Document:

Amended and Restated Indenture

 Exhibit 10.44 
 EXECUTION COPY 
 KENOSIA FUNDING, LLC SECURED VARIABLE FUNDING 
 NOTES, SERIES 2002-1 
 AMENDED AND
RESTATED INDENTURE 
 KENOSIA FUNDING, LLC 
 as Issuer, 
 THE BANK OF NEW YORK 
 as Trustee and 
 as Paying Agent, Authentication Agent and 
 Transfer Agent and Registrar 
 Dated as of
June 27, 2007 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	ARTICLE I DEFINITIONS	  	2
	 Section 1.01
	    	Definitions	  	2
	 Section 1.02
	    	Other Definitional Provisions	  	21
		
	ARTICLE II THE NOTES	  	22
	 Section 2.01
	    	Form Generally	  	22
	 Section 2.02
	    	Denominations	  	22
	 Section 2.03
	    	Execution, Authentication and Delivery	  	22
	 Section 2.04
	    	Authentication Agent	  	22
	 Section 2.05
	    	Registration of and Limitations on Transfer and Exchange of Notes	  	24
	 Section 2.06
	    	Mutilated, Destroyed, Lost or Stolen Notes	  	25
	 Section 2.07
	    	Persons Deemed Owners	  	26
	 Section 2.08
	    	Paying Agent	  	26
	 Section 2.09
	    	Cancellation	  	27
	 Section 2.10
	    	Increases and Reductions in the Outstanding Amount	  	27
	 Section 2.11
	    	Representations and Covenants of Paying Agent, Authentication Agent and Transfer Agent and Registrar	  	28
		
	ARTICLE III REPRESENTATIONS AND COVENANTS OF THE ISSUER	  	28
	 Section 3.01
	    	Representations and Warranties of the Issuer	  	28
	 Section 3.02
	    	Affirmative Covenants of the Issuer	  	32
	 Section 3.03
	    	Negative Covenants of the Issuer	  	33
	 Section 3.04
	    	Protection of Pledged Assets	  	35
	 Section 3.05
	    	Opinions as to Pledged Assets	  	36
	 Section 3.06
	    	Obligations Regarding Servicing of Receivables	  	36
	 Section 3.07
	    	Separate Corporate Existence of the Issuer	  	37
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	38
	 Section 4.01
	    	Satisfaction and Discharge of this Indenture	  	38
	 Section 4.02
	    	Application of Trust Money	  	39
		
	ARTICLE V EVENTS OF DEFAULT AND REMEDIES	  	39
	 Section 5.01
	    	Events of Default	  	39
	 Section 5.02
	    	Acceleration of Maturity; Rescission and Annulment	  	40
	 Section 5.03
	    	Collection of Indebtedness and Suits for Enforcement by the Trustee	  	40
	 Section 5.04
	    	Remedies; Priorities	  	42
	 Section 5.05
	    	Sale of Assets	  	43
	 Section 5.06
	    	Limitations on Suits	  	44
	 Section 5.07
	    	Unconditional Right of Noteholders to Receive Principal and Interest	  	44
	 Section 5.08
	    	Restoration of Rights and Remedies	  	45
	 Section 5.09
	    	Rights and Remedies Cumulative	  	45
	 Section 5.10
	    	Delay or Omission Not a Waiver	  	45

  

 i 

					
	 Section 5.11
	    	Control by Noteholders	  	45
	 Section 5.12
	    	Waiver of Past Defaults	  	46
	 Section 5.13
	    	Undertaking for Costs	  	46
	 Section 5.14
	    	Waiver of Stay or Extension Laws	  	46
	 Section 5.15
	    	Action on Notes	  	47
		
	 ARTICLE VI THE TRUSTEE
	  	47
	 Section 6.01
	    	Duties of the Trustee	  	47
	 Section 6.02
	    	Notice of Event of Default	  	49
	 Section 6.03
	    	Rights of Trustee	  	49
	 Section 6.04
	    	Not Responsible for Recitals or Issuance of Notes	  	50
	 Section 6.05
	    	May Hold Notes	  	50
	 Section 6.06
	    	Money Held in Trust	  	50
	 Section 6.07
	    	Compensation, Reimbursement and Indemnification	  	50
	 Section 6.08
	    	Replacement of Trustee	  	51
	 Section 6.09
	    	Successor Trustee by Merger	  	52
	 Section 6.10
	    	Appointment of Co-Trustee or Separate Trustee	  	52
	 Section 6.11
	    	Eligibility; Disqualification	  	53
	 Section 6.12
	    	Representations and Covenants of the Trustee	  	53
	 Section 6.13
	    	Custody of Pledged Assets and Other Collateral	  	54
		
	 ARTICLE VII NOTEHOLDERS’ LIST AND REPORTS BY TRUSTEE
	  	54
	 Section 7.01
	    	Issuer to Furnish Trustee Names and Addresses of Noteholders	  	54
	 Section 7.02
	    	Preservation of Information	  	54
		
	 ARTICLE VIII ALLOCATION AND APPLICATION OF POOL COLLECTIONS AND FEE COLLECTIONS
	  	55
	 Section 8.01
	    	Collection of Money	  	55
	 Section 8.02
	    	Rights of Noteholders	  	55
	 Section 8.03
	    	Establishment of Collection Account	  	55
	 Section 8.04
	    	Pool Collections and Fee Collections and Allocations	  	55
	 Section 8.05
	    	Release of Pledged Assets	  	57
	 Section 8.06
	    	Officer’s Certificate	  	57
	 Section 8.07
	    	Money for Notes Payments to Be Held in Trust	  	57
		
	 ARTICLE IX DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS
	  	58
	 Section 9.01
	    	Determination of Interest and Monthly Interest	  	58
	 Section 9.02
	    	Determination of Principal Distribution	  	58
	 Section 9.03
	    	[Reserved]	  	58
	 Section 9.04
	    	Application of Series 2002-1 Collections	  	58
	 Section 9.05
	    	Expense Subaccount	  	59
	 Section 9.06
	    	Principal Subaccount	  	60
	 Section 9.07
	    	Investment Instructions	  	60
		
	ARTICLE X AMORTIZATION EVENTS	  	61
	 Section 10.01
	    	Amortization Events	  	61

  

 ii 

					
	 ARTICLE XI SUPPLEMENTAL INDENTURES
	  	63
	 Section 11.01
	    	Supplemental Indentures Without Consent of Noteholders	  	63
	 Section 11.02
	    	Supplemental Indentures with Consent of Noteholders	  	63
	 Section 11.03
	    	Execution of Supplemental Indentures	  	65
	 Section 11.04
	    	Effect of Supplemental Indenture	  	65
	 Section 11.05
	    	Reference in Notes to Supplemental Indentures	  	65
		
	 ARTICLE XII MANDATORY REDEMPTION; OPTIONAL REDEMPTION OF NOTES
	  	65
	 Section 12.01
	    	[Reserved]	  	65
	 Section 12.02
	    	Optional Redemption of Notes	  	65
		
	 ARTICLE XIII MISCELLANEOUS
	  	66
	 Section 13.01
	    	Compliance Certificates and Opinions, etc.	  	66
	 Section 13.02
	    	Form of Documents Delivered to Trustee	  	68
	 Section 13.03
	    	Acts of Noteholders	  	68
	 Section 13.04
	    	Notices to Issuer, Trustee, Paying Agent, Authentication Agent and Transfer Agent and Registrar	  	69
	 Section 13.05
	    	Notices to Noteholders; Waiver	  	69
	 Section 13.06
	    	Alternate Payment and Notice Provisions	  	70
	 Section 13.07
	    	Effect of Headings and Table of Contents	  	70
	 Section 13.08
	    	Successors and Assigns	  	70
	 Section 13.09
	    	Separability	  	70
	 Section 13.10
	    	Benefits of Indenture	  	70
	 Section 13.11
	    	Legal Holidays	  	70
	 Section 13.12
	    	GOVERNING LAW	  	71
	 Section 13.13
	    	Counterparts	  	71
	 Section 13.14
	    	No Petition	  	71
	 Section 13.15
	    	Conversion	  	71
	 Section 13.16
	    	Release and Sale of FDIC/USPS Receivables	  	72
	 Section 13.17
	    	Amendment and Restatement	  	73

  

 iii 

 This AMENDED AND RESTATED INDENTURE, dated as of June 27, 2007 (as amended, modified or supplemented
from time to time, the “Indenture”), by and between KENOSIA FUNDING, LLC, a limited liability company organized under the laws of the State of Delaware (together with its permitted successors and assigns, the
“Issuer”), and THE BANK OF NEW YORK, a New York state banking corporation, as trustee (herein, together with its successors in the trusts hereunder, the “Trustee”) and as paying agent, authentication
agent and transfer agent and registrar. 
 PRELIMINARY STATEMENT 
 The Issuer and the Trustee entered into that certain Indenture, dated as of March 7, 2002 (as amended, supplemented or modified prior to the
effectiveness hereof, the “Original Indenture”). The parties hereto have determined that the Original Indenture should be amended and restated in full to reflect all amendments entered into prior to the date hereof, including name
changes, and to correct minor mistakes. This Indenture therefore amends and restates the Original Indenture. 
 The Issuer has duly
authorized the execution and delivery of this Indenture to provide for the issuance of the Kenosia Funding, LLC Secured Variable Funding Notes, Series 2002-1 (the “Series 2002-1 Notes”) as provided in this Indenture. All
covenants and agreements made by the Issuer herein are for the benefit and security of the Noteholders. The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged. 
 Simultaneously with the delivery of this Indenture, the Issuer is entering into
the Servicing Agreement (the “Servicing Agreement”) with Cartus Relocation Corporation (“CRC”), a Delaware corporation, as an originator, and Cartus Corporation (“Cartus”), a
Delaware corporation, as an originator and as servicer (in such capacity, the “Servicer”), pursuant to which the Servicer will agree to service the Receivables and Related Assets and make collections thereon on behalf of the
Noteholders. The Receivables were, and in the future will be, originated by either Cartus or CRC (each, an “Originator”). Certain Receivables originated by Cartus will be purchased by CRC pursuant to the CRC Purchase
Agreement. Certain Receivables originated by Cartus will be purchased by the Issuer pursuant to the Fee Receivables Purchase Agreement. The Receivables originated by Cartus and purchased by CRC, together with those originated by CRC, will be
purchased by the Issuer pursuant to the Receivables Purchase Agreement. 
 Under the Fee Receivables Purchase Agreement and the Receivables
Purchase Agreement, additional Receivables from time to time will automatically be conveyed thereunder to the Issuer without any further action by either Originator. 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Trustee, for the benefit of the Holders of the Notes and
each Liquidity Party, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired and wherever located, in, to and under: (i) all Receivables; (ii) all Related Property; (iii) all Pool Collections and
Fee Collections; (iv) the Collection Account (including the Expense 

  

 1 

 
Subaccount and the Principal Subaccount) and all money, instruments, investment property and other property credited to or deposited in such accounts from
time to time; (v) the Realogy Guaranty, the Servicing Agreement, the Receivables Purchase Agreement, the Fee Receivables Purchase Agreement and the CRC Purchase Agreement; (vi) all accounts, money, chattel paper, investment property,
instruments, documents, deposit accounts, letters of credit, letter of credit rights, general intangibles, oil, gas and other minerals, and goods consisting of, arising from or relating to any of the foregoing; (vii) all other accounts, money,
chattel paper, investment property, instruments, documents, deposit accounts, letters of credit, letter of credit rights, general intangibles, oil, gas and other minerals, and goods consisting of, arising from or relating to any assets of the
Issuer; and (viii) all proceeds of the foregoing (collectively, the “Pledged Assets”). 
 For avoidance of
doubt, it is expressly understood and agreed that, to the extent the UCC is revised subsequent to the date hereof such that the definition of any of the foregoing terms included in the description of Pledged Assets is changed, the parties hereto
desire that any property that is included in such changed definitions that would not otherwise be included in the foregoing Grant on the date hereof be included in such Grant immediately upon the effective date of such revisions, it being the
intention of the Issuer that the description of Pledged Assets set forth above be construed to include the broadest possible range of assets. 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the following
meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 “Act” shall have the meaning set forth in Section 13.03(a). 
 “Additional Interest” shall have the meaning set forth in Section 9.01(b). 
 “Adjusted Days in Inventory” shall mean, for any Monthly Period, the product of 2.25 times the Weighted Average Inventory Hold
Period for such Monthly Period. 
 “Administrative Agent” shall mean Calyon New York Branch, in its capacity as
Administrative Agent under the Note Purchase Agreement, or any successor to Calyon in such capacity. 
 “Affiliate”
shall mean, when used with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person. As used in this definition of Affiliate, the term “control” means the power,
directly or indirectly, to direct or cause the direction of the management and policies of a Person, whether through ownership of such Person’s voting securities, by contract or otherwise, and the terms “affiliated,”
“controlling” and “controlled” have correlative meanings. 
  

 2 

 “Aggregate Adjustment Amount” shall mean, as of any date of determination, the
sum of (a) the Overconcentration Amount, (b) the Geographic Overconcentration Amount and (c) the aggregate Unpaid Balance of all Unsold Home Receivables relating to Homes that have been owned by CRC for more than 365 days. 

“Aggregate Receivable Balance” shall mean, as of any date of determination, (a) the aggregate Unpaid Balance of the Fee
Receivables and Pool Receivables arising under the Pool Relocation Management Agreements, calculated in the following manner: the Unpaid Balance will be reduced (without duplication), by (i) the amount of any funds received on account of
or otherwise in connection with such Fee Receivable or Pool Receivable, including the amount of Home Sale Proceeds received with respect to the related Home (to the extent that they have not previously been applied to reduce the Unpaid Balance of
the related Receivable) and (ii) the amount of any net gains on sales of Homes or other amounts (including without limitation rebates for referral fees, if any, and if allowed by law) that have not yet been remitted to the related Employer or
the related Transferred Employee, to the extent required by the related Pool Relocation Management Agreement minus (b) the aggregate Unpaid Balance of all Pool Receivables and Fee Receivables that are not Eligible Receivables, but in the
case of each amount calculated pursuant to clause (b) only to the extent such amounts have not already been subtracted in calculating such Aggregate Receivable Balance. 
 “Amendment Effective Date” shall mean April 10, 2007. 
 “Amendment Parties” shall have the meaning set forth in Section 13.15(a). 
 “Amortization Event” shall have the meaning set forth in Section 10.01. 
 “Amortization Period” shall mean the period commencing at the earlier to occur of (a) the close of business on the
Commitment Termination Date and (b) the close of business on the Business Day immediately preceding the day on which an Amortization Event has occurred, and ending on the date on which (x) the Outstanding Amount shall have been paid in
full, together with all accrued interest thereon, and (y) all amounts owed to the Administrative Agent, the Purchaser and each Liquidity Party hereunder and under the Note Purchase Agreement shall have been paid and satisfied in full.

 “Applicable Margin” shall have the meaning set forth in the Note Purchase Agreement. 
 “Applicable Stress Factor” shall mean, as of any date of determination: 
 (i) as used in the calculation of any reserve other than the Carrying Cost Reserve, 2.25, and 
 (ii) as used in the calculation of the Carrying Cost Reserve, an amount calculated as follows: (1) 1.50 if the current month Weighted
Average Inventory Hold Period is less than 120 days; (2) 1.75 if the current month Weighted Average Inventory Hold Period is greater than or equal to 120 days but not greater than 135 days; and (3) 2.25 if the current month Weighted
Average Inventory Hold Period is greater than 135 days. 
  

 3 

 “Asset Amount Deficiency” shall occur if and to the extent the Net Receivable
Balance is less than the Required Asset Amount as of such date. 
 “Atlantic” shall mean Atlantic Asset
Securitization LLC. 
 “Authentication Agent” shall mean the Trustee and any successor thereto in such capacity.

 “Authorized Officer” shall mean: 
 (a) with respect to the Issuer, any officer of the Issuer who is authorized to act for the Issuer in matters relating to the Issuer and who is identified on the list of Authorized Officers (containing the specimen
signature of each such Person) delivered by the Issuer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter); or 
 (b) with respect to the Servicer, any officer of the Servicer who is authorized to act for the Servicer in matters relating to the Servicer and who is identified on the list of Authorized Officers (containing the
specimen signature of each such Person) delivered by the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Base Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “Base Rate Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Billed USPS Concession Ratio” shall mean, for any calendar month and any Billed USPS Receivables, the quotient, expressed
as a percentage, of (a) the aggregate amount of reductions to the Unpaid Balances of such Billed USPS Receivables due to Concessions occurring during such calendar month divided by (b) the aggregate Unpaid Balance of such Billed
USPS Receivables that are Eligible Receivables as of the last day of such calendar month. 
 “Billed USPS Loss Ratio”
shall mean, for any calendar month and any Billed USPS Receivables, the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balance of such Billed USPS Receivables that have become Defaulted Receivables in accordance with
clause (a) or (c) of the definition of Defaulted Receivable during such calendar month divided by (b) the aggregate Unpaid Balance of such Billed USPS Receivables generated during the sixth calendar month preceding such
calendar month. 
 “Billed USPS Receivable” shall mean any Billed Receivable arising under a Guaranteed Government
Contract and out of or with respect to Direct Expenses, Service Fees and Other Reimbursable Expenses and the right to payment of any and all Finance Charges with respect to any of the foregoing. 
 “Breakage Amounts” shall mean any amounts owed by the Issuer to the Purchaser or any assignee under Section 2.09 of the Note
Purchase Agreement. 
  

 4 

 “Carrying Cost Ratio” shall mean, for any calendar month, the quotient,
expressed as a percentage, of (a) the outstanding principal balance of the aggregate amount of acquisition, carrying costs and closing costs incurred during the Weighted Average Inventory Hold Period divided by (b) the aggregate
Unpaid Balance of the KF Equity Receivables as of the last day of such calendar month. 
 “Carrying Cost
Reserve” shall mean, as of any date of determination, the percentage equivalent of the product of: 
  

	 	(i)	the greater of: 

 (a) the Applicable Stress Factor and
(b), a fraction, calculated as of the last day of the most recently ended calendar month, the numerator of which is equal to the maximum Weighted Average Inventory Hold Period for appraised value homes over the most recent 12 months, and the
denominator of which is equal to the minimum Weighted Average Inventory Hold Period for appraised value homes in Inventory over the most recent 12 months; 
 multiplied by 
  

	 	(ii)	the highest Three Month Average Carrying Cost Ratio for the twelve calendar months ended as of the immediately preceding calendar month, multiplied by

  

	 	(iii)	the Unpaid Balance of the KF Equity Receivables that are Eligible Receivables as of the last day of the current calendar month. 

 “Cartus” shall have the meaning set forth in the preliminary statement to this Indenture. 
 “CFC” shall have the meaning set forth in Section 13.16. 
 “Change of Control” shall mean any of the following: (v) the Issuer ceases to be a wholly-owned subsidiary of Cartus,
(w) any of Cartus, CRC, or the Issuer ceases to be a wholly-owned subsidiary of Realogy, (x) the equity owners of Realogy as of the Amendment Effective Date 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, Realogy, (y) following any initial public offering of Realogy common
stock, any other Person not an equity owner of the Performance Guarantor as of the Amendment Effective Date acquires more than 51% of the equity interests in or voting securities of Realogy or (z) any other “Change in Control” as
defined in the Realogy Credit Agreement. 
 “Closing Date” shall mean March 7, 2002. 
 “Commercial Paper Notes” shall have the meaning set forth in the Note Purchase Agreement. 
  

 5 

 “Commission” shall mean the Securities and Exchange Commission and its successors
in interest. 
 “Commitment Termination Date” shall have the meaning set forth in the Note Purchase Agreement.

 “Concession” means, with respect to any Receivable at any time that such Receivable (i) is reduced as a
result of any cash discount or any adjustment by an Originator or the Servicer, (ii) is subject to reduction on account of any offsetting account payable of an Originator to an Obligor or is reduced or cancelled as a result of a set-off in
respect of any claim by, or defense or credit of, the related Obligor against an Originator or the Servicer (whether such claim, defense or credit arises out of the same or a related or an unrelated transaction) or (iii) is reduced on account
of the obligation of an Originator or the Servicer to the related Obligor. 
 “Concession Ratio” shall mean, for any
calendar month and any Fee Receivables, the quotient, expressed as a percentage, of (a) the aggregate amount of reductions to the Unpaid Balances of Fee Receivables due to Concessions occurring during such calendar month divided by (b) the
aggregate Unpaid Balance of Fee Receivables that are Eligible Receivables as of the last day of such calendar month. 
 “Conversion” shall have the meaning set forth in Section 13.15. 
 “Corporate Concentration
Limit” shall mean, as of any date of determination, (a) with respect to the Fee Receivables attributable to each Corporate Obligor having a long term unsecured senior debt rating of “A” or better from Standard &
Poor’s or “A2” or better from Moody’s, 10% of the Aggregate Receivable Balance, (b) with respect to the Fee Receivables attributable to each Corporate Obligor having a long term unsecured senior debt rating of less than
“A” but “BBB” or better from Standard & Poor’s or less than “A2” but “Baa2” or better from Moody’s, 8% of the Aggregate Receivable Balance, (c) with respect to the Fee Receivables
attributable to each Corporate Obligor having a long term unsecured senior debt rating of less than “BBB” but “BBB-” or better from Standard & Poor’s or less than “Baa2” but “Baa3” or better from
Moody’s, 6% of the Aggregate Receivable Balance and (d) with respect to the Fee Receivables attributable to a Corporate Obligor which is not rated or which has a long term unsecured senior debt rating of less than “BBB-” from
Standard & Poor’s or of less than “Baa3” from Moody’s , 5% of the Aggregate Receivable Balance; provided, that, the Purchaser may in its discretion approve any higher Corporate Concentration Limit for any Obligor under
such terms and conditions which are acceptable to the Purchaser. If a Corporate Obligor is not rated but is the subsidiary of a rated entity, the parent’s rating or ratings shall for purposes of this definition, be deemed to be the ratings of
the Corporate Obligor. If a Corporate Obligor’s rating results in two different Corporate Concentration Limits (because of differences in the ratings assigned by each of Standard & Poor’s and Moody’s), the Corporate
Concentration Limit for such Corporate Obligor will be the lower of the two different Corporate Concentration Limits and if the Corporate Obligor is rated by Standard & Poor’s or by Moody’s, but not by both, the Corporate
Concentration Limit shall be determined as if the Corporate Obligor were rated by both agencies at one level below its actual rating. 
  

 6 

 “Corporate Trust Office” shall mean the principal office of the Trustee at which
at any particular time its corporate trust business shall be administered, which office on the date of the execution of this Agreement is located at 5 Penn Plaza, 16th Floor, New York, New York 10001, or at such other address as the Trustee may
designate from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Trustee (of which address any successor Trustee shall notify the Noteholders and the Issuer). 
 “CP Disruption” shall have the meaning set forth in the Note Purchase Agreement. 
 “CRC” shall have the meaning set forth in the preliminary statement to this Indenture. 
 “CRC Purchase Agreement” shall mean the amended and restated purchase agreement dated as of the date hereof between Cartus and
CRC, as amended from time to time. 
 “Date of Processing” shall mean, with respect to any transaction, the date on
which such transaction is first recorded on the Servicer’s computer master file maintained for the purpose of recording Pool Collections and Fee Collections. 
 “Default” shall mean any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Default Ratio” shall mean, for any calendar month, the quotient, expressed as a percentage, of (a) the aggregate
Unpaid Balance of Fee Receivables that have become Defaulted Receivables in accordance with clause (a) or (c) of the definition of Defaulted Receivable during such calendar month divided by (b) the aggregate Unpaid Balance of
Fee Receivables as of the last day of such calendar month. 
 “Definitive Notes” shall mean Notes in definitive,
fully registered form. 
 “Deposit Date” shall mean each day on which the Servicer deposits Pool Collections or Fee
Collections in the Collection Account in accordance with Section 3.02 of the Servicing Agreement. 
 “Distribution
Date” shall mean April 15, 2002 and the fifteenth day of each calendar month thereafter or, if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Dollars,” “$” or “U.S. $” shall mean United States dollars. 
 “Eligible Investments” shall mean instruments, investment property or other property or, in the case of deposits described below,
deposit accounts held in the name of the Trustee in trust for the benefit of the Noteholders, other than securities issued by or obligations of Cartus or any Affiliate thereof, subject to the exclusive custody and control of the Trustee and for
which the Trustee has sole signature authority, which mature so that funds will be available no later than the close of business on the Business Day prior to each Distribution Date and which evidence: 
 (a) direct obligations of, or obligations fully guaranteed as to timely payment by, the United States of America; 
  

 7 

 (b) demand deposits, time deposits or certificates of deposit of depository institutions or trust
companies incorporated under the laws of the United States of America or any state thereof, including the District of Columbia (or domestic branches of foreign banks) and subject to supervision and examination by federal or state banking or
depository institution authorities; provided that at the time of the Issuer’s investment or contractual commitment to invest therein, the short-term debt rating of such depository institution or trust company shall be at least A-1 by
Standard & Poor’s, P-1 by Moody’s and F1+ by Fitch (if rated by Fitch); 
 (c) commercial paper having, at the time of the
Issuer’s investment or contractual commitment to invest therein, a rating of at least A-1 by Standard & Poor’s , P-1 by Moody’s and F1+ by Fitch (if rated by Fitch); 
 (d) demand deposits, time deposits and certificates of deposit that are fully insured by the FDIC having, at the time of the Issuer’s investment
therein, a rating of at least A-1 by Standard & Poor’s, P-1 by Moody’s and F1+ by Fitch (if rated by Fitch); 
 (e)
bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; or 
 (f) money market
funds having, at the time of the Issuer’s investment therein, a rating in the highest rating category of Standard & Poor’s, Moody’s and Fitch (if rated by Fitch) (including funds for which the Trustee or any of its Affiliates
is investment manager or advisor). 
 “Eligible Receivable” shall, in the case of any Cartus Fee Receivable, have the
meaning set forth in the Fee Receivables Purchase Agreement and shall, in the case of any Cartus Receivable, have the meaning set forth in the CRC Purchase Agreement. 
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated that is treated as a single employer with the Issuer or any CMS Person under Section 414 of the Code.

 “Eurodollar Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “Eurodollar Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Event of Default” shall have the meaning set forth in Section 5.01. 
 “Excess State Receivable Amount” shall mean, as of any date of determination, an amount equal to the excess, if any of
(a) the aggregate Unpaid Balance of all Eligible Receivables arising from or relating to all Homes with street addresses in a single state (for purposes of this definition, any U.S. territory or commonwealth and the District of Columbia shall
each be deemed a single state), over (b) an amount equal to 15% of the Aggregate Receivable Balance as of the last day of such Monthly Period. 
 “Excess ZIP Code Receivable Amount” shall mean, as of any date of determination, an amount equal to the excess, if any of (a) the aggregate Unpaid Balance of all Eligible Receivables relating to all Homes with
street addresses in the same ZIP code, over (b) an amount equal to 5% of the Aggregate Receivable Balance as of the last day of such Monthly Period. 
  

 8 

 “Expense Subaccount” shall have the meaning set forth in Section 9.05(a).

 “FDIC/USPS Contracts” shall have the meaning set forth in Section 13.16. 
 “FDIC/USPS Related Property” shall have the meaning set forth in Section 13.16. 
 “FDIC/USPS Transferred Assets” shall have the meaning set forth in Section 13.16. 
 “Fee Letter” shall mean that certain Fee Letter executed by and between the Issuer and the Administrative Agent in connection
with the Note Purchase Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Fee Loss
Reserve” shall mean, as of any date of determination, the percentage equivalent of the product of: 
 (i)
the Applicable Stress Factor multiplied by 
 (ii) a fraction, calculated as of the last day of the most recently ended
calendar month, the numerator of which is equal to the aggregate Unpaid Balance of all Fee Receivables created by each Originator during the six most recently ended calendar months, and the denominator of which is equal to the
aggregate Unpaid Balance of Fee Receivables that are Eligible Receivables as of the end of the most recently ended calendar month, multiplied by; 
 (iii) the sum of (A) the highest Three Month Rolling Fee Concession Ratio plus (B) the highest Three Month Rolling Fee Loss Ratio, in each case for any calendar month over the twelve calendar
months ended as of the immediately preceding calendar month, multiplied by 
 (iv) the Unpaid Balance of the Fee
Receivables that are Eligible Receivables as of the last day of the most recently ended calendar month. 
 “Fee Receivables
Purchase Agreement” shall mean the amended and restated purchase agreement dated as of the date hereof between Cartus and the Issuer, as amended from time to time. 
 “Final Stated Maturity Date” shall mean the Distribution Date occurring in
the 15th Monthly Period following the Monthly Period in which the Amortization Period commenced. 
 “Fitch” shall mean Fitch, Inc. or its successors. 
 “Funding Termination Date” shall mean (i) each date on and after the Commitment Termination Date, (ii) any date on which an Amortization Event, Servicer Default, Event of Default or
any event which with the giving of notice of lapse of time or both would become an Amortization Event, Servicer Default or Event of Default; and (iii) any other date on which the conditions to an Increase set forth in the Note Purchase
Agreement have not been satisfied. 
  

 9 

 “Geographic Overconcentration Amount” shall mean, as of any date of
determination, an amount equal to the sum of (a) the Excess ZIP Code Receivable Amount and (b) the Excess State Receivable Amount. 
 “Grant” shall mean to mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off against, deposit, set over
and confirm pursuant to this Indenture. A Grant of the Pledged Assets or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Pledged Assets and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or
other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with
respect thereto. 
 “Indemnity Amounts” shall have the meaning set forth in the Note Purchase Agreement. 

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

 10 

 (c) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or such Person's consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator, conservator or other similar official of such Person or for any substantial part of its property, or any general assignment for the benefit of creditors; or 
 (d) if such Person is a corporation or a limited liability company, such Person or any Subsidiary of such Person shall take any corporate or limited
liability company action in furtherance of any of the actions set forth in the preceding clause (a), (b) or (c). 
 “Interest
Payment Date” shall mean unless a different definition is specified in the Note Purchase Agreement, each Distribution Date. 
 “Interest Period” shall mean, with respect to each Tranche: 
 (a) initially, the period commencing on the
date such Tranche is funded and ending such number of days thereafter selected by the Issuer and approved by the Administrative Agent; and 
 (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period for such Tranche and ending such number of days thereafter selected pursuant to clause (a) above; 
 in each case, provided that 
 (i) any Interest Period that otherwise would end on a day that is not a Business Day shall be extended to the next succeeding Business Day; provided, however, that if such Interest Period relates to a Eurodollar Tranche and
such next succeeding Business Day would cause the Interest Period to end in the next calendar month, such Interest Period shall end on the next preceding Business Day; and 
 (ii) any Interest Period that otherwise would end beyond the Final Stated Maturity Date shall end on the Final Stated Maturity Date.

 Unless otherwise approved by the Administrative Agent, an Interest Period shall be (i) one calendar month with respect to any CP
Tranche or Base Rate Tranche and (ii) one, two or three months with respect to any Eurodollar Tranche. 
 “Interest
Shortfall” shall have the meaning set forth in Section 9.01(b). 
 “Investment Company Act” shall
mean the Investment Company Act of 1940, as amended, together with the rules and regulations promulgated thereunder. 
 “Issuer” shall have the meaning set forth in the introductory paragraph to this Indenture. 
 “Kenosia Assignment Agreement” shall have the meaning set forth in Section 13.16. 
  

 11 

 “KF Equity Receivable” shall mean any Pool Receivable arising out of or with
respect to Equity Loans, Equity Payments, Mortgage Payments and Mortgage Payoffs other than a Pool Receivable with respect to a Guaranteed Government Contract. 
 “Leverage Ratio” shall mean on any date, the ratio of (a) Total Senior Secured Net Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the
Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis. Capitalized Terms used in this
definition shall have the meaning set forth in the Realogy Credit Agreement as in effect on April 10, 2007, without giving effect to any subsequent amendments. 
 “Liquidity Agreement” shall have the meaning set forth in the Note Purchase Agreement. 
 “Liquidity Party” shall have the meaning assigned to the term “Liquidity Provider” in the Note Purchase Agreement. 
 “Loss Ratio” shall mean for any calendar month and any Fee Receivables, the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balances of Fee Receivables that have become
Defaulted Receivables during such calendar month divided by (b) the aggregate Unpaid Balance of Fee Receivables that were generated during the sixth calendar month preceding such calendar month. 
 “Loss-to-Acquisition Value Ratio” shall mean, for any calendar month and the KF Equity Receivables, the quotient,
expressed as a percentage, of (a) for all related Homes sold during such calendar month, the aggregate of the amounts, if any, by which the purchase price of each such Home paid by the applicable Originator, exceeded the sale price for such
Home received by the Servicer (the amount of any such excess with respect to a Home for purposes of this definition being a “Loss”) divided by (b) the aggregate purchase prices paid for such Homes. The Loss-to-Acquisition Value
Ratio for any calendar month shall be based on the net Losses for such calendar month, which is calculated to include any gains on the sale of such Homes during such calendar month. 
 “Loss-to-Acquisition Value Reserve” shall mean, as of any date of determination, the percentage equivalent of the product of:

 (i) Either: 
 (a) if the
Three Month Average Loss-to-Acquisition Value Ratio is 5.00% or less, the highest Three Month Average Loss-to-Acquisition Value Ratio for any calendar month over the twelve calendar months ended as of the immediately preceding calendar month, or

 (b), if the Three Month Average Loss-to-Acquisition Value Ratio is greater than 5.00%, the sum of (A) 5.00% plus (B) the product
of (1) the Applicable Stress Factor and (2) the amount by which the highest Three Month Average Loss-to-Acquisition Value Ratio for any calendar month over the twelve calendar months ended as of the immediately preceding calendar month
exceeds 5.00% 
  

 12 

 multiplied by 
 (ii) the Unpaid Balance of the KF Equity Receivables that are Eligible Receivables as of the last day of the most recently ended calendar month. 
 “Majority Investors” shall mean Noteholders holding Notes evidencing more than 50% of the Outstanding Amount. 
 “Managing Agent” shall have the meaning set forth in the Note Purchase Agreement. 
 “Material Adverse Effect” shall mean, with respect to any event or circumstance, a material adverse effect on (a) the
business, financial condition, operations or assets of the Issuer or any other Transaction Party, (b) the ability of the Issuer or any other Transaction Party to perform its obligations under any Transaction Document to which it is a party,
(c) the validity or enforceability of, or collectibility of, amounts payable by the Issuer or any other Transaction Party under any Transaction Document to which it is a party, (d) the status, existence, perfection or priority of the
interest of the Issuer or any assignee thereof in the Pledged Assets, taken as a whole, in each case free and clear of any Lien (other than a Permitted Lien) or (e) the validity, enforceability or collectibility of all or any substantial
portion of the Pledged Assets. 
 “Monthly Interest” shall have the meaning set forth in Section 9.01(b).

 “Monthly Period” shall mean (i) a calendar month or (ii) with respect to the initial Monthly Period, the
period commencing on the Closing Date and ending on March 31, 2002. 
 “Monthly Principal” shall have the
meaning set forth in Section 9.02. 
 “Monthly Program Fees” shall mean for any Distribution Date, the fees
payable to the Managing Agents under Section 2.03(c) of the Note Purchase Agreement. 
 “Monthly Servicing Fee”
means, with respect to any Distribution Date, the portion of the Servicing Fee that has accrued with respect to the most recent Monthly Period. 
 “Multiemployer Plan” shall mean at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any ERISA Affiliate is then making or accruing an obligation to make
contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Affiliate during such five year period. 
 “Net Receivables Balance” shall mean, as of any date of determination, the Aggregate Receivable Balance less the Aggregate
Adjustment Amount. 
 “Note Interest Rate” shall mean, as of any date, the sum of the weighted average of the
Tranche Rates. 
  

 13 

 “Note Purchase Agreement” shall mean that certain Amended and Restated Note
Purchase Agreement dated as of April 10, 2007 (as the same may be amended, restated, supplemented or otherwise modified from time to time) by and between the Issuer, CRC, Cartus, the Purchaser and the Administrative Agent. 
 “Note Register” shall have the meaning set forth in Section 2.05. 
 “Noteholder” or “Holder” shall mean the Person in whose name a Series 2002-1 Note is registered in the
Note Register, which initially shall be the Purchasers. 
 “Notes” or “Series 2002-1 Notes”
shall mean the Notes executed by the Issuer and authenticated by the Authentication Agent, substantially in the form of Exhibit A, and any replacement Notes in exchange therefor. 
 “NYUCC” shall have the meaning set forth in Section 2.05. 
 “Officer’s Certificate” shall mean, unless otherwise specified in this Agreement, a certificate delivered hereunder, signed
by any Authorized Officer of the Issuer, CRC or the Servicer, as applicable, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 13.01. 
 “Opinion of Counsel” shall mean a written opinion of counsel, who may be counsel for, or an employee of, the Person providing the
opinion and who shall be reasonably acceptable to the Trustee and the Administrative Agent, provided that a Tax Opinion shall be an opinion of nationally recognized independent tax counsel. 
 “Original Indenture” shall mean that certain Indenture, by and among the Issuer and the Trustee dated as of March 7, 2002,
as amended, supplemented or modified prior to the effectiveness hereof. 
 “Originator” shall have the meaning set
forth in the preliminary statement to this Indenture. 
 “Outstanding” shall mean, with respect to the Notes as of
any date of determination, all Notes authenticated and delivered under this Indenture except: 
 (i) Notes previously
cancelled by the Transfer Agent and Registrar or delivered to the Transfer Agent and Registrar for cancellation; 
 (ii) Notes
or portions thereof that are either due at maturity or have been duly called for redemption, and the payment for which money in the necessary amount (without giving account to any investment proceeds of any kind) has been previously deposited with
the Trustee or any Paying Agent in trust for the Holders of such Notes; and 
 (iii) Notes in exchange for or in lieu of other
Notes that have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a protected purchaser; 
  

 14 

 provided that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, any other obligor on the Notes, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be
Outstanding (except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee actually knows to be
so owned shall be so disregarded). Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and
that the pledgee is not the Issuer, any other obligor on the Notes, CRC, the Servicer or any Affiliate of any of the foregoing Persons. In making any such determination, the Trustee may rely on the representations of the pledgee and shall not be
required to undertake any independent investigation. 
 “Outstanding Amount” shall mean, as of any date of
determination, an amount equal to (i) the Initial Outstanding Amount plus (ii) the aggregate amount of all Increases minus (iii) the aggregate amount of Monthly Principal previously paid to the Series 2002-1 Noteholders;
provided that, to the extent that any portion of Monthly Principal (or other payment on or account of principal of the Series 2002-1 Notes) shall be required to be returned or restored under or in connection with the bankruptcy, liquidation,
insolvency or other condition with respect to the Issuer or any CMS person or otherwise, the amount of such Monthly Principal shall be restored and included in the Outstanding Amount as though the former payment had never been made. 
 “Outstanding Tranche Amount” shall mean, with respect to any Tranche, the portion of the Outstanding Amount designated by the
Administrative Agent as allocable to such Tranche. 
 “Overconcentration Amount” shall mean, as of any date of
determination, the sum of the amounts, with respect to each Corporate Obligor, of the excess, if any, of (i) the aggregate Unpaid Balance of all Fee Receivables owing by such Obligor as of such date of determination over (ii) the Corporate
Concentration Limit with respect to such Corporate Obligor. 
 “Paying Agent” shall mean the Trustee and any
successor thereto in such capacity. 
 “Performance Guarantor” shall mean Realogy, as “guarantor” under the
Realogy Guaranty. 
 “Person” shall mean any person or entity, including any individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of any nature. 
 “Pledged Assets” shall have the meaning set forth in the granting clause. 
 “Principal Subaccount” shall have the meaning set forth in Section 9.06(a). 
 “Proceeding” shall mean any suit in equity, action at law or other judicial or administrative proceeding. 
  

 15 

 “Purchaser” shall have the meaning set forth in the Note Purchase Agreement,
provided that any references to “the Purchaser” in the singular shall mean and be references to all of the Purchasers in the event there is more than one Purchaser under the Note Purchase Agreement. 
 “Realogy Credit Agreement” shall mean that certain Credit Agreement dated as of April 10, 2007 among Domus Intermediate
Holdings, Corp., Realogy, the lenders and other financial institutions party thereby and JP Morgan Chase Bank, N.A., as Administrative Agent. 
 “Receivables Purchase Agreement” shall mean the amended and restated receivables purchase agreement dated as of the date hereof between CRC and the Issuer, as amended from time to time. 
 “Record Date” shall mean, with respect to any Distribution Date, the Trustee’s close of business on the last Business Day
preceding such Distribution Date. 
 “Redemption Date” shall mean the date the Notes are redeemed in accordance with
Section 12.02. 
 “Redemption Price” shall mean, with respect to any Distribution Date, after giving effect to
any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Outstanding Amount on such Distribution Date plus (ii) Monthly Interest for such Distribution Date and any Monthly Interest
previously due but not distributed to the Series 2002-1 Noteholders plus (iii) all Monthly Program Fees plus (iv) any applicable Breakage Amounts plus (v) any other amounts owed to the Administrative Agent, the
Purchaser or any Liquidity Party pursuant to this Agreement or the Note Purchase Agreement. 
 “Required Amount”
shall mean, as of any date of determination, the sum of (a)(i) all accrued and unpaid interest on the Series 2002-1 Notes as calculated in accordance with Section 9.01 plus (ii) all unaccrued interest that will become due and
payable on or prior to the next Distribution Date plus (iii) any Additional Interest previously accrued and not reimbursed plus (b) the sum of (i) the Monthly Servicing Fee to be distributed on such Distribution
Date plus (ii) any Monthly Servicing Fee previously accrued with respect to any Monthly Period and not paid plus (iii) the Monthly Program Fees to be distributed on such Distribution Date plus (iv) any Monthly
Program Fees previously accrued and not paid plus (v) any Breakage Amounts, Yield Protection Amount and Indemnity Amounts previously accrued and not yet paid. 
 “Required Asset Amount” shall mean, as of any date of determination, an amount equal to the sum of (a) the Outstanding Amount plus (b) the Required Overcollateralization
Amount. 
 “Required Enhancement Amount” shall mean, as of any date of determination, an amount equal to the greater
of (i) 15% of the Net Receivables Balance and (ii) the sum of the Fee Loss Reserve, the Loss-to-Acquisition Value Reserve, the Carrying Cost Reserve, the Yield Reserve, the Servicing Fee Reserve and the Unbilled USPS Loss Reserve;
provided, however, that after the declaration or occurrence of an Amortization Event, the Required Enhancement Amount shall equal the Required Enhancement Amount in effect on the date of the declaration or occurrence of such Amortization
Event. 
  

 16 

 “Required Overcollateralization Amount” shall mean, as of any date of
determination, the amount by which the Required Enhancement Amount exceeds the amount on deposit in the Principal Subaccount. 
 “Requirement of Law” shall have the meaning set forth in the Note Purchase Agreement. 
 “Restricted Payment” shall mean, with respect to any Person (i) any dividend or other distribution on any shares of capital stock of, or other Security issued by, such Person or (ii) any payment on account
of the purchase, redemption, retirement or acquisition of (a) any shares of capital stock of, or other Security issued by, such Person or (b) any option, warrant or other right to acquire shares of the capital stock of, or other Security
issued by, such Person or (iii) any loan, advance or other direct or indirect provision of funds of credit by such Person to any holder of any shares of its capital stock or of any other Security issued it. 
 “Revolving Period” shall mean the period beginning on the Closing Date and ending upon the commencement of the Amortization
Period. 
 “Security” shall mean a Security as defined in Section 2 of the Securities Act of 1933, as amended.

 “Servicer” shall have the meaning set forth in the preliminary statement to this Indenture. 
 “Servicing Agreement” shall have the meaning set forth in the preliminary statement to this Indenture. 
 “Servicing Fee Reserve” shall mean, as of any date of determination, the product of (i) the Servicing Fee multiplied by
(ii) a fraction, the numerator of which is the Adjusted Days in Inventory as of the end of the current Monthly Period and the denominator of which is 360, multiplied by (iii) the Aggregate Receivable Balance at the end of the most recent
Monthly Period. 
 “Servicing Fee” shall have the meaning set forth in the Servicing Agreement. 
 “Six Month Weighted Average Inventory Hold Period” for any calendar month will equal the average of the Weighted Average
Inventory Hold Periods for each of the immediately preceding six calendar months. 
 “Solvent” shall have the meaning
set forth in the Note Purchase Agreement. 
 “Subordinated Note” shall mean indebtedness of the Issuer to Cartus
incurred pursuant to that certain Kenosia Subordinated Note dated as of April 10, 2007, the form of which is attached as Exhibit B hereto. 
 “Stated Amount” shall mean $175,000,000. 
 “Subsidiary” shall mean with respect to
any Person, any corporation, association, joint venture, partnership or other business entity (whether now existing or hereafter organized) of 

  

 17 

 
which at least a majority of the voting stock or other ownership interests having ordinary voting power for the election of directors (or the equivalent) is,
at the time as of which any determination is being made, owned or controlled by such Person or one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person. 
 “Surviving Entity” shall have the meaning set forth in Section 13.15(a). 
 “Tax Opinion” shall mean, in connection with the issuance of the Notes pursuant to this Indenture, the Notes will be properly
characterized as debt for federal income tax purposes. 
 “Three Month Average Carrying Cost Ratio” shall mean, for
any calendar month, the average of the Carrying Cost Ratios for each of the three calendar months preceding the prior calendar month. 
 “Three Month Average Loss-to-Acquisition Value Ratio” shall mean, for any calendar month, the average of the Loss-to-Acquisition Value Ratios for each of the three calendar months preceding the prior calendar month.

 “Three Month Rolling Billed USPS Concession Ratio” shall mean, for any calendar month, the rolling average of the
Billed USPS Concession Ratios for each of the three calendar months preceding the prior calendar month. 
 “Three Month Rolling
Billed USPS Loss Ratio” shall mean, for any calendar month, the rolling average of the Billed USPS Loss Ratios for each of the three calendar months preceding the prior calendar month. 
 “Three Month Rolling Fee Concession Ratio” shall mean, for any calendar month, the rolling average of the Concession Ratios for
each of the three calendar months preceding the prior calendar month. 
 “Three Month Rolling Default Ratio” shall
mean, for any calendar month, the rolling average of the Default Ratios for each of the three calendar months preceding the prior calendar month. 
 “Three Month Rolling Fee Loss Ratio” shall mean, for any calendar month, the rolling average of the Loss Ratios for each of the three calendar months preceding the prior calendar month. 
 “Three Month Weighted Average Inventory Hold Period” for any calendar month will equal the average of the Weighted Average
Inventory Hold Periods for each of the immediately preceding three calendar months. 
 “Tranche” shall have the
meaning set forth in the Note Purchase Agreement. 
 “Tranche Rate” shall mean, at any time during an Interest Period
with respect to any Tranche, the CP Rate or the Eurodollar Rate, as applicable, provided, however, that if any principal or interest on the Series 2002-1 Notes is not paid in full through the allocation of Collections when the same
shall have become required to be paid or if any Amortization Event 

  

 18 

 
has occurred and is continuing, then the Tranche Rate shall be the Alternate Base Rate plus two percent (2.0%) with respect to such deficiency or with
respect to any interest accrued on the Series 2002-1 Notes after the occurrence of such Amortization Event. 
 “Transaction
Documents” shall mean the CRC Purchase Agreement, the Fee Receivables Purchase Agreement, the Receivables Purchase Agreement, the Servicing Agreement, the Realogy Guaranty, this Indenture, the Note Purchase Agreement and the
Subordinated Note. 
 “Transfer Agent and Registrar” shall mean the Trustee and any successor thereto in such
capacity. 
 “Transfer Restriction” shall have the meaning set forth in the Note Purchase Agreement. 
 “Trustee” shall have the meaning set forth in the introductory paragraph of this Indenture. 
 “Trustee Officer” shall mean, with respect to the Trustee, any officer assigned to the Corporate Trust Office, including any
officer of the Trustee having direct responsibility for the administration of the applicable Transaction Documents, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Unbilled USPS Receivable Loss Reserve” shall mean, as
of any date of determination, the percentage equivalent of the product of: 
 (i) the Applicable Stress Factor
multiplied by 
 (ii) a fraction, calculated as of the last day of the most recently ended calendar month, the
numerator of which is equal to the aggregate Unpaid Balance of all Billed USPS Receivables created by each Originator during the twelve most recently ended calendar months, and the denominator of which is equal to the aggregate Unpaid
Balance of Unbilled USPS Receivables that are Eligible Receivables as of the end of the most recently ended calendar month, multiplied by; 
 (iii) the sum of (A) the highest Three Month Rolling Billed USPS Concession Ratio plus (B) the highest Three Month Rolling Billed USPS Loss Ratio, in each case for any calendar month over the
twelve calendar months ended as of the immediately preceding calendar month, multiplied by 
 (iv) the Unpaid Balance
of the Unbilled USPS Receivables that are Eligible Receivables as of the last day of the most recently ended calendar month. 
 “Unbilled USPS Receivable” shall mean any Unbilled Receivable arising out of or with respect to Direct Expenses, Equity Loans, Equity Payments, Mortgage Payments and Mortgage Payoffs with respect to a Guaranteed
Government Contract. 
  

 19 

 “Unmatured Amortization Event” shall mean any occurrence or event which, with the
giving of notice, the passage of time or both, would constitute an Amortization Event. 
 “Unmatured Funding Termination
Date” shall have the meaning set forth in the Note Purchase Agreement. 
 “Weekly Activity Report” shall
have the meaning set forth in Section 3.07(d) of the Servicing Agreement. 
 “Weekly Reporting Event” shall mean
that, commencing with the quarter ending June 30, 2007, the Leverage Ratio as of the end of such fiscal quarter exceeds the applicable ratio set forth below: 
  

			
	 Fiscal Quarter Ending
	  	 Senior Secured Leverage Ratio

	 June 30, 2007
	  	6.00:1.00
		
	 September 30, 2007
	  	6.00:1.00
		
	 December 31, 2007
	  	6.00:1.00
		
	 March 31, 2008
	  	5.35:1.00
		
	 June 30, 2008
	  	5.35:1.00
		
	 September 30, 2008
	  	5.10:1.00
		
	 December 31, 2008
	  	5.10:1.00
		
	 March 31, 2009
	  	5.10:1.00
		
	 June 30, 2009
	  	5.10:1.00
		
	 September 30, 2009
	  	4.75:1.00
		
	 December 31, 2009
	  	4.75:1.00
		
	 March 31, 2010
	  	4.75:1.00
		
	 June 30, 2010
	  	4.75:1.00
		
	 September 30, 2010
	  	4.75:1.00
		
	 December 31, 2010
	  	4.75:1.00
		
	 March 31, 2011 and thereafter
	  	4.50:1.00

 “Weighted Average Inventory Hold Period” shall mean, for any Monthly
Period, the average number of days the Homes have been owned by CRC as of the close of business on the last day of such Monthly Period, weighted by the aggregate purchase prices paid by CRC for such Homes. 
  

 20 

 “Yield Protection Amount” shall have the meaning set forth in the Note Purchase
Agreement. 
 “Yield Reserve” shall mean, as of any date of determination during an Interest Period, the quotient,
expressed as a percentage, of (a) the product of (i) the sum of (A) 1.5% plus (B) the Eurodollar Rate for the Interest Period in which such date occurs multiplied by (ii) the Outstanding Amount multiplied by
(iii) Adjusted Days in Inventory as of the end of the current Monthly Period, divided by (b) 360. 
 Section 1.02 Other
Definitional Provisions 
 (a) All terms used herein and not otherwise defined herein shall have meanings ascribed to them in the CRC
Purchase Agreement, the Fee Receivables Purchase Agreement, the Receivables Purchase Agreement or the Servicing Agreement, as applicable. 
 (b) All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this
Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles and as in effect on the date of this Indenture. To the extent that the definitions of accounting terms in this Indenture or in any such certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles in the United States, the definitions contained in this Indenture or in any such certificate or other document shall control. 
 (d) All references herein to Contractual Obligations or to other documents or instruments shall refer to the same as from time to time amended,
supplemented or modified. 
 (e) Unless otherwise specified, references to any amount as on deposit or outstanding on any particular date
shall mean such amount at the close of business on such day. 
 (f) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; references to any subsection, Section, Schedule or Exhibit are references
to subsections, Sections, Schedules and Exhibits in or to this Indenture unless otherwise specified; and the term “including” means “including without limitation.” 
 (g) References herein to this Agreement, the Purchase Agreement, the Servicing Agreement, the Receivables Purchase Agreement and the Fee Receivables
Purchase Agreement shall mean and be references to each such document as amended and restated on the date hereof. 
  

 21 

 ARTICLE II 
 THE NOTES 
 Section 2.01 Form Generally. 
 The Series 2002-1 Notes, upon original issuance, shall be issued in definitive, fully registered form, authenticated and delivered in substantially the
form attached hereto as Exhibit A. Each Note shall be dated as of the date of its authentication. 
 Section 2.02 Denominations.

 The Notes shall be issued in fully registered form in minimum amounts of $5,000,000 and in integral multiples of $1,000 in excess thereof
(except that one Note may be issued in a different amount, so long as such amount exceeds the minimum denomination), and shall be issued upon initial issuance as one or more Notes in an aggregate original principal amount equal to the initial
Outstanding Amount. 
 Section 2.03 Execution, Authentication and Delivery. 
 Each Note shall be executed by manual or facsimile signature on behalf of the Issuer by an Authorized Officer. 
 Notes bearing the manual or facsimile signature of an individual who was authorized to sign on behalf of the Issuer at the time when such signature was
affixed shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office at the date of issuance such Notes. 
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the
Authentication Agent for authentication and delivery, and the Authentication Agent shall authenticate and deliver such Notes as, and with the designation provided in, this Indenture and not otherwise. The Trustee shall deliver the Series 2002-1
Notes to or upon the order of the Issuer when so authenticated. 
 No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Notes a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Authentication Agent by the manual signature of a duly authorized
signatory, and such certificate of authentication on any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered under this Indenture. 
 Section 2.04 Authentication Agent. 
 (a) The Authentication Agent undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Authentication Agent.
The Issuer may remove the Authentication Agent if the Issuer determines in its sole discretion that the Authentication Agent 

  

 22 

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

(c) The provisions of Sections 6.01, 6.03, 6.04 and 6.05 shall be applicable to the Authentication Agent. 
 Pursuant to any appointment made under this Section 2.04, the Notes may have endorsed thereon, in lieu of or in addition to the Authentication Agent’s
certificate of authentication, an alternative certificate of authentication in substantially the following form: 
  

 23 

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

			
	 The Bank of New York,
 as Authentication
Agent

		
	By:	 	  

		 	Authorized Signatory”

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

 The Transfer Agent and Registrar shall keep a register (the “Note Register”) in which the Transfer Agent and Registrar
shall provide for the registration of Notes and the registration of transfers of Notes. Upon any resignation of any Transfer Agent and Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume
the duties of Transfer Agent and Registrar. The Issuer shall notify the Trustee of the identity and location of any successor Transfer Agent and Registrar. 
 The Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee shall have the right to rely upon a certificate executed on behalf of the Transfer
Agent and Registrar by an officer thereof as to the names and addresses of the Noteholders and the principal amounts and numbers of such Notes. 
 Upon surrender for registration of transfer of any Notes at the office or agency of the Transfer Agent and Registrar to be maintained as provided in Section 3.02(i), if the requirements of Section 8-401(a) of the New York Uniform
Commercial Code (the “NYUCC”) are met and any applicable requirements for transfer set forth herein are satisfied, the Issuer shall execute, and upon receipt of such surrendered Notes the Authentication Agent shall authenticate and
deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations of like aggregate principal amount. 
 At the option of a Noteholder, Notes may be exchanged for other Notes, in any authorized denominations and of like aggregate principal amount, upon
surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the NYUCC are met, the Issuer shall execute, and
upon receipt of such surrendered Notes the Authentication Agent shall authenticate and deliver to the Noteholder, the Notes that the Noteholder making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of Notes shall evidence the same obligations, evidence the same debt, and be entitled to
the same rights and privileges under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note
presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to the Transfer Agent and Registrar duly executed by, the Noteholder thereof or
its attorney-in-fact duly authorized in writing, and by such other documents as the Transfer Agent and Registrar may reasonably require. 
  

 24 

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

  

 25 

 
sufficient to cover any tax or other governmental charge that may be imposed with respect thereto and any other reasonable expenses (including the fees and
expenses of the Transfer Agent and Registrar) in connection therewith. 
 Every replacement Note issued in replacement of any mutilated,
destroyed, lost or stolen Note pursuant to this Section 2.06 shall constitute complete and indefeasible evidence of an obligation of the Issuer as if originally issued, whether or not the mutilated, destroyed, lost or stolen Note shall be found
at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 Section 2.07 Persons Deemed Owners. 
 Prior to due presentment for registration of transfer of any Notes, the Issuer, the Trustee, the Paying Agent, the Authentication Agent, the Transfer Agent and Registrar and any agent of the foregoing shall treat the
Person in whose name any Notes is registered as the owner of such Notes for all purposes of this Indenture, whether or not such Notes is overdue, and neither the Issuer, the Trustee, the Paying Agent, the Authentication Agent, the Transfer Agent and
Registrar nor any agent of the foregoing shall be affected by any notice to the contrary. 
 Section 2.08 Paying Agent.

 (a) The Paying Agent shall have the revocable power to withdraw funds and make distributions to Noteholders from the appropriate account or
accounts maintained for the benefit of Noteholders as specified in this Indenture. The Issuer may revoke such power and remove the Paying Agent if the Issuer determines in its sole discretion that the Paying Agent shall have failed to perform its
obligations under this Indenture in any material respect or for other good cause. The Paying Agent shall be permitted to resign upon 30 days’ written notice to the Issuer. Upon the removal or resignation of the Paying Agent, the Issuer shall
appoint a successor to act as Paying Agent (which successor shall be a bank or trust company). Any reference in this Indenture to the Paying Agent shall include any co-paying agent unless the context requires otherwise. The Issuer shall notify the
Trustee of the removal or the resignation of any Paying Agent and the identity and location of the successor Paying Agent. The Paying Agent recognizes and agrees that it shall have no claim against the Issuer or any of the Pledged Assets, but only
against the Servicer, which shall, to the exclusion of all other Persons, be responsible for all fees, reimbursements and other amounts due or to become due to the Paying Agent. 
 (b) The Paying Agent agrees that it will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and pay such sums to such Persons as herein provided; 
  

 26 

 (ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the
Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii)
at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 
 (iv) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 (c) The Issuer may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct the Paying Agent to pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by such Paying Agent and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 Section 2.09 Cancellation. 
 All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Transfer Agent and Registrar, be delivered to the Transfer Agent and Registrar and
shall be promptly cancelled by it. The Issuer may at any time deliver to the Transfer Agent and Registrar for cancellation any Notes previously authenticated and delivered hereunder that the Issuer may have acquired in any lawful manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Transfer Agent and Registrar. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.09, except as expressly permitted by
this Indenture. All cancelled Notes held by the Transfer Agent and Registrar shall be disposed of by the Transfer Agent and Register in accordance with its customary procedures. 
 Section 2.10 Increases and Reductions in the Outstanding Amount. 
 (a) At any time during the Revolving Period, so long as the Funding Termination Date shall not have occurred, the Outstanding Amount may be increased from
time to time by the funding of Increases subject to the terms and conditions set forth in the Note Purchase Agreement; provided that, after giving effect thereto, the Outstanding Amount may not exceed the Stated Amount. Whenever the Issuer
wishes to make an Increase, the Issuer shall give the Trustee and the Administrative Agent prior written notice of such Increase not less than three Business Days prior to the proposed Increase Date. 
 (b) In the event that the Issuer reduces the Stated Amount in accordance with the Note Purchase Agreement (which reduction shall be irrevocable), it
shall give prompt written notice of such reduction to the Administrative Agent, the Trustee and the Paying Agent not less than one Business Day prior to the effective date of such reduction. 
  

 27 

 (c) The Series 2002-1 Notes shall evidence the outstanding indebtedness owed from time to time by the
Issuer thereunder. The Purchaser, or the Administrative Agent on its behalf, shall be and hereby is authorized to record on the grid attached to its Series 2002-1 Note (or at its option, in its internal books and records) the date and amount of the
funding of the Initial Outstanding Amount of such Series 2002-1 Note and the date and amount of each Increase, the amount of each repayment of the principal amount represented by such Series 2002-1 Note, the portions of the Outstanding Amount that
are from time to time allocated to the CP Tranche, any Base Rate Tranche and any Eurodollar Tranche, and any reductions to the Stated Amount of such Note; provided, however, that failure to make any recordation on the grid or records
or any error in recordation shall not adversely affect the Purchaser’s rights with respect to its right to receive principal and interest under the Series 2002-1 Notes. 
 Section 2.11 Representations and Covenants of Paying Agent, Authentication Agent and Transfer Agent and Registrar. 
 The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar, represents, warrants and covenants that: 
 (a) The Bank of New York is a New York state banking corporation duly organized and validly existing under the laws of the State of New York; 

(b) The Bank of New York has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the
execution, delivery and performance by it of this Indenture; and 
 (c) Each of this Indenture and other Transaction Documents to which it is
a party has been duly executed and delivered by The Bank of New York and constitutes its legal, valid and binding obligation in accordance with its terms. 
 ARTICLE III 
 REPRESENTATIONS AND COVENANTS OF THE ISSUER 
 Section 3.01 Representations and Warranties of the Issuer. The Issuer hereby makes the representations and warranties set forth in this
Section 3.01, in each case as of the date hereof, as of the Closing Date and as of any other date specified in such representation and warranty. 
 (a) Organization and Good Standing. The Issuer is a limited liability company duly formed and validly existing in good standing under the laws of the State of Delaware and has full power and authority to own
its properties and to conduct its business as such properties are presently owned and such business is presently conducted. 
 (b) Due
Qualification. The Issuer is duly qualified to do business, is in good standing as a foreign limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the
conduct of its business requires such qualification, licenses or approvals and in which the failure so to qualify or to obtain such licenses and approvals or to preserve and maintain such qualification, licenses or approvals could reasonably be
expected to give rise to a Material Adverse Effect. 
  

 28 

 (c) Power and Authority: Due Authorization. The Issuer (i) has all necessary limited
liability company power and authority (A) to execute and deliver this Indenture and the other Transaction Documents to which it is a party, (B) to perform its obligations under this Indenture and the other Transaction Documents to which it
is a party and (C) to make a Grant of the Pledged Assets to the Trustee on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such Grant and the execution, delivery and performance
of, and the consummation of the transactions provided for in, this Indenture and the other Transaction Documents to which it is a party. 
 (d) Binding Obligations. This Indenture (i) constitutes a Grant of a security interest (as defined in the NYUCC) in all of the Issuer’s right, title and interest in, to and under the Pledged Assets, free and clear of any
Lien (other than Permitted Liens) to the Trustee, which is enforceable with respect to the existing Pledged Assets owned by the Issuer and the proceeds thereof upon execution and delivery of this Agreement and which will be enforceable with respect
to the Pledged Assets hereafter acquired by the Issuer and the proceeds thereof upon such acquisition by the Issuer and (ii) constitutes, and each other Transaction Document to which the Issuer is a party when duly executed and delivered will
constitute, a legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except (A) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights generally and (B) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or
at law. 
 (e) No Conflict or Violation. The execution, delivery and performance of, and the consummation of the transactions
contemplated by, this Indenture and the other Transaction Documents to be signed by the Issuer, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a material default under (A) the certificate of formation or the limited liability company agreement of the Issuer or (B) any material indenture, loan agreement, mortgage, deed
of trust, or other agreement or instrument to which the Issuer is a party or by which it or any of its respective properties is bound, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) on any of the Pledged
Assets pursuant to the terms of any such material indenture, loan agreement, mortgage, deed of trust, or other material agreement or instrument other than this Indenture and the other Transaction Documents or (iii) conflict with or violate any
material applicable Requirement of Law. 
 (f) Litigation and Other Proceedings. (i) There is no action, suit, proceeding or
investigation pending, or to the best knowledge of the Issuer threatened, against the Issuer before any Governmental Authority and (ii) the Issuer is not subject to any order, judgment, decree, injunction, stipulation or consent order of or
with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Indenture or any other Transaction Document, (B) seeks to prevent the Grant of any Pledged Asset by
the Issuer to the Trustee, the ownership or acquisition by the Issuer of a material amount of Receivables or the consummation of any of the transactions contemplated by this Indenture or any other 

  

 29 

 
Transaction Document, (C) seeks any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the
Issuer of its obligations under this Indenture or any other Transaction Document or the validity or enforceability of this Indenture or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits,
proceedings and investigations could reasonably be expected to have a Material Adverse Effect. 
 (g) Governmental Approvals. Except
where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any
Governmental Authority that are required to be obtained by the Issuer in connection with the Grant of the Pledged Assets or the due execution, delivery and performance by the Issuer of this Indenture or any other Transaction Document to which it is
a party and the consummation by the Issuer of the transactions contemplated by this Indenture and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect; provided, however,
that prior to recordation pursuant to Section 8.3 of the CRC Purchase Agreement or Section 8.3 of the Receivables Purchase Agreement or the sale of a Home to an Ultimate Buyer, record title to such Home may remain in the name of the
related Transferred Employee and no recordation in real estate records of the conveyance of the related Home Purchase Contract or Home Sale Contract shall be made except as otherwise required under Section 2.01(d)(i) of the Servicing Agreement.

 (h) Margin Regulations. The Issuer is not engaged, principally or as one its important activities, in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System). No portion of the proceeds of the Notes will be used by the Issuer, directly or
indirectly, to purchase or carry margin stock or to advance or otherwise supply funds to others for such purpose. 
 (i) Taxes. The
Issuer has filed (or there have been filed on its behalf as a member of a consolidated group) all tax returns and reports required by law to have been filed by it and has paid all taxes, assessments and governmental charges thereby shown to be owing
by it, other than any such taxes, assessments or charges that are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in accordance with GAAP have been set aside on its books and that have not given rise
to any Liens (other than Permitted Liens); provided, however, that as of the date of this Indenture, the Issuer is a newly established entity and as such has not been required to file any tax returns. 
 (j) Solvency. After giving effect to the transactions contemplated by this Indenture and the other Transaction Documents, the Issuer is Solvent
and able to pay its debts as they come due and has adequate capital to conduct its business as presently conducted. 
 (k) Offices.
The principal place of business and chief executive office of the Issuer is located at 40 Apple Ridge Road, Suite 4C68, Danbury, Connecticut 06810. 
  

 30 

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

  

 31 

 
subsidiary of Realogy is, or at any time during the past five years was, a member of, or makes, or has at any time during the past five years made
contributions to, any Multiemployer Plan, in each case where any such action could reasonably be expected to have a Material Adverse Effect. 
 (p) Eligible Receivables; Quality of Title. Each Receivable included in the Pledged Assets hereunder, unless otherwise identified to the Trustee, the Purchaser and the Servicer, is an Eligible Receivable on the date of transfer to
the Issuer and on each date the same is reported by or on behalf of the Issuer as included in the calculation of the Net Receivables Balance. Immediately before the pledge to be made by the Issuer hereunder on such date, each Pledged Asset to be
Granted to the Trustee shall be owned by the Issuer free and clear of any Lien (other than any Permitted Lien), and the Issuer shall have made all filings and shall have taken all other action under applicable law in each relevant jurisdiction in
order to protect and perfect the security interest of the Trustee and its successors and assigns in such Pledged Assets against all creditors of, and purchasers from, the Issuer (subject to Permitted Exceptions). 
 Section 3.02 Affirmative Covenants of the Issuer. From the Closing Date until the termination of this Indenture, the Issuer hereby agrees
that it will perform the covenants and agreements set forth in this Section 3.02. 
 (a) Financial Reports by the Issuer. As soon
as available, but in any event within 120 days after the end of each fiscal year of the Issuer, the Issuer shall deliver to the Trustee, and the Trustee shall forward to each Noteholder, a copy of the management reports of the Issuer at the end of
such year. 
 (b) Books and Records. The Issuer shall keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to the Pledged Assets and its business activities in accordance with GAAP, and shall permit the Trustee to visit and inspect any of its properties, to examine and make abstracts from any of
its books and records and to discuss its affairs, finances and accounts with its officers, directors, employees and independent public accountants, all at such reasonable times upon reasonable notice and as often as may reasonably be requested.

 (c) Notice of Defaults and Events of Default. The Issuer shall give the Trustee prompt written notice of each Default and Event of
Default hereunder and the occurrence of any Unmatured Amortization Event or Amortization Event with respect to the Notes and, immediately after obtaining knowledge of any of the following occurrences, written notice of each default on the part of
the Servicer of its obligations under the Servicing Agreement and each default on the part of Cartus of its obligations under the CRC Purchase Agreement or Fee Receivables Purchase Agreement or CRC of its obligations under the Receivables Purchase
Agreement, as the case may be, and the action, if any, being taken with respect to each such default. 
 (d) Maintenance of Existence.
The Issuer shall keep in full effect its existence, rights and franchises as a limited liability company under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any
other State or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and 

  

 32 

 
preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Pledged Assets and each other related instrument or agreement. 
 (e) Compliance with
Laws. The Issuer will comply with all Requirements of Law, a violation of which, individually or in the aggregate for all such violations, is reasonably likely to have a Material Adverse Effect. 
 (f) Annual Tax Information. On or before January 31 of each calendar year, beginning with calendar year 2003, the Trustee or the Paying Agent
shall furnish to each Person who at any time during the preceding calendar year was a Noteholder a statement prepared by or on behalf of the Issuer containing the information that is necessary or desirable to enable the Noteholders to prepare their
tax returns. The obligations of the Issuer to prepare and the Trustee or the Paying Agent to distribute such information shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee
or the Paying Agent pursuant to any requirements of the Code as from time to time in effect. 
 (g) Statements as to Compliance. The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer (commencing within 120 days after the end of the fiscal year 2002), an Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that 
 (i) a review of the activities of the Issuer during the 12-month period ending at the end
of such fiscal year (or in the case of the fiscal year ending December 31, 2002, the period from the Closing Date to December 31, 2002) and of performance under this Indenture has been made under such Authorized Officer’s supervision,
and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all
conditions and covenants under this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status
thereof. 
 (h) Maintenance of Office or Agency. The Issuer shall maintain an office or agency within the Borough of Manhattan, City
of New York where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Transfer Agent and Registrar at the Corporate Trust Office (or at such other address as the Transfer Agent and Registrar may designate from time to time by notice to the Issuer, the Trustee and the
Noteholders) to serve as its agent for the foregoing purposes. 
 (i) Further Instruments and Acts. Upon request of the Trustee, the
Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 Section 3.03 Negative Covenants of the Issuer. From the Closing Date until the termination of this Indenture, the Issuer hereby agrees that
it shall not: 
  

 33 

 (a) Change in Location of Chief Executive Office. (i) Change the location of its chief
executive office or principal place of business (within the meaning of the UCC) without sixty (60) days’ prior written notice to the Trustee or (ii) change its name or the jurisdiction of its formation without prior written notice to
the Trustee sufficient to allow the Trustee to execute all filings prepared by the Issuer (including filings of financing statements on form UCC- 1) and recordings necessary to maintain the perfection of the interest of the Trustee on behalf of the
Noteholders in the Pledged Assets pursuant to this Indenture. If the Issuer desires to so change its office or change its name or the jurisdiction of its formation, the Issuer will make any required filings and prior to actually changing its office
or its name or the jurisdiction of its formation the Issuer shall deliver to the Trustee (i) an Officer's Certificate and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such
filings were made; 
 (b) Capital Expenditures. Make any expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty); 
 (c) No Other Business or Agreements. Engage in any business or activity (whether or not pursued for
gain or other pecuniary advantage) other than financing, purchasing, owning and selling and managing the Pledged Assets in the manner expressly contemplated by this Indenture and the other Transaction Documents and all activities incidental thereto,
or enter into or be a party to any Contractual Obligation or instrument other than any Transaction Document or documents and agreements incidental thereto; 
 (d) Consolidation, Merger or Other Form of Combination and Sale of Assets. Enter into any consolidation, merger, joint venture, syndicate or other form of combination with any Person or sell, lease or transfer
or otherwise dispose of any assets, including without limitation the Pledged Assets, other than as expressly provided for in the Transaction Documents, or engage in any other transaction that would result in a Change of Control with respect to the
Issuer; 
 (e) Guarantees, Loans, Advances and other Liabilities. Except as contemplated by this Indenture or the other Transaction
Documents, make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or
otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or Securities of, or
any other interest in, or make any capital contribution to, any other Person; 
 (f) Indebtedness. Issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any debt, duty, liability or obligation of any kind except for (i) indebtedness owed to Cartus under the Subordinated Note which indebtedness was incurred for the purpose of acquiring Pledged
Assets and which indebtedness is expressly subordinated to the payment of the Notes and (ii) any debt, duty, liability or other obligation which is expressly provided for pursuant to the terms of the Transaction Documents and the Notes;

  

 34 

 (g) Deduction from Principal and Interest. Claim any credit on, or make any deduction from, the
principal and interest payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of any
taxes levied or assessed upon any part of the Pledged Assets; 
 (h) Effectiveness of Indenture, Liens. (i) Permit the validity
or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or
otherwise arise upon or burden the Pledged Assets or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority perfected security interest in the Pledged
Assets; or 
 (i) Dissolve or Liquidate. Dissolve or liquidate in whole or in part. 
 (j) Restricted Payments. Declare or make any Restricted Payment with respect to any amounts received by the Issuer pursuant to
Section 8.04(d)(v) after the occurrence of a Funding Termination Date. For the avoidance of doubt, it is hereby agreed and acknowledged that (i) funds transferred or held by the Servicer pursuant to Section 4.01 of the Servicing
Agreement and (ii) payments made to Cartus in respect of the Subordinated Note with any funds not required to be distributed to the Expense Subaccount or the Principal Subaccount under Section 9.04, are not considered Restricted Payments
made in violation of this Section 3.03(j). 
 (k) Limited Liability Company Agreement. Except with respect to a change in name
made in compliance with Section 3.03(a), amend or modify its limited liability company agreement without the prior written consent of the Majority Investors. 
 Section 3.04 Protection of Pledged Assets. 
 The Issuer shall from time to time prepare (or cause
to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or
advisable to: 
 (a) Grant more effectively all or any portion of the Pledged Assets for the Notes; 
 (b) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of, or protect the validity of, any Grant made or to be made by this Indenture; 
 (d) enforce any of the Pledged Assets; or 
  

 35 

 (e) preserve and defend title to the Pledged Assets securing the Notes and the rights therein of the
Trustee and the Noteholders secured thereby against the claims of all persons and parties. 
 The Issuer hereby designates the Trustee its
agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required pursuant to this Section 3.04. 
 Section 3.05 Opinions as to Pledged Assets. 
 (a) On the Closing Date, the Issuer shall furnish
to the Trustee and the Administrative Agent an Opinion of independent Counsel either stating that, in the opinion of such counsel, such action has been taken as is necessary to perfect the lien and security interest of this Indenture, including
without limitation with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation
statements, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. 
 (b) On or before April 30 in each calendar year, beginning in the year 2003, the Issuer shall furnish to the Trustee and the Administrative Agent an
Opinion of independent Counsel either stating that, in the opinion of such counsel, such action has been taken as is necessary to perfect the lien and security interest of this Indenture, including without limitation with respect to the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, and reciting the details
of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel also shall describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that, in the opinion of such counsel, will be required to maintain the
perfection of the lien and security interest of this Indenture until April 30 in the following calendar year. 
 Section 3.06
Obligations Regarding Servicing of Receivables. 
 (a) The Issuer shall not take any action, and shall use its best efforts not to
permit any action to be taken by others, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Pledged Assets or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Servicing Agreement, the Receivables Purchase Agreement, the
Fee Receivables Purchase Agreement, the CRC Purchase Agreement or such other instrument or agreement. 
 (b) The Issuer may contract with
other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by such Person shall be deemed to be 

  

 36 

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

 37 

 (b) The Issuer will maintain corporate records and books of account separate from those of each CMS
Person, and the Issuer will maintain a telephone number and stationery that are separate and distinct from those of each Cartus Person; 
 (c) The Issuer’s assets will be maintained in a manner that facilitates their identification and segregation from those of any CMS Person; 
 (d) The Issuer will strictly observe limited liability company formalities in its dealings with the public and with each CMS Person, and funds or other assets of the Issuer will not be commingled with those of any CMS
Person, except as may be permitted by the Transaction Documents. The Issuer will at all times, in its dealings with the public and with each CMS Person, hold itself out and conduct itself as a legal entity separate and distinct from each CMS Person.
The Issuer will not maintain joint bank accounts or other depository accounts to which any CMS Person (other than the Servicer) has independent access; 
 (e) The duly admitted members of the Issuer and duly appointed managers or officers of the Issuer will at all times have sole authority to control decisions and actions with respect to the daily business affairs of
the Issuer; 
 (f) Not less than two members of the Issuer’s board of directors will be Independent. The Issuer will observe those
provisions in its limited liability company agreement that provide that the Issuer’s board of directors will not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Issuer unless each
Independent director and all other members of the Issuer’s board of directors unanimously approve the taking of such action in writing prior to the taking of such action; 
 (g) The Issuer will compensate each of its employees, consultants and agents from the Issuer’s own funds for services provided to the Issuer; and

 (h) The Issuer will not hold itself out to be responsible for the debts of any CMS Person. 
 ARTICLE IV 
 SATISFACTION AND DISCHARGE

 Section 4.01 Satisfaction and Discharge of this Indenture. 
 This Indenture shall cease to be of further effect with respect to the Notes (except as to (a) rights of registration of transfer and exchange,
(b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.02(i), 3.03, 3.05, 3.06 and 13.14, (e) the rights and
immunities of the Trustee hereunder, including the rights of the Trustee under Section 6.07 and the obligations of the Trustee under Section 4.02, the rights and immunities of the Paying Agent, Authentication Agent and Transfer Agent and
Registrar hereunder, including the rights of the Paying Agent, Authentication Agent and Transfer Agent and Registrar under Section 2.04(b) and the obligations of the Paying Agent, Authentication Agent and Transfer Agent and Registrar under

  

 38 

 
Section 2.05, 2.06, 2.08 and 2.09 and (g) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the
Trustee and payable to all or any of them) and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes when: 
 (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have
been replaced, or paid as provided in Section 2.06 and (2) Notes for whose full payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 8.07) have been delivered to the Trustee for cancellation; or 
 (ii) the Issuer has paid
or caused to be paid all other sums payable hereunder by the Issuer and all other obligations of the Issuer pursuant to any of the Transaction Documents to Atlantic, any Noteholder and each Liquidity Party shall have been paid and satisfied in full;
and 
 Section 4.02 Application of Trust Money. 
 All monies deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it in accordance with the provisions of the Notes, this Indenture, to make payments, through the Paying Agent,
to the Noteholders and for the payment in respect of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the
extent required herein or required by law. 
 ARTICLE V 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 5.01 Events of Default. 
 Each of the following events shall be an “Event of Default” hereunder: 
 (a) The Issuer shall fail to make any payment of interest on the Notes when due and such failure shall remain unremedied for five Business Days; or

 (b) The Issuer shall fail to make any payment of the principal of the Notes when due and such failure shall remain unremedied for five
Business Days; or 
 (c) (i) The Issuer shall fail to perform or observe, as and when required, any term, covenant or agreement
contained in this Indenture or any of the other Transaction Documents on its part to be performed or observed (other than as referred to in Section 5.01(a) or (b) above), (ii) such failure materially and adversely affects the rights
of the Noteholders and (iii) such failure shall remain unremedied for 60 days after written notice thereof (specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder) shall
have been given (A) to the Issuer by the Trustee or (B) to the Issuer and the Trustee by Noteholders evidencing at least 25% of the Outstanding Amount; or 
  

 39 

 (d) (i) any representation or warranty made by the Issuer in this Indenture or any of the other
Transaction Documents shall prove to have been untrue and incorrect in any material respect when made or deemed to have been made, (ii) such occurrence materially and adversely affects the rights of the Noteholders and (iii) such
occurrence remains unremedied for 60 days after written notice thereof (specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder) shall have been (A) given to the Issuer
by the Trustee or (B) to the Issuer and the Trustee by Noteholders evidencing at least 25% of the Outstanding Amount; or 
 (e) An
Insolvency Event shall have occurred with respect to the Issuer; or 
 (f) The Commission or other regulatory body having jurisdiction
reaches a final determination that the Issuer is required to be registered under the Investment Company Act. 
 The Issuer shall deliver to
the Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Event of Default, its status and what action
the Issuer is taking or proposes to take with respect thereto. 
 Section 5.02 Acceleration of Maturity; Rescission and
Annulment. 
 If an Event of Default referred to in clause (e) or (f) of Section 5.01 has occurred, the unpaid principal
amount of all Notes, together with interest accrued but unpaid thereon, and all other amounts due to the Noteholders under this Agreement shall immediately and without further act become due and payable. If an Event of Default referred to in clause
(a), (b), (c) or (d) of Section 5.01 shall occur and be continuing, then and in every such case the Trustee or Noteholders holding Notes evidencing a majority of the Outstanding Amount may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuer (and to the Trustee if given by the Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall become immediately due and payable. 
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by the
Trustee. 
 The Issuer covenants that if (i) a default occurs in the payment of any interest on any Notes when the same becomes due
and payable, and such default continues for a period of five Business Days or (ii) a default occurs in the payment of the principal of any Notes when the same becomes due and payable, and such default continues for a period of five Business
Days by acceleration or at stated maturity, upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of such Notes, the entire amount then due and payable on such Notes for principal and interest, with interest
on the overdue principal, and to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest, at the Note Interest Rate borne by the Notes and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
  

 40 

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

 41 

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

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to, or vote for or accept or adopt on behalf of
any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such proceeding except to
vote for the election of a trustee in bankruptcy or similar person as aforesaid. 
 All rights of action and of asserting claims under this
Indenture or under any of the Notes may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee
shall be brought in its own name as trustee, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes. 
 In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture or any Indenture Supplement to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party
to any such proceedings. 
 Section 5.04 Remedies; Priorities. 
 (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.02, the Trustee may institute
proceedings to enforce the obligations of the Issuer hereunder in its own name and on behalf of the Noteholders for the collection of all amounts then payable on the Notes or under this Indenture, whether by declaration or otherwise, enforce any
judgment obtained, and collect from the Issuer moneys adjudged due. 
 (b) If an Event of Default shall have occurred and is continuing, and
the Notes have been accelerated under Section 5.02, the Trustee may or, if so directed by the Majority Investors, the Trustee shall, do one or more of the following: 
 (i) institute proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Pledged Assets;

  

 42 

 (ii) exercise any remedies of a secured party under the NYUCC and take any other
appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 
 (iii) in
the case of an Event of Default referred to in clause (a) or (b) of Section 5.01, sell the Pledged Assets or rights or interest therein, at one or more public or private sales called and conducted in accordance with Section 5.05;

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

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

  

 43 

 
addition, the Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the
Pledged Assets in connection with a sale thereof, and to take all action necessary to effect such sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 Section 5.06 Limitations on Suits. 
 No Noteholder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given written notice to the Trustee of a
continuing Event of Default; 
 (b) Noteholders holding Notes evidencing at least 25% of the Outstanding Notes have made written request to
the Trustee to institute such proceeding in respect of such Event of Default in its own name as the Trustee hereunder; 
 (c) such Noteholder
or Noteholders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
 (d) the Trustee has failed to institute such proceedings for 60 days after its receipt of such notice, request and offer of indemnity; and 
 (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Majority Investors; 
 it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided.

 If the Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders holding Notes, each
evidencing less than a majority of the Notes, the Trustee shall act at the direction of the group of Noteholders holding Notes evidencing the greater amount of Notes; provided, however, that, notwithstanding any other provisions of
this Indenture, if the Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders holding an equal amount of Notes, the Trustee in its sole discretion may determine what, if any, action shall be taken.

 Section 5.07 Unconditional Right of Noteholders to Receive Principal and Interest. 
 Notwithstanding any other provision of this Indenture, other than provisions hereof limiting the right to recover amounts due on the Notes to recoveries
from the Pledged Assets, the holder of any Notes shall have the absolute and unconditional right to receive payment of the 

  

 44 

 
principal of and interest on such Notes as such principal and interest becomes due and payable and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Noteholder. 
 Section 5.08 Restoration of Rights and Remedies.

 If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has
been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.09 Rights and Remedies Cumulative. 
 No right or remedy herein conferred upon or reserved to the Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. 
 No delay or omission of the Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such
right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders.

 Except as specifically set forth herein and subject to Section 6.03(d), the Majority Investors shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Notes or exercising any trust or power conferred on the Trustee, provided that: 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; and 
 (c) such direction shall be in writing; 
  

 45 

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

 46 

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

 THE TRUSTEE 
 Section 6.01 Duties of the Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith or
negligence on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions and calculations expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; provided, however, that the Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically
required to be furnished pursuant to any provision of this Indenture or any Indenture Supplement, shall examine them to determine whether they substantially conform, without verification of the accuracy of any computations therein, to the
requirements of this Indenture or any Indenture Supplement. The Trustee shall give prompt written notice to the Noteholders of any material lack of conformity of any such instrument to the applicable requirements of this Indenture discovered by the
Trustee. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) this Section 6.01(c) shall not be construed
to limit the effect of Section 6.01(a); 
  

 47 

 (ii) permissive rights of the Trustee shall not be construed as duties; 
 (iii) the Trustee shall not be liable for any error of judgment made in good faith by a Trustee Officer unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; 
 (iv) the Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with the Indenture and at the direction of the Majority Investors relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or for exercising any trust or power conferred upon the Trustee under this Indenture; 
 (v) no provision of this Indenture or
of any Transaction Document shall require the Trustee to be responsible for the acts or omissions of the Servicer or to act as Successor Servicer until such time as it is required to act as Successor Servicer under this Indenture; and 
 (vi) the Trustee shall have no duty (A) to see to any recording or filing of this Indenture or any agreement referred to herein or
any financing statement or continuation statement or any duty to see to the maintenance of any such recording or filing, (B) to see to any insurance or (C) to see to the payment or discharge of any tax or other governmental charge with
respect to the Issuer, other than from funds in the Collection Account. 
 (d) No provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (e) Each provision of this Indenture that in
any way relates to the Trustee is subject to Sections 6.01(a) and (b). 
 (f) The Trustee shall have no responsibility or liability for
investment losses on Eligible Investments, except to the extent that the institution acting as Trustee is an obligor on such Eligible Investment. 
 (g) For all purposes under this Indenture and the Servicing Agreement, the Trustee shall not be deemed to have notice or knowledge of any Event of Default, Servicer Default or Amortization Event unless a Trustee Officer assigned to and
working in the Corporate Trust Office of the Trustee has actual knowledge thereof or has received written notice thereof. For purposes of determining the Trustee’s responsibility and liability hereunder, any reference to an Event of Default,
Servicer Default or Amortization Event shall be construed to refer only to such event of which the Trustee is deemed to have notice as described in this Section 6.01(g). 
  

 48 

 (h) The Trustee shall promptly comply with the direction of the Noteholders to issue a Notice of
Exclusive Control pursuant to the Deposit Account Control Agreement by and between the Issuer, Cartus, the Trustee and Mellon Bank, N.A. as Lockbox Bank. 
 Section 6.02 Notice of Event of Default. 
 Upon the occurrence of any Event of Default of which a
Trustee Officer has actual knowledge or has received notice, the Trustee shall transmit by mail to all Noteholders as their names and addresses appear on the Note Register, notice of such Event of Default known to the Trustee within the later of
(i) 30 days after such Event of Default occurs or (ii) ten Business Days after the Trustee receives such notice or obtains actual notice, if later. 
 Section 6.03 Rights of Trustee. 
 Except as otherwise provided in Section 6.01: 

(a) The Trustee may conclusively rely and shall fully be protected in acting or refraining from acting on any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, Notes or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 (b) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee may (unless other evidence be herein specifically prescribed), in the absence of bad faith on its part, rely on an Officer’s Certificate of the Issuer. 
 (c) The Trustee may consult with counsel with respect to any action to be taken, suffered or omitted by it hereunder and the written advice of such
counsel, obtained in good faith, or any Opinion of Counsel or any Tax Opinion shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith reliance thereon. 
 (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to honor the request or direction
of any of the Noteholders pursuant to this Indenture (including instituting or defending any lawsuit) unless such Noteholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might
be incurred by it in compliance with such request or direction. 
 (e) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, Notes or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney. 
 (f) Subject to Section 6.13, the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, Affiliates, attorneys, custodians or nominees, and the Trustee shall not be liable for the acts of such agents, attorneys or custodians appointed by the Trustee with due care. 
  

 49 

 (g) The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights conferred upon the Trustee by this Indenture. 
 (h) If the Trustee also
is acting as Paying Agent, Authentication Agent and Transfer Agent and Registrar, the rights and protections afforded to the Trustee pursuant to this Article VI shall also be afforded to such Paying Agent, Authentication Agent and Transfer Agent and
Registrar. 
 Section 6.04 Not Responsible for Recitals or Issuance of Notes. 
 The recitals contained herein and in the Notes shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture, the other Transaction Documents, the Pledged Assets, the Notes or any related document. The Trustee shall not be accountable for the use or
application by the Issuer of the proceeds from the Notes. 
 Section 6.05 May Hold Notes. 
 The Trustee and any Affiliates, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer,
any CMS Person and their Affiliates, or any of the other parties to the Transaction Documents with the same rights it would have if it were not the Trustee or an Affiliate of the Trustee. 
 Section 6.06 Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds held by the Trustee in trust hereunder except to the extent required herein or required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed upon in writing by the Trustee and the Issuer. 
 Section 6.07
Compensation, Reimbursement and Indemnification. 
 Pursuant to the Servicing Agreement, the Issuer shall direct the Servicer to pay to
the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to reimburse the Trustee
for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of
the Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee against any and all loss, liability or expense (including the fees of either in-house counsel or outside counsel, but not both)
incurred by it in connection with the administration of this trust and the performance of its duties hereunder and under any other Transaction Document. The Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Issuer and the 

  

 50 

 
Servicer shall not relieve the Issuer of its obligations hereunder unless such loss, liability or expense could have been avoided with such prompt
notification and then only to the extent of such loss, expense or liability which could have been so avoided. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee
through the Trustee’s own willful misconduct, negligence or bad faith. 
 When the Trustee incurs expenses after the occurrence of a
Default specified in Section 5.01(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
similar law. 
 The Trustee recognizes and agrees that it shall have no claim against the Issuer or any of the Pledged Assets, but only
against the Servicer, which shall, to the exclusion of all other Persons, be responsible for all fees, reimbursements and other amounts due or to become due to the Trustee. The Trustee further acknowledges receipt of payment in full of its fees
hereunder. 
 Section 6.08 Replacement of Trustee. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee pursuant to this Section 6.08. The Trustee
may resign at any time by giving 30 days’ written notice to the Issuer. The Majority Investors may remove the Trustee by so notifying the Trustee. The Issuer shall remove the Trustee if: 
  

	 	(a)	the Trustee fails to comply with Section 6.11; 

  

	 	(b)	the Trustee is adjudged a bankrupt or insolvent; or 

  

	 	(c)	the Trustee otherwise becomes legally unable to act. 

 If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee (who satisfies the requirements
of Section 6.11) subject to the consent of the Majority Investors. 
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Issuer and the Servicer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to all Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Majority Investors may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to
comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  

 51 

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

 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each 

  

 52 

 
of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all
the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee.

 (d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 Section 6.11 Eligibility; Disqualification. 
 The Trustee shall at all times be a corporation organized and doing business under the laws of the United States or any State thereof authorized under such laws to exercise corporate trust powers, having a combined
capital and unimpaired surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and having long-term unsecured debt with a rating of at least Baa3 by Moody’s and BBB- by Standard &
Poor’s and subject to supervision or examination by federal or state authority, and shall satisfy the requirements for a trustee set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act. 
 If at any time the Trustee ceases to be eligible in accordance with the provisions of this Section 6.11, the Trustee shall resign immediately in the
manner and with the effect specified in Section 6.08. 
 Section 6.12 Representations and Covenants of the Trustee.

 The Trustee represents, warrants and covenants that: 
 (a) The Trustee is duly organized and validly existing under the laws of the jurisdiction of its organization; 
 (b) The Trustee has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other Transaction Documents to which it
is a party; and 
 (c) Each of this Indenture and other Transaction Documents to which it is a party has been duly executed and delivered by
the Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
 (d) The Trustee is eligible pursuant to
Section 6.11. 
  

 53 

 Section 6.13 Custody of Pledged Assets and Other Collateral. 
 The Trustee shall hold such of the Pledged Assets (and any other collateral that may be granted to the Trustee) as consists of instruments, deposit
accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of New York. The Trustee shall hold such of the Pledged Assets as constitute investment property through a securities intermediary, which securities
intermediary shall agree with the Trustee that (a) such investment property shall at all times be credited to a securities account of the Trustee, (b) such securities intermediary shall treat the Trustee as entitled to exercise the rights
that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders
originated by the Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person other than the Trustee to comply with entitlement orders originated by such other person,
(f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Trustee), and
(g) such agreement shall be governed by the laws of the State of New York. Terms used in the preceding sentence that are defined in the NYUCC and not otherwise defined herein shall have the meaning set forth in the NYUCC. Except as permitted by
this Section 6.13, the Trustee shall not hold Pledged Assets through an agent or a nominee. 
 ARTICLE VII 
 NOTEHOLDERS’ LIST AND REPORTS BY TRUSTEE 
 Section 7.01 Issuer to Furnish Trustee Names and Addresses of Noteholders. 
 The Issuer shall furnish or cause the
Transfer Agent and Registrar to furnish to the Trustee (a) upon each transfer of a Notes, a list of the names, addresses and taxpayer identification numbers of the Noteholders as they appear on the Note Register as of such Record Date, in such
form as the Trustee may reasonably require, and (b) at such other times as the Trustee may request in writing, within 10 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days
prior to the time such list is furnished; provided, however, that if the Trustee is the Transfer Agent and Registrar, the Trustee shall furnish to the Issuer such list in the same manner prescribed in clause (b) above. 

Section 7.02 Preservation of Information. 
 If the Trustee is not the Transfer Agent and Registrar, the Trustee shall preserve the names, addresses and taxpayer identification numbers of the Noteholders contained in the most recent list furnished to the Trustee
as provided in Section 7.01. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
  

 54 

 ARTICLE VIII 
 ALLOCATION AND APPLICATION OF POOL COLLECTIONS AND FEE COLLECTIONS 
 Section 8.01 Collection
of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Trustee pursuant to this Indenture. The Trustee shall hold all such money and property received by it in trust for the Noteholders and shall apply it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any payment or performance under the Servicing Agreement or any other Transaction Document, the Trustee may, and upon the request of the Majority Investors shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim an Event of Default under this Indenture and
to proceed thereafter as provided in Article V. 
 Section 8.02 Rights of Noteholders. 
 The Notes shall represent limited recourse obligations of the Issuer secured by the Pledged Assets, including the right to receive Pool Collections and
Fee Collections and other amounts at the times and in the amounts specified in this Article VIII to be deposited in Collection Account. The Notes do not represent obligations of, or interests in, Cartus, CRC or the Servicer. The Notes are limited in
right of payment to Pool Collections and Fee Collections on the Pledged Assets and other assets of the Issuer allocable to the Notes as provided herein. 
 Section 8.03 Establishment of Collection Account. The Collection Account shall be established and maintained in accordance with the provisions of the Servicing Agreement. Funds on deposit in any subaccount
of the Collection Account shall not be commingled with (i) funds on deposit in any other subaccount of the Collection Account or (ii) funds on deposit in the Collection Account which have not been allocated to any subaccount of the
Collection Account. 
 Section 8.04 Pool Collections and Fee Collections and Allocations. 
 (a) The Issuer shall cause the Servicer to deposit Pool Collections and Fee Collections into the Collection Account as promptly as possible after the
receipt in a Lockbox Account of such Pool Collections or Fee Collections, as applicable, but in no event later than the second Business Day following the receipt in a Lockbox Account of such Pool Collections or Fee Collections. Notwithstanding the
foregoing, unless and until the Purchaser has notified the Issuer and the Servicer that, at the Administrative Agent’s sole discretion, it no longer consents to the following, the Servicer may instruct the Trustee to transfer funds on deposit
in the Collection Account to the Servicer, and such amounts may be commingled with other general collections of the Servicer and re-deposited in the Collection Account no later than one Business Day prior to the related Distribution Date.

 (b) The Issuer agrees that if any Pool Collections or Fee Collections are received by the Issuer in an account other than the Collection
Account, such monies, instruments, cash and other proceeds will not be commingled by the Issuer with any of its other funds or property, if any, but will be held separate and apart therefrom and will be held in trust by the Issuer for, and
immediately remitted to, the Trustee, with any necessary endorsement. 
  

 55 

 (c) (i) Prior to the allocation of funds as set forth in clause (ii), the Trustee shall make the
distributions set forth in Sections 3.02(c)(vi), 3.12 and 3.14(b) of the Servicing Agreement. 
 (ii) After making the
distributions set forth in clause (i), the Trustee shall allocate all funds on deposit in the Collection Account as set forth in Section 9.04. 
 (d) Prior to the close of business on each Deposit Date, the Servicer shall direct the Trustee to allocate Collections in the amounts and according to the priority set forth below pursuant to Section 8.04: 
 (i) (A) If the amount of funds on deposit in the Expense Subaccount on such Deposit Date is less than the Required Amount for such Deposit
Date (excluding any amounts deposited in the Expense Subaccount during the preceding Monthly Period that are being held for distribution on the next Distribution Date or Interest Payment Date), from the Collection Account to the Expense Subaccount
an amount equal to the lesser of (A) the amount of such deficiency or (B) the Collections on such Deposit Date; 
      (B) If the amount of funds on deposit in the Expense Subaccount on such Deposit Date (excluding any amounts deposited in the Expense Subaccount during the preceding Monthly Period that are being held for
distribution on the next succeeding Distribution Date or Interest Payment Date) exceeds the Required Amount for such Deposit Date, and subject to clause (iii) below, from the Expense Subaccount an amount equal to such excess to be treated as
Collections for distribution in accordance with this Section 8.04(d); 
 (ii) During the Revolving Period, and during the
Amortization Period after the Series 2002-1 Notes have been paid in full, to the Administrative Agent an amount equal to any other amounts (other than principal and interest owed under the Series 2002-1 Notes) owed by the Issuer pursuant to the Note
Purchase Agreement; 
 (iii) To the Expense Subaccount, the Monthly Servicing Fee to be distributed on such Distribution Date
plus any Monthly Servicing Fee previously accrued with respect to any Monthly Period and unpaid; 
 (iv) During the
Amortization Period, to the Principal Subaccount, the Collections on such Deposit Date (after giving effect to the transfers set forth in clauses (i), (ii) and (iii) above); provided, however, that the aggregate amount
deposited into the Principal Subaccount pursuant to this clause on any Deposit Date shall not exceed the Outstanding Amount on the immediately preceding Business Day; 
 (v) all remaining Collections to the Issuer; 
 provided, however, that if any event giving rise to a Funding Termination Date has occurred and is continuing, or the release of funds to the Issuer would result in a Funding Termination Date or
would otherwise result in the occurrence of an event that, with the passage of time or the giving of notice or both, would become any event giving rise to a Funding Termination Date, all remaining Collections shall be transferred to the Principal
Subaccount. 
  

 56 

 (e) On each Deposit Date, the Trustee shall pay to the Issuer the remaining funds, if any, on deposit in
the Collection Account on such Deposit Date after giving effect to transfers to be made pursuant to Section 8.04(c). 
 Section 8.05 Release of Pledged Assets. 
 (a) The Trustee may, and when required by the provisions of this Indenture or
the other Transaction Documents shall, with the consent of the Administrative Agent, execute instruments to release property from the Lien of this Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances that
are not inconsistent with the provisions of this Indenture or the Transaction Documents. No party relying on an instrument executed by the Trustee as provided in this Article VIII shall be bound to ascertain the Trustee’s authority, inquire
into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Trustee shall, at such time as there
are no Notes outstanding, release and transfer, without recourse, representation or warranty, all of the Pledged Assets that secured the Notes (other than any cash held for the payment of the Notes pursuant to Section 4.02) to the Issuer.

 Section 8.06 Officer’s Certificate. 
 The Issuer shall provide the Trustee and the Administrative Agent with at least seven days’ prior written notice when requesting the Trustee to take any action pursuant to Section 8.05(a), which notice shall
be accompanied by copies of any instruments involved, and the Trustee shall also require, as a condition to such action, an Officer’s Certificate and Opinion of Counsel stating that such action is authorized hereunder and under the Transaction
Documents and will not materially and adversely impair the security for the Notes or the rights of the Noteholders under this Indenture. The Trustee may rely, without independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Trustee in connection with any such action. 
 Section 8.07 Money for Notes Payments to Be Held in
Trust. 
 All payments of amounts due and payable with respect to the Notes that are to be made from amounts withdrawn from the Collection
Account shall be made on behalf of the Issuer by the Trustee or by the Paying Agent, and no amounts so withdrawn from the Collection Account shall be paid over to or at the direction of the Issuer except as provided in this Section 8.07 or
Section 8.04(d). 
  

 57 

 ARTICLE IX 
 DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS 
 Section 9.01 Determination of Interest and Monthly
Interest. 
 (a) The amount of interest distributable from the Expense Subaccount with respect to the Series 2002-1 Notes on any Interest
Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the Interest Period then ending and the denominator of which is 360, multiplied by (ii) the
Tranche Rate in effect with respect to the related Tranche and multiplied by (iii) the Outstanding Tranche Amount of the related Tranche as of the close of business on the last day of the related Interest Period. The portion of the
Outstanding Amount allocable to any Tranche and the related amount of the interest due on each Interest Payment Date shall be determined by the Administrative Agent and notified by the Administrative Agent to the Servicer and the Trustee in
accordance with the procedures set forth in the Note Purchase Agreement. 
 (b) The “Monthly Interest” for any
Distribution Date shall mean the sum of the aggregate unpaid amount, if any, of all unpaid interest that became due and owing under Section 9.01(a) for each Tranche on any Interest Payment Date occurring since the immediately preceding
Distribution Date plus accrued and unpaid interest on any such unpaid amounts at the applicable Series 2002-1 Tranche Rate plus, without duplication, if such Distribution Date is also an Interest Payment Date, the amount of interest
due and owing as of such Distribution Date in accordance with Section 9.01(a). On the third Business Day preceding each Distribution Date, the Servicer shall determine the excess (the “Interest Shortfall”), if
any, of (x) the Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Monthly Interest on such Distribution Date. If the Interest Shortfall with respect to any
Distribution Date is greater than zero, then on each subsequent Distribution Date until such Interest Shortfall is fully paid, an additional amount (“Additional Interest”) equal to the product of (A) a fraction,
the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360 multiplied by (B) the applicable Series 2002-1 Tranche Rate multiplied by (C) such Interest
Shortfall (or the portion thereof that has not been paid to the Series 2002-1 Noteholders shall be payable as provided herein with respect to the Series 2002-1 Notes. Notwithstanding anything herein to the contrary, Additional Interest shall be
payable or distributed only to the extent permitted by applicable law. From and after the calculation of any Interest Shortfall, Monthly Interest shall be calculated without duplication of any amounts included in the calculation of Additional
Interest. 
 Section 9.02 Determination of Principal Distribution. On any Interest Payment Date for any Tranche (i) during
the Revolving Period, if there are funds on deposit in the Principal Subaccount, and (ii) during the Amortization Period, the Trustee, in accordance with the written instructions of the Servicer, shall distribute from the Principal Subaccount,
for application to reduce the Outstanding Amount, an amount of principal (the “Monthly Principal”) equal to the amount on deposit in the Principal Subaccount. 
 Section 9.03 [Reserved] 
 Section 9.04 Application of Series 2002-1 Collections. On each Interest Payment Date or Distribution Date, as applicable, the Servicer shall instruct the Trustee in writing (such writing to be substantially in the form of
Exhibit B unless otherwise agreed) to apply amounts on deposit in the Collection Account (and any subaccount thereof) as follows: 
 (a) On
each Interest Payment Date, to withdraw from the amounts on deposit in the Expense Subaccount of the Collection Account an amount equal to the amount of interest then due and owing on the Series 2002-1 Notes in accordance with Section 9.01(a)
and to distribute such interest to the Series 2002-1 Noteholders pursuant to Section 5.04. 
  

 58 

 (b) On each Distribution Date, to transfer amounts on deposit in the Expense Subaccount of the Collection
Account in the following order of priority: 
 (i) An amount equal to the sum of (A) Monthly Interest, if any, for
such Distribution Date plus (B) any Interest Shortfall previously accrued and not reimbursed plus (C) any Additional Interest previously accrued and not reimbursed shall be distributed to the Series 2002-1 Noteholders on such
Distribution Date pursuant to Section 5.04; 
 (ii) An amount equal to the Monthly Program Fees for such Distribution
Date, together with all accrued and unpaid Yield Protection Amounts, Breakage Amounts and Indemnity Amounts shall be distributed to the Administrative Agent; and 
 (iii) An amount equal to the sum of (A) the Monthly Servicing Fee for such Distribution Date plus (B) any Monthly
Servicing Fee previously accrued and not paid pursuant to this Section 9.04(b)(iii) shall be distributed to the Servicer. 
 (c) On each
Interest Payment Date for each Tranche, to transfer an amount equal to the Monthly Principal for such Interest Payment Date for such Tranche from the Principal Subaccount to the Series 2002-1 Noteholder on such Distribution Date pursuant to
Section 5.04. 
 Section 9.05 Expense Subaccount. 
 (a) The Issuer, for the benefit of the Series 2002-1 Noteholder, shall establish and maintain with the Trustee or its nominee in the name of the Trustee,
the Expense Subaccount, which shall be a subaccount of the Collection Account (the “Expense Subaccount”). The Trustee shall possess all right, title and interest in all monies, instruments, investment property and other
property credited from time to time to the Expense Subaccount (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2002-1 Noteholder. The Expense Subaccount
shall be under the sole dominion and control of the Trustee for the benefit of the Series 2002-1 Noteholder. Pursuant to the authority granted to the Servicer in Article III of the Servicing Agreement, the Servicer shall have the power, revocable by
the Trustee, to instruct the Trustee to make withdrawals and payments from the Expense Subaccount for the purposes of making the payments required under Section 9.04. 
 (b) Funds on deposit in the Expense Subaccount shall be invested in Eligible Investments accordance with the written instructions of the Servicer
pursuant to Section 4.01 of the Servicing Agreement and Section 6.13 of the Indenture. The Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this
Section 9.05(b) nor for the selection of Eligible Investments, except with respect to investments on which the institution acting as Trustee is an obligor. 
  

 59 

 Section 9.06 Principal Subaccount. 
 (a) The Issuer, for the benefit of the Noteholders, shall establish and maintain with the Trustee or its nominee in the name of the Trustee, the Principal
Subaccount, which shall be a subaccount of the Collection Account (the “Principal Subaccount”). The Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property
credited from time to time to the Principal Subaccount (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2002-1 Noteholder. The Principal Subaccount shall
be under the sole dominion and control of the Trustee for the benefit of the Noteholders. Pursuant to the authority granted to the Servicer in Article III of the Servicing Agreement, the Servicer shall have the power, revocable by the Trustee, to
instruct the Trustee to make withdrawals and payments from the Principal Subaccount for the purposes of making the payments required under Section 9.04. 
 (b) Funds on deposit in the Principal Subaccount shall be invested in accordance with Section 4.01 of the Servicing Agreement and Section 6.13 of the Indenture. The Trustee shall bear no responsibility or
liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 9.06(b) nor for the selection of Eligible Investments, except with respect to investments on which the institution acting as Trustee
is an obligor. 
 (c) The Trustee shall withdraw and transfer funds on deposit in the Principal Subaccount on each Business Day during the
Revolving Period to, or at the direction of, the Issuer if no Asset Amount Deficiency has occurred and is continuing and no Amortization Event or Unmatured Amortization Event has occurred or would result from such withdrawal. Unless the Trustee has
been otherwise notified by the Administrative Agent, the Trustee is entitled to rely upon a written statement of the Servicer to determine whether or not an Asset Amount Deficiency has occurred and is continuing. Any such transfer to the Issuer
shall be made free and clear of the lien of the Indenture and without compliance with Section 13.01(b) of the Indenture. It is expressly understood that, during the Amortization Period, the Trustee shall not withdraw funds on deposit in the
Principal Subaccount except to fund payments of Monthly Principal under Section 9.02 and, after the Series 2002-1 Note has been paid in full, to fund any other payments owed under Section 8.04 in the order of priority set forth therein.

 Section 9.07 Investment Instructions. Any investment instructions required to be given to the Trustee pursuant to the terms
hereof must be given to the Trustee no later than 11:00 a.m. (New York City time) on the date such investment is to be made; provided, however, that if such investment is in commercial paper, instructions must be given to the Trustee
prior to 10:00 a.m. (New York City time). If the Trustee receives such investment instruction later than such time, the Trustee may, but shall have no obligation to, make such investment. If the Trustee is unable to make an investment required in an
investment instruction received by the Trustee after 11:00 a.m. (or 10:00 a.m. in the case of commercial paper) (New York City time) on such day, such investment shall be made by the Trustee on the next succeeding Business Day. In no event
shall the Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m. (New York City time) on the day such investment is requested to be made. 
  

 60 

 ARTICLE X 
 AMORTIZATION EVENTS 
 Section 10.01 Amortization Events. Upon the occurrence and
continuance of any of the following events: 
 (a) (i) failure on the part of the Issuer to pay principal of and interest on the Series
2002-1 Notes in full on or before the Final Stated Maturity Date, or to pay Monthly Principal to the extent required under Section 9.04, or to pay accrued interest on the Series 2002-1 Notes in full on any Interest Payment Date, or to pay
accrued Monthly Program Fees on any Distribution Date or to pay Breakage Amounts, Yield Protection Amounts or Indemnity Amounts as and when due, and such failure remains unremedied for five Business Days, or (ii) failure on the part of the
Issuer duly to perform or observe the covenants and agreements set forth in Sections 3.02(e) or 3.03, or (iii) failure on the part of the Issuer duly to perform or observe any other covenants or agreements of the Issuer set forth herein, which
failure has a Material Adverse Effect on the rights of the Holders of the Series 2002-1 Notes and which failure continues unremedied for a period of 30 days, in each case, after the date of such failure; 
 (b) (i) any of the representations and warranties made by the Issuer in Section 3.01(d) or 3.01(e), proves to have been incorrect in any
material respect when made, or (ii) any representation or warranty made by the Issuer herein proves to have been incorrect in any material respect when made, and continues to be incorrect in any material respect for a period of 30 days, in each
case, after the date on which an Authorized Officer of the Issuer knew or with reasonable diligence would have known of such failure; 
 (c)
a Servicer Default has occurred under the Servicing Agreement and remains unremedied for a period of five Business Days; 
 (d) a CRC
Purchase Termination Event under the CRC Purchase Agreement or KF Purchase Termination Event under the Receivables Purchase Agreement or the Fee Receivables Purchase Agreement has occurred and, in each case, remains unremedied for a period of five
Business Days; 
 (e) an Event of Default or any of the following shall have occurred: (i) the failure of the Purchaser or any Liquidity
Party to receive any amount required to be paid pursuant to any of the Transaction Documents and the continuance of such failure for three Business Days, (ii) an Asset Amount Deficiency, or (iii) 60 days following notification from the
Seller delivered to the Purchaser and the Administrative Agent.; 
 (f) the failure to vest and maintain in the Trustee a perfected first
priority security interest in the Pledged Assets; 
 (g) an Event of Bankruptcy shall occur with respect to the Issuer, the Performance
Guarantor, Cartus or CRC; 
 (h) Failure of the Servicer or the Performance Guarantor to pay any principal and/or interest in respect of any
Indebtedness under the Realogy Credit Agreement or under any other 

  

 61 

 
indenture or agreement governing any Indebtedness the principal amount of which exceeds $25,000,000 and such failure shall continue beyond the applicable
grace period, if any, specified in the agreement or instrument governing such Indebtedness; or (ii) the default by the Servicer or the Performance Guarantor in the performance of any term, provision or condition contained in any agreement
described in clause (i) above, or the existence of any event or condition with respect to any Indebtedness arising under any such agreement, if the effect of such default, event or condition is to cause, or permit the holder of such
Indebtedness to cause, such Indebtedness to become due prior to its stated maturity, including without limitation the occurrence of any “Event of Default” under the Realogy Credit Agreement; or (iii) any Indebtedness of the Servicer
or the Performance Guarantor in a principal amount exceeding $25,000,000 shall be declared to be due and payable or is required to be prepaid (other than by a regularly scheduled payment or a mandatory redemption or prepayment provision) prior to
the scheduled date of maturity thereof; 
 (i) exclusive control of any Lockbox Account has not been transferred to the Administrative Agent
upon request; 
 (j) the Three Month Rolling Fee Concession Ratio shall exceed 1.5%; 
 (k) the Three Month Rolling Default Ratio shall exceed 12.5%; 
 (l) the Three Month Average Loss-to-Acquisition Value Ratio shall exceed 10.0%; 
 (m) any Pool Relocation
Management Agreement is terminated for any reason, if the aggregate Unpaid Balance of Receivables arising under such Pool Relocation Management Agreement represent more than 30% of the Aggregate Receivables Balance, in each case as of the date such
Pool Relocation Management Agreement is terminated; 
 (n) Either the Three Month Weighted Average Inventory Hold Period exceeds 150 days or
the Six-Month Weighted Average Inventory Hold period exceeds 135 days; 
 (o) Realogy shall have breached its obligations under any financial
covenants included in the Realogy Credit Agreement; or 
 (p) the Realogy Guaranty is rescinded or the Performance Guarantor shall deny that
it has liability thereunder) or shall for any reason cease to be the valid, binding and enforceable general obligation of the Performance Guarantor; or the Performance Guarantor shall default in the payment or performance of any of its debts,
duties, liabilities or obligations under the Realogy Guaranty; or 
 (q) A Change of Control shall have occurred; 
 then, (i) in the case of any event described in clauses (a) through (e) and (h) through (q), an “Amortization Event” will be
deemed to have occurred only if, after the applicable grace period, if any, set forth in such clauses, either the Trustee (at the direction of the Holders of not less than a majority of the Outstanding Amount) or the Holders of not less than a
majority of the Outstanding Amount by notice then given in writing to the Issuer and the Servicer (and to the Trustee if given by the Series 2002-1 Noteholder) declare that an Amortization Event has occurred as of the date of such notice and
(ii) in the case of either event described in clauses (f), or (g), an Amortization Event shall occur immediately upon the occurrence of such event without any notice or other action on the part of the Trustee or the Series 2002-1 Noteholders.

 [END OF ARTICLE X] 
  

 62 

 ARTICLE XI 
 SUPPLEMENTAL INDENTURES 
 Section 11.01 Supplemental Indentures Without Consent of
Noteholders. 
 Without the consent of the Holders of any Notes, the Issuer, the Trustee, the Paying Agent, the Authentication Agent and
the Transfer Agent and Registrar, at any time and from time to time, may enter into an indenture or indentures supplemental hereto for any of the following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm to the Trustee any property subject, or required to be subjected, to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
 (ii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein
conferred upon the Issuer; 
 (iii) to convey, transfer, assign, mortgage or pledge any property to or with the consent of the
Trustee; 
 (iv) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that
may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; or 
 (v) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to
or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the Pledged Assets hereunder by more than one trustee, pursuant to the requirements of Article VI. 
 The Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar are hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
 Section 11.02
Supplemental Indentures with Consent of Noteholders. 
 The Issuer, the Trustee, the Paying Agent, the Authentication Agent and the
Transfer Agent and Registrar also, with the consent of the Majority Investors, by Act of such Holders 

  

 63 

 
delivered to the Issuer and the Trustee, may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders. Notwithstanding the foregoing, no supplemental indenture shall, without the consent of Holders of 100% of the
Outstanding Amount of the Outstanding Notes: 
 (a) change the due date of any payment of principal of or interest on any Notes, or reduce the
principal amount thereof, the interest rate specified thereon or the redemption price with respect thereto or change any place of payment where, or the coin or currency in which, any Notes or any interest thereon is payable; 
 (b) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor to
the payment of any such amount due on the Notes on or after the respective due dates thereof, as provided in Article V (or, in the case of redemption, on or after the Redemption Date); 
 (c) reduce the percentage that constitutes a majority of the Outstanding Amount of the Notes the consent of the Holders of which is required for any such
supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences as provided for in this Indenture; 
 (d) reduce the percentage of the Outstanding Amount of the Notes which is required to direct the Trustee to sell or liquidate the Pledged Assets if the
proceeds of such sale would be insufficient to pay the principal amount and accrued but unpaid interest on the Outstanding Notes; 
 (e)
decrease the percentage of the aggregate principal amount of the Notes required to amend the sections of this Indenture that specify the applicable percentage of the aggregate principal amount of the Notes necessary to amend the Indenture or any
Transaction Documents that require such consent; 
 (f) modify or alter the provisions of this Indenture regarding the voting of Notes held
by the Issuer, any other obligor on the Notes, the Servicer or any Affiliate of any of the foregoing Persons; 
 (g) permit the creation of
any Lien ranking prior to, junior to, or on a parity with the lien of this Indenture with respect to any part of the Pledged Assets for any Notes or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any
such Pledged Assets at any time subject hereto or deprive the Holder of any Notes of the security provided by the lien of this Indenture; or 
 (h) issue additional Series of Notes under this Indenture. 
 It shall not be necessary for any Act of Noteholders under this
Section 11.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

 64 

 Promptly after the execution by the Issuer, the Trustee, the Paying Agent, the Authentication Agent and
the Transfer Agent and Registrar of any Supplement Indenture pursuant to this Section 11.02, the Paying Agent shall mail to the Holders of the Notes to which such supplemental indenture relates written notice setting forth in general terms the
substance of such supplement indenture; provided, however, that any failure of the Paying Agent to mail such notice, or any defect therein, shall not in any way impair or affect the validity of any such supplemental indenture.

 Section 11.03 Execution of Supplemental Indentures. 
 In executing, or permitting the additional trusts created by any supplemental indenture permitted by this Article X or the modification thereby of the
trusts created by this Indenture, the Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar shall be entitled to receive, and subject to Section 6.01, shall be fully protected in relying on, an Officer’s
Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own
rights, duties, liabilities or immunities under this Indenture or otherwise. The Paying Agent, the Authentication Agent and the Transfer Agent and Registrar, as the case may be, may, but shall not be obligated to, enter into any such supplemental
indenture that affects their respective rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Section 11.04
Effect of Supplemental Indenture. 
 Upon the execution of any supplemental indenture under this Article X, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes, and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 Section 11.05 Reference in Notes to Supplemental Indentures. 
 Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article X may, and if required by the Authentication Agent shall, bear a notation in form approved by the Trustee
and the Authentication Agent as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes modified so as to conform, in the opinion of the Trustee and the Authentication Agent and the Issuer, to any such
supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Authentication Agent in exchange for the Outstanding Notes. 
 ARTICLE XII 
 MANDATORY REDEMPTION; OPTIONAL REDEMPTION OF NOTES 
 Section 12.01 [Reserved]. 
 Section 12.02 Optional Redemption of Notes. 
  

 65 

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

 66 

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

 67 

 (v) Notwithstanding any provision of this Section 13.01, the Issuer may
(A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by the
Transaction Documents, and the provisions of the Granting Clause shall apply. 
 Section 13.02 Form of Documents Delivered to
Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of a Responsible Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of a Responsible
Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer or the Issuer, stating that the information with respect to such
factual matters is in the possession of the Servicer or the Issuer, unless such Responsible Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters
are erroneous. 
 In any case in which any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application or as evidence of the
Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s
right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 Section 13.03 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing and
satisfying any requisite percentages as to the minimum number or Dollar value of outstanding principal amount represented by such 

  

 68 

 
Noteholders; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the
Trustee, and, to the extent hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Section 13.03. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved
in any manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder (and any
transferee thereof) of every Notes issued upon the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Notes. 
 Section 13.04 Notices to Issuer, Trustee, Paying Agent, Authentication Agent and Transfer
Agent and Registrar. 
 All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given
if personally delivered at, sent by facsimile to, sent by courier at or mailed by certified or registered mail, return receipt requested, to (a) in the case of the Issuer, to 40 Apple Ridge Road, Suite 4C68, Danbury, Connecticut 06810,
Attention: Controller, (b) in the case of the Trustee, to the Corporate Trust Office and (c) in the case of the Paying Agent, the Authentication Agent or the Transfer Agent and Registrar, to the Corporate Trust Office; or, as to each
party, at such other address as shall be designated by such party in a written notice to each other party. 
 Section 13.05 Notices
to Noteholders; Waiver. 
 In any case in which this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by registered or certified mail or first class postage prepaid or national overnight courier service to each Noteholder affected by such event, at the
Noteholder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Person shall affect the sufficiency of such notice with respect to other Persons, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have
been duly given. 
 In any case in which this Indenture provides for notice in any manner, such notice may be waived in writing by any Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee (with a copy to the Paying Agent), but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

 69 

 If, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar
activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee or the
Paying Agent, as the case may be, shall be deemed to be a sufficient giving of such notice. 
 Section 13.06 Alternate Payment and
Notice Provisions. 
 Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the consent of
the Paying Agent, may enter into any agreement with any Holder of a Notes providing for a method of payment, or notice by the Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer shall furnish to the Trustee or/and the Paying Agent a copy of each such agreement and the Paying Agent or the Trustee, as the case may be, shall cause payments to be made and notices to be given in accordance with
such agreements. 
 Section 13.07 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 13.08 Successors and Assigns. 
 All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 
 Section 13.09 Separability. 
 If any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 13.10 Benefits of Indenture. 
 Nothing in this Indenture or in the Notes, express or implied, shall give to any
Person other than the parties hereto and their successors hereunder and the Noteholders, any benefit. 
 Section 13.11 Legal
Holidays. 
 If the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes
or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after
any such nominal date. 
  

 70 

 Section 13.12 GOVERNING LAW. 
 THE INDENTURE AND EACH NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 Section 13.13 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
 Section 13.14 No Petition. 
 The Trustee, the Paying Agent, the Authentication Agent and the Transfer Agent and Registrar, by entering into this Indenture, and each Noteholder, by
accepting a Notes, hereby covenant and agree that they will not at any time institute against the Issuer or CRC, or join in any institution against the Issuer or CRC, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Transaction Documents until the expiration of one year and
one day after payment in full of the latest maturing Notes issued by the Issuer under this Indenture. This Section shall survive termination of the Indenture. 
 Section 13.15 Conversion. Notwithstanding any covenants in this Agreement requiring Cartus or CRC to maintain its “corporate existence”, such entity may elect to convert their status from that of
a Delaware corporation to that of a Delaware limited liability company, either by filing a certificate of conversion with the Delaware Secretary of State or by merging with and into a newly formed Delaware limited liability company (such conversion
or merger, as applicable, being herein called a “Conversion”) subject to the conditions that: 
 (a) (x) the Person formed
by such Conversion (any such Person, the “Surviving Entity”) is an entity organized and existing under the laws of the United States of America or any State thereof, (y) such Surviving Entity expressly assumes, by an agreement
in form and substance satisfactory to the Issuer and its assignees, performance of every covenant and obligation of its predecessor entity under the Transaction Documents to which such predecessor entity is a party and (z) such Surviving Entity
delivers to the other parties to that certain Fifth Omnibus Amendment dated as of April 10, 2007 (such parties, the “Amendment Parties”) an opinion of counsel that such Surviving Entity is duly organized and validly existing
under the laws of its organization, has duly executed and delivered such supplemental agreement, and such supplemental agreement is a valid and binding obligation of such Surviving Entity, enforceable against such Surviving Entity in accordance with
its terms (subject to customary exceptions relating to bankruptcy and equitable principles) and covering such other matters as the Amendment Parties may reasonably request; 
 (b) all actions necessary to maintain the perfection of the security interests or ownership interests created by such entity under the Transaction
Documents in favor of CRC or the Issuer shall have been taken, as evidenced by an opinion of counsel reasonably satisfactory to the Amendment Parties; 
  

 71 

 (c) if such entity is the Servicer, no Servicer Default or Unmatured Servicer Default is then occurring
or would result from such Conversion; 
 (d) in the case of a Conversion of CRC, (x) the organizational documents of any Surviving
Entity with respect to CRC shall contain limitations on its business activities and requirements for independent directors or managers substantially equivalent to those set forth in its current organizational documents, and (y) Orrick
Herrington & Sutcliffe or other counsel reasonably satisfactory to the other Amendment Parties shall have delivered an opinion of counsel reasonably satisfactory to the other Amendment Parties that such Conversion will not in and of itself
alter the conclusions set forth in its opinions previously issued in connection with the Transaction Documents with respect to true sale matters, substantive consolidation matters and bankruptcy issues relating to “home sale proceeds” to
the extent relating to CRC; and 
 (e) each Amendment Party shall have received such other documents as such Amendment Party may reasonably
request. 
 In connection with any such Conversion and the resulting change in name of such entity, Cartus and CRC shall be required to
comply with the name change covenants in the Transaction Documents, except that to the extent 30 days prior written notice of the name change is required, such notice period shall be reduced to five Business Days. 
 From and after any such Conversion effected in compliance with the above conditions: (a) all references in the Transaction Documents to any Person
which has altered its corporate structure to become a limited liability company shall be deemed to be references to the Surviving Entity as successor to such Person; (b) all representations, warranties and covenants in the Transaction Documents
which state that any of Cartus or CRC is or is required to be a corporation shall be deemed to permit and require the Surviving Entity to be a limited liability company; (c) all references to such Person’s certificate of incorporation,
other organizational documents, capital stock, corporate action or other matters relating to its corporate form will be deemed to be references to the Surviving Entity’s organizational documents and analogous matters relating to limited
liability companies; (d) all references to such Person’s directors or independent directors will be deemed to be references to the Surviving Entity’s directors, independent directors, managers or independent managers, as the case may
be and (e) no representation, warranty or covenant in any Transaction Document shall be deemed to be breached or violated solely as a result of the fact that the Surviving Entity in any Conversion may be disregarded as a separate entity for
federal, state or local income tax purposes. 
 Section 13.16 Release and Sale of FDIC/USPS Receivables. The parties hereto
acknowledge and agree that each of Cartus, CRC and the Issuer intends to enter into an assignment agreement (such agreement, the “Kenosia Assignment Agreement”) whereby each of Cartus, CRC and the Issuer will sell to Cartus
Financial Corporation (“CFC”) all of its right, title and interest, if any, in and to all Receivables (the “FDIC/USPS Receivables”) outstanding as of a cut-off date specified in such agreement or thereafter arising
under or in connection with the Relocation Management Agreements with the Federal Deposit Insurance Corporation and the United States Postal Service (such Relocation Management Agreements, the “FDIC/USPS  

  

 72 

 
Contracts”), all Related Property with respect to such FDIC/USPS Receivables (the “FDIC/USPS Related Property”), all Cartus
Collections and CRC Collections of such FDIC/USPS Receivables and FDIC/USPS Related Property, and all proceeds of and earnings on the foregoing (collectively, the “FDIC/USPS Transferred Assets”). The parties hereto agree that,
notwithstanding anything to the contrary in the Transaction Documents: (i) Cartus, CRC and the Issuer shall be allowed (x) to enter into the Kenosia Assignment Agreement provided that the form and substance of such agreement has been
consented to by the Administrative Agent prior to execution thereof, and (y) to consummate the transfer of the FDIC/USPS Transferred Assets on the terms and conditions set forth therein; (ii) concurrently with such transfer, the FDIC/USPS
Contracts shall cease to be “Pool Relocation Management Agreements” under any of the Transaction Documents and Schedule 2.1 to this Agreement, the Purchase Agreement and the Fee Receivables Purchase Agreement, as applicable, shall be
deemed amended to delete any references to the FDIC/USPS Contracts and any remaining references in the Transaction Documents to the FDIC/USPS Contracts shall be of no further force and effect; and (iii) any Lien the Trustee has on the FDIC/USPS
Transferred Assets shall be automatically released without the need for any further action. 
 Section 13.17 Amendment and
Restatement. This Indenture amends and restates the Original Indenture and shall not constitute a novation or termination of the Original Indenture or any liens or security interests created thereunder, and all obligations thereunder are in all
respects continuing, with only the terms thereof being modified as provided herein. Each reference in the other Transaction Documents to the “Indenture,” “thereunder,” “thereof,” “therein,” or any other
expression of like import referring to the Original Indenture shall mean and be a reference to this Indenture. 
  

 73 

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

			
	 KENOSIA FUNDING, LLC,
 as
Issuer

		
	By:	 	 /s/ Ed Barnes

	Name:	 	Ed Barnes
	Title:	 	SVP, CFO
	
	 THE BANK OF NEW YORK
 as Trustee and as
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 Amended and Restated Indenture]Amended and Restated Note Purchase Agreement

 Exhibit 10.45 

 AMENDED AND RESTATED NOTE PURCHASE AGREEMENT 
 (Secured Variable Funding Notes, Series 2002-1) 
 Dated as of April 10, 2007 
 Among 
 KENOSIA FUNDING, LLC 
 as Issuer, 
 CARTUS CORPORATION, 
 as Originator and as Servicer, 
 CARTUS
RELOCATION CORPORATION, 
 as an Originator 
 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	  	2
		 	 SECTION 1.02.
	  	Other Terms	  	9
		 	 SECTION 1.03.
	  	Computation of Time Periods	  	9
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2002-1 NOTES
	  	
				
		 	 SECTION 2.01.
	  	Purchase and Transfer of Series 2002-1 Notes.	  	9
		 	 SECTION 2.02.
	  	Increases and Reductions to the Outstanding Amount	  	10
		 	 SECTION 2.03.
	  	Calculation and Payment of Interest and Fees	  	12
		 	 SECTION 2.04.
	  	Tranches	  	12
		 	 SECTION 2.05.
	  	Reductions and Increases to Stated Amount	  	13
		 	 SECTION 2.06.
	  	Increased Costs	  	14
		 	 SECTION 2.07.
	  	Increased Capital	  	14
		 	 SECTION 2.08.
	  	Taxes	  	15
		 	 SECTION 2.09.
	  	Funding Losses	  	16
		 	 SECTION 2.10.
	  	Nonrecourse Obligations	  	17
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	
				
		 	 SECTION 3.01.
	  	Conditions Precedent to Purchase	  	17
		 	 SECTION 3.02.
	  	Conditions Precedent to each Increase	  	18
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	
				
		 	 SECTION 4.01.
	  	Representations and Warranties of the Issuer	  	18
		 	 SECTION 4.02.
	  	Representations and Warranties of the Cartus Persons	  	21
		
	 ARTICLE V COVENANTS AND INDEMNITIES
	  	
				
		 	 SECTION 5.01.
	  	Covenants of the Issuer and Servicer	  	22
		 	 SECTION 5.02.
	  	Indemnification	  	26
		
	 ARTICLE VI THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS
	  	
				
		 	 SECTION 6.01.
	  	Authorization and Action	  	26
		 	 SECTION 6.02.
	  	Administrative Agent's Reliance, Etc	  	27
		 	 SECTION 6.03.
	  	Administrative Agent and Affiliates	  	27
		 	 SECTION 6.04.
	  	Purchase Decision	  	28
		 	 SECTION 6.05.
	  	Indemnification of the Administrative Agent	  	28
		 	 SECTION 6.06.
	  	Successor Administrative Agent	  	28
		 	 SECTION 6.07.
	  	Authorization and Action of Managing Agents	  	29
		 	 SECTION 6.08.
	  	Successor Managing Agent	  	29
		 	 SECTION 6.09.
	  	Payments by a Managing Agent	  	29
		
	 ARTICLE VII MISCELLANEOUS
	  	
				
		 	 SECTION 7.01.
	  	Amendments, Waivers and Consents, Etc	  	30
		 	 SECTION 7.02.
	  	Notices	  	30
		 	 SECTION 7.03.
	  	No Waiver; Remedies; Rights of Purchasers, Etc	  	30
		 	 SECTION 7.04.
	  	Binding Effect; Assignability	  	31
		 	 SECTION 7.05.
	  	Securities Laws; Series 2002-1 Note as Evidence of Indebtedness	  	31
		 	 SECTION 7.06.
	  	SUBMISSION TO JURISDICTION	  	32
		 	 SECTION 7.07.
	  	GOVERNING LAW; WAIVER OF JURY TRIAL	  	33
		 	 SECTION 7.08.
	  	Costs and Expenses	  	33
		 	 SECTION 7.09.
	  	No Proceedings	  	33

  

 i 

							
		 	 SECTION 7.10.
	  	Execution in Counterparts; Severability	  	33
		 	 SECTION 7.11.
	  	Limited Recourse Obligations	  	34
		 	 SECTION 7.12.
	  	Confidentiality	  	34

 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 

 AMENDED AND RESTATED NOTE PURCHASE AGREEMENT 
 (Secured Variable Funding Notes, Series 2002-1) 
 Dated as of April 10, 2007

 KENOSIA FUNDING, LLC, a Delaware limited liability company, as Issuer, CARTUS CORPORATION, a Delaware corporation (“Cartus”), as
Originator and as Servicer, CARTUS RELOCATION CORPORATION, as an Originator (“CRC” and together with Cartus, in its capacity as an Originator, “Originators”), 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 (in such capacity, the “Lead Arranger”) agree as follows: 
 WHEREAS, the Issuer has entered into that certain Indenture (as defined below) pursuant to which the Issuer issued that certain Series 2002-1 Note (the
“Existing Series 2002-1 Note”) in favor of Gotham Funding Corporation (“Gotham”); and 
 WHEREAS, the
Issuer, Cartus and CRC previously entered into that certain Note Purchase Agreement dated as of March 7, 2002 (as amended, the “Original Note Purchase Agreement”) with Gotham, as the Purchaser, and The Bank of Tokyo-Mitsubishi
UFJ, Ltd. (“BTM”), as Administrative Agent, pursuant to which Gotham purchased the Existing Series 2002-1 Note and agreed to fund certain “Increases” thereunder from time to time; and 
 WHEREAS, pursuant to that certain Assignment and Acceptance Agreement (the “BTM Assignment”) of even date herewith, (i) BTM and
Gotham, collectively, have assigned to Calyon and to Atlantic Asset Securitization LLC, (“Atlantic”), all of their right, title and interest in and to the Original Note Purchase Agreement and the Existing Series 2002-1 Note and
(ii) Calyon and Atlantic have agreed to assume all of the duties and obligations of BTM and Gotham under the Original Note Purchase Agreement; and 
 WHEREAS, Atlantic may wish to enter into an Assignment and Acceptance Agreement (as defined below) in the future in order to syndicate to other Conduit Purchasers its interests in the Series 2002-1 Notes; and

 WHEREAS, in connection with the foregoing, the parties hereto have agreed to amend and restate the Original Note Purchase Agreement
pursuant to the terms and conditions of this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Original Note Purchase Agreement is hereby amended and restated in its entirety as set forth below and 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 (as defined below). In addition, the following terms have the following respective meanings: 
 “Administrative Agent” is defined in the preamble. 
 “Agreement” means
this Amended and Restated Note Purchase Agreement, as the same may from time to time be amended, restated, supplemented or otherwise modified. 
 “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. 
 “Atlantic” is defined in the preamble. 
 “Available Amounts” is defined in Section 2.10. 
 “Available Funds” is defined in Section 7.11(b). 
 “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. 
 “Base Rate Tranche” means a Tranche for which interest is calculated by reference to the Base Rate. 
 “BTM” is defined in the preamble. 
 “BTM Assignment” is defined in the preamble. 
 “Calyon” is defined in the preamble. 

“Cartus” is defined in the preamble. 
 “Cartus Person” means each of the Originators and the Servicer. 
 “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
2002-1 Notes. 
  

 2 

 “Commitment” means (i) with respect to each Committed Purchaser, the commitment of
such Committed Purchaser to purchase an interest in the Series 2002-1 Notes on the Effective 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 2002-1 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. 
 “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 

  

 3 

 
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. 
 “CRC” is defined in the preamble. 
 “Decrease” shall mean any reduction in the Outstanding Amount pursuant to Section 2.02(c). 
 “Decrease Date” shall mean the date on which any reduction to the Outstanding Amount pursuant to Section 2.02(c) is distributed to
the Noteholders under Section 9.04 of the Indenture. 
 “Effective Date” means April 10, 2007. 
 “Environmental Laws” is defined in the Purchase Agreement. 
 “Eurodollar Reporting 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 sum of (i) 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 Reporting Date, divided by the remainder of one minus the Eurodollar Reserve Percentage applicable during such Interest Period, if any, plus (ii) the Eurodollar Rate Margin. If such London Interbank Offered 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 Reporting 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 2002-1 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 2002-1 Notes for such Interest
Period or (iii) a determination by such Owner that the maintenance of its investment in the Series 2002-1 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. 
  

 4 

 “Eurodollar Rate Margin” is defined in the Fee Letter. 
 “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 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. 
 “Existing Series 2002-1 Note” is defined in the preamble. 
 “Facility Fee” is defined in the Fee Letter. 
 “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.

 “Fee Collections” is defined in the Fee Receivables Purchase Agreement. 
 “Fee Letter” means the Fee Letter of even date herewith between Calyon and the Issuer. 
 “Fifth Omnibus Amendment” means that certain Fifth Omnibus Amendment and Agreement, dated as of even date herewith, among Cartus, CRC,
the Issuer, the Trustee, Calyon, Atlantic, and Realogy. 
 “Gotham” is defined in the preamble. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  

 5 

 “Increase” shall mean any funding by the Purchasers pursuant to Section 2.02(a)
which increases the Outstanding Amount. 
 “Increase Date” shall mean the date on which any Increase is funded. 

“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. 
 “Indemnity Amounts” means all indemnities and analogous payment due from the Issuer under Section 2.08, Section 5.02, and/or Section 7.08 of this Agreement. 
 “Indenture” means that certain Indenture dated as of March 7, 2002 among the Issuer, and The Bank of New York, as Trustee, paying
agent, authentication agent, transfer agent, and registrar, as amended through the Fifth Omnibus Amendment, and as hereafter amended, restated, supplemented or otherwise modified from time to time. 
 “Lead Arranger” is defined in the preamble. 
 “Lien” has the meaning given in the Fee Receivables 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. 
 “Lockbox Agreement” is defined in the Servicing Agreement. 
 “Losses” is
defined in Section 5.02. 
 “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. 
 “Monthly Originator Report” has the meaning given in the Servicing Agreement. 
 “Notes” means the Series 2002-1 Notes. 
 “Original Note Purchase Agreement” is defined in the
preamble. 
 “Originator” is defined in the preamble. 
 “Other Taxes” is defined in Section 2.08. 
  

 6 

 “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 2002-1 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. 
 “Performance Guarantor” means Realogy. 
 “Performance Guaranty” means that certain Amended and Restated Guaranty from Realogy dated as of even date herewith. 
 “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. 
 “Pool Collections” is defined in the Receivables Purchase Agreement. 
 “Process Agent” is defined in Section 7.06. 
 “Program Fee” is defined in the Fee Letter. 
 “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 Outstanding Amount funded by each Purchaser Group as its numerator and the Outstanding Amount as its denominator. 
 “Purchase” means the purchase of the Series 2002-1 Notes from Gotham by the Purchasers on the Effective Date. 
 “Purchase Agreement” means that certain “CMGFSC Purchase Agreement” dated March 7, 2002, between Cartus Corporation and
Cartus Relocation Corporation, as amended through the Fifth Omnibus Amendment, and as hereafter amended, restated, supplemented, or otherwise modified from time to time. 
  

 7 

 “Purchaser” means, a Conduit Purchaser or Committed Purchaser as the context requires
and “Purchasers” means collectively, the Conduit Purchasers and the Committed Purchasers. 
 “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 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. 
 “Rate Type” means the Eurodollar Rate, the Base Rate or the CP Rate. 
 “Rating Agencies” means,
collectively, Fitch, Moody’s and Standard & Poor’s, and their respective successors in interest. 
 “Realogy” means Realogy Corporation, a Delaware corporation, and its successors. 
 “Receivable”
is defined in the Purchase Agreement. 
 “Reporting Date” is defined in the Servicing Agreement. 
 “Required Managing Agents” means, at any time, Managing Agents representing
Purchaser Groups which hold Series 2002-1 Notes that represent at least 66  2/3% of the Outstanding Amount or, if
the Outstanding Amount is zero, Managing Agents representing Purchaser Groups with Pro Rata Shares of not less than 66  2/3%. 
 “Revolving Period” shall mean the period beginning on the Effective Date and ending upon
the commencement of the Amortization Period. 
 “Series 2002-1 Notes” means the Notes executed hereunder in substitution for
the Existing Series 2002-1 Note. 
 “Servicer” is defined in the preamble. 
 “Servicer Default” is defined in the Servicing Agreement. 
 “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 

  

 8 

 
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. 
 “Stated Amount Increase Notice”
is defined in Section 2.05(b). 
 “Taxes” is defined in Section 2.08(a). 
 “Tranche” is defined in Section 2.04. 
 “Transferred Employee” is defined in the Purchase Agreement. 
 “UCC” means
the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 
 “Weekly Activity Report” has
the meaning given in Section 3.07(d) of the Servicing Agreement. 
 “Yield Protection Amount” means any amounts owing
by the Issuer under Section 2.06 or 2.07 of this Agreement. 
 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 2002-1 NOTES 
 SECTION 2.01. Purchase and Transfer of Series 2002-1 Notes. 
 (a) On the terms and subject to the conditions set forth in
this Agreement and the BTM Assignment, and in reliance on the covenants, representations and agreements set forth herein and therein, on the Effective Date (i) Atlantic Asset Securitization LLC, (“Atlantic”), 

  

 9 

 
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 BTM, on the date hereof, the Existing Series 2002-1 Notes 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 Calyon or Atlantic to acquire an interest in the Existing Series 2002-1 Note is subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof. 
 (b) On the Effective Date, the Issuer will cause the Trustee to, upon surrender to the Trustee of the Existing Series 2002-1 Note, deliver to Calyon, as
Managing Agent on behalf of the Purchasers in its Purchaser Group, a replacement Series 2002-1 Note, dated as of the Effective 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 upon delivery to the Trustee of the Existing Series 2002-1 Notes. Such Series 2002-1 Note shall be delivered in exchange for, and
in payment for, and not in payment of, the Existing Series 2002-1 Note and is not intended to constitute a novation thereof. The Series 2002-1 Notes shall mature and be payable in full on the Final Stated Maturity Date unless the maturity thereof is
accelerated pursuant to Section 5.02 of the Indenture. 
 (c) The Series 2002-1 Notes shall be issued in registered form, shall evidence
the outstanding indebtedness owed from time to time by the Issuer thereunder and shall be payable at the times and in the amounts required under the Indenture. 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 2002-1 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 Outstanding Amount and the date and amount of each Increase, the amount of each repayment of the principal amount represented by such Series 2002-1 Note, the portions of its Series 2002-1 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 2002-1 Note. 
 SECTION 2.02.
Increases and Reductions to the Outstanding Amount. 
 (a) Subject to the terms and conditions set forth in this Agreement and in the
Indenture, the Issuer may, in its discretion, at any time during the Revolving Period deliver to the 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: 
 (i) after giving effect to such Increase, (A) the Outstanding Amount shall not exceed the
Stated Amount at such time; (B) the Pro Rata Share of the Outstanding Amount funded by each Purchaser Group shall not exceed its Purchaser Group Limit and (C) the portion of the Outstanding Amount funded by any Committed Purchaser shall
not exceed its Commitment; 
  

 10 

 (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 $1,000,000 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 Required Asset Amount to be greater than the Net Receivables Balance as shown on the most recent Monthly Originator Report (or, if less, the Net Receivables 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 an Asset Amount Deficiency to occur. 
 (b) Subject to the terms and conditions set forth in
this Agreement (including Section 3.02 hereof) and the Indenture, 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 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 Indenture, at any time during the Revolving Period, in addition to the optional redemption
provisions set forth in Section 12.02 of the Indenture, the Issuer shall have the right to reduce the Outstanding Amount by at least $1,000,000 (or such other amounts as may be agreed among the Issuer and the Managing Agents) by causing Pool
Collections and/or Fee Collections to be allocated to the Principal Subaccount for application towards principal payments of the Series 2002-1 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 Trustee in respect of such reduction; (ii) such reduction of the Outstanding Amount shall be applied to reduce the outstanding principal amount of the Series 2002-1 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. 
  

 11 

 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 Trustee and the Servicer of the Tranche Rate which will be
applicable to each Tranche during such Interest Period and such Managing Agent shall, no later than the Business Day preceding the next Reporting 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 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 Indenture. 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 Indenture. 
 (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 Indenture and shall be due and payable on each Distribution Date pursuant to Section 9.04 of the Indenture.

 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 
 (iii) any portion of the 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 

  

 12 

 
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 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 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 Trustee and the
Administrative Agent, request an increase to the Stated Amount. Each such notice shall be substantially in the form of 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 $5,000,000; (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 

  

 13 

 
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 2002-1 Note or in the cost to any Owner of agreeing to make, fund, or maintain any
principal outstanding under, a Series 2002-1 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 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 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 Indenture 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 2002-1 Note or the
existence of this Agreement, the Indenture, any Liquidity Provider’s 

  

 14 

 
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 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 Indenture, the Fee Letter and any Series 2002-1 Note to or for the benefit of a Series 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 Indenture or a Series 2002-1 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 2002-1 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”). 
 (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 

  

 15 

 
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 Indenture and the payment of the Series 2002-1 Notes.

 (d) On or before the date it becomes a 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 Noteholder that is organized under the laws of a jurisdiction outside the United States of America shall deliver to the Servicer, the 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 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 Noteholder does not comply with Section 2.08(d), amounts payable to such Series
Noteholder under this Section 2.08 shall be limited to amounts that would have been payable under this section if such Series 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. 
 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 as Breakage Amounts by the Issuer pursuant to Section 9.04 of the Indenture. 
 (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; 

  

 16 

 
(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 as Breakage Amounts by the Issuer pursuant to Section 9.04 of the Indenture. 
 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 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, 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 Effective Date (any or all of which (except Section 3.01(c)) 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) Each of the representations and
warranties of Cartus, CRC, the Issuer, the Servicer, Realogy or the Trustee made in this Agreement, the Indenture, 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); 
 (c) 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);

  

 17 

 (d) Immediately after giving effect to the Purchase, no Asset Amount Deficiency shall exist and be
continuing; 
 (e) 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 
 (f) 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, CRC, the Issuer, the Servicer, Realogy or the Trustee made in this Agreement, the Indenture, 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 
 (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 Asset Amount Deficiency shall exist and be continuing; and 
 (d) Each of this Agreement, the Indenture, the Series 2002-1 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 Effective Date
pursuant to the Indenture is incorporated herein by reference and all such representations and warranties are remade as of the Effective Date 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 Effective Date and each date of any Increase that: 
  

 18 

 (a) The Existing Series 2002-1 Notes have been duly and validly authorized, have been duly and validly
issued and outstanding and are entitled to the benefits of the Indenture, and this Agreement. 
 (b) Each of the Indenture, and, assuming the
due authorization, execution and delivery by each of the other parties thereto, this Agreement, 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 2002-1 Notes to the Purchasers, to register the Series 2002-1 Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended; 
 (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 2002-1 Notes, the Fifth Omnibus Amendment and the other Transaction
Documents to which it is a party and (B) to perform its obligations under this Agreement, the Series 2002-1 Notes, the Indenture and the other Transaction Documents to which it is a party (as modified by the Fifth Omnibus Amendment) 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 2002-1 Notes, the Indenture and the other Transaction
Documents (as modified by the Fifth Omnibus Amendment) to which it is a party. Each of this Agreement, the Series 2002-1 Notes and the Indenture 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 2002-1 Notes, the Indenture, the Fifth Omnibus Amendment 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

  

 19 

 
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 2002-1 Notes, the Indenture, the Fifth Omnibus Amendment or any other Transaction Document, (B) seeks to prevent the consummation of any of the transactions contemplated by this
Agreement, the Series 2002-1 Notes, the Fifth Omnibus Amendment, the Indenture 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 2002-1 Notes, the Indenture or any other Transaction Document or the validity or enforceability of this Agreement, the Series 2002-1 Notes, the Indenture, the Fifth
Omnibus Amendment 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 2002-1 Notes, the Indenture, the Fifth Omnibus Amendment 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 2002-1
Notes 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 Effective Date, the Issuer (after giving effect to the issuance of the Series 2002-1 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 

  

 20 

 
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 Effective 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. 
 SECTION 4.02. Representations and
Warranties of the Cartus Persons. Each Originator and the Servicer hereby represents and warrants (as to itself only and not as to the other) as follows: 
 (a) Such Cartus Person (i) has all necessary corporate power and authority (A) to execute and deliver this Agreement, the Fifth Omnibus Amendment and the other Transaction Documents to which it is a party,
and (B) to perform its obligations under this Agreement and the other Transaction Documents to which it is a party (as amended by the Fifth Omnibus Amendment) 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 Fifth Omnibus Amendment and the other Transaction Documents to which it is a party. Each of this Agreement, the Fifth Omnibus Amendment and the
Transaction Documents to which it is a party (as amended by the Fifth Omnibus Amendment) constitute the legal, valid and binding obligations of such Cartus Person enforceable against such Cartus Person 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. 
 (b) The
execution, delivery and performance by such Cartus Person of, and the consummation by it of the transactions contemplated by, this Agreement, the Fifth Omnibus Amendment 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) its certificate of
incorporation or (B) any material indenture, loan agreement, mortgage, deed of trust, or other agreement or instrument to which such Cartus Person 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 its 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 such Cartus
Person or of any Governmental Authority having jurisdiction over such Cartus Person, which conflict or violation described in this clause (iii), individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect with
respect to such Cartus Person. 
  

 21 

 (c) (i) There is no action, suit, proceeding or investigation pending or, to the best knowledge of such
Cartus Person, threatened, against such Cartus Person before any Governmental Authority and (ii) such Cartus Person 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 Fifth Omnibus Amendment or any other Transaction Document to which such Cartus Person is a party, (B) seeks to
prevent the consummation of any of the transactions contemplated by this Agreement, the Fifth Omnibus Amendment or any other Transaction Document to which such Cartus Person is a party, (C) seeks any determination or ruling that, in the
reasonable judgment of such Cartus Person, would materially and adversely affect the performance by such Cartus Person of its obligations under this Agreement or any other Transaction Document to which it is a party or the validity or enforceability
of this Agreement, the Fifth Omnibus Amendment or any other Transaction Document to which it is a party or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a
Material Adverse Effect with respect to such Cartus Person. 
 (d) Except where the failure to obtain or make such authorization, consent,
order, approval or action could not reasonably be expected to have a Material Adverse Effect with respect to such Cartus Person, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required
to be obtained by such Cartus Person in connection with the due execution, delivery and performance by such Cartus Person of the Fifth Omnibus Amendment or any other Transaction Document to which it is a party and the consummation by such Cartus
Person of the transactions contemplated by this Agreement, the Fifth Omnibus Amendment and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect. 
 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. 
 (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), 3.07(d), 3.08 and 3.09 of the 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 

  

 22 

 
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 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. 
  

 23 

 (d) The Servicer shall prepare and deliver to each Managing Agent, (i) a copy of each Monthly
Originator Report and, if applicable, each Weekly Activity Report, prepared and delivered by the Servicer pursuant to the 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 Monthly Originator 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, CRC, the Issuer or the Servicer; 
 (iii) copies of each report (including, without limitation, each Monthly Originator Report), notice, opinion of counsel, officer’s
certificate or financial statement delivered or required to be delivered by the Issuer to any Person 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, CRC, the Issuer, the Servicer or Realogy as any Managing Agent may from time to time reasonably request. 
 (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; 
  

 24 

 (iii) copies of each report (including, without limitation, each Monthly Originator
Report), notice, opinion of counsel, officer’s certificate or financial statement delivered or required to be delivered by the Servicer to any Person 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 Protiviti or other 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). 
 (h) The Issuer shall instruct the Trustee, upon redemption, or payment in full, of all amounts payable in respect of the Series 2002-1 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 Effective Date. 
 (j) CRC shall hold, either directly or indirectly 100% of the membership interests of the Issuer while the Series 2002-1 Notes are outstanding. CRC shall
not sell, pledge or otherwise transfer such membership interests without the prior written consent of the Required Managing Agents. 
  

 25 

 (k) Cartus shall hold, either directly or indirectly, 100% of the common stock of CRC while the Series
2002-1 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 CRC other than its rights to receive, as assignee of Cartus,
any dividends or other distributions properly declared and paid or made in respect of CRC’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 CRC or rights to amend its
organizational documents and (y) until one year and one day have elapsed since the payment in full of the Notes, exercise any voting rights it may have to institute or volunteer bankruptcy proceeding on behalf of CRC. 
 (l) 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. 
 (m) Until the Outstanding Amount has been reduced to zero, if the Indenture requires the Issuer to obtain the prior consent of the Purchaser 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 Pledged Assets, 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 

  

 26 

 
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 Outstanding Amount has been reduced to zero and all other amounts owed by the Issuer under this Agreement have been paid in full. 
 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 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 the Purchasers 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 Trustee, the Servicer or any Purchaser or Managing Agent or to inspect the property (including the books and records) of the Issuer, the 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 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 

  

 27 

 
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
Trustee, Cartus, CRC, 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 2002-1 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. 
 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 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 

  

 28 

 
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 agent on its behalf and to exercise such powers under this
Agreement, 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 2002-1 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 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 

  

 29 

 
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, Cartus, CRC, 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, Cartus, or CRC (with respect to a waiver or consent by it), as the case may be, and then such waiver or consent shall be 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 2002-1 Notes or delay any scheduled date for payment thereof; (ii) increase the Stated Amount of the Series 2002-1 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 Required Enhancement Amount or change
(directly or indirectly) any definitions used in the calculation thereof, or any defined term used in such definitions or employed in the calculation of such amounts; (v) reduce the Monthly Program 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, the Issuer, CRC, or Cartus 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. 
  

 30 

 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 Indenture, a Purchaser may, assign or sell undivided participation interests of its rights and obligations hereunder or under a Series 2002-1 Note or any interest herein or in the Series 2002-1
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 2002-1 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 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 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 2002-1 Note as Evidence of Indebtedness. 
 (a) Each Purchaser
hereby acknowledges and agrees and represents and warrants that the Series 2002-1 Note purchased by it 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 2002-1 Note so acquired by it (or any interest therein) in violation of any of the registration
requirements of the Securities Act or any 

  

 31 

 
applicable state or other securities laws. Each Purchaser also acknowledges the restrictions on ownership and transfers set forth in Section 2.05 of the
Indenture 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 2.05 of the Indenture. 
 (b) Each Purchaser hereby further represents, warrants and agrees that it is a “qualified institutional buyer” as defined in Rule 144A of the
Securities Act (a “QIB”) and that it will not transfer the Series 2002-1 Notes or any interest therein to any Person other than another QIB. 
 (c) It is the intent of the Issuer and each Purchaser that, for federal, state, foreign and local income and franchise tax purposes, the Series 2002-1 Notes will be indebtedness of the Issuer secured by the Pledged
Assets. The Issuer and each Purchaser agree to treat the Series 2002-1 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. 
 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. 
  

 32 

 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 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 Indenture, 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 or CRC 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 

  

 33 

 
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 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 9.04 of the Indenture. 
 (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 Realogy, Cartus, CRC, 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 2002-1 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 

  

 34 

 
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 Realogy, Cartus, CRC 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. 
  

 35 

 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. 
  

			
	 KENOSIA FUNDING, LLC,
 as
Issuer

		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO

  

			
	 CARTUS CORPORATION,
 as Originator and
Servicer

		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO

  

			
	 CARTUS RELOCATION CORPORATION,
 as Originator

		
	By:	 	 /s/ Eric Barnes

	Name:	 	Eric Barnes
	Title:	 	SVP, CFO

  

			
	CALYON NEW YORK BRANCH,
	 as Administrative Agent, Lead Arranger,
 Committed Purchaser, and Managing Agent

		
	By:	 	 /s/ Konstantina Kourmpetis

	Name:	 	Konstantina Kourmpetis
	Title:	 	Managing Director

  

			
	By:	 	 /s/ Richard McBride

	Name:	 	Richard McBride
	Title:	 	Director

 [Signature Page to Note Purchase Agreement] 

			
	 ATLANTIC ASSET SECURITIZATION LLC,
 as a
Conduit Purchaser

		
	By:	 	 /s/ Konstantina Kourmpetis

	Name:	 	Konstantina Kourmpetis
	Title:	 	Managing Director

  

			
	By:	 	 /s/ Richard McBride

	Name:	 	Richard McBride
	Title:	 	Director

 [Signature Page to Note Purchase Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]