agents, the written information furnished by the Issuer pursuant to or in connection with any Transaction Document or any
transaction contemplated herein or therein was, as of the date originally furnished, true and correct in all material respects and not otherwise materially misleading. 
 ARTICLE V 
 COVENANTS AND INDEMNITIES 
 SECTION 5.01. Covenants of the Issuer and Servicer. Unless the Managing Agents shall otherwise consent in writing: 
 (a) Each of the Issuer and the Servicer will perform and observe for the benefit of the Owners each of the covenants and agreements required to be
performed or observed by it in the Transaction Documents to which it is a party. 
  

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 (b) The Servicer hereby covenants and agrees to furnish to each Managing Agent: (i) promptly after
the execution thereof, copies of all amendments of and waivers with respect to the Transaction Documents and (ii) copies of all financial and other reports that the Servicer is required to furnish pursuant to Sections 3.07(c), 3.08 and 3.09 of
the Transfer and Servicing Agreement. 
 (c) The Issuer hereby covenants and agrees to furnish or cause to be furnished to each Managing
Agent: 
 (i) as soon as available and in any event within 55 days after the end of each of the first three fiscal quarters of
each fiscal year of Realogy, copies of the unaudited consolidated balance sheets of Realogy and its consolidated subsidiaries, the related unaudited statements of cash flow for Realogy and the related unaudited statements of earnings and
stockholders’ equity of Realogy in each case for such fiscal quarter and for the period from the beginning of such fiscal year through the end of such fiscal quarter and certified by the chief financial officer or a vice president responsible
for financial administration of Realogy, all of the foregoing to be prepared in conformity with GAAP applied consistently throughout the periods reflected therein (subject to normal year-end adjustments and without footnote disclosures); 

(ii) as soon as available and in any event within 100 days after the end of each fiscal year of Realogy, copies of the consolidated
balance sheet of Realogy 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 Realogy and its consolidated subsidiaries for such fiscal year,
setting forth in each case in comparative form the corresponding figures for the preceding fiscal year and prepared in conformity with GAAP applied consistently throughout the periods reflected therein, certified by independent certified public
accountants of nationally recognized standing in the United States of America as shall be selected by Realogy; 
 (iii)
promptly after the filing thereof, and concurrently with the delivery to any creditors of Realogy, copies of all reports on Form 8-K which Realogy files with the Securities and Exchange Commission or any national securities exchange; 
 (iv) as soon as available and in any event within 55 days after the end of each of the first three fiscal quarters of each fiscal year of
Cartus, copies of the unaudited consolidated balance sheets of Cartus and its consolidated subsidiaries and copies of the statements of earnings of Cartus and its consolidated subsidiaries, in each case for such fiscal quarter and for the period
from the beginning of such fiscal year through the end of such fiscal quarter and certified by the chief financial officer or controller of Cartus, all of the foregoing to be prepared in accordance with Cartus’s customary management accounting
practices as in effect on the date hereof and need not be prepared in conformity with GAAP; and 
 (v) as soon as available
and in any event within 120 days after the end of each fiscal year of Cartus, copies of the unaudited balance sheet and copies of the statements of earnings of Cartus and its consolidated subsidiaries, in each case certified 

  

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by the chief financial officer or controller of Cartus, all of the foregoing to be prepared in accordance with Cartus’s customary management accounting
practices as in effect on the date hereof and need not be prepared in conformity with GAAP. 
 As long as Realogy is required or permitted to file reports
under the Securities Exchange Act of 1934, as amended, a copy of its report on Form 10-K shall satisfy the requirements of Section 5.01(c)(ii) of this Agreement and a copy of its report on Form 10-Q shall satisfy the requirements of
Section 5.01(c)(i) of this Agreement. Information required to be delivered pursuant to Section 5.01(c)(i), (ii) and (iii) shall be deemed to have been delivered on the date on which it has been posted on (i) Realogy’s
website on the Internet at www.realogy.com or (ii) sec.gov/edgar/searchedgar/webusers.htm. 
 (d) The Servicer shall
prepare and deliver to each Managing Agent, (i) a copy of each Receivables Activity Report and, if applicable, each Weekly Activity Report, prepared and delivered by the Servicer pursuant to the Transfer and Servicing Agreement, together with a
certificate of a vice president responsible for financial administration of the Servicer to the effect that, to the knowledge of the Servicer, no Amortization Event or event or circumstance which, with the giving of notice or the passage of time or
both, would constitute an Amortization Event shall have occurred and be continuing (which certification may be made directly on such Receivables Activity Report or Weekly Activity Report, as applicable) or, if any such event shall have occurred and
be continuing, specifying in reasonable detail the nature thereof and the action, if any, taken or proposed to be taken by the Servicer with respect thereto; 
 (e) The Issuer shall furnish to the Managing Agents: 
 (i) promptly, and in any event within
one (1) Business Day, after the Issuer obtains knowledge of the occurrence of any Amortization Event, or event or circumstance which, with the giving of notice or the passage of time, or both, would constitute an Amortization Event, a written
statement of an Authorized Officer of the Issuer describing such event and the action, if any, that such Person proposes to take with respect thereto, in each case in reasonable detail; 
 (ii) notice of the occurrence of any event or events which have had or would reasonably be expected to have a material adverse effect on
the condition or operations, financial or otherwise, of any of Cartus, CFC, the Transferor, the Issuer or the Servicer; 
 (iii) copies of each report (including, without limitation, each Receivables Activity Report), notice, opinion of counsel, officer’s certificate or financial statement delivered or required to be delivered by the Issuer to any Person
(including, without limitation, any Applicable Series Enhancer) under the Transaction Documents, at the time the Issuer delivers or is required to deliver the same thereunder, and 
 (iv) promptly upon request by any Managing Agent, such other information, documents, records or reports with respect to the Pledged
Assets, the Transaction Documents or the condition or operations, financial or otherwise, of any of Cartus, CFC, the Transferor, the Issuer, the Servicer or Realogy as any Managing Agent may from time to time reasonably request. 
  

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 (f) The Servicer shall furnish to the Managing Agents: 
 (i) promptly, and in any event within one (1) Business Day, after the Servicer obtains knowledge of the occurrence of any
Amortization Event, or event or circumstance which, with the giving of notice or the passage of time, or both, would constitute an Amortization Event, a written statement of an Authorized Officer of the Servicer describing such event and the action,
if any, that the Servicer proposes to take with respect thereto, in each case in reasonable detail; 
 (ii) notice of the
occurrence of any event or events which have had or would reasonably be expected to have a material adverse effect on the condition or operations, financial or otherwise, of the Servicer; 
 (iii) copies of each report (including, without limitation, each Receivables Activity Report), notice, opinion of counsel, officer’s
certificate or financial statement delivered or required to be delivered by the Servicer to any Person (including, without limitation, any Applicable Series Enhancer) under the Transaction Documents, at the time the Servicer delivers or is required
to deliver the same thereunder, and 
 (iv) promptly upon request by any Managing Agent, such other information, documents,
records or reports with respect to the Pledged Assets, the Transaction Documents or the condition or operations, financial or otherwise, of any of the Servicer or Realogy as any Managing Agent may from time to time reasonably request. 
 (g) Upon reasonable prior notice and during regular business hours, the Servicer will permit independent certified public accountants selected by the
Administrative Agent and which have agreed to follow the scope of an audit approved by the Required Managing Agents, (i) to examine and make copies of and abstracts from, and to conduct accounting reviews of, all records, files, books of
account, data bases and information in the possession or under the control of the Servicer relating to the Receivables and the other Pledged Assets and (ii) to visit the offices and properties of the Servicer for the purpose of examining any
materials described in the preceding clause (i) and to discuss matters relating to the Receivables and the other Pledged Assets or the performance by the Servicer of its obligations under any Transaction Document to which it is a party with any
Authorized Officers of the Servicer having knowledge of such matters; provided, however, that (A) such audits will occur no more frequently than twice per year unless a Servicer Default has occurred and is continuing and
(B) after the occurrence of a Servicer Default, the Administrative Agent and each Managing Agent or their respective agents and representatives shall be permitted upon reasonable prior notice and during regular business hours to conduct such
audits at any time without any limitation as to number. The Servicer will pay all costs and expenses reasonably incurred by such Managing Agent in connection with (i) the first audit in any calendar year conducted pursuant to this
Section 5.01(g) and (ii) if a Servicer Default has occurred and is continuing, each other audit conducted by or on behalf of the Administrative Agent or any Managing Agent pursuant to this Section 5.01(g). 
  

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 (h) The Issuer shall instruct the Indenture Trustee, upon redemption, or payment in full, of all amounts
payable in respect of the Series 2007-1 Notes pursuant to the terms thereof and of the Indenture, to furnish to the Managing Agents a notice of such redemption. 
 (i) The Issuer shall provide or cause to be provided to each Managing Agent a complete set of the Transaction Documents and an executed original copy of each document executed in connection therewith within sixty
(60) days after the Closing Date. 
 (j) The Transferor shall hold, either directly or indirectly 100% of the membership interests of
the Issuer while the Series 2007-1 Notes are outstanding. The Transferor shall not sell, pledge or otherwise transfer such membership interests without the prior written consent of the Required Managing Agents. 
 (k) CFC shall hold, either directly or indirectly, 100% of the common stock of the Transferor while the Series 2007-1 Notes are outstanding. CFC shall
not sell, pledge or otherwise transfer such common stock without the prior written consent of the Required Managing Agents. 
 (l) Cartus
shall hold, either directly or indirectly, 100% of the common stock of CFC while the Series 2007-1 Notes are outstanding. Cartus shall not sell, pledge or otherwise transfer such common stock without the prior written consent of the Required
Managing Agents unless the debt secured by such pledge was incurred in compliance with Section 7.3(j) of the Purchase Agreement and the terms of such pledge include provisions to the effect that (i) the pledgee has no right, title or
interest in or to any assets of CFC other than its rights to receive, as assignee of Cartus, any dividends or other distributions properly declared and paid or made in respect of CFC’s common stock and (ii) the pledgee agrees, that it will
not: (x) until after the payment in full of the Notes, exercise any rights it may have under such pledge to foreclose on such stock or to exercise voting rights with respect thereto, including any rights to nominate, elect or remove the
independent members of the board of directors or managers of CFC or rights to amend its organizational documents and (y) until one year and one day after payment in full of the Notes, exercise any rights it may have to institute a voluntary
bankruptcy proceeding on behalf of CFC. 
 (m) Neither the Issuer nor the Servicer shall waive, modify or amend, or consent to any waiver,
modification or amendment of, any of the terms, provisions or conditions of any of the Transaction Documents or the Lockbox Agreements or the form of, and information required to be reported in, the Receivables Activity Report without the prior
written consent of the Required Managing Agents. The Issuer hereby covenants and agrees to furnish, and to cause CFC and the Transferor to furnish to each Managing Agent promptly after the execution thereof, copies of all amendments of and waivers
with respect to the Transaction Documents or the Lockbox Agreements. The Issuer shall not amend its certificate of formation or limited liability company agreement without the prior written consent of the Required Managing Agents. 
  

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 (n) Except as provided in the Fifth Omnibus Amendment, neither the Issuer nor the Servicer shall
consolidate with or merge with or into any other Person or convey, transfer or sell all or substantially all of its properties or assets to any other Person without the prior written consent of the Required Managing Agents. 
 (o) Until the Series Outstanding Amount has been reduced to zero, if the Indenture requires the Issuer to obtain the prior consent of an Applicable
Series Enhancer to any amendment to the Transaction Documents or the taking of (or refraining from taking) any other action, the Issuer shall not take such action (or refrain from taking such action) unless it has received the prior written consent
of the Required Managing Agents. 
 SECTION 5.02. Indemnification. The Issuer shall indemnify and hold harmless each Owner, the
Administrative Agent, each Managing Agent and their respective officers, directors, employees, agents and representatives (each an “Indemnified Party” and collectively, the “Indemnified Parties”), from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including legal and accounting fees), or disbursements of any kind or nature whatsoever (collectively, “Losses”) as
incurred (payable promptly upon written request), for or on account of or arising from or in connection with or otherwise with respect to any breach of any representation or warranty of the Issuer in this Agreement or in any certificate delivered
pursuant hereto, or for any failure to comply with any Transaction Document, or failure to maintain a first priority security interest in the Collateral, excluding however (i) Losses to the extent resulting from the gross negligence or willful
misconduct of the Indemnified Party and (ii) recourse for Receivables which are uncollectible solely due to the Obligor’s financial inability to pay. Such Losses shall be payable in accordance with Section 7.11 of this Agreement.

 ARTICLE VI 
 THE ADMINISTRATIVE
AGENT AND THE MANAGING AGENTS 
 SECTION 6.01. Authorization and Action. Each Purchaser hereby appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and any related agreement, instrument and document as are delegated to the Administrative Agent by the terms hereof or thereof, together
with such powers as are reasonably incidental thereto. The Administrative Agent reserves the right, in its sole discretion, but subject to such restrictions as may be set forth with respect to the Purchasers in this Agreement or any related
agreement, instrument or document, to exercise any rights and remedies under this Agreement or any related agreement, instrument or document executed and delivered pursuant hereto, or pursuant to applicable law, and also to agree to any amendment,
modification or waiver of this Agreement or any related agreement, instrument and document, in each instance, on behalf of the Purchasers. Notwithstanding anything herein or elsewhere to the contrary, the Administrative Agent shall not be required
to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law. The appointment and authority of the Administrative Agent hereunder shall terminate on the date after the
Amortization Period has commenced on which the Series Outstanding Amount has been reduced to zero and all other amounts owed by the Issuer under this Agreement have been paid in full. 
  

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 SECTION 6.02. Administrative Agent’s Reliance, Etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be liable to any Purchaser for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any related agreement,
instrument or document except for its or their own gross negligence or willful misconduct. Without limiting the foregoing, the Administrative Agent: (a) may consult with legal counsel (including counsel for the Issuer, the Servicer, any
Managing Agent or the Indenture Trustee), independent public accountants and other experts selected by it and shall not be liable to the Purchaser for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (b) makes no warranty or representation to the Purchasers and shall not be responsible to the Purchasers for any statements, warranties or representations made in or in connection with this Agreement or in
connection with any related agreement, instrument or document; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any related agreement,
instrument or document on the part of the Issuer, the Indenture Trustee, the Servicer or any Purchaser or Managing Agent or to inspect the property (including the books and records) of the Issuer, the Indenture Trustee, the Servicer, any Purchaser
or any Managing Agent; (d) shall not be responsible to the Purchasers for the due execution, legality, validity, enforceability, genuineness or sufficiency of value of this Agreement or any related agreement, instrument or document;
(e) shall not be deemed to be acting as any Purchaser’s trustee or otherwise in a fiduciary capacity hereunder or in connection with any related agreement, instrument or document; and (f) shall incur no liability to any Purchaser
under or in respect of this Agreement or any related agreement, instrument or document by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by telex or facsimile) believed by it
to be genuine and signed or sent by the proper party or parties. 
 SECTION 6.03. Administrative Agent and Affiliates. To
the extent that the Administrative Agent or any of its Affiliates shall become a Series 2007-1 Noteholder, the Administrative Agent or such Affiliate, in such capacity, shall have the same rights and powers under this Agreement and each related
agreement, instrument and document as would any Purchaser and may exercise the same as though it were not the Administrative Agent, or such Affiliate, as the case may be. The Administrative Agent and its Affiliates may generally engage in any kind
of business with the Issuer, the Servicer, the Managing Agents, the Indenture Trustee, the Transferor, Cartus, CFC, Realogy or any of their respective Affiliates and any Person who may do business with or own securities of any of the foregoing, all
as if it were not the Administrative Agent or such Affiliate, as the case may be, and without any duty to account therefor to any Purchaser. 
 SECTION 6.04. Purchase Decision. Each Purchaser acknowledges that it has, independently and without reliance upon the Administrative Agent or any of its Affiliates, and based on such documents and information as it has deemed
appropriate, made its own evaluation and decision to enter into this Agreement and to purchase the Series 2007-1 Notes. Each Purchaser also acknowledges that it will, independently and without reliance upon the Administrative Agent or any of its
Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement or any related agreement, instrument or other document.

  

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 SECTION 6.05. Indemnification of the Administrative Agent. The Committed Purchasers severally
agree to indemnify the Administrative Agent, ratably in accordance with their respective Committed Percentages from time to time, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses, or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any related agreement, instrument or document
or any action taken or omitted by the Administrative Agent under this Agreement, or any related agreement, instrument or document; provided, however, that no Committed Purchaser shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. Without limitation of the generality of the foregoing, the
Committed Purchasers severally (to the extent the Administrative Agent is not reimbursed by the Issuer or the Servicer for such expenses) agree to reimburse the Administrative Agent, ratably in accordance with their Committed Percentages from time
to time, promptly upon demand, for any out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent at the request or at the direction of the Required Managing Agents in connection with the administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any related agreement, instrument or document. 
 SECTION 6.06. Successor Administrative Agent. The Administrative Agent may resign at any time by giving thirty (30) days’ notice thereof
to the Managing Agents, the Issuer, the Servicer and the Indenture Trustee and such resignation shall become effective upon the appointment and acceptance of a successor Administrative Agent as described below. Upon any such resignation, the
Managing Agents shall have the right to appoint a successor Administrative Agent approved by the Issuer and the Servicer (which approval will not be unreasonably withheld, delayed or conditioned). If no successor Administrative Agent shall have been
so appointed by the Managing Agents and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the
Managing Agents, appoint a successor Administrative Agent approved by the Issuer and the Servicer (which approval will not be unreasonably withheld, delayed or conditioned), which successor Administrative Agent shall be (a) either (i) a
commercial bank having a combined capital and surplus of at least $250,000,000 or (ii) an Affiliate of such bank and (b) experienced in the types of transactions contemplated by this Agreement. Upon the acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent, and the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article VI shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder. 
 SECTION 6.07.
Authorization and Action of Managing Agents. Each Conduit Purchaser and each Committed Purchaser of each Purchaser Group hereby appoints and authorizes the Managing Agent with respect to such Purchaser Group to take such action as 

  

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agent on its behalf and to exercise such powers under this Agreement, the Series Supplement, the Indenture and the other related documents as are delegated
to the Managing Agents by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Conduit Purchaser and each Committed Purchaser hereby
appoints the related Managing Agent as its agent to execute and deliver all further instruments and documents, and agrees to take all further action that the related Managing Agent may deem necessary or appropriate or that a Conduit Purchaser or a
Committed Purchaser may reasonably request in order to perfect, protect or more fully evidence the interests of such Purchasers hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder or under the related
Series 2007-1 Notes and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. 
 SECTION
6.08. Successor Managing Agent. A Managing Agent may resign at any time, effective upon the appointment and acceptance of a successor Managing Agent as provided below, by giving written notice thereof to each other Managing Agent, each
related Conduit Purchaser, each related Committed Purchaser, the Issuer and the Servicer. Upon any such resignation, the members of the related Purchaser Group acting jointly shall appoint a successor Managing Agent. Upon the acceptance of any
appointment as Managing Agent hereunder by a successor Managing Agent, such successor Managing Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Managing Agent, and the retiring
Managing Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Managing Agent’s resignation hereunder as Managing Agent, the provisions of this Article VI shall continue to inure to its benefit as to
any actions taken or omitted to be taken by it while it was Managing Agent under this Agreement. The successor Managing Agent shall promptly notify the Issuer, the Servicer and the Indenture Trustee of its appointment hereunder. 
 SECTION 6.09. Payments by a Managing Agent. Unless specifically allocated to a Conduit Purchaser or a Committed Purchaser pursuant to the terms of
this Agreement, all amounts received by a Managing Agent on behalf of the related Purchasers shall be paid by such Managing Agent to such Purchasers (at the account specified in writing to such Managing Agent) on the Business Day received by such
Managing Agent, unless such amounts are received after 2:00 p.m. (New York time) on such Business Day, in which case such Managing Agent shall use its reasonable efforts to pay such amounts, on such Business Day, but, in any event, shall pay such
amounts not later than 11:00 a.m. (New York time) the following Business Day. 
 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.01. Amendments,
Waivers and Consents, Etc. No amendment to or waiver of any provision of this Agreement nor consent to any departure by the Issuer therefrom, shall in any event be effective unless the same shall be in writing and signed by (a) the Issuer
and the Required Managing Agents (with respect to an amendment) or (b) the Required Managing Agents (with respect to a waiver or consent by them) or the Issuer (with respect to a waiver or consent by it), as the case may be, and then such
waiver or consent shall be 

  

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effective only in the specific instance and for the specific purpose for which given; in each case of (a) and (b), provided, that without the
prior written consent of each affected Purchaser, no amendment or waiver shall: (i) reduce the amount of principal or Monthly Interest that is payable on account of the Series 2007-1 Notes or delay any scheduled date for payment thereof;
(ii) increase the Stated Amount of the Series 2007-1 Notes or the Commitment of any Committed Purchaser hereunder; (iii) modify any yield protection or indemnity provision which expressly inures to the benefit of the Owners or its
assignees or participants, (iv) modify the calculation of the Series 2007-1 Required Enhancement Amount or change (directly or indirectly) the definitions of “Minimum Enhancement Percentage”, “Loss Reserve Ratio”,
“Dilution Reserve Ratio”, “Servicing Reserve Ratio” or “Yield Reserve Ratio” or any defined term used in such definitions or employed in the calculation of such amounts, (v) reduce the Fees or delay any scheduled
date for payment thereof, (vi) release the Performance Guarantor for obligations under the Performance Guaranty or (vii) modify the provisions of this Section 7.01. This Agreement and the other agreements, instruments and documents
executed and delivered pursuant hereto contain a final and complete integration of all prior expressions by the parties hereto and thereto with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the
parties hereto and thereto with respect to the subject matter hereof and thereof, superseding all prior oral or written understandings. 
 SECTION 7.02. Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including telex communication and communication by facsimile copy) and mailed, telexed,
transmitted or delivered, as to each party hereto, at its address set forth under its name on Schedule III or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and
communications shall be effective, upon receipt, or in the case of delivery by mail, five (5) days after being deposited in the United States mails, or, in the case of notice by telex, when telexed against receipt of answer back, or in the case
of notice by facsimile copy, when verbal communication of receipt is obtained. 
 SECTION 7.03. No Waiver; Remedies; Rights of Purchasers,
Etc. No failure on the part of the Administrative Agent, the Purchasers, the Managing Agents or the Issuer to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 7.04. Binding Effect; Assignability. 
 (a) This Agreement shall be binding upon and inure to the benefit of, each of the Issuer, the Administrative Agent, the Purchasers, the Managing Agents and their respective successors and permitted assigns, subject to
the further provisions of this Section 7.04. 
 (b) The Issuer shall not assign any of its rights and obligations hereunder or any
interest herein without the prior written consent of the Managing Agents. 
 (c) Subject to the terms and provisions of the Series
Supplement, a Purchaser may, assign or sell undivided participation interests of its rights and obligations hereunder or 

  

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under a Series 2007-1 Note or any interest herein or in the Series 2007-1 Notes to any Person (including, without limitation, a sale by any Conduit Purchaser
to its related Liquidity Providers or Program Support Providers). Any assignment or sale of a participation interest by a Purchaser to a Person (other than a Liquidity Provider or Program Support Provider) pursuant to this Section 7.04(c) shall
be effected pursuant to an Assignment and Acceptance Agreement in substantially the form of Exhibit A hereto. Notwithstanding the foregoing, a Purchaser shall, so long as no Amortization Event has occurred and is continuing, obtain the consent of
the Issuer (such consent not to be unreasonably withheld, delayed or conditioned) in connection with an assignment of its obligations hereunder and under a Series 2007-1 Note to any Person other than a sale by a Conduit Purchaser to (i) another
commercial paper conduit managed by the related Managing Agent or (ii) any Liquidity Provider or Program Support Provider. 
 (d) The
Administrative Agent may assign at any time its rights and obligations hereunder to an Affiliate without the consent of the Purchasers or the Issuer and such assignment shall be effective upon written notice thereof to the Purchasers, the Issuer,
the Servicer and the Indenture Trustee. 
 (e) 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 the date on which all Commitments to fund hereunder have been terminated and the Series Outstanding Amount has been paid in full; provided, however, that the
rights and remedies with respect to any breach of any representation and warranty made by the Issuer pursuant to Article V and, the rights and remedies described in Sections 2.06, 2.07, 2.08, 2.09, 5.02,
7.08, 7.09, 7.11 and 7.12 shall be continuing and shall survive any termination of this Agreement. 
 SECTION
7.05. Securities Laws; Series 2007-1 Note as Evidence of Indebtedness. 
 (a) Each Purchaser hereby acknowledges and agrees and
represents and warrants that the Series 2007-1 Note purchased by it pursuant to this Agreement will be acquired for investment only and not with a view to any public distribution thereof nor with any intent of conducting any initial resale thereof
under Rule 144A or analogous private offering exemption, and that such Purchaser will not offer to sell or otherwise dispose of a Series 2007-1 Note so acquired by it (or any interest therein) in violation of any of the registration requirements of
the Securities Act or any applicable state or other securities laws. Each Purchaser also acknowledges the restrictions on ownership and transfers set forth in Section 5.02 of the Series Supplement and agrees to all terms thereof. Without
limiting the foregoing, each Purchaser hereby makes the representations and warranties and agrees to the covenants required of Noteholders under Section 5.02 of the Series Supplement. 
 (b) It is the intent of the Issuer and each Purchaser that, for federal, state, foreign and local income and franchise tax purposes, the Series 2007-1
Notes will be indebtedness of the Issuer secured by the Pledged Assets. The Issuer and each Purchaser agree to treat the Series 2007-1 Notes for purposes of all federal, state and local income and franchise taxes and for any other tax imposed on or
measured by income as indebtedness of the Issuer. 
  

 28 

 SECTION 7.06. 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 CORPORATION SERVICE COMPANY (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 7.02. NOTHING IN THIS SECTION 7.06 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY 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 7.07. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, AMONG THE ISSUER AND ANY PURCHASER OR THE ADMINISTRATIVE AGENT ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH
THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 SECTION 7.08. Costs
and Expenses. The Issuer agrees to pay on demand to (i) the Administrative Agent, each Managing Agent and each Purchaser all reasonable costs 

  

 29 

 
and expenses in connection with the preparation, execution, delivery and administration (including rating agency fees, costs and expenses and all
out-of-pocket costs and expenses incurred in connection with due diligence) of this Agreement, the Series Supplement, the Liquidity Provider Agreements and the other documents to be delivered by the Issuer or each Purchaser in connection herewith
and therewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for each of the Administrative Agent, each Purchaser and Liquidity Provider with respect thereto and with respect to advising each of the
Administrative Agent, each Managing Agent and each Purchaser, as to its respective rights and remedies under this Agreement and the other documents delivered hereunder or in connection herewith and (ii) to the Administrative Agent, each
Managing Agent and each Purchaser, all reasonable costs and expenses, if any (including reasonable counsel fees and expenses), in connection with the enforcement of this Agreement, and the other documents delivered hereunder or in connection
herewith. Such costs and expenses shall be payable in accordance with Section 7.11 of this Agreement. 
 SECTION 7.09.
No Proceedings. 
 (a) The Issuer, the Servicer, the Administrative Agent, each Managing Agent and each Purchaser each hereby
agrees that it will not institute against, or join any other Person in instituting against, any Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law
for one year and a day after the latest maturing Commercial Paper Note issued by such Conduit Purchaser has been paid. 
 (b) Each Purchaser,
each Managing Agent and the Administrative Agent each hereby agrees that it will not institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
under any federal or state bankruptcy or similar law for one year and a day after the latest maturing Note issued by the Issuer has been paid. 
 SECTION 7.10. Execution in Counterparts; Severability. 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. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or the validity, legality and enforceability of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 SECTION 7.11. Limited Recourse Obligations. 
 (a) Notwithstanding any provision in any other section of this Agreement to the contrary, the Purchasers, the Managing Agents and the Administrative Agent each hereby acknowledge and agree that the Issuer’s payment obligations under
Sections 2.06, 2.07, 2.08, 2.09, 5.02 and 7.08 shall be without recourse to the Servicer or the Indenture Trustee (or any Affiliate, officer, director, employee or agent of any of them) and shall be limited to the extent of funds available for
payment of the foregoing amounts under Section 4.01(c) of the Series Supplement. 
  

 30 

 (b) Anything contained in this Agreement or any other Transaction Document to the contrary
notwithstanding, all payments to be made by any Conduit Purchaser under this Agreement shall be made by such Conduit Purchaser solely from available cash, which shall be limited to the (a) proceeds of collections and other amounts payable by or
on behalf of the Issuer to such Conduit Purchaser in connection with any of the Transaction Documents and (b) proceeds of the issuance of Commercial Paper Notes (collectively “Available Funds”). No recourse shall be had against any
Conduit Purchaser personally or against any incorporator, shareholder, officer, director or employee of such Conduit Purchaser with respect to any of the covenants, agreements, representations or warranties of such Conduit Purchaser contained in
this Agreement, or any other Transaction Document, it being understood that such covenants, representations or warranties are enforceable only to the extent of Available Funds. The Administrative Agent, each Managing Agent and each Committed
Purchaser hereby acknowledge that, pursuant to the terms and conditions of this Agreement and the other Transaction Documents, no Conduit Purchaser shall be required to make any payments to the Administrative Agent any Managing Agent or any
Committed Purchaser, either as compensation for services rendered, reimbursement for out of pocket expenses, indemnification, or otherwise, except to the extent such Conduit Purchaser has Available Funds to make such payment. 
 SECTION 7.12. Confidentiality. Each Purchaser, Managing Agent and the Administrative Agent agree to maintain the confidentiality of any and all
information regarding the Originator, Realogy, Cartus, CFC, ARSC and the Issuer obtained in accordance with the terms of this Agreement or provided to the Managing Agents and the Administrative Agent in contemplation of entering into this Agreement
and that is, in either such case, not publicly available (including, without limitation, financial and operational information and reports concerning the above-described parties and/or the Receivables); provided, however, that any Purchaser,
Managing Agent and/or the Administrative Agent may reveal such information (a) (i) as necessary or appropriate in connection with the administration or enforcement of this Agreement or such Purchaser’s funding of its purchase of a
Series 2007-1 Note hereunder and (ii) as necessary or appropriate in connection with obtaining any Acknowledgement Letter under Section 7.3(j) of the Purchase Agreement from other creditors of Cartus (b) as required by law, government
regulation, court proceeding or subpoena, (c) to applicable Rating Agencies, any Liquidity Provider, Program Support Provider, participant, assignee or potential Liquidity Provider, Program Support Provider, participant or assignee or
(d) to legal counsel and auditors of such Purchaser and the Administrative Agent. Notwithstanding anything herein to the contrary, none of the Originator, Realogy, Cartus, CFC, ARSC or the Issuer shall have any obligation to disclose to any
Purchaser, Managing Agent or the Administrative Agent or their assignees any personal and confidential information relating to a Transferred Employee. Anything herein to the contrary notwithstanding, each party hereto and any successor or assign of
any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any and all Persons, without limitation of any kind, the “tax treatment” and “tax structure” (in each case, within
the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all materials of any kind (including opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax
treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized since the commencement of discussions regarding the transactions. 
  

 31 

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

			
	APPLE RIDGE FUNDING LLC, as Issuer
		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO
	
	CARTUS CORPORATION, as Servicer
		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-1 

			
	 CALYON NEW YORK BRANCH, as
 Administrative
Agent

	and a Managing Agent
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
	
	CALYON NEW YORK BRANCH,
	as a Committed Purchaser
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director
	
	 ATLANTIC ASSET SECURITIZATION LLC, as a
 Conduit Purchaser

		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-2 

			
	LAFAYETTE ASSET SECURITIZATION LLC,
	as a Conduit Purchaser
		
	By:	 	 /s/ Kostantina Kourmpetis

	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director
		
	By:	 	 /s/ Sam Pilcer

	Name:	 	Sam Pilcer
	Title:	 	Managing Director

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-3 

			
	 MIZUHO CORPORATE BANK, LTD., as
 Managing
Agent

		
	BY:	 	 /s/ James Fayen

	Name:	 	James Fayen
	Title:	 	Deputy General Manager
	
	 WORKING CAPITAL MANAGEMENT CO. L.P.,
 as a
Conduit Purchaser and Committed Purchaser

		
	BY:	 	 /s/ Hiroyuki Kasama

	Name:	 	HIROYUKI KASAMA
	Title:	 	ATTORNEY-IN-FACT

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-4 

			
	 THE BANK OF NOVA SCOTIA, as a Committed
 Purchaser and as Managing Agent

		
	By:	 	 /s/ Michael Eden

	Name:	 	MICHAEL EDEN
	Title:	 	DIRECTOR
	
	 LIBERTY STREET FUNDING LLC, as a Conduit
 Purchaser

		
	By:	 	  

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-5 

			
	 BAYERISCHE HYPO- UND VEREINSBANK
 AG, NEW
YORK BRANCH, as a Managing Agent

		
	BY:	 	 /s/ Robert Fleisher

	Name:	 	Robert Fleisher
	Title:	 	Director
	
	 BAYERISCHE HYPO- UND VEREINSBANK
 AG, NEW
YORK BRANCH, as a Committed
 Purchaser

		
	BY:	 	 /s/ Paul Gex

	Name:	 	Paul Gex
	Title:	 	Director
	
	 BLACK FOREST FUNDING CORP., as a Conduit
 Purchaser

		
	BY:	 	 /s/ Phillip A. Martone

	Name:	 	Phillip A. Martone
	Title:	 	Vice President

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-6 

			
	SMBC SECURITIES, INC., as a Managing Agent
		
	By:	 	 /s/ Tetsuya Tonoike

	Name:	 	Tetsuya Tonoike
	Title:	 	President
	
	 SUMITOMO MITSUI BANKING
 CORPORATION, as a
Committed Purchaser

		
	By:	 	 /s/ Yoshihiro Hvakutome

	Name:	 	Yoshihiro Hvakutome
	Title:	 	General Manager
	
	 MANHATTAN ASSET FUNDING COMPANY
 LLC, as a
Conduit Purchaser

	
	By: MAF RECEIVABLES CORP., its Member
		
	By:	 	 /s/ Phillip A. Martone

	Name:	 	Phillip A. Martone
	Title:	 	Vice President

 Signature Page to A&R Series 2007-1 Note Purchase Agreement 
 S-7

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