Document:

Amended and Restated Series 2007-I Indenture Supplement

 Exhibit 10.13 
 EXECUTION COPY 
  
  
  
 AMENDED AND RESTATED 
 INDENTURE SUPPLEMENT 
  
  
 APPLE RIDGE FUNDING LLC, 

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

Amended and Restated as of July 6, 2007 
  
  
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the
Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

			
	 ARTICLE I CREATION OF THE SERIES 2007-1 NOTES
	  	
		
	 Section 1.01. Designation
	  	1
		
	 ARTICLE II DEFINITIONS
	  	
		
	 Section 2.01. Definitions
	  	2
		
	 ARTICLE III SERVICING FEE; INCREASES AND REDUCTIONS IN THE SERIES OUTSTANDING AMOUNT
	  	
		
	 Section 3.01. Servicing Fee
	  	12
	 Section 3.02. Increases and Reductions in the Series Outstanding Amount
	  	13
		
	 ARTICLE IV RIGHTS OF SERIES 2007-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF POOL COLLECTIONS
	  	
		
	 Section 4.01. Pool Collections and Allocations
	  	13
	 Section 4.02. Determination of Interest and Monthly Interest
	  	15
	 Section 4.03. Determination of Principal Distribution
	  	16
	 Section 4.04. Application of Series 2007-1 Collections
	  	16
	 Section 4.05. Distribution Account
	  	18
	 Section 4.06. Series 2007-1 Principal Subaccount
	  	18
	 Section 4.07. Investment Instructions
	  	19
	 Section 4.08. Term-Out Period Account
	  	19
		
	 ARTICLE V DELIVERY OF SERIES 2007-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2007-1 NOTEHOLDERS
	  	
		
	 Section 5.01. Delivery and Payment for the Series 2007-1 Notes; Denominations
	  	20
	 Section 5.02. Registration; Registration of Transfer and Exchange; Transfer Restrictions
	  	20
	 Section 5.03. Definitive Notes
	  	23
	 Section 5.04. Distributions
	  	23
	 Section 5.05. Reports and Statements to Series 2007-1 Noteholders
	  	23
		
	 ARTICLE VI AMORTIZATION EVENTS
	  	
		
	 Section 6.01. Series 2007-1 Amortization Events
	  	24
		
	 ARTICLE VII OPTIONAL REDEMPTION OF SERIES 2007-1 NOTES
	  	
		
	 Section 7.01. Optional Redemption of Series 2007-1 Notes
	  	26
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	
		
	 Section 8.01. Ratification of Agreement
	  	27
	 Section 8.02. Counterparts
	  	27
	 Section 8.03. Governing Law
	  	27
	 Section 8.04. Amendment and Restatement
	  	27

 EXHIBITS 
  

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

 AMENDED AND RESTATED SERIES 2007-1 INDENTURE SUPPLEMENT, dated as of April 10, 2007 and amended and
restated as of July 6, 2007, (as amended, modified, restated or supplemented from time to time, the “Indenture Supplement”), by and among APPLE RIDGE FUNDING LLC, a limited liability company organized under the laws of the
State of Delaware, as Issuer (together with its permitted successors and assigns, the “Issuer”), and THE BANK OF NEW YORK, a New York state banking corporation, as successor to JPMorgan Chase Bank National Association as indenture
trustee, and as paying agent, authentication agent and transfer agent and registrar (together with its permitted successors and assigns, “BNY” and in its capacity as indenture trustee, the “Indenture Trustee”).

 Pursuant to Section 2.10 of the Master Indenture, dated as of April 25, 2000 (as amended, modified, restated or supplemented
from time to time, the “Indenture” and together with the Indenture Supplement, the “Agreement”), by and among the Issuer, the Indenture Trustee and BNY, the Issuer may issue one or more Series of Notes the Principal
Terms of which shall be set forth in an indenture supplement to the Indenture. In accordance with the terms of the Indenture, the Issuer has created a Series of Notes and specifies the Principal Terms of such Series of Notes in this Indenture
Supplement. This Indenture Supplement amends and restates the Series 2007-1 Indenture Supplement dated as of and entered into on April 10, 2007. 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee, for the benefit of the Holders of the
Series 2007-1 Notes, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in, to and under: (i) the Series 2007-1 Principal Subaccount, (ii) the Distribution Account (to the extent of Series 2007-1
Collections on deposit therein), (iii) all accounts, money, chattel paper, investment property, instruments, documents, deposit accounts, letters of credit, letter-of-credit rights, general intangibles, goods, oil, gas and other minerals
consisting of, arising from, or relating to any of the foregoing and (iv) all proceeds of the foregoing. 
 ARTICLE I 
 CREATION OF THE SERIES 2007-1 NOTES 
 Section
1.01. Designation. 
 (a) There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture
Supplement to be known as the “Apple Ridge Funding LLC Secured Variable Funding Notes, Series 2007-1” or the “Series 2007-1 Notes.” 
 (b) In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Indenture Supplement shall be
controlling. 

 ARTICLE II 
 DEFINITIONS 
 Section 2.01. Definitions. 
 (a) Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms. 
 “Additional Interest” shall have the meaning set forth in Section 4.02(b). 
 “Administrative
Agent” shall mean Calyon New York Branch, in its capacity as “Administrative Agent” and “Lead Arranger” for the Purchasers. 
 “Administrative Agent Fee Letter” means that certain fee letter dated as of the date hereof between the Issuer and the Administrative Agent. 
 “Aggregate Term-Out Deposit Amount” shall mean the aggregate of the Term-Out Deposit Amounts, if any, then on deposit with the Indenture
Trustee pursuant to Section 2.11 and Section 2.12 of the Note Purchase Agreement. 
 “Alternate Base Rate” shall
have the meaning set forth in the Note Purchase Agreement. 
 “Amortization Event” shall have the meaning set forth in
Section 6.01. 
 “Amortization Period” shall mean the period commencing at the earliest to occur of
(a) the close of business on the Program Termination Date, (b) the close of business on the Scheduled Amortization Date and (c) the close of business on the Business Day immediately preceding the day on which an Amortization Event has
occurred, and ending on the date on which (x) the Series Outstanding Amount shall have been paid in full, together with all accrued interest thereon, and (y) all amounts owed to the Administrative Agent, the Managing Agents and the
Purchasers under the Indenture Supplement and the Note Purchase Agreement shall have been paid in full. 
 “Applicable Purchaser
Group” shall have the meaning set forth in Section 4.08(a). 
 “Applicable Stress Factor” shall mean, as of
any date of determination, 2.50. 
 “Appraised Value Home” shall mean a Home purchased by an Originator if the owner of the
Home is unsuccessful at contracting to sell the Home prior to the purchase of the Home by the applicable Originator and as to which the purchase price is generally determined by the average of two or more independent appraisals. 
 “Average Days in Inventory” shall mean, for any Monthly Period, the average number of days the Homes have been owned by each Originator
as of the close of business on the last day of such Monthly Period. 
  

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

 “CP Rate” shall have the meaning set forth in the Note Purchase Agreement. 
 “CP Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Decrease” shall have the meaning set forth in Section 3.02(b). 
  

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 “Decrease Date” shall have the meaning set forth in Section 3.02(b).

 “Default Ratio” shall mean, for any Monthly Period, the quotient, expressed as a percentage, of (a) the
sum of (i) the aggregate Unpaid Balance of the Receivables that have become Defaulted Receivables in accordance with clause (a) or (c) of the definition of Defaulted Receivable during such Monthly Period plus
(ii) the Aggregate Employer Balance of each Employer (reduced by any Advance Payments) whose Receivables have become Defaulted Receivables in accordance with clause (b) of the definition of Defaulted Receivables during such Monthly Period,
divided by (b) the aggregate Unpaid Balance of the Billed Receivables generated during the fifth Monthly Period preceding such Monthly Period. 
 “Determination Date” shall mean, with respect to any Distribution Date, the second Business Day preceding such Distribution Date. 
 “Dilution Ratio” shall mean, for any Monthly Period, the quotient, expressed as a percentage, of (a) the aggregate amount of
reductions to the Unpaid Balances of the Billed Receivables due to offsets, chargebacks, credits, adjustments, rebates and other Originator Dilution Adjustments, Seller Dilution Adjustments and Servicer Dilution Adjustments occurring during such
Monthly Period divided by (b) the aggregate Unpaid Balance of the Billed Receivables generated during the fifth Monthly Period preceding such Monthly Period. 
 “Dilution Reserve Ratio” shall mean, as of any date of determination, the product, expressed as a percentage, of: 
 (a) the greater of: 
 (i) the product of (A) the Applicable Stress Factor multiplied by (B) the average of the Dilution Ratios for the three Monthly Periods preceding the first day of the Interest Period in which such date occurs, and

 (ii) the highest Dilution Ratio for any Monthly Period over the twelve Monthly Periods preceding the first day of the
Interest Period in which such date occurs, multiplied by 
 (b) a fraction, the numerator of which is the sum
of: 
 (i) the aggregate Unpaid Balance of the Billed Receivables generated during the five Monthly Periods preceding the
first day of the Interest Period in which such date occurs plus 
 (ii) the aggregate Unpaid Balance of the Unbilled
Receivables as of the end of the Monthly Period preceding the first day of the Interest Period in which such date occurs, 
 and the
denominator of which is the aggregate Unpaid Balance of the Billed Receivables as of the end of such Monthly Period, multiplied by 
 (c) a fraction, the numerator of which is equal to the sum of: 
 (i) the aggregate
Unpaid Balance of the Billed Receivables as of the end of such Monthly Period plus 
  

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

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

 5 

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

 6 

 (b) the product of (i) the Applicable Stress Factor multiplied by (ii) the
highest Default Ratio for any Monthly Period over the three Monthly Periods preceding the first day of the Interest Period in which such date occurs; and 
 (c) 2.5%. 
 The Loss Reserve Ratio calculated as of any Distribution Date shall continue until (but not including) the next
succeeding Distribution Date. 
 “Managing Agent” shall have the meaning set forth in the Note Purchase Agreement.

 “Minimum Enhancement Percentage” shall mean, for any Distribution Date: (i) 9% so long as the Average Days
Outstanding is less than 90 days; (ii) 10% if the Average Days Outstanding is greater than or equal to 90 days but less than 100 days and (iii) 11% if the Average Days Outstanding is greater than or equal to 100 days but less than 120 days
and (iv) otherwise, 12%. 
 “Monthly Interest” shall have the meaning set forth in Section 4.02(b).

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

 7 

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

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

 “Rating Agency Condition” as used in the Indenture with respect to this Indenture Supplement or the Series 2007-1 Notes
shall mean, with respect to any action, that each of the Managing Agents shall have consented to such action. 
 “Realogy”
shall mean Realogy Corporation, a Delaware Corporation, and its successors. 
 “Redemption Price” shall mean, with respect
to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (i) the Series Outstanding Amount on such Distribution Date plus (ii) Monthly Interest
for such Distribution Date and any Monthly Interest previously due but not distributed to the Series 2007-1 Noteholders plus (iii) all Monthly Program Fees plus (iv) any other amounts owed to the Administrative Agent, the
Managing Agents and the Purchasers pursuant to this Indenture Supplement or the Note Purchase Agreement. 
  

 8 

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

 9 

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

 10 

 “Series 2007-1 Tranche Rate” shall mean, at any time during an Interest Period
(i) with respect to any CP Tranche, the CP Rate, (ii) with respect to any Eurodollar Tranche, the sum of the Eurodollar Rate plus the Eurodollar Rate Margin, and (iii) with respect to any Base Rate Tranche, the Alternate Base
Rate, as applicable, provided, however, that, if any principal or interest on the Series 2007-1 Notes is not paid in full when the same shall have become required to be paid, or if any Amortization Event has occurred and is continuing,
then the Series 2007-1 Tranche Rate shall be the Alternate Base Rate plus two percent (2.0%) with respect to such deficiency or with respect to any interest accrued on the Series 2007-1 Notes after the occurrence of such Amortization Event.

 “Servicing Fee” shall have the meaning set forth in the Transfer and Servicing Agreement. 
 “Servicing Fee Rate” shall mean 0.75% per annum. 
 “Servicing Reserve Ratio” shall mean, as of any date of determination, the quotient, expressed as a percentage, of (a) the product of (i) the Applicable Stress Factor
multiplied by (ii) the Servicing Fee Rate multiplied by (iii) Average Days Outstanding as of the end of the Monthly Period preceding the first day of the Interest Period in which such date occurs, divided by
(b) 360. 
 “Stated Amount” shall mean $850,000,000 as such amount may be reduced or increased from time to time
pursuant to Section 3.02. 
 “Term-Out Deposit Amount” shall have the meaning set forth in the Note Purchase
Agreement. 
 “Term-Out Period” shall have the meaning set forth in the Note Purchase Agreement. 
 “Term-Out Period Account” shall have the meaning set forth in Section 4.08(a). 
 “Three Month Average Default Ratio” shall mean, for any Monthly Period, the average of the Default Ratios for that Monthly Period and
each of the two immediately preceding Monthly Periods. 
 “Three Month Average Dilution Ratio” shall mean, for any Monthly
Period, the average of the Dilution Ratios for that Monthly Period and each of the two immediately preceding Monthly Periods. 
 “Tranche” shall have the meaning set forth in the Note Purchase Agreement. 
 “Transaction
Documents” shall mean the “Transaction Documents” as defined in the Indenture but shall also include the Note Purchase Agreement, the Fee Letter and the Series 2007-1 Notes. 
  

 11 

 “Transfer Date” shall mean the Business Day immediately preceding each Distribution Date
and each Decrease Date. 
 “Yield Reserve Ratio” shall mean, as of any date of determination, the quotient expressed as a
percentage, of (a) the product of (i) the sum of (A) the product of (1) the Applicable Yield Factor multiplied by (2) the one-month Eurodollar Rate as of the last Business Day of the immediately preceding Monthly Period plus
(B) 0.75% multiplied by (ii) 2.50 multiplied by the Average Days Outstanding as of the end of the immediately preceding Monthly Period divided by (b) 360. For purposes of the foregoing, the “Applicable Yield Factor” shall be
(i) 1.25 so long as the Average Days in Inventory for Appraised Value Homes for any Monthly Period is less than one hundred twenty (120) days; (ii) 1.75 if the Average Days in Inventory for Appraised Value Homes for any Monthly Period
is equal to or greater than one hundred twenty (120) days but less than one hundred fifty (150) days until such time as the Average Days in Inventory for Appraised Value Homes has been reduced to and remained below one hundred twenty
(120) days for two (2) consecutive Monthly Periods (iii) 2.5 if the Average Days in Inventory for Appraised Value Homes for any Monthly Period is greater than or equal to one hundred fifty (150) days until such time as the
Average Days in Inventory for Appraised Value Homes has been reduced to and remained below one hundred fifty (150) days for two (2) consecutive Monthly Periods. 
 (b) Each capitalized term defined herein shall relate to the Series 2007-1 Notes and no other Series of Notes issued by the Issuer, unless the context otherwise requires. All capitalized terms used herein and not
otherwise defined herein have the meanings ascribed to them in the Indenture, and, if not defined therein, as defined in the Transfer and Servicing Agreement, the Receivables Purchase Agreement or the Purchase Agreement. 
 (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Indenture Supplement shall
refer to this Indenture Supplement as a whole and not to any particular provision of this Indenture Supplement; references to any Article, subsection, Section or Exhibit are references to Articles, subsections, Sections and Exhibits in or to this
Indenture Supplement unless otherwise specified; and the term “including” means “including without limitation.” 
 ARTICLE
III 
 SERVICING FEE; INCREASES AND REDUCTIONS IN THE SERIES OUTSTANDING AMOUNT 
 Section 3.01. Servicing Fee. The Transfer and Servicing Agreement sets forth the full compensation that the Servicer is entitled to receive for
its servicing activities. The share of the Servicing Fee allocable to the Series 2007-1 Noteholders with respect to any Distribution Date (the “Monthly Servicing Fee”) shall be equal to the product of (a) the Servicing
Fee Rate multiplied by (b) the weighted average over the related Monthly Period of the daily sums of the Aggregate Employer Balances for each Employer under the Pool Relocation Agreements multiplied by (c) the average Series
Percentage during such Monthly Period. The remainder of the Servicing Fee shall be paid by the noteholders of other Series (as provided in the Indenture Supplement related to such other Series) or the Issuer and in no event shall the Indenture
Trustee 

  

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or the Series 2007-1 Noteholders be liable for the share of the Servicing Fee to be paid by the Noteholders of such other Series or the Issuer. To the extent
that the Monthly Servicing Fee is not paid in full pursuant to the preceding provisions of this Section 3.01 and Section 4.04, it shall be paid by the Issuer. The Monthly Servicing Fee shall be payable from Series 2007-1
Collections pursuant to, and subject to the priority of payments set forth in, Section 4.04. 
 Section 3.02. Increases and
Reductions in the Series Outstanding Amount. 
 (a) At any time during the Revolving Period, the Series Outstanding Amount may be
increased from time to time by the funding of Increases subject to the terms and conditions set forth in the Note Purchase Agreement; provided, that, after giving effect thereto, the sum of the Series Outstanding Amount, and the Aggregate
Term-Out Deposit Amount may not exceed the Stated Amount. Whenever the Issuer wishes to make an Increase, the Issuer shall give the Indenture Trustee, the Paying Agent and the Managing Agents prior written notice of such Increase not less than two
(2) Business Days prior to the proposed Increase Date. 
 (b) In the event that the Issuer reduces the Series Outstanding Amount of the
Series 2007-1 Notes in accordance with the Note Purchase Agreement (each such reduction, a “Decrease”), it shall give prompt written notice of such Decrease to the Managing Agents, the Indenture Trustee and the Paying Agent not less
than three (3) Business Days prior to the effective date (each such date, a “Decrease Date”) of such reduction. All accrued and unpaid interest on the amount of such Decrease, together with the principal amount of such
Decrease, shall be due and owing as of the related Decrease Date. 
 (c) The Series 2007-1 Notes shall evidence the outstanding indebtedness
owed from time to time by the Issuer thereunder. Each Managing Agent, on behalf of the Purchasers in the related Purchaser Group, shall be and is hereby authorized to record on the grid attached to its Series 2007-1 Note held by it on behalf of the
Purchasers in the related Purchaser Group (or at its option, in its internal books and records) the date and amount of the initial funding of its Pro Rata Share of the Initial Series Outstanding Amount and the date and amount of each Increase, the
amount of each repayment of the principal amount represented by such Series 2007-1 Note, the portions of its Series 2007-1 Note that are from time to time allocated to the CP Tranche, any Base Rate Tranche and any Eurodollar Tranche, and any
reductions to the Stated Amount; provided, that failure to make any recordation on the grid or records or any error in recordation shall not adversely affect any Purchaser’s rights with respect to its right to receive principal and
interest under a Series 2007-1 Note. 
 ARTICLE IV 
 RIGHTS OF SERIES 2007-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF POOL COLLECTIONS 
 Section 4.01.
Pool Collections and Allocations. 
 (a) Allocation of Pool Collections. Funds on deposit in the Collection Account in
accordance with Section 8.04 of the Indenture shall be allocated and distributed to Series 2007-1 as set forth in the Indenture and this Article IV. 
  

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 (b) Allocation of Pool Collections to Series 2007-1. Prior to the close of business on each
Transfer Date, the Servicer shall allocate to Series 2007-1 an amount (such amount, the “Series 2007-1 Collections”) equal to the product of (i) the amount of Pool Collections deposited in the Collection Account during
the preceding Monthly Period (less any amounts permitted to be withdrawn pursuant to Sections 3.02(c)(vi), 3.12 and 3.14(b) of the Transfer and Servicing Agreement) multiplied by (ii) the Series Percentage for such Distribution Date.

 (c) Allocation of Series 2007-1 Collections. Prior to the close of business on each Transfer Date, the Servicer shall direct the
Indenture Trustee to allocate Series 2007-1 Collections in the amounts and according to the priority set forth below pursuant to Section 8.04 of the Indenture: 
 (i) From the Collection Account to the Distribution Account for distribution in accordance with Section 4.04(b), an amount equal to
the Required Amount for the next succeeding Distribution Date, and if the amount of the Series 2007-1 Collections then on deposit in the Distribution Account exceeds the Required Amount for such Distribution Date, such Series 2007-1 Collections
shall be distributed therefrom in accordance with the remaining provisions of this Section 4.01(c); 
 (ii) During
the Revolving Period, and during the Amortization Period after the Series 2007-1 Notes have been paid in full, to the Distribution Account for distribution to the Managing Agents on behalf of the holders of the Series 2007-1 Notes, an amount equal
to any other amounts (other than principal and interest owed under the Series 2007-1 Notes) owed by the Issuer pursuant to the Note Purchase Agreement; 
 (iii) During the Revolving Period and during the Amortization Period, if (x) a Series 2007-1 Asset Amount Deficiency has occurred and is continuing, or (y) the application of funds to the payment of the
principal of another Series of Notes or the release of funds to the Issuer would result in a Series 2007-1 Asset Amount Deficiency or, during the Revolving Period would otherwise result in the occurrence of an event that, with the passage of time or
the giving of notice or both, would become an Amortization Event, all remaining Series 2007-1 Collections shall be transferred to the Series 2007-1 Principal Subaccount up to the amount necessary to eliminate such Series 2007-1 Asset Amount
Deficiency or Amortization Event or to fund such Decrease or optional redemption, as applicable; 
 (iv) If the amount on
deposit in the Marketing Expenses Account is less than the Required Marketing Expenses Account Amount, to the Marketing Expense Account, the lesser of (x) the amount of such deficiency and (y) all remaining Series 2007-1 Collections;

 (v) On any Decrease Date during the Revolving Period, (i) to the Series 2007-1 Principal Subaccount, the amount of the
applicable Decrease and (ii) if such date is other than a Distribution Date, to the Distribution Account for distribution to the Managing Agents on behalf of the holders of the Series 2007-1 Notes, all (x) accrued and unpaid interest on
the amount of such Decrease (which amount shall be due and owing as of such date) together with (y) if such Decrease Date is other than an Distribution Date, all funding losses, expenses and liabilities owed under Section 2.09 of the Note
Purchase Agreement in connection with any such Decrease. 
  

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 (vi) During the Revolving Period, (A) if any other Series of Notes is in its
Amortization Period and the Indenture Supplement related to such amortizing Series of Notes requires the Issuer to transfer such remaining Series 2007-1 Collections to pay the principal of such other Series of Notes, all remaining Series 2007-1
Collections to the applicable Series Account with respect to such amortizing Series of Notes; provided, that if more than one other Series of Notes is amortizing and the related Indenture Supplement of each such amortizing Series of
Notes requires the Issuer to transfer such remaining Series 2007-1 Collections to pay the principal of such other Series of Notes, pro rata to the applicable Series Account of each such other amortizing Series of Notes based on their respective
Series Percentages; and (B) if no transfer of the remaining Series 2007-1 Collections is required pursuant to clause (A), all remaining Series 2007-1 Collections to the Issuer free and clear of the lien of the Indenture and without compliance
with Section 12.01(b) of the Indenture; 
 (vii) During the Amortization Period, to the Series 2007-1 Principal
Subaccount, the Series 2007-1 Collections on each Deposit Date; provided, however, that the aggregate amount deposited into the Series 2007-1 Principal Subaccount pursuant to this clause on any Deposit Date shall not exceed the Series
Outstanding Amount on the immediately preceding Business Day; and 
 (viii) To the Distribution Account for distribution to
the Managing Agents on behalf of the holders of the Series 2007-1 Notes, an amount equal to any other amounts owed by the Issuer pursuant to the Note Purchase Agreement and not paid above. 
 (d) Prior to the close of business (i) on each Deposit Date when a Series 2007-1 Asset Amount Deficiency has occurred and (ii) on each Deposit
Date during the Amortization Period, the Issuer shall deposit Pool Collections allocated to other Series in the Series 2007-1 Principal Subaccount to the extent those Pool Collections would otherwise have been released to the Issuer under the terms
of the Indenture Supplement related to such Series (“Otherwise Released Collections”). If Series 2007-1 and any other Series are simultaneously in their respective Amortization Periods or otherwise simultaneously requiring such
payments, such Otherwise Released Collections shall be allocated ratably between each such Series of Notes (including Series 2007-1) based on their respective Series Percentages. 
 Section 4.02. Determination of Interest and Monthly Interest. 
 (a) The amount of interest distributable from the Distribution Account with respect to the Series 2007-1 Notes on any Distribution Date shall be an amount equal to the sum of the Monthly Interest for such Distribution
Date, plus any Interest Shortfall and any Additional Interest as determined under Section 4.02(b). The monthly interest for any Tranche shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual
number of days during the Interest Period then ending that such Tranche was outstanding and the denominator of 

  

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which is 360, multiplied by (ii) the Series 2007-1 Tranche Rate in effect with respect to the related Tranche and multiplied by
(iii) the daily average Outstanding Tranche Amount of the related Tranche during the related Interest Period. The amount of interest allocable to the Tranches of any Purchaser Group and due to the Purchasers in the related Purchaser Group
shall be determined by each Managing Agent and notified by each Managing Agent to the Administrative Agent, the Servicer, the Issuer, the Paying Agent and the Indenture Trustee in accordance with the procedures set forth in the Note Purchase
Agreement. 
 (b) The “Monthly Interest” for any Distribution Date shall mean the sum of the aggregate unpaid amount, if
any, of all unpaid interest determined for each Tranche under Section 4.02(a). On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess (the “Interest Shortfall”), if
any, of (x) the Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Monthly Interest on such Distribution Date. If the Interest Shortfall with respect to any
Distribution Date is greater than zero, then on each subsequent Distribution Date until such Interest Shortfall is fully paid, an additional amount (“Additional Interest”) equal to the product of (A) a fraction, the
numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, multiplied by (B) the applicable Series 2007-1 Tranche Rate multiplied by (C) such Interest Shortfall (or the
portion thereof that has not been paid to the Series 2007-1 Noteholders from other funds) shall be payable as provided herein with respect to the Series 2007-1 Notes. Notwithstanding anything herein to the contrary, Additional Interest shall be
payable or distributed only to the extent permitted by applicable law. From and after the calculation of any Interest Shortfall, Monthly Interest shall be calculated without duplication of any amounts included in the calculation of Additional
Interest. 
 Section 4.03. Determination of Principal Distribution. On any Distribution Date and any Decrease Date for any Tranche
(i) during the Revolving Period, if there are funds on deposit in the Series 2007-1 Principal Subaccount, and (ii) during the Amortization Period, the Trustee shall distribute from the Series 2007-1 Principal Subaccount, for application to
reduce the Series Outstanding Amount, an amount of principal (the “Monthly Principal”), equal to the lesser of (a) the amount on deposit in the Series 2007-1 Principal Subaccount and (b) the Series Outstanding
Amount. All Monthly Principal and all Decreases shall be paid to the Purchaser Groups ratably in accordance with their Pro Rata Shares as set forth in the Note Purchase Agreement provided, that, during a Term-Out Period with respect to any
Purchaser Group, such Purchaser Group’s allocable share of Monthly Principal shall be deposited into its Term-Out Period Account. 
 Section 4.04. Application of Series 2007-1 Collections. On each Distribution Date and, if different, on each Decrease Date, as applicable, the Servicer shall instruct the Indenture Trustee in writing (such writing to be substantially
in the form of Exhibit B unless otherwise agreed) to apply amounts on deposit in the Collection Account (and any subaccount thereof): 
 (a)
On each Decrease Date (if such Decrease Date is not a Distribution Date), to withdraw from the amounts on deposit in the Distribution Account an amount equal to the amount of interest then due and owing on the Series 2007-1 Notes in accordance with
Section 3.02(b), and to pay such interest to the Series 2007-1 Noteholders pursuant to Section 5.04. 
  

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 (b) On each Distribution Date, to transfer amounts on deposit in the Distribution Account in the
following order of priority: 
 (i) An amount equal to the sum of (A) Monthly Interest, if any, for such
Distribution Date plus (B) any Interest Shortfall previously accrued and not reimbursed plus (C) any Additional Interest previously accrued and not paid shall be paid to the Series 2007-1 Noteholders on such Distribution Date
pursuant to Section 5.04; 
 (ii) An amount equal to the Monthly Program Fees for such Distribution Date shall be
distributed to each Managing Agent (ratably in accordance with the amounts owing to each Purchaser Group); 
 (iii) An amount
equal to the sum of (A) the Monthly Servicing Fee for such Distribution Date plus (B) any Monthly Servicing Fee previously accrued and not paid pursuant to this Section 4.04(b)(iii) shall be distributed to the
Servicer; 
 (iv) An amount equal to any out-of-pocket costs and expenses of the Administrative Agent and the Managing Agents
relating to enforcement against the Issuer shall be distributed to the Administrative Agent and the Managing Agents (ratably in accordance with the amounts owing to each such Person); 
 (v) If a Series 2007-1 Asset Amount Deficiency has occurred and is continuing an amount necessary to eliminate such Series 2007-1 Asset
Amount Deficiency shall be distributed to the Series 2007-1 Principal Subaccount; 
 (vi) During the Amortization Period, to
the Series 2007-1 Principal Subaccount, for application to reduce the Series Outstanding Amount; and 
 (vii) An amount equal
to all increased costs, fees, expenses and other amounts payable to the Administrative Agent, the Managing Agents and the Purchasers pursuant to the Indenture Supplement and the Note Purchase Agreement shall be distributed to each such Person
(ratably in accordance with the amounts owing to each such Person). 
 (c) To transfer from the Series 2007-1 Principal Subaccount to the
Series 2007-1 Noteholders, (i) on each Decrease Date, an amount equal to the amount of the relevant Decrease and (ii) on each Distribution Date when funds are on deposit in the Series 2007-1 Principal Subaccount, an amount equal to
the Monthly Principal for such Distribution Date, in each case for payment to the Series 2007-1 Noteholders on such Decrease Date or Distribution Date, as applicable, pursuant to Section 5.04 (ratably in accordance with the amounts owing
to each Series 2007-1 Noteholder); provided that during a Term-Out Period with respect to any Purchaser Group, such Purchaser Group’s allocable share of any amounts so transferred from the Series 2007-1 Principal Subaccount shall be
deposited into its Term-Out Period Account. 
  

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 Section 4.05. Distribution Account. 
 (a) All Series 2007-1 Collections which are distributed to the Distribution Account in accordance with the terms of this Indenture Supplement, together
with all proceeds, earnings, income, revenue, dividends and distributions thereof, shall be held therein for the benefit of the Series 2007-1 Noteholders. The Indenture Trustee shall, in accordance with the Indenture, possess all right, title and
interest in all monies, instruments, investment property and other property credited from time to time to the Distribution Account (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof. The
Distribution Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders. Pursuant to the authority granted to the Servicer in Article III of the Transfer and Servicing Agreement, the Servicer
shall have the power, revocable by the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Distribution Account for the purposes of making the payments required under Section 4.04. 

(b) Series 2007-1 Collections which are on deposit in the Distribution Account shall be invested in accordance with Section 4.01 of the
Transfer and Servicing Agreement and Section 6.13 of the Indenture. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this
Section 4.05(b) nor for the selection of Eligible Investments, except with respect to investments on which the institution acting as Indenture Trustee is an obligor. 
 Section 4.06. Series 2007-1 Principal Subaccount. 
 (a) The Issuer, for the benefit of the Series 2007-1 Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, the Series 2007-1 Principal Subaccount,
which shall be a subaccount of the Collection Account (the “Series 2007-1 Principal Subaccount”). The Indenture Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property
credited from time to time to the Series 2007-1 Principal Subaccount (and any subaccount thereof) and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Series 2007-1 Noteholders. The Series 2007-1
Principal Subaccount shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2007-1 Noteholders. Pursuant to the authority granted to the Servicer in Article III of the Transfer and Servicing Agreement,
the Servicer shall have the power, revocable by the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Series 2007-1 Principal Subaccount for the purposes of making the payments required under
Section 4.04. 
 (b) Funds on deposit in the Series 2007-1 Principal Subaccount shall be invested in accordance with
Section 4.01 of the Transfer and Servicing Agreement and Section 6.13 of the Indenture. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in
accordance with this Section 4.06(b) nor for the selection of Eligible Investments, except with respect to investments on which the institution acting as Indenture Trustee is an obligor. 
 (c) The Indenture Trustee shall withdraw and transfer funds on deposit in the Series 2007-1 Principal Subaccount on each Business Day during the
Revolving Period to, or at the direction of, the Issuer if no Series 2007-1 Asset Amount Deficiency has occurred and is continuing and no event that with the passage of time or the giving of notice could become an Amortization Event, including a
Series 2007-1 Asset Amount Deficiency, would result from such withdrawal. Any such transfer to the Issuer shall be made free and clear of the lien of the 

  

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Indenture and without compliance with Section 12.01(b) of the Indenture. It is expressly understood that, during the Amortization Period, the
Indenture Trustee shall not withdraw funds on deposit in the Series 2007-1 Principal Subaccount except to fund payments of Monthly Principal under Section 4.03 and, after the Series 2007-1 Notes have been paid in full, to fund any other
payments owed under Section 4.01(c) in the order of priority set forth therein. 
 Section 4.07. Investment Instructions.
Any investment instructions required to be given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture Trustee no later than 11:00 a.m. (New York City time) on the date such investment is to be made. If the Indenture
Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment. If the Indenture Trustee is unable to make an investment required in an investment instruction
received by the Indenture Trustee after 11:00 a.m. (New York City time) on such day, such investment shall be made by the Indenture Trustee on the next succeeding Business Day. In no event shall the Indenture Trustee be liable for any investment not
made pursuant to investment instructions received after 11:00 a.m. (New York City time) on the day such investment is requested to be made. 
 Section 4.08. Term-Out Period Account 
 (a) If a Term-Out Period occurs with respect to any Purchaser Group during the
Revolving Period, the Issuer shall, prior to the commencement of such Term-Out Period, establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, for the benefit of each such Purchaser Group, a separate
account (each such account, a “Term-Out Period Account”). The Indenture Trustee shall possess all right, title and interest in all monies, instruments, investment property and other property credited from time to time to each
Term-Out Period Account and any subaccount thereof and in all proceeds, earnings, income, revenue, dividends and distributions thereof for the benefit of the Purchaser Group for whose benefit such Term-Out Period Account was established (each such
group, the “Applicable Purchaser Group”), and no Series 2007-1 Noteholders not members of such Applicable Purchaser Group shall have any rights therein. Each Term-Out Period Account shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Applicable Purchaser Group. In the event that the Issuer requests an Increase pursuant to Section 3.02(a), then, unless the Indenture Trustee has otherwise been notified by the Managing Agent for the
Applicable Purchaser Group that the conditions precedent to such Increase have not been satisfied, the Indenture Trustee shall, on the applicable Increase Date, withdraw from each Term-Out Period Account the Applicable Purchaser Group’s Pro
Rata Share of such Increase and make the same available to the Issuer. 
 (b) Funds on deposit in any Term-Out Period Account shall be
invested in overnight investments at the discretion of the Managing Agent. All such investments must qualify as Eligible Investments under the Transfer and Servicing Agreement; provided, that solely for the purposes of this
Section 4.08, any investments of the types described in clauses (b) through (e) and (g) of the definitions thereof shall be deemed to be eligible for so long as the Issuer has a short-term debt or credit rating of at least
A-1 by Standard and Poor’s and P-1 by Moody’s. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.08(b) nor
for the selection of Eligible Investments, except with respect to investments on which the institution acting as Indenture Trustee is an obligor. 
  

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 (c) On each Distribution Date, the Indenture Trustee shall withdraw from each Term-Out Period Account and
distribute to the Managing Agent for the Applicable Purchaser Group for the benefit of the related Committed Purchasers in such Purchaser Group, the lesser of (x) the excess, if any, of all funds on deposit therein over the Term-Out Deposit
Amount and (y) all investment earnings thereon since the immediately preceding Distribution Date (or, in the case of the first Distribution Date after the commencement of the Term-Out Period, since the date the Term-Out Period commenced).

 (d) If the Amortization Period commences, the Indenture Trustee shall, on the first Distribution Date during the Amortization Period,
withdraw and transfer to the Managing Agent for each Applicable Purchaser Group, after making the distributions under the immediately preceding paragraph, all remaining funds then on deposit in the Term-Out Period Account for such Applicable
Purchaser Group. 
 ARTICLE V 
 DELIVERY OF SERIES 2007-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2007-1 NOTEHOLDERS 
 Section 5.01. Delivery and Payment for
the Series 2007-1 Notes; Denominations. The Issuer shall execute and the Authentication Agent shall authenticate the Series 2007-1 Notes in accordance with Section 2.03 of the Indenture. The Indenture Trustee shall deliver the Series 2007-1
Notes to or upon the order of the Issuer when so authenticated. 
 Section 5.02. Registration; Registration of Transfer and Exchange;
Transfer Restrictions. 
 (a) The Series 2007-1 Notes have not been registered under the Securities Act or any state securities law. None
of the Issuer, the Servicer, the Transfer Agent and Registrar or the Indenture Trustee is obligated to register the Series 2007-1 Notes under the Securities Act or any other securities or “Blue Sky” laws or to take any other action not
otherwise required under the Agreement to permit the transfer of the Series 2007-1 Notes without registration. 
 (b) No transfer of any
Series 2007-1 Note or any interest therein (including, without limitation, by pledge or hypothecation) shall be made except in compliance with the restrictions on transfer set forth in this Section 5.02 (including the applicable legend
to be set forth on the face of such Series 2007-1 Note as provided in Exhibit A), in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “Blue Sky” laws (i) to a
person who the transferor reasonably believes is a “qualified institutional buyer” within the meaning thereof in Rule 144A (a “QIB”) and (B) that is aware that the resale or other transfer is being made in reliance on
Rule 144A. 
 (c) Each Purchaser and each Holder of the Series 2007-1 Notes, by its acceptance thereof, will be deemed to have acknowledged,
represented to and agreed with the Issuer and, in the case of any transferee of any Purchaser, such Purchaser as follows: 
 (i) It understands that the Series 2007-1 Notes may be offered and may be resold by such Purchaser only to QIBs and subject to the restrictions of Rule 144A. 
  

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 (ii) It understands that the Series 2007-1 Notes have not been and will not be registered
under the Securities Act or any state or other applicable securities law and that no Series 2007-1 Note, or any interest or participation therein, may be offered, sold, pledged or otherwise transferred unless registered pursuant to, or exempt from
registration under, the Securities Act and any other applicable securities law. 
 (iii) It acknowledges that none of the
Issuer, the Servicer, the Administrative Agent or any Purchaser or any person representing the Issuer, the Servicer, the Administrative Agent, any Managing Agent or any Purchaser has made any representation to it with respect to the Issuer (except,
as to the Issuer, the representations by the Issuer in the Transaction Documents) or the offering or sale of any Series 2007-1 Note. It has had access to such financial and other information concerning the Issuer and the Series 2007-1 Notes as it
has deemed necessary in connection with its decision to purchase the Series 2007-1 Notes. 
 (iv) It acknowledges that each
Series 2007-1 Note will bear a legend to the following effect unless the Issuer determines otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS
NOTE, AGREES THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR (2) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING
FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS
NOTE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTE
UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.” 
  

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 (v) If it is acquiring the Series 2007-1 Notes, or any interest or participation therein,
as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the acknowledgements, representations and agreements contained herein on
behalf of each such account. 
 (vi) It (1) is a QIB, (2) is aware that the sale to it is being made in reliance on
Rule 144A and if it is acquiring such Series 2007-1 Note or any interest or participation therein for the account of another QIB, such other QIB is aware that the sale is being made in reliance on Rule 144A and (3) is acquiring such Series
2007-1 Note or any interest or participation therein for its own account or for the account of a QIB. 
 (vii) It is
purchasing such Series 2007-1 Note for its own account, or for one or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control and subject to its or their ability
to resell such Series 2007-1 Note, or any interest or participation therein, as described herein, in the Indenture and in the Note Purchase Agreement. 
 (viii) It agrees that if in the future it should offer, sell or otherwise transfer such Series 2007-1 Note or any interest or participation therein, it will do so only (A) to the Issuer (B) pursuant to Rule
144A to a person who it reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in
reliance on Rule 144A. 
 (ix) It acknowledges that the Issuer, the Administrative Agent, the Purchasers and others will rely
on the truth and accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall
promptly notify the Issuer. 
 (x) With respect to any foreign purchaser claiming an exemption from United States income or
withholding tax, that it has delivered to the Paying Agent a true and complete Form W-8 BEN or Form W-8-ECI, indicating such exemption. 
 (xi) It acknowledges that transfers of such Series 2007-1 Note or any interest or participation therein shall otherwise be subject in all respects to the restrictions applicable thereto contained in the Agreement and
the Note Purchase Agreement. 
 Any transfer, resale, pledge or other transfer of the Series 2007-1 Notes contrary to the restrictions set forth above and in
the Indenture shall be deemed void ab initio by the Transfer Agent and Registrar. 
  

 22 

 (d) Notwithstanding anything to the contrary herein, so long as and provided that the relevant Liquidity
Agreement contains a provision which requires such Liquidity Providers to acknowledge and agree with the provisions of Section 5.02(c) hereof, each Conduit Purchaser may at any time sell or grant, to one or more Liquidity Providers party
to any Liquidity Agreement, participating interests or security interests in the Series 2007-1 Notes without notice to the Issuer or any other action to be taken on the part of such Conduit Purchaser, the related Liquidity Provider, the
Administrative Agent or the applicable Managing Agent on behalf of such Conduit Purchaser. 
 (e) Notwithstanding anything to the contrary
contained herein, the Series 2007-1 Notes and this Indenture Supplement may, with the prior written consent of the Required Managing Agents, be amended or supplemented to modify the restrictions on and procedures for resale and other transfers of
the Series 2007-1 Notes to reflect any change in applicable law or regulation (or the interpretation thereof) or in practices relating to the resale or transfer of restricted securities generally. Each Noteholder shall by its acceptance of a Series
2007-1 Note have agreed to any such amendment or supplement. 
 Section 5.03. Definitive Notes. The Series 2007-1 Notes, upon original
issuance, will be issued in definitive, fully registered form, authenticated and delivered in substantially the form attached hereto as Exhibit A. The Series 2007-1 Notes will constitute Definitive Notes within the meaning of the Indenture.

 Section 5.04. Distributions. 
 (a) On each Decrease Date and each Distribution Date, the Paying Agent shall distribute to each Series 2007-1 Noteholder of record on the related Record Date such Series 2007-1 Noteholder’s pro rata share of amounts on deposit
in the Distribution Account as are payable to the Series 2007-1 Noteholders pursuant to Section 4.04. 
 (b) Distributions to the
Series 2007-1 Noteholders hereunder shall be made (i) by wire transfer of immediately available funds and (ii) without presentation or surrender of any Series 2007-1 Note or the making of any notation thereon. 
 Section 5.05. Reports and Statements to Series 2007-1 Noteholders. 
 (a) On each Distribution Date, the Paying Agent shall forward to the Series 2007-1 Noteholders a statement substantially in the form of Exhibit C prepared by the Servicer and delivered to the Paying Agent. The
Paying Agent shall have no liability for the Servicer’s failure to provide such statement to it. 
 (b) On or before January 31 of
each calendar year, beginning with calendar year 2008, the Paying Agent shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2007-1 Noteholder, a statement prepared by the Servicer
containing the information required to be contained in the statement to Series 2007-1 Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Series
2007-1 Noteholder, together with such other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Paying Agent shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect. 
  

 23 

 ARTICLE VI 
 AMORTIZATION EVENTS 
 Section 6.01. Series 2007-1 Amortization Events. Upon the occurrence and
continuance of any of the following events: 
 (a) failure on the part of the Issuer to pay principal of and interest on the Series 2007-1
Notes in full on or before the Final Stated Maturity Date, or to pay Monthly Principal or the amount of any Decrease to the extent required under Section 4.03, or to pay accrued interest on the Series 2007-1 Notes in full on any Distribution
Date, or to pay accrued Monthly Program Fees on any Distribution Date, and such failure remains unremedied for one Business Day; or 
 (b)
failure on the part of the Issuer to maintain its separate existence as required by Section 3.07 of the Indenture or duly to perform or observe any covenant set forth in Section 3.03(a), (c), (d), (e), (f), (g), (h), (i) or
(j) of the Indenture, which failure continues unremedied for a period of ten calendar days; or 
 (c) failure on the part of the Issuer
duly to perform or observe any other covenants or agreements of the Issuer set forth in the Note Purchase Agreement, the Indenture or this Indenture Supplement, which failure continues unremedied for a period of 30 days, in each case, after the date
on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or 
 (d) any representation or warranty made by the Issuer in the Note Purchase Agreement, this Indenture Supplement or the Indenture proves to have been
incorrect in any material respect when made, and continues to be incorrect in any material respect for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer
by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or 
 (e) a Servicer Default; or

 (f) a Cartus Purchase Termination Event (formerly known as a CMSC Purchase Termination Event) under the Purchase Agreement, an ARSC
Purchase Termination Event under the Receivables Purchase Agreement or a Transfer Termination Event under the Transfer and Servicing Agreement; or 
 (g) other than an Event of Default described in clause (v) below, an Event of Default with respect to the Series 2007-1 Notes; or 
 (h) a Series 2007-1 Asset Amount Deficiency, which Series 2007-1 Asset Amount Deficiency continues for any two consecutive Business Days after actual knowledge thereof by the Servicer or the Issuer or upon the next succeeding Distribution
Date, whichever is earlier; or 
  

 24 

 (i) the amount on deposit in the Marketing Expenses Account is less than the Required Marketing Expenses
Account Amount for any five consecutive Business Days after actual knowledge thereof by the Servicer or upon the next succeeding Distribution Date, whichever is earlier; or 
 (j) the Average Days in Inventory for Appraised Value Homes equals or exceeds one hundred eighty (180) days for any Monthly Period; or 

(k) the average of the Average Days in Inventory for Appraised Value Homes for any Monthly Period and for the immediately preceding five Monthly
Periods equals or exceeds one hundred fifty (150) days; or 
 (l) the Average Days in Inventory for Homes other than Appraised Value
Homes equals or exceeds sixty (60) days for any Monthly Period; or 
 (m) the average of the Average Days in Inventory for Homes other
than Appraised Value Homes for any Monthly Period and for the immediately preceding five Monthly Periods equals or exceeds forty (40) days; or 
 (n) the Default Ratio for any Monthly Period exceeds 5.0%, or the Three Month Average Default Ratio for any Monthly Period exceeds 4.0%; or 
 (o) the Dilution Ratio for any Monthly Period exceeds 1.5%, or the Three Month Average Dilution Ratio for any Monthly Period exceeds 1.0%; or 
 (p) Net Credit Losses for any Monthly Period exceed $750,000 and for any twelve consecutive Monthly Periods exceed $1,500,000; or 
 (q) the failure to vest and maintain in the Indenture Trustee a perfected first priority security interest in the Pledged Assets; or 
 (r) either (i) the Internal Revenue Service files notice of a lien pursuant to Section 6323 of the Internal Revenue Code with respect to any of
the ARSC Purchased Assets, and such Lien has not been released within five days or, if released, proved to the satisfaction of the Rating Agencies, or (ii) the PBGC files, or indicates its intention to file a notice of a lien pursuant to
Section 4068 of ERISA with respect to any of the Pledged Assets; or 
 (s) any of the Purchase Agreement, the Receivables Purchase
Agreement, the Transfer and Servicing Agreement, the Note Purchase Agreement, the Performance Guarantees, the Indenture, this Indenture Supplement or any related documents cease, for any reason, to be in full force and effect, other than in
accordance with its terms; or 
 (t) a failure on the part of Cartus, as the Servicer, to cooperate with the transfer of the servicing to a
successor Servicer following the delivery of a Termination Notice pursuant to the Transfer and Servicing Agreement, which failure is determined by the Required Managing Agents to be material and continues unremedied for a period of ten calendar days
after the date on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer by the Indenture Trustee, or to the Issuer and the Indenture Trustee by the Required Managing Agents; or 
  

 25 

 (u) an Event of Bankruptcy shall occur with respect to the Issuer, the Transferor, Realogy, Cartus or
CFC; or 
 (v) an Event of Default arising from a determination that the Issuer is required to be registered under the Investment Company Act
of 1940; or 
 (w) a Change in Control shall have occurred; 
 then, (i) in the case of any event described in clauses (a) through (g), (i), (n) through (t), or (w), an “Amortization Event” will be deemed to have occurred only if, after the
applicable grace period, if any, set forth in such clauses, either the Indenture Trustee (at the direction of the Required Managing Agents) or the Required Managing Agents, in each case by notice then given in writing to the Issuer and the Servicer
(and to the Indenture Trustee if given by the Series 2007-1 Noteholder) declare that an Amortization Event has occurred as of the date of such notice, (ii) in the case of any event described in clauses (h), (j), (k), (l) and (m), an
Amortization Event will occur at the close of business on the fifth Business Day following the actual knowledge of the Issuer or the Servicer of such event without any notice or other action on the part of the Indenture Trustee or the Series 2007-1
Noteholder unless prior to that time the Required Managing Agents by notice then given in writing to the Issuer, the Servicer and the Indenture Trustee declare that an Amortization Event will not result from the occurrence of such event and
(iii) in the case of any event described in clauses (u) or (v), an Amortization Event shall occur immediately upon the occurrence of such event without any notice or other action on the part of the Indenture Trustee or the Series 2007-1
Noteholders. 
 In addition to the foregoing, if an Amortization Event has occurred, then, at the written direction of the Required Managing
Agents, the Indenture Trustee, as assignee of the Transferor and the Issuer with respect to the Lockboxes, may give Termination Notices to the Lockbox Banks in accordance with Section 9.06 of the Transfer and Servicing Agreement. 
 ARTICLE VII 
 OPTIONAL REDEMPTION OF SERIES
2007-1 NOTES 
 Section 7.01. Optional Redemption of Series 2007-1 Notes. 
 (a) On any Business Day, subject to the provisions of Section 7.01(b) below, the Issuer shall have the option to redeem the Series 2007-1
Notes, at a redemption price equal to (i) if such day is a Distribution Date, the Redemption Price for such Distribution Date or (ii) if such day is not a Distribution Date, the Redemption Price for the immediately succeeding Distribution
Date. 
 (b) The Issuer shall give the Servicer, the Administrative Agent, the Managing Agents and the Indenture Trustee at least thirty
(30) days (or such lesser number of days as may be agreed to by the Managing Agents and the Indenture Trustee at such time) prior 

  

 26 

 
written notice of the date on which the Issuer intends to exercise such optional redemption. Not later than 12:00 noon, New York City time, on such day the
Issuer shall deposit into (a) the Series 2007-1 Principal Subaccount in immediately available funds the excess of the principal portion of the Redemption Price over the amount, if any, on deposit in the Series 2007-1 Principal Subaccount
and (b) the Distribution Account in immediately available funds the excess of the remaining portions of the Redemption Price over the amount, if any, of the Monthly Interest, Monthly Program Fees and other amounts on deposit in the
Distribution Account which are allocable to Series 2007-1 and available for the payment of such amounts. Such redemption option is subject to payment in full of the Redemption Price. Upon payment and distribution of the Redemption Price and the
reduction in the Series Outstanding Amount to zero, the Series 2007-1 Notes shall be cancelled, the Series 2007-1 Noteholders shall have no further obligations to fund under the Note Purchase Agreement and the Series 2007-1 Noteholders shall have no
further interest in the Pledged Assets. The Redemption Price shall be distributed as set forth in Section 4.04. 
 ARTICLE VIII

 MISCELLANEOUS PROVISIONS 
 Section 8.01. Ratification of Agreement. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and
construed as one and the same instrument. 
 Section 8.02. Counterparts. This Indenture Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 Section 8.03. Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 
 Section 8.04. Amendment and Restatement. This Indenture Supplement
amends and restates in full the terms and provisions of the Series 2007-1 Indenture Supplement dated as of and entered into on April 10, 2007 (the “Original 2007-1 Supplement”) and shall not constitute a novation or termination
of the Original Supplement 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. From and after the date hereof, the terms
of this Indenture Supplement shall supersede the terms of the Original 2007-1 Supplement in their entirety and each reference in any other Transaction Document to the Original 2007-1 Supplement or any other expression of like import referring to the
Original 2007-1 Supplement shall mean and be a reference to this Indenture Supplement. 
  

 27 

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

			
	 APPLE RIDGE FUNDING LLC,
 as
Issuer

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

		
	By:	 	/s/ Amy S. Keith
		 	Name: Amy S. Keith
		 	Title: Assistant Vice President

 Signature Page to Series 2007-1 Supplement 

 EXHIBIT A 
 FORM OF NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY INTEREST IN THE NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTE UNDER THE SECURITIES ACT, TO QUALIFY THE NOTE UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE
REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THE SERIES OUTSTANDING AMOUNT WILL BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THE SERIES 2007-1 NOTES ALLOCABLE TO PRINCIPAL. IN ADDITION, THE SERIES OUTSTANDING AMOUNT MAY BE INCREASED SUBJECT TO
CERTAIN TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT AND THE NOTE PURCHASE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE NOTE, THE OUTSTANDING AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL OUTSTANDING AMOUNT
SHOWN ON THE FACE HEREOF. ANYONE ACQUIRING THIS NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE BY INQUIRY OF THE PAYING AGENT. ON THE DATE OF THE INITIAL ISSUANCE OF THE NOTE, THE PAYING AGENT IS THE BANK OF NEW YORK. 

  

 A-1 

 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS
NOTE BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, APPLE RIDGE SERVICES CORPORATION OR CARTUS FINANCIAL CORPORATION OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER,
APPLE RIDGE SERVICES CORPORATION OR CARTUS FINANCIAL CORPORATION OF ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTE OR THE INDENTURE.

 THE HOLDER OF THIS NOTE BY ACCEPTANCE OF THIS NOTE AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A
BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTE AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-2 

 REGISTERED 
 No. R-[__]

 APPLE RIDGE FUNDING LLC 
 SECURED VARIABLE FUNDING NOTE, SERIES 2007-1 
 Apple Ridge Funding LLC, a Delaware limited liability company (herein referred to as the
“Issuer”), for value received, hereby promises to pay to [                    ], as a Managing Agent for the benefit of its
Purchaser Group under the Note Purchase Agreement, or its assigns, subject to the following provisions, a principal sum of
[                    ] DOLLARS
($[                    ]), or such greater or lesser amount as determined in accordance with the Indenture, on the earlier of the Final Stated
Maturity Date and the Redemption Date, if any. The Issuer will pay interest on the Note with respect to each Interest Period in accordance with Section 4.02 of the Indenture Supplement. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication
hereon has been executed by the Authentication Agent whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 This Note is one of a Series of Notes, Series 2007-1, as more fully described on the reverse side hereof. 
  

 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 APPLE RIDGE FUNDING LLC,
 as
Issuer

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Date: [            ], 2007

  

 A-4 

 AUTHENTICATION AGENT’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK, not in its individual capacity but solely as Authentication Agent
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Date: [            ], 2007

  

 A-5 

 [REVERSE OF NOTE] 
 This duly authorized Note of the Issuer (herein called the “Note”) is designated as one of its Secured Variable Funding Notes, Series 2007-1 (herein called the “Series 2007-1 Notes”), and is issued
under a Master Indenture dated as of April 25, 2000 (such indenture, as amended, and as supplemented by the Series 2007-1 Indenture Supplement dated as of April 10, 2007 among the parties to the Master Indenture (the “Indenture
Supplement”), is herein called the “Indenture”), between the Issuer, The Bank of New York, as paying agent, authentication agent and transfer agent, registrar and indenture trustee (the “Indenture Trustee,” which term
includes any successor Indenture Trustee under the Indenture). The respective rights and obligations of the Issuer, the Indenture Trustee and the Holder of the Note are set forth in the Indenture. This Note is subject to all terms of the Indenture.
All terms used in the Note that are not defined herein shall have the meanings assigned to them in or pursuant to the Indenture, as supplemented or amended. 
 Payments of interest on and principal of this Note due and payable on any Distribution Date shall be made by wire transfer to the registered Holder of this Note (or one or more predecessor Notes) on the Note Register as of the close of
business on each Record Date (the “Registered Holder”). Any reduction in the principal amount of this Note (or any one or more predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. 
 As provided in the Indenture, the Series 2007-1 Notes may be prepaid prior to maturity under the circumstances and in the manner set forth therein. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated
by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Transfer Agent and Registrar duly executed by, the Holder hereof or his attorney-in-fact duly authorized in
writing, and such other documents as the Transfer Agent and Registrar may reasonably require, and thereupon one or more new Notes of the same Series of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, 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 such registration of transfer or exchange. 
 Each Noteholder by acceptance of this Note
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee in
its individual capacity, any holder of a beneficial interest in the Issuer or the 

  

 A-6 

 
Indenture Trustee or of any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture 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 this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee, the Paying Agent, the Authentication Agent, the Transfer Agent and Registrar nor any such agent of the foregoing shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Series 2007-1 Notes and other notes issued under the Indenture at any time by the Issuer and the Indenture Trustee with the consent of the Majority Investors. The Indenture also contains provisions
permitting the Holders of Series 2007-1 Notes representing specified percentages of the Series Outstanding Amount, on behalf of the Holder of this Note, to waive compliance by the Issuer with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits, subject to the conditions set forth in the Indenture, the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of any notes issued thereunder or without the consent of holders of any Series of notes not affected thereby. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This Note and the
Indenture shall be governed by and construed in accordance with the laws of the State of New York, including Section 5-1401 of the New York General Obligations Law, but otherwise without regard to its conflict of law principles. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
  

 A-7 

 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither the
owner of a beneficial interest in the Issuer, nor any of its partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture. The Holder of this Note by the acceptance hereof agrees that, except as expressly
provided in the Transaction Documents, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 A-8 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

	
	  
	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
	Dated:	 	 	 		 		 	 	 	*
		 	Signature Guaranteed:	 		 		 		 	

  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-9 

 EXHIBIT B 
 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND 
 NOTIFICATION TO THE INDENTURE TRUSTEE AND 

THE PAYING AGENT 
  
  
 APPLE RIDGE FUNDING LLC,

 SERIES 2007-1 
  
  
 The undersigned, a duly
authorized representative of Cartus Corporation (“Cartus”), as servicer under the Transfer and Servicing Agreement, dated as of April 25, 2000 (as amended or supplemented, the “Transfer and Servicing
Agreement”), by and between Cartus, Apple Ridge Services Corporation, as transferor, Cartus Financial Corporation, as originator, Apple Ridge Funding LLC (the “Issuer”), as transferee, and The Bank of New York,
as successor to JPMorgan Chase Bank, N.A., a banking corporation organized and existing under the laws of New York (the “Indenture Trustee”), as Indenture Trustee, does hereby certify as follows: 
 1. Capitalized terms used in this Certificate have their respective meanings set forth in the Master Indenture, dated as of April 25, 2000 (as
amended or supplemented, the “Master Indenture”), between the Issuer and The Bank of New York (“BONY”), as Indenture Trustee and as Paying Agent, Authentication Agent and Transfer Agent and Registrar, as supplemented by the
Series 2007-1 Indenture Supplement, dated as of April 10, 2007, between the Issuer, the Indenture Trustee and BONY (as amended or supplemented, the “Indenture Supplement”), as applicable. Cartus is the Servicer. 
 2. The undersigned is an Authorized Officer of the Servicer. 
  

	I.	INSTRUCTION TO MAKE A WITHDRAWAL 

 Pursuant to
Section 4.04 of the Indenture Supplement, the Servicer does hereby instruct the Indenture Trustee (i) to make withdrawals from the Distribution Account or the relevant subaccount of the Collection Account on
            ,         , which date is [a Distribution Date][a Decrease Date] under the Indenture Supplement, in the aggregate amounts
set forth below and (ii) to apply the proceeds of such withdrawals in accordance with Section 4.04: 
  

				
	 A) If the date is a Decrease Date but not a Distribution Date, pursuant to subsection 4.04(a):
	  		
		
	 (1) From the Distribution Account to the Series 2007-1 Noteholders, interest due and owing on the Series 2007-1 Notes in accordance with
Section 3.02(b) of the Indenture Supplement
	  	$	_______

  

 B-1 

				
	 B) If the date is a Distribution Date, pursuant to subsection 4.04(b)(i):
	  		
		
	 (1) From the Distribution Account to the Series 2007-1 Noteholders, Monthly Interest on the outstanding principal balance of the
Notes
	  	$	_______
	 (2) From the Distribution Account to the Series 2007-1 Noteholders, Interest Shortfall previously accrued and not reimbursed
	  	$	_______
	 (3) From the Distribution Account to the Series 2007-1 Noteholders, Additional Interest previously accrued and not reimbursed
	  	$	_______
	 Total amount to be transferred from the Distribution Account for payment to the Series 2007-1 Noteholders (B(1) + B(2) + B(3))
	  	$	_______
		
	 C) If the date is a Distribution Date, pursuant to subsection 4.04(b)(ii):
	  		
		
	 (1) From the Distribution Account to each Managing Agent, Monthly Program Fees
	  	$	_______
		
	 D) If the date is a Distribution Date, pursuant to subsection 4.04(b)(iii):
	  		
		
	 (1) From the Distribution Account to the Servicer, the Monthly Servicing Fee for such Distribution Date
	  	$	_______
	 (2) From the Distribution Account to the Servicer, Monthly Servicing Fee previously accrued and not paid
	  	$	_______
	 Total amount to be distributed to the Servicer (D(1) + D(2))
	  	$	_______
		
	 E) If the date is a Distribution Date, pursuant to subsection 4.04(b)(iv):
	  		
		
	 (1) From the Distribution Account to the Administrative Agent and the Managing Agents, any out-of-pocket costs and expenses of the
Administrative Agent and the Managing Agents relating to enforcement against the Issuer
	  	$	_______

  

 B-2 

				
	 F) If the date is a Distribution Date, pursuant to subsection 4.04(b)(v):
	  		
		
	 (1) From the Distribution Account to the Series 2007-1 Principal Subaccount, amounts necessary to eliminate any Series 2007-1 Asset Amount
Deficiency which has occurred and is continuing on such Distribution Date
	  	$	_______
		
	 G) If the date is a Distribution Date during the Amortization Period, pursuant to subsection 4.04(b)(vi):
	  		
		
	 (1) From the Distribution Account to the Series 2007-1 Principal Subaccount, for application to reduce the Series Outstanding
Amount
	  	$	_______
		
	 H) If the date is a Distribution Date, pursuant to subsection 4.04(b)(vii):
	  		
		
	 (1) From the Distribution Account to the Administrative Agent, the Managing Agents and the Purchasers pursuant to the Supplement and the Note
Purchase Agreement, amounts equal to all increased costs, fees, expenses and other amounts payable to such Persons
	  	$	_______
		
	 I) If the date is a Decrease Date, pursuant to subsection 4.04(c)(i):
	  		
		
	 (1) From the Series 2007-1 Principal Subaccount to the Series 2007-1 Noteholders, an amount equal to the amount of the relevant
Decrease
	  	$	_______
		
	 J) If the date is a Distribution Date and funds are on deposit in the Series 2007-1 Principal Subaccount, pursuant to subsection
4.04(c)(ii):
	  		
		
	 (1) From the Series 2007-1 Principal Subaccount to the Series 2007-1 Noteholders, an amount equal to the Monthly Principal for such
Distribution Date
	  	$	_______

  

	II.	INSTRUCTION TO MAKE CERTAIN PAYMENTS 

 Pursuant to
Section 5.04, the Servicer does hereby instruct the Paying Agent to pay in accordance with Section 5.04 from the Distribution Account on
                    , which date is a Distribution Date or a Decrease Date under the Indenture Supplement, the following amount as set forth
below: 
  

				
	 A) Pursuant to subsection 5.04(a):

		
	 (1) Interest to be distributed to Series 2007-1 Noteholders
	  	$	__________
	 (2) Principal to be distributed to Series 2007-1 Noteholders
	  	$	__________

  

 B-3 

 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this
     day of             ,             . 
  

			
	CARTUS CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

 B-4 

 EXHIBIT C 
 FORM OF MONTHLY STATEMENT 
 Please see attached. 
  

 C-1 

 Apple Ridge Funding LLC, Series 2007-1 
 Monthly Report—February 2007 
 Report Distribution Date of xx/xx/07 
  

							
	 I. Reporting Period
	  	
		  	 Monthly Period Beg & End
	  	2/1/07-2/28/07
		  	 Distribution Date For Monthly Fees
	  	03/16/07    
		
	 I. Composition of Aggregate Employer Balance by Asset Type
	  	
				
		  	a.	  	Billed AR Balance	  	* Confidential
		  	b.	  	Equity Loans, Pmts, & Mort Payoffs	  	* Confidential
		  	c.	  	Unbilled	  	* Confidential
		  	d.	  	Aggregate Employer Balance	  	* Confidential
		  	e.	  	Less: Defaulted Receivables	  	(* Confidential)
		  	f.	  	Plus: Net Credit Clients	  	* Confidential
		  	g.	  	Less: Client Advances	  	(* Confidential)
		  	h.	  	Less: ARB of Bankrupt Clients	  	(* Confidential)
		  	i.	  	Less: Non-US Properties	  	(* Confidential)
		  	j.	  	Aggregate Receivable Balance	  	* Confidential
		
	 II. Accounts Receivable Analysis
	  	
		
	   1. Billed Receivables Aging
	  	
		  	    a.	  	Current	  	
		  	b.	  	1 - 30 days past due	  	* Confidential
		  	c.	  	31 - 60 days past due	  	* Confidential
		  	d.	  	61 - 90 days past due	  	* Confidential
		  	e.	  	91 - 120 days past due	  	* Confidential
		  	f.	  	121 - 150 days past due	  	* Confidential
		  	g.	  	Over 150 days past due	  	* Confidential
		  	h.	  	Total Billed Receivables	  	* Confidential
		
	 III. Aggregate Adjustment Amount
	  	
				
		  	a.	  	Overconcentration Amount	  	* Confidential
		  	b.	  	Excess Longer Term Receivable Amount	  	* Confidential
		  	c.	  	Excess Special Homes Receivable Amount	  	* Confidential
		  	d.	  	Aggregate Unpaid Balance of Eligible Rec related to Homes in inventory > 540	  	* Confidential
		  	e.	  	Total	  	* Confidential
		
	 IV. Adjusted Aggregate Receivable Balance
	  	
				
		  	a.	  	Ending Aggregate Receivable Balance	  	* Confidential
		  	b.	  	Less: Aggregate Adjustment Amount	  	(* Confidential)
		  	c.	  	Ending Adjusted Aggregate Receivable Balance	  	697,055,967
		
	 V. Available Assets—Series 2005-1 O/S Notes Balance, Total Assets Available
	  	
				
		  	a.	  	Series 2005-1 Outstanding Notes Balance	  	* Confidential
		  	b.	  	Series 2005-1 Outstanding Pre-Funding Balance	  	* Confidential
		  	c.	  	Total Outstanding (a)+(b)-(c)-(d)	  	* Confidential
		  	d.	  	Total Assets Available	  	697,055,967
		
	 VI. Notes Balances
	  	
				
		  	a.	  	Series 2005-1 Outstanding Notes Balance	  	* Confidential

 * The term “Confidential” indicates material that has been omitted and for which confidential treatment
has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. 
  

 C-2 

 Apple Ridge Funding LLC, Series 2007-1 
 Monthly Report—February 2007 
  

									
		  	b.	  	 Series 2005-1 Outstanding Pre-Funding Balance
	  	* Confidential
		  	c.	  	 Total Outstanding (a)+(b)-(c )-(d)
	  	* Confidential
		  	d.	  	 Total Notes Limit
	  	850,000,000
		  	e.	  	 Has total notes limit been exceeded
	  	No
		
	 VII. Credit Enhancement
	  	
			
		  	 1. Reserve Ratios—Series 2005-1
	  	
		  		  	a.	  	Loss Reserve Ratio	  	* Confidential    %
		  		  	b.	  	Dilution Reserve Ratio	  	* Confidential    %
		  		  	c.	  	Servicing Reserve Ratio	  	* Confidential    %
		  		  	d.	  	Yield Reserve Ratio	  	* Confidential    %
		  		  	e.	  	Total	  	8.94%
		
		  	 2. Required Enhancement Amount—Series 2005-1

		  		  	a.	  	Equals (e) / (1 - (e))	  	* Confidential    %
		  		  	b.	  	Minimum enhancement amount	  	* Confidential    %
		  		  	c.	  	Outstanding Amount of Notes	  	* Confidential
		  		  	d.	  	Required Enhancement Amount ( {greater of (a) and (b)} * (c) )	  	* Confidential
		
		  	 3. Required Overcollateralization Amount—Series 2005-1

		  		  	a.	  	Required Enhancement Amount—Series 2005-1	  	* Confidential
		  		  	c.	  	Opening Principal Subaccount balance	  	* Confidential
		  		  	d.	  	Required Overcollateralization Amount ( a-b-c)	  	* Confidential
		
		  	 4. Required Asset Amount—Series 2005-1

		  		  	a.	  	Outstanding Amount of the Series 2005-1 Notes	  	649,785,714
		  		  	b.	  	Required Overcollateralization Amount	  	* Confidential
		  		  	c.	  	Required Asset Amount (a+b)	  	* Confidential
				
		  	5.	  	 Asset Amount Deficiency, if any, as to the related Distribution Date
	  	(* Confidential)
		  		  	 Total Asset Deficiency
	  	(* Confidential)
		
	 VIII. Amortization Events
	  	
			
		  	 1. Average Days in Inventory for Appraised Value Homes
	  	Pass
		  		  	a.	  	Average for any Monthly Period must be < 180 days	  	* Confidential
		  		  	b.	  	Average for any Monthly Period and for the immediately preceding 5 Monthly Periods must be < 150 days	  	* Confidential
			
		  	 2. Average Days in Inventory for other than Appraised Value Homes
	  	Pass
		  		  	a.	  	Average for any Monthly Period must be < 60 days	  	* Confidential
		  		  	b.	  	Average for any Monthly Period and for the immediately preceding 5 Monthly Periods must be < 40 days	  	* Confidential
			
		  	 3. Default Ratio
	  	Pass
		  		  	a.	  	Default Ratio for any Monthly Period must be <= 5.0%	  	* Confidential    %
		  		  	b.	  	Three Month Average Default Ratio must be <= 4.0%	  	* Confidential    %
			
		  	 4. Dilution Ratio
	  	Pass
		  		  	a.	  	Dilution Ratio for any Monthly Period must be <= 1.5%	  	* Confidential    %
		  		  	b.	  	Three Month Average Dilution Ratio must be <= 1%	  	* Confidential    %

 * The term “Confidential” indicates material that has been omitted and for which confidential treatment
has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. 
  

 C-3 

 Apple Ridge Funding LLC, Series 2007-1 
 Monthly Report—February 2007 
  

									
		  	 5. Net Credit Losses
	  	Pass
		  		  	a.	  	Net Credit Losses for any Monthly Period must be <= $750,000	  	* Confidential
		  		  	b.	  	Net Credit Losses for any 12 consecutive Monthly Periods must be <= $1,500,000	  	* Confidential
			
		  	 6. Borrowings available (Paydowns required)
	  	
		  		  	a.	  	Enhancement Rate	  	* Confidential    %
		  		  	b.	  	Ending Adjusted Aggregate Receivable Balance	  	* Confidential
		  		  	c.	  	Max CP Availability	  	* Confidential
		  		  	d.	  	Total Outstanding Debt	  	* Confidential
		  		  	e.	  	Amount Available for borrowing (required paydown)	  	(* Confidential)

 * The term “Confidential” indicates material that has been omitted and for which confidential treatment
has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. 
  

 C-4 

 EXHIBIT D 
 FORM OF WEEKLY ACTIVITY REPORT 
 Please see attached. 
  

 D-1 

 Apple Ridge Funding LLC, Series 2007-1 
 Weekly Report for the period ending xx/xx/xx 
 Report Distribution Date of xx/xx/07 
  

							
	 I. Reporting Period
	  	
			
		  	 Prior Settlement Report Period
	  	xx/xx/07-xx/xx/07
		  	 Weekly Report for the period ending xx/xx/xx
	  	xx/xx/2007    
	
	 I. Composition of Aggregate Employer Balance by Asset Type

				
		  	a.	  	Billed AR Balance	  	* Confidential
		  	b.	  	Equity Loans, Pmts, & Mort Payoffs	  	* Confidential
		  	c.	  	Unbilled	  	* Confidential
		  	d.	  	Aggregate Employer Balance	  	* Confidential
		  	e.	  	Less: Defaulted Receivables	  	(* Confidential)
		  	f.	  	Plus: Net Credit Clients	  	* Confidential
		  	g.	  	Less: Client Advances	  	(* Confidential)
		  	h.	  	Less: ARB of Bankrupt Clients	  	(* Confidential)
		  	i.	  	Less: Non-US Properties	  	(* Confidential)
		  	j.	  	Aggregate Receivable Balance	  	* Confidential
	
	 II. Accounts Receivable Analysis

	
	   1. Billed Receivables Aging

		  	    a.	  	Current	  	
		  	b.	  	1 - 30 days past due	  	* Confidential
		  	c.	  	31 - 60 days past due	  	* Confidential
		  	d.	  	61 - 90 days past due	  	* Confidential
		  	e.	  	91 - 120 days past due	  	* Confidential
		  	f.	  	121 - 150 days past due	  	* Confidential
		  	g.	  	Over 150 days past due	  	* Confidential
		  	h.	  	Total Billed Receivables	  	* Confidential
	
	 III. Aggregate Adjustment Amount

				
		  	a.	  	Overconcentration Amount	  	* Confidential
		  	b.	  	Excess Longer Term Receivable Amount	  	* Confidential
		  	c.	  	Excess Special Homes Receivable Amount	  	* Confidential
		  	d.	  	Aggregate Unpaid Balance of Eligible Rec related to Homes in inventory > 540	  	* Confidential
		  	e.	  	Total	  	* Confidential
	
	 IV. Adjusted Aggregate Receivable Balance

				
		  	a.	  	Ending Aggregate Receivable Balance	  	* Confidential
		  	b.	  	Less: Aggregate Adjustment Amount	  	(* Confidential)
		  	c.	  	Ending Adjusted Aggregate Receivable Balance	  	697,055,967
	
	 V. Available Assets—Series 2005-1 O/S Notes Balance, Total Assets Available

				
		  	a.	  	Series 2005-1 Outstanding Notes Balance	  	* Confidential
		  	b.	  	Series 2005-1 Outstanding Pre-Funding Balance	  	* Confidential
		  	c.	  	Total Outstanding (a)+(b)-(c)-(d)	  	* Confidential
		  	d.	  	Total Assets Available	  	697,055,967
		
	 VI. Notes Balances
	  	
				
		  	a.	  	Series 2005-1 Outstanding Notes Balance	  	* Confidential
		  	b.	  	Series 2005-1 Outstanding Pre-Funding Balance	  	* Confidential

 
 * The term “Confidential”
indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934
as amended. 
  

 D-2 

 Apple Ridge Funding LLC, Series 2007-1 
 Weekly Report for the period ending xx/xx/xx 
 Report Distribution Date of xx/xx/07 
  

									
	 I. Reporting Period
	  	
		
	   Prior Settlement Report Period
	  	xx/xx/07-xx/xx/07
		  	c.	  	 Total Outstanding (a)+(b)-(c )-(d)
	  	* Confidential    
		  	d.	  	 Total Notes Limit
	  	850,000,000
		  	e.	  	 Has total notes limit been exceeded
	  	No
		
	 VII. Credit Enhancement
	  	
		
		  	 1. Reserve Ratios—Series 2005-1

		  		  	a.	  	Loss Reserve Ratio	  	* Confidential    %
		  		  	b.	  	Dilution Reserve Ratio	  	* Confidential    %
		  		  	c.	  	Servicing Reserve Ratio	  	* Confidential    %
		  		  	d.	  	Yield Reserve Ratio	  	* Confidential    %
		  		  	e.	  	Total	  	8.94%
		
		  	 2. Required Enhancement Amount—Series 2005-1

		  		  	a.	  	Equals (e) / (1 - (e))	  	* Confidential    %
		  		  	b.	  	Minimum enhancement amount	  	* Confidential    %
		  		  	c.	  	Outstanding Amount of Notes	  	* Confidential
		  		  	d.	  	Required Enhancement Amount ( {greater of (a) and (b)} * (c) )	  	* Confidential
		
		  	 3. Required Overcollateralization Amount—Series 2005-1

		  		  	a.	  	Required Enhancement Amount—Series 2005-1	  	* Confidential
		  		  	c.	  	Opening Principal Subaccount balance	  	* Confidential
		  		  	d.	  	Required Overcollateralization Amount ( a-b-c)	  	* Confidential
		
		  	 4. Required Asset Amount—Series 2005-1

		  		  	a.	  	Outstanding Amount of the Series 2005-1 Notes	  	649,785,714
		  		  	b.	  	Required Overcollateralization Amount	  	* Confidential
		  		  	c.	  	Required Asset Amount (a+b)	  	* Confidential
				
		  	5	  	 Asset Amount Deficiency, if any, as to the related Distribution Date
	  	(* Confidential)
		  		  	 Total Asset Deficiency
	  	(* Confidential)
		
	 VIII. Amortization Events
	  	
			
		  	 1. Average Days in Inventory for Appraised Value Homes
	  	Pass
		  		  	a.	  	Average for any Monthly Period must be < 180 days	  	* Confidential
		  		  	b.	  	Average for any Monthly Period and for the immediately preceding 5 Monthly Periods must be < 150 days	  	* Confidential
			
		  	 2. Average Days in Inventory for other than Appraised Value Homes
	  	Pass
		  		  	a.	  	Average for any Monthly Period must be < 60 days	  	* Confidential
		  		  	b.	  	Average for any Monthly Period and for the immediately preceding 5 Monthly Periods must be < 40 days	  	* Confidential
			
		  	 3. Default Ratio
	  	Pass
		  		  	a.	  	Default Ratio for any Monthly Period must be <= 5.0%	  	* Confidential    %
		  		  	b.	  	Three Month Average Default Ratio must be <= 4.0%	  	* Confidential    %
			
		  	 4. Dilution Ratio
	  	Pass

 * The term “Confidential” indicates material that has been omitted and for which confidential treatment
has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. 
  

 D-3 

 Apple Ridge Funding LLC, Series 2007-1 
 Weekly Report for the period ending xx/xx/xx 
 Report Distribution Date of xx/xx/07 
  

									
	 I. Reporting Period
	  	
		
	   Prior Settlement Report Period
	  	xx/xx/07-xx/xx/07
		  		  	a.	  	Dilution Ratio for any Monthly Period must be <= 1.5%	  	* Confidential    %
		  		  	b.	  	Three Month Average Dilution Ratio must be <= 1%	  	* Confidential    %
			
		  	 5. Net Credit Losses
	  	Pass
		  		  	a.	  	Net Credit Losses for any Monthly Period must be <= $750,000	  	* Confidential
		  		  	b.	  	Net Credit Losses for any 12 consecutive Monthly Periods must be <= $1,500,000	  	* Confidential
			
		  	 6. Borrowings available (Paydowns required)
	  	
		  		  	a.	  	Max CP Availability based on last settlement report period	  	* Confidential
		  		  	b.	  	Enhancement Rate	  	* Confidential    %
		  		  	c.	  	Ending Adjusted Aggregate Receivable Balance	  	* Confidential
		  		  	d.	  	Max CP Availability	  	* Confidential
		  		  	e.	  	Total Outstanding Debt	  	* Confidential
		  		  	f.	  	Amount Available for borrowing (required paydown)	  	(* Confidential)

 * The term “Confidential” indicates material that has been omitted and for which confidential treatment
has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. 
  

 D-4Amended and Restated Note Purchase Agreement, dated as of April 10, 2007

 Exhibit 10.14 
 EXECUTION COPY 
  
  
  
 AMENDED AND RESTATED 
 NOTE PURCHASE AGREEMENT 
 (Secured Variable
Funding Notes, Series 2007-1) 
 Dated as of April 10, 2007 
 Amended and Restated as of July 6, 2007 
 Among 
 APPLE RIDGE FUNDING LLC 
 as Issuer, 
 CARTUS CORPORATION, 
 as Servicer, 

THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME PARTY HERETO, 
 as the Conduit Purchasers, 
 THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, 
 as Committed Purchasers, 
 THE PERSONS FROM
TIME TO TIME PARTY HERETO, 
 as Managing Agents, 
 and 
 CALYON NEW YORK BRANCH, 
 as Administrative Agent and Lead Arranger 
  
  
  

			
	 ARTICLE I DEFINITIONS
	  	
		
	 SECTION 1.01. Certain Defined Terms
	  	1
	 SECTION 1.02. Other Terms
	  	7
	 SECTION 1.03. Computation of Time Periods
	  	7
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2007-1 NOTES
	  	
		
	 SECTION 2.01. Purchase and Transfer of Series 2007-1 Notes
	  	8
	 SECTION 2.02. Increases and Reductions to the Series Outstanding Amount
	  	8
	 SECTION 2.03. Calculation and Payment of Interest and Fees
	  	10
	 SECTION 2.04. Tranches
	  	10
	 SECTION 2.05. Reductions and Increases to Stated Amount
	  	11
	 SECTION 2.06. Increased Costs
	  	12
	 SECTION 2.07. Increased Capital
	  	12
	 SECTION 2.08. Taxes
	  	13
	 SECTION 2.09. Funding Losses
	  	15
	 SECTION 2.10. Nonrecourse Obligations
	  	15
	 SECTION 2.11. Extension of Term
	  	15
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	
		
	 SECTION 3.01. Conditions Precedent to Purchase
	  	16
	 SECTION 3.02. Conditions Precedent to each Increase
	  	17
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	
		
	 SECTION 4.01. Representations and Warranties of the Issuer
	  	18
		
	 ARTICLE V COVENANTS AND INDEMNITIES
	  	
		
	 SECTION 5.01. Covenants of the Issuer and Servicer
	  	20
	 SECTION 5.02. Indemnification
	  	25
		
	 ARTICLE VI THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS
	  	
		
	 SECTION 6.01. Authorization and Action
	  	25
	 SECTION 6.02. Administrative Agent’s Reliance, Etc.
	  	25
	 SECTION 6.03. Administrative Agent and Affiliates
	  	26
	 SECTION 6.04. Purchase Decision
	  	26
	 SECTION 6.05. Indemnification of the Administrative Agent
	  	26
	 SECTION 6.06. Successor Administrative Agent
	  	27
	 SECTION 6.07. Authorization and Action of Managing Agents
	  	27
	 SECTION 6.08. Successor Managing Agent
	  	28
	 SECTION 6.09. Payments by a Managing Agent
	  	28
		
	 ARTICLE VII MISCELLANEOUS
	  	
		
	 SECTION 7.01. Amendments, Waivers and Consents, Etc.
	  	28
	 SECTION 7.02. Notices
	  	29
	 SECTION 7.03. No Waiver; Remedies; Rights of Purchasers, Etc.
	  	29
	 SECTION 7.04. Binding Effect; Assignability
	  	29
	 SECTION 7.05. Securities Laws; Series 2007-1 Note as Evidence of Indebtedness
	  	30
	 SECTION 7.06. SUBMISSION TO JURISDICTION
	  	30
	 SECTION 7.07. GOVERNING LAW; WAIVER OF JURY TRIAL
	  	31
	 SECTION 7.08. Costs and Expenses
	  	31
	 SECTION 7.09. No Proceedings
	  	32

  

 i 

					
	 SECTION 7.10. Execution in Counterparts; Severability
	  	32
	 SECTION 7.11. Limited Recourse Obligations
	  	32
	 SECTION 7.12. Confidentiality
	  	33
	 SECTION 7.13. Amendment and Restatement
	  	33
	 SECTION 7.14. Consent to Series Supplement
	  	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 2007-1) 
 Dated as of April 10, 2007

 Amended and Restated as of July 6, 2007 
 APPLE RIDGE FUNDING LLC, a Delaware limited liability company, as Issuer, CARTUS CORPORATION, a Delaware corporation, as Servicer, THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME PARTY HERETO, as Conduit Purchasers,
THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as Committed Purchasers, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Managing Agents and CALYON NEW YORK BRANCH, (“Calyon”), in its capacity as administrative agent for the
Purchasers (in such capacity, the “Administrative Agent”) and as Lead Arranger agree as follows: 
 WHEREAS, the Issuer has
entered into that certain Indenture (as defined below) which provides for the issuance of Notes from time to time and the Purchasers desire to purchase a Series of Notes to be issued pursuant to the Series Supplement described below; 
 WHEREAS, the Issuer, Calyon and certain Conduit Purchasers party hereto have previously entered into that certain Note Purchase Agreement dated as of
April 10, 2007 (the “Original 2007-1 Note Purchase Agreement”) relating to the Series 2007-1 Notes and, in connection with certain assignments by Calyon and such Conduit Purchasers to the other Purchasers party hereto, the
Issuer, Calyon and the other parties hereto have agreed to enter into this Agreement for the purposes of amending and restating the terms of the Original 2007-1 Note Purchase 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 parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Certain Defined Terms. Unless otherwise defined herein, capitalized terms
used in this Agreement have the meanings set forth in the Indenture or the Series Supplement (each as defined below), as applicable. In addition, the following terms have the following respective meanings: 
 “Administrative Agent” is defined in the preamble. 
 “Agreement” means this Note Purchase Agreement, as the same may from time to time be amended, restated, supplemented or otherwise modified. 

 “Alternate Base Rate” means, with respect to any Interest Period, the daily average of a
fluctuating interest rate per annum as shall be in effect from time to time during such Interest Period, which rate shall at all times be equal to the higher of: (i) the rate of interest announced publicly in New York City by the Administrative
Agent from time to time as the Administrative Agent’s base rate for borrowings in United States dollars; and (ii) the sum of the Federal Funds Rate and the Eurodollar Rate Margin in effect at such time. 
 “Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement in substantially the form of Exhibit A hereto
pursuant to which any Purchaser assigns all or a portion of its rights and obligations under this Agreement and the other Transaction Documents. 
 “Base Rate Tranche” means a Tranche for which interest is calculated by reference to the Alternate Base Rate. 
 “Closing Date” means April 10, 2007. 
 “Commercial Paper Notes” means, with respect to any
Conduit Purchaser, the commercial paper notes issued by such Conduit Purchaser allocated in whole or in part by its related Managing Agent to fund the investment of such Conduit Purchaser in the Series 2007-1 Notes. 
 “Commitment” means (i) with respect to each Committed Purchaser, the commitment of such Committed Purchaser to purchase an interest
in the Series 2007-1 Notes on the Closing Date and to fund Increases on any Increase Date in accordance herewith in an amount not to exceed the dollar amount set forth opposite such Committed Purchaser’s name under the heading
“Commitment” on Schedule II attached hereto, as such amount may be increased or reduced pursuant to Section 2.05 of this Agreement, minus the dollar amount of any Commitment or portion thereof assigned by such Committed Purchaser in
accordance with this Agreement, plus the dollar amount of any increase to such Committed Purchaser’s commitment consented to by such Committed Purchaser prior to the time of determination and (ii) with respect to any assignee of a
Committed Purchaser pursuant to an Assignment and Acceptance Agreement, the commitment of such assignee to purchase an interest in the Series 2007-1 Notes and to fund Increases on any Increase Date in accordance herewith in an amount not to exceed
such assignee’s commitment, minus the dollar amount of such commitment or portion thereof assigned by such assignee pursuant to an Assignment and Acceptance prior to the time of determination. 
 “Commitment Termination Date” means July 3, 2008, or such later date to which the Commitment Termination Date may be extended in
accordance with Section 2.11 of this Agreement. 
 “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%. 
  

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 “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 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. 
 “Effective Restatement Date” means July 6, 2007. 
 “CP Tranche” means a Tranche for which interest is calculated by reference to the CP Rate. 
 “Eurodollar Determination Date” means, for any Interest Period, the second Business Day prior to the commencement of such Interest
Period. 
 “Eurodollar Rate” means, for any Tranche for any Interest Period, a rate per annum equal to the London interbank
offered rate for deposits in United States dollars in an amount comparable to such Tranche and for a period equal to such Interest Period which appears on Reuters Screen LIBOR01 Page (or any successor page) as of 11:00 a.m., London time, on the
related Eurodollar Determination Date, divided by the remainder of one minus the Eurodollar Reserve Percentage applicable during such Interest Period, if any. If such rate does not appear on Reuters Screen LIBOR01 Page (or any successor page), the
rate for such day will be determined on the basis of the rates at which deposits in United States dollars in an amount comparable to such Tranche and for a period equal to such Interest Period are offered to the Administrative Agent at approximately
11:00 a.m., London time, on such Eurodollar Determination Date by prime banks in the London interbank market. 
  

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 “Eurodollar Rate Disruption Event” means, for any Owner, for any Interest Period, any of
the following: (i) a determination by such Owner that it would be contrary to law or the directive of any central bank or other governmental authority to obtain United States dollars in the London interbank market to fund or maintain its
investment in the Series 2007-1 Notes for such Interest Period, (ii) the inability of such Owner, by reason of circumstances affecting the London interbank market generally, to obtain United States dollars in such market to fund its investment
in the Series 2007-1 Notes for such Interest Period or (iii) a determination by such Owner that the maintenance of its investment in the Series 2007-1 Notes for such Interest Period at the Eurodollar Rate will not adequately and fairly reflect
the cost to such Owner of funding such investment at such rate. 
 “Eurodollar Reserve Percentage” means, as of any day, the
percentage (expressed as a decimal) in effect on such day, as prescribed by the Board of Governors of the Federal 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.

 “Facility Fee Rate” has the meaning set forth 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. 
 “Fifth Omnibus Amendment”
means that certain Fifth Omnibus Amendment of even date herewith by and among Cartus, CFC, the Transferor, Realogy, the Indenture Trustee, the Administrative Agent and the initial Conduit Purchasers and Committed Purchasers party hereto. 

“Increase Request” means a request for an Increase in substantially the form attached hereto as Exhibit B. 
 “Indemnified Party” is defined in Section 5.02. 
  

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 “Indenture” means that certain Master Indenture dated as of April 25, 2000 among
the Issuer, The Bank of New York (as successor to JPMorgan Chase Bank, National Association), as Indenture Trustee and The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar, as amended, restated, supplemented
or otherwise modified from time to time. 
 “Lien” has the meaning given in the Purchase Agreement. 
 “Liquidity Provider” means the Person or Persons which provide liquidity support to a Conduit Purchaser pursuant to a Liquidity Provider
Agreement. 
 “Liquidity Provider Agreement” means an agreement between a Conduit Purchaser and a Liquidity Provider
evidencing the obligation of such Liquidity Provider to provide liquidity support to such Conduit Purchaser in connection with the issuance by such Conduit Purchaser of Commercial Paper Notes. 
 “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. 
 “Nonrenewing
Group” means any Purchaser Group, the Managing Agent for which has not consented to an extension of the Commitment Termination Date requested by the Issuer in accordance with Section 2.11. 
 “Nonrenewing Purchaser” means any Committed Purchaser which is a member of a Nonrenewing Group. 
 “Other Taxes” is defined in Section 2.08. 
 “Owner” means (a) each Conduit Purchaser, (b) each Committed Purchaser, (c) each Liquidity Provider, Program Support Provider or other Person that has purchased, or has entered into a
commitment to purchase, the Series 2007-1 Notes or an interest therein from a Conduit Purchaser pursuant to a Liquidity Provider Agreement, Program Support Agreement or otherwise, and (d) any insurance company, bank or other funding entity
providing liquidity, credit enhancement or back-up purchase support or facilities to any Conduit Purchaser. 
 “Permitted Conduit
Assignee” means, with respect to any Purchaser Group, any commercial paper conduit administered by the Managing Agent for such Purchaser Group or any of its Affiliates. 
 “Permitted Lien” has the meaning given in the Purchase Agreement. 
 “Program Support Agreement” means an agreement between a Conduit Purchaser and a Program Support Provider evidencing the obligation of
such Program Support Provider to provide liquidity or credit enhancement or asset purchase facilities for or in respect of any assets or liabilities of such Conduit Purchaser in connection with the issuance by such Conduit Purchaser of Commercial
Paper Notes. 
 “Program Support Provider” means the Person or Persons who will provide program support to a Conduit
Purchaser pursuant to a Program Support Agreement. 
  

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 “Program Termination Date” means April 10, 2012. 
 “Pro Rata Share” means, for a Purchaser Group at any time of determination, a fraction (expressed as a percentage) having the Purchaser
Group Limit for such Purchaser Group as its numerator and the Stated Amount as its denominator; provided, however, that if any Purchaser fails to fund any amount as required hereunder, “Pro Rata Share” shall mean, for purposes of
making all distributions hereunder, a fraction (expressed as a percentage) having the portion of the Series Outstanding Amount funded by each Purchaser Group as its numerator and the Series Outstanding Amount as its denominator. 
 “Purchase” means the purchase of the Series 2007-1 Notes by the Purchasers from the Issuer on the Closing Date. 
 “Purchaser Group” means each group of Purchasers consisting of one or more Conduit Purchasers and any Permitted Conduit Assignees of
such Conduit Purchasers, the related Committed Purchasers, the related Liquidity Provider(s) and Program Support Provider(s), if any, the related Managing Agent and their respective permitted assigns. 
 “Purchaser Group Limit” means (i) with respect to each Purchaser Group existing on the date hereof, the amount set forth opposite
the name of such Purchaser Group on Schedule II attached hereto, as such amount may be increased or decreased pursuant to Section 2.05 hereof, or reduced pursuant to Section 7.04(c) hereof and (ii) with respect to any other Purchaser
Group, the amount indicated in the Assignment and Acceptance Agreement pursuant to which the members of such Purchaser Group become parties to this Agreement, as such amount may be increased or decreased pursuant to Section 2.05 hereof, or
reduced pursuant to Section 7.04(c) hereof. 
 “Purchaser” means, a Conduit Purchaser or Committed Purchaser as the
context requires and “Purchasers” means collectively, the Conduit Purchasers and the Committed Purchasers. 
 “Rate
Type” means the Eurodollar Rate, the Alternate Base Rate or the CP Rate. 
 “Realogy” means Realogy Corporation, a
Delaware corporation, and its successors. 
 “Reported EBITDA” has the meaning given in the Transfer and Servicing
Agreement. 
 “Required Managing Agents” means, at any time, Managing Agents representing Purchaser Groups which hold Series
2007-1 Notes that represent at least 66 2/3% of the Series Outstanding Amount or, if the Series Outstanding Amount is zero, Managing Agents representing Purchaser Groups with Pro Rata Shares of not less than 66 2/3%. 
 “Series 2007-1 Notes” has the meaning given in the Series Supplement. 
  

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 “Series Supplement” means the Amended and Restated Series 2007-1 Indenture Supplement of
even date herewith, among the Issuer, The Bank of New York, as Indenture Trustee and The Bank of New York, as Paying Agent, Authentication Agent and Transfer Agent and Registrar, supplementing the Indenture, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Solvent” means, with respect to any Person and as of any
particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and
liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become
due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is
not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. 
 “Taxes” is defined in Section 2.08(a). 
 “Term-Out Deposit Amount” means, as of any date of determination in respect of any Nonrenewing Group, the amount deposited by the related Nonrenewing Purchasers into their Term-Out Period Account
pursuant to Section 2.11 minus the amount of any Increases funded through withdrawals from such Term-Out Period Account pursuant to Section 4.08 of the Series Supplement plus the amount of any Decreases or other payments of Monthly
Principal transferred from the Series 2007-1 Principal Subaccount to such Term-Out Period Account under Section 4.03 of the Series Supplement. 
 “Term-Out Period” means, with respect to any Nonrenewing Group and any Nonrenewing Purchaser, the period commencing on the date, if any, on which such Nonrenewing Group establishes its Term-Out Period Account and makes the
initial deposit therein pursuant to Section 2.11 of this Agreement and ending on the commencement of the Amortization Period. 
 “Tranche” is defined in Section 2.04. 
 “UCC” means the Uniform Commercial Code as from time
to time in effect in the applicable jurisdiction. 
 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.” 
  

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 ARTICLE II 
 PURCHASE AND SALE OF SERIES 2007-1 NOTES 
 SECTION 2.01. Purchase and Transfer of Series 2007-1
Notes. 
 (a) On the terms and subject to the conditions set forth in this Agreement, the Indenture and the Series Supplement, and in
reliance on the covenants, representations and agreements set forth herein and therein, on the Closing Date (i) the Issuer agreed to sell, transfer and deliver to Calyon, as Managing Agent on behalf of the Purchasers in its Purchaser Group and
(ii) Atlantic Asset Securitization LLC, (“Atlantic”), acting through Calyon as Managing Agent, may, in its discretion, and Calyon New York Branch, acting through Calyon as Managing Agent, shall, if Atlantic determines not to so
purchase, purchase from the Issuer, on the date hereof, the Series 2007-1 Note issued to its related Managing Agent having an aggregate maximum face amount equal to the applicable Purchaser Group Limit. Without limiting any other provision of this
Agreement, the obligation of any Purchaser to purchase an interest in a Series 2007-1 Note is subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof. 
 (b) On the Closing Date, the Issuer delivered to Calyon, as Managing Agent on behalf of the Purchasers in its Purchaser Group, a Series 2007-1 Note,
dated as of the Closing Date, registered in the name of such Managing Agent having a face amount equal to the Purchaser Group Limit of its Purchaser Group, and duly authenticated by the Authentication Agent in accordance with the provisions of the
Indenture against delivery by such Managing Agent, on behalf of the Purchasers in the related Purchaser Group, to the Issuer of such Purchaser Group’s Pro Rata Share of the Initial Series Outstanding Amount. 
 (c) On the Effective Restatement Date, concurrently with the effectiveness of the Assignment and Acceptance Agreement dated as of such date, Calyon will
deliver to the Indenture Trustee for cancellation the Series 2007-1 Note issued on the Closing Date, and the Indenture Trustee will authenticate and deliver to each Managing Agent (including Calyon) party hereto, on behalf of the Purchasers in its
Purchaser Group, a Series 2007-1 Note, dated as of the Effective Restatement 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. 
 SECTION 2.02. Increases and Reductions to the Series
Outstanding Amount. 
 (a) Subject to the terms and conditions set forth in this Agreement and in the Series Supplement, the Issuer may,
in its discretion, at any time during the Revolving Period deliver to the Indenture Trustee, each Managing Agent and the Administrative Agent, an Increase Request not less than two Business Days prior to the applicable Increase Date,
provided, that: 
 (i) after giving effect to such Increase, (A) the Series Outstanding Amount shall not exceed
the Stated Amount at such time; (B) the Pro Rata Share of the Series Outstanding Amount funded by each Purchaser Group shall not exceed its Purchaser Group Limit and (C) the portion of the Series Outstanding Amount funded by any Committed
Purchaser shall not exceed its Commitment; 
  

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 (ii) the Increase Request shall specify: (A) the proposed date of the requested
Increase, (B) the amount of the requested Increase (which shall be in a minimum amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof or, such other amounts as may be agreed among the Issuer and the Managing Agents),
(C) the bank account to which the funds from such Increase should be sent and (D) the requested Rate Type(s); and 
 (iii) if such Increase would cause the Series 2007-1 Required Asset Amount to be greater than the Series 2007-1 Allocated Adjusted Aggregate Receivable Balance as shown on the most recent Receivables Activity Report (or, if less, the Series
2007-1 Allocated Adjusted Aggregate Receivable Balance shown on the most recent Weekly Activity Report, if applicable), each Managing Agent must have received an interim servicing report, in a form to be mutually agreed upon by the Issuer and the
Managing Agents, based on the most recently available interim reporting, which demonstrates that such Increase will not cause a Series 2007-1 Asset Amount Deficiency to occur. 
 (b) Subject to the terms and conditions set forth in this Agreement (including Section 3.02 hereof) and the Series Supplement, on each Increase Date
the Conduit Purchasers in each Purchaser Group, acting through the related Managing Agent, may (but are not committed to) at the request of the Issuer pursuant to an Increase Request, fund such Purchaser Group’s Pro Rata Share of the requested
Increase in amounts to be allocated among such Conduit Purchasers by the related Managing Agent. If any Conduit Purchaser chooses at any time not to fund its portion of such Purchaser Group’s Pro Rata Share of a requested Increase when
requested by the Issuer, on the applicable Increase Date, the related Committed Purchasers, acting through the related Managing Agent, shall, subject to the conditions set forth in Section 3.02 hereof, fund their respective Committed
Percentages of the related Purchaser Group’s Pro Rata Share of the amount of such Increase. Each funding of a Purchaser Group’s Pro Rata Share of an Increase shall be paid by the related Purchasers to an account designated by the related
Managing Agent, provided that during a Term-Out Period, any Nonrenewing Purchaser’s share of such Increase shall be funded from its Term-Out Period Account in accordance with Section 4.08 of the Series Supplement. Each Managing
Agent shall deliver its Purchaser Group’s Pro Rata Share of the amount of each Increase to the Issuer in U.S. Dollars in immediately available funds by 1:00 p.m. (New York City time) on the related Increase Date to an account designated by the
Issuer prior to the Increase Date. Each Increase funded by the Purchasers hereunder shall represent an increase in the Series Outstanding Amount. Each Managing Agent shall provide prompt notice to the Issuer and each other Managing Agent if any
Conduit Purchaser in its Purchaser Group elects not to fund its share of any Increase. 
  

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 (c) Subject to the terms and conditions set forth in the Series Supplement, at any time during the
Revolving Period, in addition to the optional redemption provisions set forth in Section 7.01 of the Series Supplement, the Issuer shall have the right to reduce the Series Outstanding Amount by at least $10,000,000 (or such other amounts as
may be agreed among the Issuer and the Managing Agents) by causing Series 2007-1 Collections to be allocated to the Series 2007-1 Principal Subaccount for application towards principal payments of the Series 2007-1 Notes; provided, that
(i) the Issuer shall give at least two (2) Business Days prior written notice to the Managing Agents, the Administrative Agent and the Indenture Trustee in respect of such reduction; (ii) such reduction of the Series Outstanding
Amount shall be applied to reduce the outstanding principal amount of the Series 2007-1 Note held by each Purchaser Group ratably in accordance with its Pro Rata Share and (iii) unless the date of such reduction is a Distribution Date, the
Issuer shall pay to the Managing Agents (for the account of the Purchasers in the related Purchaser Group), the amount of any funding losses incurred by the Purchasers in connection with such reduction in accordance with Section 2.09 of this
Agreement. 
 SECTION 2.03. Calculation and Payment of Interest and Fees. 
 (a) Each Managing Agent shall, on or prior to the first day of each Interest Period, notify the Indenture Trustee and the Servicer of the Series 2007-1
Tranche Rate which will be applicable to each Tranche during such Interest Period and Managing Agent shall, no later than the Business Day preceding the next Determination Date, notify such parties of the total interest to be paid for each such
Tranche and the total Monthly Program Fees to be paid to its Purchaser Group on the relevant Distribution Date. 
 (b) Interest on each
Tranche during each Interest Period shall accrue at the applicable Series 2007-1 Tranche Rate for such Interest Period and all accrued and unpaid interest on each Tranche shall be payable on each Distribution Date in accordance with the terms of the
Series Supplement. Interest with respect to any Tranche due but not paid on any Distribution Date will be due on the next succeeding Distribution Date together with Additional Interest as calculated in accordance with the terms of the Series
Supplement. 
 (c) The Issuer shall pay to each Managing Agent, for the account of the Purchasers in the related Purchaser Group, the
Facility Fee and Program Fee pursuant to the Fee Letter. The Facility Fee and the Program Fee will constitute “Monthly Program Fees” as defined in the Series Supplement and shall be due and payable on each Distribution Date pursuant to
Section 4.04 of the Series Supplement. 
 SECTION 2.04. Tranches. 
 (a) Each funding made by the Purchasers in the same Purchaser Group on any Increase Date having one Rate Type shall be referred to herein as a
“Tranche”. The Issuer shall select the Rate Type(s) to apply to each Tranche for the related Interest Period in the related Increase Request; provided, however, that 
 (i) the selection of such Rate Type(s) shall be subject to the approval of each Managing Agent in its sole and absolute discretion;

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

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

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 (b) The Issuer may, from time to time upon at least thirty (30) days’ prior written notice to
each Managing Agent, the Indenture Trustee and the Administrative Agent, request an increase to the Stated Amount. Each such notice shall be substantially in the form of Exhibit D hereto (each a “Stated Amount Increase Notice”) and
shall specify (i) the proposed date such increase shall become effective, (ii) the proposed amount of such increase, which amount shall be at least $25,000,000; (iii) the identity of the Purchaser Group(s) (and members thereof) whose
Purchaser Group Limit(s) will be increased in connection therewith; (iv) the identity of all Committed Purchasers in such Purchaser Group and the amount of their respective Commitments after giving effect to such increase in the Stated Amount;
and (v) a recalculation of the Pro Rata Shares which will become effective upon such increase in the Stated Amount. No such increase shall become effective unless and until (x) either (i) the Commitments of the Committed Purchasers in
such Purchaser Group have been increased by the amount of such increase in the Stated Amount, as evidenced by the Managing Agent for such Purchaser Group and each of the Purchasers in such Purchaser Group executing such Stated Amount Increase Notice
or (ii) one or more additional Purchaser Groups have become parties to this Agreement by executing a joinder agreement in form and substance reasonably acceptable to the Required Managing Agents and the Issuer. Notwithstanding anything to the
contrary set forth herein, nothing contained in this Agreement shall constitute a commitment on the part of any Purchaser hereunder to agree to any such increase, or to assume or increase any obligation to the Issuer at any time. 
 SECTION 2.06. Increased Costs. If, after the date hereof due to either the introduction of or any change in, or in the interpretation of,
(i) any law or regulation by the Governmental Authority that promulgated or administers compliance with such law or regulation (other than laws or regulations with respect to income taxes, branch profits or franchise taxes based on income or
gross receipts) or (ii) any guideline or request from any central bank or other Governmental Authority or similar agency, including, without limitation, the Financial Accounting Standards Board (“FASB”) or any comparable entity
(whether or not having the force of law), any reserve or deposit or similar requirement shall be imposed, modified or deemed applicable, any basis of taxation shall be changed (other than as a result of a change in laws and regulations with respect
to income tax branch profits or franchise taxes) or any other condition shall be imposed, and there shall be any increase in the cost to any Owner of making, funding, or maintaining the principal outstanding under, a Series 2007-1 Note or in the
cost to any Owner of agreeing to make, fund, or maintain any principal outstanding under, a Series 2007-1 Note, then the Issuer shall from time to time, upon demand by any such Owner, by the submission of the certificate described below, pay to such
Owner, additional amounts sufficient to compensate such Owner for such increased cost; provided, however, that before making any such demand, such Owner has agreed to use reasonable efforts (consistent with its internal policy and
legal and regulatory restrictions) to take such steps (including the designation of a different applicable lending office) as would avoid the need for, or reduce the amount of, such additional cost and would not, in the judgment of such Owner, be
otherwise disadvantageous to such Owner. A certificate setting forth in reasonable detail the reasons for and the amount of such increased cost submitted to the Issuer and the Indenture Trustee by the relevant Owner, or the related Managing Agent on
behalf of such Owner, shall be conclusive and binding for all purposes, absent manifest error. 
  

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

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

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

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 SECTION 2.09. Funding Losses. 
 (a) If, for any reason, a principal payment with respect to any CP Tranche or any Eurodollar Tranche shall occur on any date which is not the last day of
the applicable Interest Period, the Issuer shall compensate each Purchaser, upon demand, for all funding losses by paying to such Purchaser an amount equal to the sum of (i) the amount of interest which would have accrued on the relevant
Tranche but for such prepayment through the last day of the relevant Interest Period less the interest earned by such Purchaser by investing such funds in investments permissible (in the case of the Conduit Purchaser) for the commercial paper
program of the Conduit Purchaser and (ii) all reasonable out-of-pocket expenses which such Purchaser may sustain or incur as a consequence of such prepayment. Such amounts shall be payable by the Issuer pursuant to Section 4.01(c) of the
Series Supplement. 
 (b) In addition to the foregoing, the Issuer shall compensate each Owner, upon its written demand, for all losses,
expenses and liabilities on account of any liquidation or reemployment of deposits or other funds acquired by such party to make, fund or maintain a Tranche, (i) if by reason of the acts or omissions of the Issuer, the funding of any CP Tranche
or Eurodollar Tranche does not occur on a date specified therefor in the relevant funding request; (ii) if for any reason any payment, prepayment or conversion of principal of any CP Tranche or Eurodollar Tranche occurs on a date which is not
the last day of the Interest Period for such Tranche or (iii) as a consequence of any required conversion of any CP Tranche or Eurodollar Tranche to a Tranche for which interest is calculated at another Rate Type prior to the last day of the
Interest Period for the relevant Tranche. A certificate setting forth in reasonable detail the reasons for and the amount of such demand submitted to the Issuer by such Owner, shall be conclusive and binding for all purposes, absent manifest error.
Such amounts shall be payable by the Issuer pursuant to Section 4.01(c) of the Series Supplement. 
 SECTION 2.10. Nonrecourse
Obligations. Notwithstanding any provision in any other Section of this Agreement to the contrary, the obligation of the Issuer to pay any amounts payable to a Purchaser or any other Owner pursuant to Sections 2.06, 2.07, 2.08, 2.09, 5.02 and
7.08 of this Agreement shall be without recourse to the Issuer (or its assignee, if applicable), the Servicer (or any Person acting on behalf of any of them), the Indenture Trustee or any other Owner or any affiliate, officer or director of any of
them, and the obligation of the Issuer to pay any amounts hereunder shall be limited solely to the application of Pool Collections and other amounts (collectively, the “Available Amounts”) required to be distributed to the Managing
Agents, on behalf of the related Purchasers, in the Indenture and the Series Supplement, to the extent that such amounts are available for distribution. In the event that amounts payable to a Purchaser or any other Owner pursuant to this Agreement
exceed the Available Amounts, the excess of the amounts due hereunder (and subject to this Section 2.10) over the Available Amounts paid shall not constitute a “claim” under Section 101(5) of the Federal Bankruptcy Code against
the applicable party until such time as such party has Available Amounts. 
 SECTION 2.11. Extension of Term. (a) The Issuer may,
at any time during the period which is no more than sixty (60) days or less than forty-five (45) days immediately preceding the Commitment Termination Date (as such Termination Date may have previously been extended pursuant to this
Section 2.11), request that the then applicable Commitment Termination Date (the “Existing Termination Date”) be extended for an additional period of 364 days. Any such request shall be in writing and delivered to each Managing
Agent, and shall be 

  

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subject to the following conditions: (a) at no time will any Committed Purchaser’s Commitment have a remaining term of more than 364 days (or if
less, the number of days remaining between the Existing Termination Date and the Program Termination Date) and, if any such request would result in any Committed Purchaser’s Commitment having a remaining term of more than 364 days or extending
beyond the Program Termination Date, such request shall be deemed to have been made for such number of days so that, after giving effect to such extension on the date requested, such remaining term will not exceed 364 days and will not extend beyond
the Program Termination Date, and (b) none of the Committed Purchasers shall have any obligation to extend the Commitment Termination Date at any time. Each Managing Agent will (on behalf of the related Committed Purchasers) respond to any such
request by providing a response to the Issuer, the Servicer and each other Managing Agent not later than thirty (30) days prior to the Existing Termination Date, provided, that a failure by any Managing Agent to respond on or before the
thirtieth day prior to the Existing Termination Date shall be deemed to be a rejection of the requested extension. 
 (a) If fewer than 100%
of the Managing Agents have consented to the proposed extension of the Existing Termination Date, then a Term-Out Period shall be deemed to have commenced with respect to each Nonrenewing Group and: (i) on or before the Existing Termination
Date, the Issuer shall establish with the Indenture Trustee or its nominee in the name of the Indenture Trustee for the benefit of the Nonrenewing Group, a Term-Out Period Account; (ii) each Committed Purchaser which is a member of such
Nonrenewing Group shall, and hereby severally agrees to, purchase from each Conduit Purchaser within such Nonrenewing Group such Committed Purchaser’s Commitment Percentage times the outstanding CP Tranches of such Conduit Purchaser for a
purchase price equal to the full outstanding amount thereof plus accrued and unpaid interest thereon; (iii) each such Conduit Purchaser hereby agrees to sell such CP Tranches to such Committed Purchasers on the terms set forth in the
immediately preceding clause; and (iv) each Committed Purchaser which is a member of such Nonrenewing Group shall, and each such Committed Purchaser hereby severally agrees to, fund a deposit into such Term-Out Period Account in an amount equal
to such Committed Purchaser’s Commitment Percentage times the excess of (A) the Purchaser Group Limit of the Nonrenewing Group over (B) the sum of the Outstanding Tranche Amounts for each Tranche funded by the Purchasers in such
Nonrenewing Group. 
 ARTICLE III 
 CONDITIONS PRECEDENT 
 SECTION 3.01. Conditions Precedent to Purchase. The Purchase is subject to the satisfaction of each
of the following conditions on or prior to the Closing Date (any or all of which (except Section 3.01(e)) may be waived by the Managing Agents in their sole and absolute discretion: 
 (a) The Managing Agents shall have received on or before the date hereof each of the items listed on Schedule I hereto, each (unless otherwise indicated)
dated the date hereof, in form and substance reasonably satisfactory to the Managing Agents; 
  

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

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

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 (e) The Issuer (i) has all necessary limited liability company power and authority (A) to
execute and deliver this Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it is a party and (B) to perform its obligations under this Agreement, the Series 2007-1 Notes, the Series
Supplement and the other Transaction Documents to which it is a party and (ii) has duly authorized by all necessary action the execution, delivery and performance by it of, and the consummation by it of the transactions provided for in, this
Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it is a party. Each of this Agreement, the Series 2007-1 Notes and the Series Supplement constitute the legal, valid and binding obligations of
the Issuer enforceable against the Issuer in accordance with its terms, except (A) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and (B) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) The execution, delivery and performance by it of, and the consummation by it of the transactions contemplated by, this Agreement, the Series 2007-1
Notes, the Series Supplement and the other Transaction Documents to which it is a party, and the fulfillment by it of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under (A) the certificate of formation or the limited liability company agreement of the Issuer or (B) any material indenture, loan agreement, mortgage, deed of trust,
or other agreement or instrument to which the Issuer is a party or by which it or any of its respective properties is bound, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) on any of the Pledged Assets
pursuant to the terms of any such material indenture, loan agreement, mortgage, deed of trust, or other material agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any
federal, state, local or foreign law (including without limitation, Environmental Laws) or any decision, decree, order, rule or regulation applicable to the Issuer or of any Governmental Authority having jurisdiction over the Issuer, which conflict
or violation described in this clause (iii), individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (g) (i) There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Issuer, threatened, against the Issuer before any Governmental Authority and (ii) the Issuer is not subject to any order, judgment,
decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement, the Series 2007-1 Notes, the Series
Supplement or any other Transaction Document, (B) seeks to prevent the consummation of any of the transactions contemplated by this Agreement, the Series 2007-1 Notes, the Series Supplement or any other Transaction Document, (C) seeks any
determination or ruling that, in the reasonable judgment of the Issuer, would materially and adversely affect the performance by the Issuer of its obligations under this Agreement, the Series 2007-1 Notes, the Series Supplement or any other
Transaction Document or the validity or enforceability of this Agreement, the Series 2007-1 Notes, the Series Supplement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and
investigations could reasonably be expected to have a Material Adverse Effect. 
  

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 (h) Except where the failure to obtain or make such authorization, consent, order, approval or action
could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Issuer in connection with the due
execution, delivery and performance by the Issuer of this Agreement, the Series 2007-1 Notes, the Series Supplement or any other Transaction Document to which it is a party and the consummation by the Issuer of the transactions contemplated by this
Agreement, the Series 2007-1 Notes, the Series Supplement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect. 
 (i) The Issuer is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company
Act of 1940, as amended; 
 (j) On and immediately after the Closing Date, the Issuer (after giving effect to the issuance of the Series
2007-1 Notes) will remain Solvent. 
 (k) No proceeds of the Purchase or any Increase hereunder will be used (i) for a purpose that
violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 13 or 14 of
the Securities Exchange Act of 1934, as amended. 
 (l) As of the Closing Date and as of each Increase Date, unless otherwise previously
disclosed to the Managing Agents, the written information furnished by the Issuer pursuant to or in connection with any Transaction Document or any transaction contemplated herein or therein was, as of the date originally furnished, true and correct
in all material respects and not otherwise materially misleading. 
 ARTICLE V 
 COVENANTS AND INDEMNITIES 
 SECTION 5.01. Covenants of the Issuer and Servicer.
Unless the Managing Agents shall otherwise consent in writing: 
 (a) Each of the Issuer and the Servicer will perform and observe for the
benefit of the Owners each of the covenants and agreements required to be performed or observed by it in the Transaction Documents to which it is a party. 
 (b) The Servicer hereby covenants and agrees to furnish to each Managing Agent: (i) promptly after the execution thereof, copies of all amendments of and waivers with respect to the Transaction Documents and
(ii) copies of all financial and other reports that the Servicer is required to furnish pursuant to Sections 3.07(c), 3.08 and 3.09 of the Transfer and Servicing Agreement. 
  

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 (c) The Issuer hereby covenants and agrees to furnish or cause to be furnished to each Managing Agent:

 (i) as soon as available and in any event within 55 days after the end of each of the first three fiscal quarters of each
fiscal year of Realogy, copies of the unaudited consolidated balance sheets of Realogy and its consolidated subsidiaries, the related unaudited statements of cash flow for Realogy and the related unaudited statements of earnings and
stockholders’ equity of Realogy in each case for such fiscal quarter and for the period from the beginning of such fiscal year through the end of such fiscal quarter and certified by the chief financial officer or a vice president responsible
for financial administration of Realogy, all of the foregoing to be prepared in conformity with GAAP applied consistently throughout the periods reflected therein (subject to normal year-end adjustments and without footnote disclosures); 

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

  

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 (d) The Servicer shall prepare and deliver to each Managing Agent, (i) a copy of each Receivables
Activity Report and, if applicable, each Weekly Activity Report, prepared and delivered by the Servicer pursuant to the Transfer and Servicing Agreement, together with a certificate of a vice president responsible for financial administration of the
Servicer to the effect that, to the knowledge of the Servicer, no Amortization Event or event or circumstance which, with the giving of notice or the passage of time or both, would constitute an Amortization Event shall have occurred and be
continuing (which certification may be made directly on such Receivables Activity Report or Weekly Activity Report, as applicable) or, if any such event shall have occurred and be continuing, specifying in reasonable detail the nature thereof and
the action, if any, taken or proposed to be taken by the Servicer with respect thereto. 
 (e) The Issuer shall furnish to the Managing
Agents: 
 (i) promptly, and in any event within one (1) Business Day, after the Issuer obtains knowledge of the
occurrence of any Amortization Event, or event or circumstance which, with the giving of notice or the passage of time, or both, would constitute an Amortization Event, a written statement of an Authorized Officer of the Issuer describing such event
and the action, if any, that such Person proposes to take with respect thereto, in each case in reasonable detail; 
 (ii)
notice of the occurrence of any event or events which have had or would reasonably be expected to have a material adverse effect on the condition or operations, financial or otherwise, of any of Cartus, CFC, the Transferor, the Issuer or the
Servicer; 
 (iii) copies of each report (including, without limitation, each Receivables Activity Report), notice, opinion of
counsel, officer’s certificate or financial statement delivered or required to be delivered by the Issuer to any Person (including, without limitation, any Applicable Series Enhancer) under the Transaction Documents, at the time the Issuer
delivers or is required to deliver the same thereunder, and 
 (iv) promptly upon request by any Managing Agent, such other
information, documents, records or reports with respect to the Pledged Assets, the Transaction Documents or the condition or operations, financial or otherwise, of any of Cartus, CFC, the Transferor, the Issuer, the Servicer or Realogy as any
Managing Agent may from time to time reasonably request. 
 (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; 
  

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 (ii) notice of the occurrence of any event or events which have had or would reasonably
be expected to have a material adverse effect on the condition or operations, financial or otherwise, of the Servicer; 
 (iii) copies of each report (including, without limitation, each Receivables Activity Report), notice, opinion of counsel, officer’s certificate or financial statement delivered or required to be delivered by the Servicer to any Person
(including, without limitation, any Applicable Series Enhancer) under the Transaction Documents, at the time the Servicer delivers or is required to deliver the same thereunder, and 
 (iv) promptly upon request by any Managing Agent, such other information, documents, records or reports with respect to the Pledged
Assets, the Transaction Documents or the condition or operations, financial or otherwise, of any of the Servicer or Realogy as any Managing Agent may from time to time reasonably request. 
 (g) Upon reasonable prior notice and during regular business hours, the Servicer will permit independent certified public accountants selected by the
Administrative Agent and which have agreed to follow the scope of an audit approved by the Required Managing Agents, (i) to examine and make copies of and abstracts from, and to conduct accounting reviews of, all records, files, books of
account, data bases and information in the possession or under the control of the Servicer relating to the Receivables and the other Pledged Assets and (ii) to visit the offices and properties of the Servicer for the purpose of examining any
materials described in the preceding clause (i) and to discuss matters relating to the Receivables and the other Pledged Assets or the performance by the Servicer of its obligations under any Transaction Document to which it is a party with any
Authorized Officers of the Servicer having knowledge of such matters; provided, however, that (A) such audits will occur no more frequently than twice per year unless a Servicer Default has occurred and is continuing and
(B) after the occurrence of a Servicer Default, the Administrative Agent and each Managing Agent or their respective agents and representatives shall be permitted upon reasonable prior notice and during regular business hours to conduct such
audits at any time without any limitation as to number. The Servicer will pay all costs and expenses reasonably incurred by such Managing Agent in connection with (i) the first audit in any calendar year conducted pursuant to this
Section 5.01(g) and (ii) if a Servicer Default has occurred and is continuing, each other audit conducted by or on behalf of the Administrative Agent or any Managing Agent pursuant to this Section 5.01(g). 
 (h) The Issuer shall instruct the Indenture Trustee, upon redemption, or payment in full, of all amounts payable in respect of the Series 2007-1 Notes
pursuant to the terms thereof and of the Indenture, to furnish to the Managing Agents a notice of such redemption. 
  

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 (i) The Issuer shall provide or cause to be provided to each Managing Agent a complete set of the
Transaction Documents and an executed original copy of each document executed in connection therewith within sixty (60) days after the Closing Date. 
 (j) The Transferor shall hold, either directly or indirectly 100% of the membership interests of the Issuer while the Series 2007-1 Notes are outstanding. The Transferor shall not sell, pledge or otherwise transfer
such membership interests without the prior written consent of the Required Managing Agents. 
 (k) CFC shall hold, either directly or
indirectly, 100% of the common stock of the Transferor while the Series 2007-1 Notes are outstanding. CFC shall not sell, pledge or otherwise transfer such common stock without the prior written consent of the Required Managing Agents. 

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

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 (o) Until the Series Outstanding Amount has been reduced to zero, if the Indenture requires the Issuer to
obtain the prior consent of an Applicable Series Enhancer to any amendment to the Transaction Documents or the taking of (or refraining from taking) any other action, the Issuer shall not take such action (or refrain from taking such action) unless
it has received the prior written consent of the Required Managing Agents. 
 SECTION 5.02. Indemnification. The Issuer shall
indemnify and hold harmless each Owner, the Administrative Agent, each Managing Agent and their respective officers, directors, employees, agents and representatives (each an “Indemnified Party” and collectively, the
“Indemnified Parties”), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including legal and accounting fees), or disbursements of any kind or nature
whatsoever (collectively, “Losses”) as incurred (payable promptly upon written request), for or on account of or arising from or in connection with or otherwise with respect to any breach of any representation or warranty of the
Issuer in this Agreement or in any certificate delivered pursuant hereto, or for any failure to comply with any Transaction Document, or failure to maintain a first priority security interest in the Collateral, excluding however (i) Losses to
the extent resulting from the gross negligence or willful misconduct of the Indemnified Party and (ii) recourse for Receivables which are uncollectible solely due to the Obligor’s financial inability to pay. Such Losses shall be payable in
accordance with Section 7.11 of this Agreement. 
 ARTICLE VI 
 THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS 
 SECTION 6.01.
Authorization and Action. Each Purchaser hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and any related agreement, instrument and
document as are delegated to the Administrative Agent by the terms hereof or thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent reserves the right, in its sole discretion, but subject to such
restrictions as may be set forth with respect to the Purchasers in this Agreement or any related agreement, instrument or document, to exercise any rights and remedies under this Agreement or any related agreement, instrument or document executed
and delivered pursuant hereto, or pursuant to applicable law, and also to agree to any amendment, modification or waiver of this Agreement or any related agreement, instrument and document, in each instance, on behalf of the Purchasers.
Notwithstanding anything herein or elsewhere to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.
The appointment and authority of the Administrative Agent hereunder shall terminate on the date after the Amortization Period has commenced on which the Series Outstanding Amount has been reduced to zero and all other amounts owed by the Issuer
under this Agreement have been paid in full. 
 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 

  

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the Issuer, the Servicer, any Managing Agent or the Indenture Trustee), independent public accountants and other experts selected by it and shall not be
liable to the Purchaser for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to the Purchasers and shall not be
responsible to the Purchasers for any statements, warranties or representations made in or in connection with this Agreement or in connection with any related agreement, instrument or document; (c) shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any related agreement, instrument or document on the part of the Issuer, the Indenture Trustee, the Servicer or any Purchaser or Managing
Agent or to inspect the property (including the books and records) of the Issuer, the Indenture Trustee, the Servicer, any Purchaser or any Managing Agent; (d) shall not be responsible to the Purchasers for the due execution, legality,
validity, enforceability, genuineness or sufficiency of value of this Agreement or any related agreement, instrument or document; (e) shall not be deemed to be acting as any Purchaser’s trustee or otherwise in a fiduciary capacity
hereunder or in connection with any related agreement, instrument or document; and (f) shall incur no liability to any Purchaser under or in respect of this Agreement or any related agreement, instrument or document by acting upon any notice
(including notice by telephone), consent, certificate or other instrument or writing (which may be by telex or facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 
 SECTION 6.03. Administrative Agent and Affiliates. To the extent that the Administrative Agent or any of its Affiliates shall become a
Series 2007-1 Noteholder, the Administrative Agent or such Affiliate, in such capacity, shall have the same rights and powers under this Agreement and each related agreement, instrument and document as would any Purchaser and may exercise the same
as though it were not the Administrative Agent, or such Affiliate, as the case may be. The Administrative Agent and its Affiliates may generally engage in any kind of business with the Issuer, the Servicer, the Managing Agents, the Indenture
Trustee, the Transferor, Cartus, CFC, Realogy or any of their respective Affiliates and any Person who may do business with or own securities of any of the foregoing, all as if it were not the Administrative Agent or such Affiliate, as the case may
be, and without any duty to account therefor to any Purchaser. 
 SECTION 6.04. Purchase Decision. Each Purchaser acknowledges that it
has, independently and without reliance upon the Administrative Agent or any of its Affiliates, and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and to
purchase the Series 2007-1 Notes. Each Purchaser also acknowledges that it will, independently and without reliance upon the Administrative Agent or any of its Affiliates, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own decisions in taking or not taking action under this Agreement or any related agreement, instrument or other document. 
 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 

  

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

  

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related Managing Agent may deem necessary or appropriate or that a Conduit Purchaser or a Committed Purchaser may reasonably request in order to perfect,
protect or more fully evidence the interests of such Purchasers hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder or under the related Series 2007-1 Notes and such other instruments or notices, as
may be necessary or appropriate for the purposes stated hereinabove. 
 SECTION 6.08. Successor Managing Agent. A Managing Agent may
resign at any time, effective upon the appointment and acceptance of a successor Managing Agent as provided below, by giving written notice thereof to each other Managing Agent, each related Conduit Purchaser, each related Committed Purchaser, the
Issuer and the Servicer. Upon any such resignation, the members of the related Purchaser Group acting jointly shall appoint a successor Managing Agent. Upon the acceptance of any appointment as Managing Agent hereunder by a successor Managing Agent,
such successor Managing Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Managing Agent, and the retiring Managing Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Managing Agent’s resignation hereunder as Managing Agent, the provisions of this Article VI shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Managing
Agent under this Agreement. The successor Managing Agent shall promptly notify the Issuer, the Servicer and the Indenture Trustee of its appointment hereunder. 
 SECTION 6.09. Payments by a Managing Agent. Unless specifically allocated to a Conduit Purchaser or a Committed Purchaser pursuant to the terms of this Agreement, all amounts received by a Managing Agent on
behalf of the related Purchasers shall be paid by such Managing Agent to such Purchasers (at the account specified in writing to such Managing Agent) on the Business Day received by such Managing Agent, unless such amounts are received after 2:00
p.m. (New York time) on such Business Day, in which case such Managing Agent shall use its reasonable efforts to pay such amounts, on such Business Day, but, in any event, shall pay such amounts not later than 11:00 a.m. (New York time) the
following Business Day. 
 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.01. Amendments, Waivers and Consents, Etc. No amendment to or waiver of any provision of this
Agreement nor consent to any departure by the Issuer therefrom, shall in any event be effective unless the same shall be in writing and signed by (a) the Issuer and the Required Managing Agents (with respect to an amendment) or (b) the
Required Managing Agents (with respect to a waiver or consent by them) or the Issuer (with respect to a waiver or consent by it), as the case may be, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; in each case of (a) and (b), provided that the Issuer shall have given prior written notice to the Rating Agencies of each such amendment or waiver, and provided further that, without the prior
written consent of each affected Purchaser, no amendment or waiver shall: (i) reduce the amount of principal or Monthly Interest that is payable on account of the Series 2007-1 Notes or delay any scheduled date for payment thereof;
(ii) increase the Stated Amount of the Series 2007-1 Notes 

  

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or the Commitment of any Committed Purchaser hereunder; (iii) modify any yield protection or indemnity provision which expressly inures to the benefit
of the Owners or its assignees or participants, (iv) modify the calculation of the Series 2007-1 Required Enhancement Amount or change (directly or indirectly) the definitions of “Minimum Enhancement Percentage”, “Loss Reserve
Ratio”, “Dilution Reserve Ratio”, “Servicing Reserve Ratio” or “Yield Reserve Ratio” or any defined term used in such definitions or employed in the calculation of such amounts, (v) reduce the Fees or amounts
owed to any Nonrenewing Purchaser in respect of its Term-Out Deposit Amounts or delay any scheduled date for payment thereof, (vi) release the Performance Guarantor for obligations under the Performance Guaranty or (vii) modify the
provisions of this Section 7.01. This Agreement and the other agreements, instruments and documents executed and delivered pursuant hereto contain a final and complete integration of all prior expressions by the parties hereto and thereto with
respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties hereto and thereto with respect to the subject matter hereof and thereof, superseding all prior oral or written understandings. 

SECTION 7.02. Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including telex communication and communication by facsimile copy) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth under its name on Schedule III or at such other address as shall be designated by
such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of delivery by mail, five (5) days after being deposited in the United States mails, or, in the
case of notice by telex, when telexed against receipt of answer back, or in the case of notice by facsimile copy, when verbal communication of receipt is obtained. 
 SECTION 7.03. No Waiver; Remedies; Rights of Purchasers, Etc. No failure on the part of the Administrative Agent, the Purchasers, the Managing Agents or the Issuer to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 7.04. Binding Effect; Assignability. 
 (a) This Agreement shall be binding upon and inure to the benefit of, each of the Issuer, the Administrative Agent, the Purchasers, the Managing Agents
and their respective successors and permitted assigns, subject to the further provisions of this Section 7.04. 
 (b) The Issuer shall
not assign any of its rights and obligations hereunder or any interest herein without the prior written consent of the Managing Agents. 
 (c) Subject to the terms and provisions of the Series Supplement, a Purchaser may, assign or sell undivided participation interests of its rights and obligations hereunder or under a Series 2007-1 Note or any interest herein or in the
Series 2007-1 Notes to any Person (including, without limitation, a sale by any Conduit Purchaser to its related Liquidity Providers or Program Support Providers). Any assignment or sale of a participation interest by a Purchaser to a Person (other
than a Liquidity Provider or Program Support Provider) pursuant to this 

  

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

  

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AND HEREBY (a) IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL
COURT; (b) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING; AND (c) IRREVOCABLY APPOINTS CORPORATION SERVICE COMPANY (THE
“PROCESS AGENT”), WITH AN OFFICE ON THE DATE HEREOF AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011, UNITED STATES OF AMERICA, AS ITS AGENT TO RECEIVE ON BEHALF OF IT AND ITS PROPERTY SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY
OTHER PROCESS THAT MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS IN CARE OF THE PROCESS AGENT AT THE PROCESS AGENT’S ABOVE ADDRESS, AND EACH PARTY HERETO HEREBY
IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO ACCEPT SUCH SERVICE ON ITS BEHALF. EACH PARTY HERETO AGREES TO ENTER INTO ANY AGREEMENT RELATING TO SUCH APPOINTMENT THAT THE PROCESS AGENT MAY CUSTOMARILY REQUIRE AND TO PAY THE PROCESS
AGENT’S CUSTOMARY FEES UPON DEMAND. AS AN ALTERNATIVE METHOD OF SERVICE, EACH PARTY HERETO ALSO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO SUCH PARTY
AT ITS ADDRESS SPECIFIED PURSUANT TO SECTION 7.02. NOTHING IN THIS SECTION 7.06 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR
PROCEEDING AGAINST THE OTHER PARTY HERETO OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. 
 SECTION 7.07. GOVERNING
LAW; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES. TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, AMONG THE ISSUER AND ANY PURCHASER OR THE
ADMINISTRATIVE AGENT ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

SECTION 7.08. Costs and Expenses. The Issuer agrees to pay on demand to (i) the Administrative Agent, each Managing Agent and each
Purchaser all reasonable costs and expenses in connection with the preparation, execution, delivery and administration (including rating agency fees, costs and expenses and all out-of-pocket costs and expenses incurred in connection with due
diligence) of this Agreement, the Series Supplement, the Liquidity Provider Agreements and the other documents to be delivered by the Issuer or each Purchaser in connection herewith and therewith, including, without limitation, the reasonable

  

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

  

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

 SECTION 7.13. Amendment and Restatement. This Agreement amends and restates in full the terms and provisions of the Original 2007-1
Note Purchase Agreement and shall not constitute a novation or termination of the Original Note Purchase Agreement or any liens or security interests created thereunder, and all obligations thereunder are in all respects 

  

 33 

 
continuing, with only the terms thereof being modified as provided herein. From and after the date hereof, the terms of this agreement shall supersede the
terms of the Original 2007-1 Note Purchase Agreement in their entirety and each reference in any other Transaction Document to the Original 2007-1 Note Purchase Agreement or any other expression of like import referring to the Original 2007-1 Note
Purchase Agreement shall mean and be a reference to this Agreement. 
 SECTION 7.14. Consent to Series Supplement. Each of the Issuer,
Calyon and the Conduit Purchasers which have previously entered into the Original 2007-1 Note Purchase Agreement, by executing this Agreement as amended and restated as of July 6, 2007, hereby consents to any and all amendments to the Original
2007-1 Note Purchase Agreement contained herein, and hereby further consents to the amendment and restatement of the Series 2007-1 Supplement dated as of April 10, 2007 (the “Prior Series Supplement”) and consents to any
amendments to the Prior Series Supplement which are contained in the Series Supplement (as defined herein). 
  

 34 

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

			
	APPLE RIDGE FUNDING LLC, as Issuer
		
	By:	 	/s/ Eric Barnes
	Name:	 	Eric Barnes
	Title:	 	SVP, CFO

  

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

			
	CALYON NEW YORK BRANCH, as Administrative Agent and a Managing Agent
		
	By:	 	/s/ Kostantina Kourmpetis
	Name:	 	Kostantina Kourmpetis
	Title:	 	Managing Director
		
	By:	 	/s/ Sam Pilcer
	Name:	 	Sam Pilcer
	Title:	 	Managing Director

  

			
	 CALYON NEW YORK BRANCH,
 as a Committed
Purchaser

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

  

			
	 ATLANTIC ASSET SECURITIZATION LLC, as a
 Conduit Purchaser

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

			
	 LAFAYETTE ASSET SECURITIZATION LLC,
 as a
Conduit Purchaser

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

			
	 MIZUHO CORPORATE BANK, LTD., as
 Managing
Agent

		
	By:	 	/s/ James Fayen
	Name:	 	James Fayen
	Title:	 	Deputy General Counsel

  

			
	 WORKING CAPITAL MANAGEMENT CO. L.P.,
 as a
Conduit Purchaser and Committed Purchaser

		
	By:	 	/s/ Hiroyuki Kasama
	Name:	 	Hiroyuki Kasama
	Title:	 	Attorney-In-Fact

			
	THE BANK OF NOVA SCOTIA, as a Committed Purchaser and as Managing Agent
		
	By:	 	/s/ Michael Eden
	Name:	 	Michael Eden
	Title:	 	Director

  

			
	LIBERTY STREET FUNDING LLC, as a Conduit Purchaser
		
	By:	 	/s/ Jill A. Gordon
	Name:	 	Jill A. Gordon
	Title:	 	Vice President

			
	BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as a Managing Agent
		
	BY:	 	/s/ Robert Fleisher
	Name:	 	Robert Fleisher
	Title:	 	Director

  

			
	BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as a Committed Purchaser
		
	BY:	 	/s/ PaulGox
	Name:	 	Paul Gox
	Title:	 	Director

  

			
	BLACK FOREST FUNDING CORP., as a Conduit Purchaser
		
	BY:	 	/s/ Philip A. Marrone
	Name:	 	Philip A. Marrone
	Title:	 	Vice President

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

  

			
	SUMITOMO MITSUI BANKING CORPORATION, as a Committed Purchaser
		
	By:	 	/s/ Yoshihiro Hyakutome
	Name:	 	Yoshihiro Hyakutome
	Title:	 	General Manager

  

			
	MANHATTAN ASSET FUNDING COMPANY LLC, as a Conduit Purchaser
	
	 By: MAF RECEIVABLES CORP., its Member

		
	By:	 	/s/ Philip A. Martone
	Name:	 	Philip A. Martone
	Title:	 	Vice President

 SCHEDULE I 
 CONDITIONS PRECEDENT DOCUMENTS 
 Attached 

 Amended and Restated Series 2007-1 Note Purchase Agreement and Assignment 
 Apple Ridge Funding LLC, 
 July 6, 2007 
  
  
 CLOSING INDEX 
  
  
 Capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Indenture. All items listed in bold, italic font are to be delivered by the Issuer or its counsel. All items listed in SMALL
CAPS ARE TO BE DELIVERED BY THE BANK OF NEW YORK. 
 Principal Documents 
 1. Sixth Omnibus Amendment,
Agreement and Consent (the “Omnibus Amendment”), dated as of July 6, 2007, and containing the following: 
 (a) Amendments to the following documents: 
 1. Transfer and Servicing Agreement, dated as of April 25, 2000 (the
“Transfer and Servicing Agreement”) among Apple Ridge Services Corporation (“ARSC”) as Transferor, Cartus Corporation (“Cartus”), as Originator and Servicer, Cartus Financial Corporation
(“CFC”) as Originator and Apple Ridge Funding LLC (the “Issuer”) as Transferee, and The Bank of New York (“BNY”) as Indenture Trustee. 
 (b) Acceptance of Conformed Copies 
  

					
	EXHIBITS	  	A	  	Conformed Purchase Agreement, dated as of April 25, 2000, between Cartus as Originator and CFC as Buyer.
		  	B	  	Conformed Receivables Purchase Agreement, dated as of April 25, 2000 between CFC as Seller and ARSC as Buyer.
		  	C	  	Conformed Transfer and Servicing Agreement, dated as of April 25, 2000 among ARSC as Transferor, Cartus, as Originator and Servicer, CFC as Originator and the Issuer as Transferee, and
the Indenture Trustee.
		  	D	  	Conformed Master Indenture, dated as of April 25, 2000 between the Issuer and BNY as Indenture Trustee, Paying Agent, Authentication Agent, Transfer Agent and Registrar.
		  	E	  	Conformed Performance Guaranty dated as of May 12, 2006 by Realogy Corporation (“Realogy”) in favor of CFC and the Issuer.

 2. Amended and Restated Note Purchase Agreement relating to the Notes, dated July 6, 2007 (the “Note
Purchase Agreement”) among the Issuer, Cartus, Atlantic Asset Securitization LLC, LaFayette Asset Securitization LLC, Financial Institutions and Managing Agents from time to time party thereto, and Calyon New York Branch as Administrative
Agent for the Purchasers named therein. 
  

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

 Notes; Other Documents 
 3. Amended and Restated Series 2007-1 Indenture Supplement, dated as of July 6, 2007 (the “Supplement” and together with the Master Indenture, the “Indenture”) among the
Issuer, the Indenture Trustee and the Bank of New York. 
  

					
	EXHIBITS	  	A	  	Form of Variable Funding Note
		  	B	  	 Form of Monthly Payment Instructions and Notification to the Indenture Trustee
 and the Paying Agent

		  	C	  	Form of Monthly Statement
		  	D	  	Form of Weekly Activity Report

 4. Variable Funding Notes 
 (a) Amended and Restated - Calyon New York Branch 
 (b) Mizuho Corporate Bank, Ltd. 
 (c) The Bank of Nova Scotia 
 (d) Sumitomo
Mitsui Banking Corporation 
 (e) Bayerische Hypo- und Vereinsbank AG, New York Branch 
 5. Assignment and Acceptance relating to the Notes, dated July 6, 2007 (the “Assignment and Acceptance”) among Atlantic Asset Securitization
LLC, LaFayette Asset Securitization LLC, Financial Institutions and Managing Agents from time to time party thereto, and Calyon New York Branch as Administrative Agent for the Purchasers named therein. 
  

 2 

 Reliance Letters* 
 Opinions

 6. Reliance Letter for Opinion of Bruce Perlman, general counsel to Cartus, CFC, ARSC and the Issuer. 
 7. Reliance Letter for Opinion of general counsel to Realogy . 
 8. Reliance Letter for Opinion of Richards Layton & Finger, P.A., special Delaware counsel to Cartus, CFC, ARSC and the Issuer, regarding UCC perfection issues. 
 9. Reliance Letter of Orrick, Herrington & Sutcliffe LLP, special counsel to Cartus, CFC, ARSC and the Issuer, regarding:

 (a) opinions dated April 10, 2007 regarding (i) enforceability and certain corporate matters and
(ii) UCC creation issues; 
 (b) opinions dated July 31, 2006 regarding substantive non-consolidation
matters with respect to CFC, ARSC, Cartus and the Issuer; and 
 (c) opinions dated
January 31, 2005 regarding (i) “true sale” matters with respect to the transfer of receivables by Cartus and (ii) certain bankruptcy issues with respect to Home Sale Proceeds. 
 Miscellaneous 
 10. Return of Note from Calyon New
York Branch of 2007-1 Series for Cancellation. 
 11. Order to the Trustee from Apple Ridge Funding LLC and Calyon New York Branch to
transfer, register, authenticate and deliver the Notes 
 12. Officer’s Certificate pursuant to Section 10.03 of the
Indenture 
 13. Amended and Restated Fee Letter 
 Liquidity Documents 
 14. Liquidity Documents. 
 (a) Calyon New York Branch Liquidity Asset Purchase Agreement for Atlantic Asset Securitization LLC. 
 (b)
Calyon New York Branch Liquidity Asset Purchase Agreement for LaFayette Asset Securitization LLC. 
  

	*
	 Reliance Letters may be delivered post-closing. 

  

 3 

 (c) The Bank of Nova Scotia Liquidity Asset Purchase Agreement for Liberty Street Funding LLC.

 (d) Sumitomo Mitsui Banking Corporation Liquidity Asset Purchase Agreement for Manhattan Asset Funding Company LLC. 
 (e) Bayerische Hypo- und Vereinsbank AG, New York Branch Asset Purchase Agreement for Black Forest Funding Corp. 
 Documents Related to the USPS/FDIC Assignment 
 1.
Assignment Agreement (the “Kenosia Assignment Agreement”) dated as of July 16, 2007, among Cartus, Cartus Relocation Corporation (“CRC”), CFC and Kenosia Funding, LLC, as assignor
(“Kenosia”). 
 2. Opinion of Orrick, Herrington & Sutcliffe LLP, special counsel to Cartus, CRC, CFC and Kenosia in
connection with the execution and delivery of the Kenosia Assignment Agreement. 
 3. Opinion of Richards Layton & Finger, P.A., special counsel to
Kenosia in connection with the Kenosia Assignment Agreement. 
  

 4 

 SCHEDULE II 
 PURCHASER GROUP INFORMATION 
  

											
	 Managing Agent
	  	 Conduit Purchaser(s)
	  	 Committed Purchaser(s)
	  	Commitment(s)	  	Purchaser Group Limit
	Calyon New York Branch	  	Atlantic Asset Securitization LLC; LaFayette Asset Securitization LLC	  	Calyon New York Branch	  	$	225,000,000	  	$	225,000,000
	Mizuho Corporate Bank, Ltd.	  	Working Capital Management Co. LP	  	Working Capital Management Co. LP	  	$	200,000,000	  	$	200,000,000
	The Bank of Nova Scotia	  	Liberty Street Funding LLC	  	The Bank of Nova Scotia	  	$	125,000,000	  	$	125,000,000
	SMBC Securities, Inc.	  	Manhattan Asset Funding Company LLC	  	Sumitomo Mitsui Banking Corporation	  	$	100,000,000	  	$	100,000,000
	Bayerische Hypo-und Vereinsbank AG, New York Branch	  	Black Forest Funding Corp.	  	Bayerische Hypo- und Vereinsbank AG, New York Branch	  	$	200,000,000	  	$	200,000,000

 SCHEDULE III 
 NOTICE INFORMATION 
  

			
	 Apple Ridge Funding LLC
 40 Apple Ridge Road,
Suite 4C45
 Danbury, Connecticut 06810
 Attention: Controller

 Telephone: 203-205-3056
 Facsimile:
203-205-1335
	  	 Working Capital Management Co. L.P.
 c/o Mizuho
Corporate Bank, Ltd.
 1251 Avenue of Americas #3100,
 Securitization Department
 New York, NY, 10020
 Attention: Collette Orion & Fumio Okuhira
 Telephone: 212-282-3633 & 212-282-3645
 Facsimile: 212-282-4105
 Email:
collette.orion@mizuhocbus.com
             fumio.okuhira@mizuhocbus.com

			
	 Cartus Corporation
 40 Apple Ridge Road

Danbury, Connecticut 06810
 Attention: Controller
 Telephone: 203-205-3400
 Facsimile: 203-205-3704
	  	 The Bank of Nova Scotia
 1 Liberty Plaza, 26th
Floor
 New York, NY 10006
  
 For Credit Matters:
 Attention: Michael Eden, Director
 Telephone: (212) 225-5007
 Facsimile: (212) 225-5274
 email: michael_eden@scotiacapital.com
  
 For Fundings, Paydowns, and Invoices:
 Attention: Vilma Pindling

 Telephone: (212) 225-5410
 Facsimile: (212) 225-6465

 email: vilma_pindling@scotiacapital.com
  
 For Monthly Reporting and Compliance:
 Attention: William
Sun
 Telephone: (212) 225-5331
 Facsimile: (212)
225-5290
 email: william_sun@scotiacapital.com
 email: liberty_street@scotiacapital.com
  
 Liberty Street Funding
LLC
 c/o 1 Liberty Plaza, 26th Floor
 New York, NY 10006

  
 For Credit Matters:
 Attention: Michael Eden, Director
 Telephone: (212) 225-5007

Facsimile: (212) 225-5274
 email: michael_eden@scotiacapital.com
  
 For Fundings, Paydowns,
and Invoices:
 Attention: Vilma Pindling
 Telephone: (212) 225-5410
 Facsimile: (212) 225-6465
 email: vilma_pindling@scotiacapital.com
  
 For Monthly Reporting
and Compliance:
 Attention: William Sun
 Telephone: (212) 225-5331
 Facsimile: (212) 225-5290
 email: william_sun@scotiacapital.com
 email: liberty_street@scotiacapital.com

			
	 Calyon New York Branch
 1301 Avenue of the
Americas
 New York, New York 10019
 Attention: Matthew Croghan

 Telephone: 212-261-7819
 Facsimile:
212-459-3258
	  	 Liberty Street Funding LLC
 c/o Global
Securitization Services, LLC
 445 Broadhollow Road, Suite 239
 Melville, New York 11747
 Attention: Andrew L. Stidd
 Telephone: 631-587-4700
 Facsimile: 212-302-8767

		
	 Atlantic Asset Securitization LLC
 c/o Lord
Securities Corporation
 48 Wall Street
 New York, New York 10005

 Attention: Benjamin B. Abedine
 Telephone:
212-346-9019
 Facsimile: 212-346-9012
	  	 SMBC Securities, Inc.
 SMBC Securities,
Inc.
 277 Park Ave
 New York, NY 10172
 Attention: Vice-President,
                   Asset Securitization Group
 Telephone:
212-224-5347
 Facsimile: 212-224-5191

		
	 LaFayette Asset Securitization LLC
 c/o Global
Securitization Services
 114 West 47 Street
 Suite
1715
 New York, NY 10036
 Telephone: (212) 302-5151 ext.
23
 Facsimile: (212) 302-8767
 Email: fbilotta@gssnyc.com

	  	 Manhattan Asset Funding Company LLC
 c/o SMBC
Securities, Inc.
 277 Park Ave
 New York, NY 10172
 Attention: Vice-President,
                   Asset Securitization Group
 Telephone:
212-224-5347
 Facsimile: 212-224-5191

		
	 Mizuho Corporate Bank, Ltd.
 1251 Avenue of
Americas #3100,
 Securitization Department
 New York, NY, 10020

 Attention: Collette Orion & Fumio Okuhira
 Telephone:
212-282-3633 & 212-282-3645
 Facsimile: 212-282-4105
 Email:
collette.orion@mizuhocbus.com
             fumio.okuhira@mizuhocbus.com
	  	 Sumitomo Mitsui Banking Corporation
 277 Park Ave

 New York, NY 10172
 Attention: Vice-President,
                   Asset Securitization Group
 Telephone: 212-224-5349
 Facsimile: 212-224-5191

		
	 Black Forest Funding Corp.
 c/o HVB
 150 E. 42nd Street
 New York, NY 10017
 Attention: Susan Abbass & Rebecca Tyrpa
 Telephone: 212-672-5699 /
212-672-5484
 Facsimile: 212-672-5593
 Email:
susan_abbass@hvbamericas.com
             Rebecca_tyrpa@hvbamericas.com
	  	 Bayerische Hypo- und Vereinsbank AG, New York Branch
 150 E. 42nd Street
 New York, NY 10017
 Attention:
Robert Fleisher & Shawn Pierce
 Telephone: 212-672-5570 / 212-672-5779
 Facsimile: 212-672-5521
 Email: Robert_Fleisher@hvbamericas.com
             Shawn_Pierce@hvbamericas.com

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 [Date] 
 ASSIGNMENT AND ACCEPTANCE, dated
                                         
        (this “Assignment and Acceptance”),
among                                        
          (“Assignor”) and
                                         
        (“Assignee”). 
 Reference is made to the Amended and Restated Note Purchase
Agreement, dated as of April 10, 2007 and amended and restated as of July 6, 2007, (the “Note Purchase Agreement”), among Apple Ridge Funding LLC, as Issuer, Cartus Corporation, as Servicer, the commercial paper conduits from
time to time parties thereto, as Conduit Purchasers, the financial institutions from time to time parties thereto, as Committed Purchasers, the Persons from time to time parties thereto, as Managing Agents and Calyon New York Branch, as
Administrative Agent. Capitalized terms defined in the Note Purchase Agreement are used herein with the same meanings. 
 1.
(a) Assignor hereby sells and assigns, without recourse to Assignee, and Assignee hereby purchases and assumes, without recourse to, or representation or warranty of any kind (except as set forth below) from Assignor, effective as of the
Effective Date (as defined below), a         % interest (the “Assigned Interest”) in all of Assignor’s rights and obligations under the Note Purchase Agreement and under any other
“Transaction Documents” (as defined below), including, without limitation, the Series 2007-1 Note, together with the rights of Assignor to payment in respect of outstanding principal and accrued and unpaid interest relating to such
Assigned Interest. 
 (b) From and after the Effective Date, (i) Assignee shall be a party to and be bound by the provisions of the Note
Purchase Agreement and, to the extent of the interests assigned pursuant to this Assignment and Acceptance, have the rights and obligations of a Committed Purchaser thereunder and under the (x) Indenture and (y) the Series Supplement (the
Note Purchase Agreement, the Indenture, the Series Supplement and related documents, collectively, the “Transaction Documents”), and (ii) to the extent of the interests assigned by this Assignment and Acceptance, Assignor shall
relinquish its rights and be released from its obligations under the Note Purchase Agreement and the other Transaction Documents. 
 2.
Assignor hereby represents and warrants that the Assigned Interest to be sold hereby is owned by Assignor free and clear of any liens, claims or encumbrances created by Assignor. Except as otherwise set forth in the foregoing sentence, or as
otherwise agreed in writing by Assignor, Assignor makes no representation or warranty and assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Note Purchase Agreement, the
Series 2007-1 Notes or any other Transaction Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Note Purchase Agreement, the Series 2007-1 Notes or any other Transaction Document or the condition
or value of any Pledged Assets or the creation, perfection or priority of any interest therein created under the Transaction Documents, or (ii) the business condition (financial or otherwise), operations, properties or prospects of the Issuer,
the Servicer or any Affiliate of either the Issuer or the Servicer or the performance or observance by any party of any of its obligations under any Transaction Document. 
 4. Assignee hereby (i) confirms that it has received a copy of the Note Purchase Agreement, the Indenture, the Series Supplement and such other Transaction Documents and other documents and information requested
by it, and that it has, independently and without reliance upon the Administrative Agent, Assignor or any other Purchaser, and based on such documentation and information as it has deemed appropriate, made its own decision to enter into this
Assignment and Acceptance; (ii) agrees that it shall, independently and without reliance upon the Administrative Agent, Assignor, any Purchaser or 

 
any Managing Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under any of the Transaction Documents; (iii) confirms that it is eligible to be an assignee Committed Purchaser under the terms of the Note Purchase Agreement; (iv) appoints and authorizes each of the Administrative
Agent and the Indenture Trustee to take such action on its behalf and to exercise such powers and discretion under the Note Purchase Agreement and the other Transaction Documents as are delegated to the Administrative Agent and/or the Indenture
Trustee by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto; (v) agrees that it shall perform in accordance with their terms all of the obligations that by the terms of the Note
Purchase Agreement are required to be performed by it as a Committed Purchaser; (vi) specifies as its address for notices, the offices set forth beneath its name on the signature page hereof; [and] (vii) represents and warrants that this
Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to its corporate powers and constitutes the legal, valid and binding obligation of the Assignee; and (viii) in the event that Assignee is
organized under the laws of a jurisdiction other than the United States or a state thereof, represents and warrants that [attached to this Assignment and Acceptance are] [Assignee has previously delivered to each of the Administrative Agent and the
Indenture Trustee] the forms and certificates required pursuant to Section 2.08(d) of the Note Purchase Agreement, in each case accurately completed and duly executed, pursuant to which forms and certificates each of the Issuer, the Servicer
and the Indenture Trustee may make payments to, and deposit funds to or for the account of, the Assignee hereunder and under the other Transaction Documents without any deduction or withholding for or on account of any tax or with such withholding
or deduction at a reduced rate.] 
 5. The effective date for this Assignment and Acceptance shall be the later of: 
 (i) the date on which the Agent accepts this Assignment and Acceptance, and 
 (ii)
                                , 200__ 
 (the later of such dates being the “Effective Date”). 
 6. Upon such acceptance by the Administrative Agent, and from and after the Effective Date, the Administrative Agent and the Indenture Trustee shall make all payments under the Note Purchase Agreement and the Assigned
Interests assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to Assignee. Assignor and Assignee shall make all appropriate adjustments in payments under the Note Purchase Agreement and
the Assigned Interests for periods prior to the Effective Date directly between themselves. 
 7. THIS ASSIGNMENT AND ACCEPTANCE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

					
	Legal Name of Assignor:	  	 	  	
			
	Legal Name of Assignee:	  	 	  	
			
	Assignee’s Address for Notices:	  	 	  	
			
		  	 	  	
			
		  	 	  	

 (A) Immediately after giving effect to this Assignment and Acceptance the amount of Assignee’s Commitment is
$                        . 
 (B) Immediately after giving effect to this Assignment and Acceptance the aggregate amount of Assignor’s Commitment is
$                        . 
  

			
	The terms set forth herein are hereby agreed to:
	
	                                       
                             , as Assignor

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

  

	
	
	                                       
                             , as Assignee

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

			
	
	 Calyon New York Branch,
 as Administrative
Agent

		
	By:	 	 

			
	Name:	 	
	Title:	 	

			
	
	Apple Ridge Funding LLC, as Issuer
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 EXHIBIT B 
 FORM OF INCREASE NOTICE 
 The Bank of New York 
 as Indenture Trustee 
 Calyon New York Branch, 
 as Administrative Agent 
 [Names of Managing Agents] 
  

			
	Re:	  	Apple Ridge Funding LLC,
		  	Secured Variable Funding Notes, Series 2007-1

 Ladies and Gentlemen: 
 Pursuant to Section 2.02 of the Amended and Restated Note Purchase Agreement, dated as of April 10, 2007 as amended and restated on July 6, 2007 (the “Agreement”), among Apple Ridge Funding
LLC, as Issuer, Cartus Corporation, as Servicer, the commercial paper conduits from time to time parties thereto, as Conduit Purchasers, the financial institutions from time to time parties thereto, as Committed Purchasers, the Persons from time to
time parties thereto, as Managing Agents and Calyon New York Branch, as Administrative Agent, the Issuer hereby irrevocably requests an Increase in the Series Outstanding Amount as follows. Terms used herein are used as defined in or for purposes of
the Agreement. 
  

	 	1.	The requested amount of such Increase is
$                        . 

  

	 	2.	The requested Increase Date is
                        . 

  

	 	3.	The requested Rate Type(s) [is][are]
                        . 

  

	 	4.	All conditions precedent to the Increase set forth in Section 3.02 of the Agreement have been satisfied. 

  

	 	5.	From the Monthly Report Section XVI (6): 

 Adjusted
Aggregate Receivable Balance (as of last report):                              
 Required Asset Amount (after giving effect to Increase):
                                 
 The proceeds of such Increase shall be remitted on the Increase Date in immediately available funds to [specify payment instructions]. 
  

			
	Very truly yours,
	
	Apple Ridge Funding LLC
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 EXHIBIT C 
 FORM OF STATED AMOUNT REDUCTION REQUEST 
 [Date] 
 The Bank of New York 
 as Indenture Trustee 
 Calyon New York Branch, 
 as Administrative Agent 
 [Names of Managing Agents] 
  

			
	Re:	  	Apple Ridge Funding LLC,
		  	Secured Variable Funding Notes, Series 2007-1

 Ladies and Gentlemen: 
 Pursuant to Section 2.05 of the Amended and Restated Note Purchase Agreement, dated as of April 10, 2007 as amended and restated on July 6, 2007 (the “Agreement”), among Apple Ridge Funding
LLC, as Issuer, Cartus Corporation, as Servicer, the commercial paper conduits from time to time parties thereto, as Conduit Purchasers, the financial institutions from time to time parties thereto, as Committed Purchasers, the Persons from time to
time parties thereto, as Managing Agents and Calyon New York Branch, as Administrative Agent, the Issuer hereby irrevocably requests a reduction in the Stated Amount as follows. Terms used herein are used as defined in or for purposes of the
Agreement. 
  

	 	1.	The requested amount of such reduction is
$                        . 

  

	 	2.	The requested date of such reduction is
                        . 

  

			
	Very truly yours,
	
	Apple Ridge Funding LLC
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 EXHIBIT D 
 FORM OF STATED AMOUNT INCREASE REQUEST 
 [Date] 
 The Bank of New York 
 as Indenture Trustee 
 Calyon New York Branch, 
 as Administrative Agent 
 [Names of Managing Agents] 
  

			
	Re:	  	Apple Ridge Funding LLC,
		  	Secured Variable Funding Notes, Series 2007-1

 Ladies and Gentlemen: 
 Pursuant to Section 2.05 of the Amended and Restated Note Purchase Agreement, dated as of April 10, 2007 as amended and restated on July 6, 2007 (the “Agreement”), among Apple Ridge Funding
LLC, as Issuer, Cartus Corporation, as Servicer, the commercial paper conduits from time to time parties thereto, as Conduit Purchasers, the financial institutions from time to time parties thereto, as Committed Purchasers, the Persons from time to
time parties thereto, as Managing Agents and Calyon New York Branch, as Administrative Agent, the Issuer hereby irrevocably requests an Increase in the Stated Amount as follows. Terms used herein are used as defined in or for purposes of the
Agreement. 
  

	 	1.	The requested amount of such increase is
$                        . 

  

	 	2.	The requested date of such increase is
                            . 

  

	 	3.	The Purchaser Group(s) whose Purchaser Group Limit(s) will be increased are                 .

  

	 	4.	The Committed Purchaser(s) whose Commitment(s) will be increased are
                        . 

  

	 	5.	After giving effect to the increase, the Pro Rata Shares will be
                                         
   . 

  

			
	Very truly yours,
	
	Apple Ridge Funding LLC
		
	By:	 	 

			
	Name:	 	
	Title:

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