Document:

Amended and Restated Limited Liability Company Operating Agreement

 Exhibit 10.9 
 EXECUTION COPY 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY OPERATING AGREEMENT 
 PHH HOME LOANS, LLC 
 January 31, 2005 
  
  
 * 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. 

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I Definitions
			
	 Section 1.1
	  	Definitions	  	2
			
	 Section 1.2
	  	Interpretation	  	13
	
	ARTICLE II General Provisions
			
	 Section 2.1
	  	Form	  	14
			
	 Section 2.2
	  	Company Name	  	14
			
	 Section 2.3
	  	Registered Office; Registered Agent	  	14
			
	 Section 2.4
	  	Place of Business	  	14
			
	 Section 2.5
	  	Purpose; Nature of Business Permitted; Powers	  	14
			
	 Section 2.6
	  	Business Transactions of a Member with the Company	  	16
			
	 Section 2.7
	  	No State-Law Partnership	  	16
			
	 Section 2.8
	  	Authorized Representatives	  	16
			
	 Section 2.9
	  	Term	  	16
			
	 Section 2.10
	  	D/B/As, Fictitious Names, Licenses and Regulatory Approvals	  	16
			
	 Section 2.11
	  	Subsequent Capital Contributions	  	17
	
	ARTICLE III Members
			
	 Section 3.1
	  	Members	  	21
			
	 Section 3.2
	  	Admission of New Members	  	21
			
	 Section 3.3
	  	Representations	  	21
			
	 Section 3.4
	  	No Liability of Members	  	22
			
	 Section 3.5
	  	Company Property	  	23
			
	 Section 3.6
	  	Confidentiality	  	23
	
	ARTICLE IV Capital Contributions
			
	 Section 4.1
	  	Capital Structure	  	24
			
	 Section 4.2
	  	Capital Contributions	  	24
			
	 Section 4.3
	  	Additional Provisions Concerning Capital Contributions	  	24
			
	 Section 4.4
	  	Capital Accounts	  	25

					
	 Section 4.5
	  	Return of Capital Contributions	  	26
			
	 Section 4.6
	  	Loans From Members	  	26
	
	ARTICLE V Allocations and Distributions
			
	 Section 5.1
	  	Allocations of Net Income and Net Loss	  	26
			
	 Section 5.2
	  	Adjustments and Special Allocations	  	27
			
	 Section 5.3
	  	Net Loss Limitation	  	28
			
	 Section 5.4
	  	Other Allocation Rules	  	29
			
	 Section 5.5
	  	Tax Allocations; Code Section 704(c)	  	29
			
	 Section 5.6
	  	Distributions	  	30
	
	ARTICLE VI Management
			
	 Section 6.1
	  	Managing Member	  	30
			
	 Section 6.2
	  	Board of Advisors	  	32
			
	 Section 6.3
	  	Actions Requiring Board Approval	  	34
			
	 Section 6.4
	  	Company Resources	  	37
			
	 Section 6.5
	  	Advisors Have No Managerial Authority	  	37
			
	 Section 6.6
	  	Devotion of Time	  	37
			
	 Section 6.7
	  	Officers	  	38
			
	 Section 6.8
	  	Remuneration; Reimbursement	  	38
			
	 Section 6.9
	  	Approval of Annual Business Plan	  	38
			
	 Section 6.10
	  	Reports	  	38
	
	ARTICLE VII Changes in Law; Financial Reporting
			
	 Section 7.1
	  	Compliance with Law; Changes in Law	  	39
			
	 Section 7.2
	  	Consolidation	  	41
			
	 Section 7.3
	  	Certain Actions	  	41
	
	ARTICLE VIII Termination of Relationship
			
	 Section 8.1
	  	Cendant Termination Events	  	42
			
	 Section 8.2
	  	Effects of a Cendant Termination Event	  	43
			
	 Section 8.3
	  	PHH Termination Event	  	46
			
	 Section 8.4
	  	Two Year Termination, Special Termination Event and 25-Year Termination	  	47

  

 ii 

					
	 Section 8.5
	  	Effect of Termination Events	  	51
	
	ARTICLE IX Dissolution and Winding Up
			
	 Section 9.1
	  	Events Causing Dissolution	  	51
			
	 Section 9.2
	  	Winding Up	  	52
			
	 Section 9.3
	  	Compensation of Liquidating Trustee	  	54
			
	 Section 9.4
	  	Distribution of Company Property and Proceeds of Sale Thereof	  	54
			
	 Section 9.5
	  	Company Termination	  	54
			
	 Section 9.6
	  	Final Audit	  	55
	
	ARTICLE X Transfers and Assignment of Interests
			
	 Section 10.1
	  	Consent Required for Transfer	  	55
			
	 Section 10.2
	  	Withdrawal	  	56
	
	ARTICLE XI Fiscal Matters; Books and Records
			
	 Section 11.1
	  	Bank Accounts; Investments	  	56
			
	 Section 11.2
	  	Records Required by Act; Right of Inspection	  	56
			
	 Section 11.3
	  	Books and Records of Account	  	57
			
	 Section 11.4
	  	Expenses	  	57
			
	 Section 11.5
	  	Tax Returns and Information	  	57
			
	 Section 11.6
	  	Delivery of Audited Financial Statements to Members	  	58
			
	 Section 11.7
	  	Audits	  	58
			
	 Section 11.8
	  	Fiscal Year	  	58
			
	 Section 11.9
	  	Tax Elections	  	58
			
	 Section 11.10
	  	Tax Matters Member	  	59
	
	ARTICLE XII Indemnification and Insurance
			
	 Section 12.1
	  	Indemnification and Advancement of Expenses	  	59
			
	 Section 12.2
	  	Insurance	  	60
			
	 Section 12.3
	  	Limit on Liability of Members	  	61
			
	 Section 12.4
	  	Indemnification by Managing Member	  	61
			
	 Section 12.5
	  	No Additional Indemnification Rights	  	62
	
	ARTICLE XIII Miscellaneous Provisions
			
	 Section 13.1
	  	Counterparts	  	62

  

 iii 

					
	 Section 13.2
	  	Entire Agreement	  	62
			
	 Section 13.3
	  	Partial Invalidity	  	62
			
	 Section 13.4
	  	Amendment	  	63
			
	 Section 13.5
	  	Binding Effect	  	63
			
	 Section 13.6
	  	Negotiation and Mediation	  	63
			
	 Section 13.7
	  	Governing Law	  	64
			
	 Section 13.8
	  	Offset	  	64
			
	 Section 13.9
	  	Effect of Waiver or Consent	  	64
			
	 Section 13.10
	  	Notices	  	64
			
	 Section 13.11
	  	No Consequential Damages	  	66
			
	 Section 13.12
	  	Most Favored Nation	  	66
			
	 Section 13.13
	  	Impossibility of Performance	  	67

  

 iv 

 Index of Defined Terms 
  

			
	 	  	Page
	 Act
	  	1
	 Additional Capital Determination
	  	26
	 Adjusted Capital Account
	  	2
	 Advisor
	  	34
	 Affiliate
	  	2
	 Agreement
	  	1, 2
	 Annual Business Plan
	  	40
	 Assignment
	  	2
	 Authorized Representatives
	  	17
	 Bankruptcy
	  	2
	 Bankruptcy Event
	  	45
	 Beneficial Owner
	  	3
	 Board
	  	34
	 Business Day
	  	3
	 Capital Account
	  	26
	 Capital Contribution
	  	3
	 Cendant
	  	3
	 Cendant Advisors
	  	34
	 Cendant Designated Buyer
	  	45, 50
	 Cendant List
	  	45
	 Cendant Member
	  	1
	 Cendant Mobility
	  	3
	 Cendant Mobility Offices
	  	3
	 Cendant Owned Real Estate Offices
	  	3
	 Cendant Put
	  	45
	 Cendant Put Notice
	  	46
	 Cendant Real Estate
	  	3
	 Cendant Termination Event
	  	44
	 Certificate of Formation
	  	1
	 Change of Control
	  	3
	 Closing Date
	  	4
	 Code
	  	4
	 Common Interest Percentage
	  	25
	 Common Interests
	  	25
	 Company
	  	1
	 Company Expenses
	  	60
	 Company Minimum Gain
	  	4

  

 v 

			
	 Company Property or Properties
	  	4
	 Company Regulatory Event
	  	5
	 Confidential Information
	  	24
	 Contributed Property
	  	5
	 Contribution Agreement
	  	5
	 Contribution Date
	  	19
	 Contribution Notice
	  	18
	 Control
	  	5
	 Controlling Person
	  	5
	 Customer
	  	5
	 Depreciation
	  	5
	 Dispute
	  	67
	 Disputing Member
	  	67
	 Distributable Net Income
	  	6
	 Event of Dissolution
	  	54
	 Fair Market Value
	  	6
	 FHA
	  	6
	 Fiscal Period
	  	6
	 Fiscal Quarter
	  	6
	 GAAP
	  	6
	 Governmental Entity
	  	6
	 Gross Asset Value
	  	7
	 HUD
	  	8
	 HUD-Manager
	  	34
	 Indemnified Parties
	  	62
	 Initial Capital Contribution
	  	25
	 Initial Officers
	  	40
	 Initial Operating Agreement
	  	1
	 Insolvency
	  	8
	 Interest
	  	8
	 Investor Commitments
	  	8
	 Lease
	  	8
	 License Agreement
	  	8
	 Liquidating Trustee
	  	55
	 Loan Funding Facility
	  	8
	 Losses
	  	8
	 LTM Net Income
	  	46
	 Major Action
	  	36
	 Management Services Agreement
	  	8
	 Managing Member
	  	9
	 Master Sublease Agreement
	  	9
	 Mediation Request
	  	67

  

 vi 

			
	 Member
	  	1, 9
	 Member Nonrecourse Debt
	  	9
	 Member Nonrecourse Debt Minimum Gain
	  	9
	 Member Nonrecourse Deductions
	  	9
	 Members
	  	1
	 Minimum Capital Requirements
	  	38
	 Mobility Interim MSA
	  	9
	 Mortgage Instrument
	  	10
	 Mortgage Loan
	  	10
	 Mortgage Loan Disclosure
	  	10
	 Mortgage Loan Documents
	  	10
	 Mortgage Loan Sale Agreement
	  	10
	 Mortgage Note
	  	10
	 Mortgaged Property
	  	10
	 MSA
	  	10
	 Net Income
	  	10
	 Net Loss
	  	10
	 New Member
	  	12
	 Nonrecourse Deductions
	  	12
	 Nonrecourse Liability
	  	12
	 Non-Renewal Notice
	  	53
	 Non-Renewal PHH Sale
	  	53
	 Non-Renewal Put
	  	53
	 NRT Interim MSA
	  	12
	 Origination Channels
	  	12
	 Other Indemnified Parties
	  	64
	 Person
	  	12
	 PHH
	  	12
	 PHH Advisors
	  	34
	 PHH Change of Control
	  	13
	 PHH Interests
	  	47
	 PHH Material Breach
	  	44
	 PHH Member
	  	1
	 PHH Regulatory Event
	  	12
	 PHH Sale
	  	45
	 PHH Sale Notice
	  	47
	 PHH Termination Event
	  	48
	 PIMI Contributed Assets
	  	19
	 PMC
	  	12
	 Proceeding
	  	13
	 Purchase Notice
	  	49
	 Purchase Price
	  	48

  

 vii 

			
	 Purchase Right
	  	48
	 Put Date
	  	46
	 Put Price
	  	45
	 Regulatory Event Fee
	  	44
	 Regulatory Order
	  	13
	 Related Transaction
	  	33
	 RESPA
	  	13
	 Rules
	  	67
	 Sale Date
	  	48
	 Sale Price
	  	47
	 Securities Act
	  	13
	 Small Corps
	  	13
	 Special Termination Event
	  	42
	 Special Termination Notice
	  	42
	 Special Termination Put
	  	53
	 SRA
	  	1
	 State Agency
	  	13
	 Subsequent Capital Contributions
	  	19
	 Subsidiary
	  	13
	 Tax Matters Member
	  	62
	 Termination Payment
	  	46
	 Transaction Documents
	  	13
	 Transfer
	  	14
	 Treasury Regulations
	  	14
	 Two Year PHH Sale
	  	50
	 Two Year Put
	  	50
	 Two Year Put Closing Date
	  	51
	 Two Year Put Date
	  	50
	 Two Year Put Price
	  	50
	 Two Year Sale Date
	  	50
	 Two Year Sale Price
	  	51
	 Two-Year Termination Notice
	  	50
	 Venture License Agreement
	  	14

  

 viii 

 This AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT, dated as of January 31,
2005 (this “Agreement”), of PHH Home Loans, LLC (the “Company”), a Delaware limited liability company, is by and between PHH Broker Partner Corporation, a Maryland corporation (the “PHH Member”),
and Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the “Cendant Member”) and each Person (as hereinafter defined) subsequently admitted as a member of the Company (individually, a
“Member” and, collectively, the “Members”). 
 W I T N E S S E T H: 
 WHEREAS, the PHH Member and the Cendant Member entered into a Limited Liability Company Operating Agreement, effective as of November 3, 2004 (the
“Initial Operating Agreement”) and formed the Company pursuant to and in accordance with the Limited Liability Company Act of the State of Delaware (the “Act”) by filing the Certificate of Formation of the Company
(the “Certificate of Formation”) in accordance with the Act; 
 WHEREAS, the Members desire to amend and restate the Initial
Operating Agreement; 
 WHEREAS, the Members intend that hereafter the principal purpose of the Company shall be to originate and sell
mortgage loans sourced through Cendant’s owned residential real estate brokerage and corporate relocations businesses and from all U.S.-based employees of Cendant and its Subsidiaries, in accordance with the terms and provisions of this
Agreement; 
 WHEREAS, this Agreement sets forth, among other things, the agreement among the Members as to the governance of the affairs of
the Company and the conduct of its business; and 
 WHEREAS, concurrently with the execution of this Agreement, Cendant Real Estate, PHH, the
Cendant Member, PMC, the PHH Member and the Company have entered into a Strategic Relationship Agreement (as amended from time to time, the “SRA”) which sets forth certain matters related to the business relationship among the
parties thereto during the term of this Agreement. 

 NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants, promises and
agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members agree as follows: 
 ARTICLE I 
 Definitions 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall each have the meaning set forth in this Article (unless the context otherwise requires). 
 “Adjusted Capital Account” means, with respect to any Member, the balance, if any, in such Member’s Capital Account as of the end
of the relevant Fiscal Period, after: (i) crediting to such Capital Account any amounts that such Member is obligated to restore pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed to be obligated to restore pursuant
to the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5)) and (ii) debiting to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

“Affiliate” means, when used with reference to a specific Person, any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such specific Person. For the avoidance of doubt, neither the Company nor any of the Brand Franchisees, as defined in the SRA, shall be deemed to be an Affiliate of Cendant
or any of Cendant’s Affiliates for any purpose hereunder or under any of the other Transaction Documents. 
 “Agreement” means this Agreement, including the Schedules and Exhibits hereto, as originally executed and as subsequently amended from time to time in accordance with the provisions hereof. 
 “Assignment” shall mean a document, sufficient under the laws of the jurisdiction where the related Mortgaged Property is located, to
reflect all transfers of the applicable Mortgage Instrument and the Mortgage Note. 
 “Bankruptcy” means, with respect to
any Person, the happening of any one or more of the following events: (a) such Person (or, in the case of any Person which is a partnership, any general partner thereof): (i) makes an assignment for the benefit of creditors;
(ii) files a voluntary petition in bankruptcy; (iii) is adjudged bankrupt or insolvent, or there has been entered against such Person (or general partner) an order for relief, in any bankruptcy or insolvency proceeding; (iv) files a
petition or answer seeking in respect of such Person (or general partner) any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) files an answer or other
pleading admitting or failing to contest the material allegations of a petition filed against such Person (or such general partner) in any proceeding of a nature described above; or (vi) seeks, consents or acquiesces in the appointment of a
trustee, receiver or liquidator of such Person (or such general partner) or of all or any substantial part of such Person’s (or such general partner’s) properties; or (b) 120 days after the commencement of any proceeding against any
such Person (or such general partner) seeking reorganization, arrangement, composition, readjustment, 

  

 2 

 
liquidation, dissolution or similar relief under any statute, law or regulation, if such proceeding has not been dismissed, or within 90 days after the
appointment without such Person’s (or such general partner’s) consent or acquiescence of a trustee, receiver or liquidator of the Person (or such general partner) or of all or any substantial part of such Person’s (or such general
partner’s) properties, if such appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, if such appointment is not vacated. 
 “Beneficial Owner” shall, with respect to any Person, be determined as set forth in Rule 13d-3 of the General Rules and Regulations of the Securities Exchange Act of 1934, as in effect on the date
hereof. 
 “Business Day” means any day other than a Saturday, Sunday or a holiday on which commercial banks in the State of
New York are closed. 
 “Cendant” means Cendant Corporation, a Delaware corporation. 
 “Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any asset (other than
cash) contributed to the capital of the Company pursuant to Article IV hereof. 
 “Cendant Mobility Office” means any office
comprising part of Cendant’s corporate relocation business, including, without limitation, any office of Cendant Mobility Services Corporation (“Cendant Mobility”) or any of its Subsidiaries, whether owned as of the date hereof
or acquired or opened hereafter by Cendant Mobility or one of its Subsidiaries. 
 “Cendant Owned Real Estate Office” means
any residential real estate brokerage office owned as of the date hereof or acquired or opened hereafter by Cendant Real Estate or one of its Subsidiaries, including NRT Incorporated. 
 “Cendant Real Estate” means Cendant Real Estate Services Group, LLC, a Delaware limited liability company. 
 “Change of Control” means, with respect to any Person, the occurrence of any event set forth in one of the following paragraphs:

  

	 	(a)	any “person” or “group” (as such terms are used in Section 13(d)(3) of the Exchange Act) is or becomes the Beneficial Owner, directly or indirectly, of
securities of such Person representing greater than one-third of the combined voting power of such Person’s outstanding securities; 

  

 3 

	 	(b)	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of such Person (together with any new directors whose
election or appointment by such Board or whose nomination for election by the stockholders of such Person was approved by a vote of not less than a majority of the directors then still in office who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least two-thirds of the Board of Directors of such Person; 

  

	 	(c)	there is consummated a merger, consolidation or similar transaction (including a recapitalization) of such Person with any other Person, other than a merger or consolidation
immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of the entity surviving such merger, consolidation or similar transaction or the
Controlling Person thereof; or 

  

	 	(d)	there is consummated a sale or disposition by such Person of all or a substantial portion of such Person’s assets to another Person, other than a sale or disposition
immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of such other Person or the Controlling Person thereof. 

 “Closing Date” means January 31, 2005. 
 “Code” means the Internal Revenue Code of 1986. 
 “Company Minimum Gain”
means “partnership minimum gain” as set forth in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Company
Property or Properties” means all interests, properties, whether real or personal, and rights of any type owned or held by the Company, whether owned or held by the Company at the date of its formation or thereafter acquired. 
 “Company Regulatory Event” means a situation in which (i) the Company becomes subject to any Regulatory Order, or any Governmental
Entity initiates a Proceeding with respect to the Company, and (ii) such Regulatory Order or Proceeding prevents or materially impairs the Company’s ability to originate loans for any period of time in a manner that adversely affects the
value of one or more of the quarterly distributions to be paid by the Company pursuant to Section 5.6 of this Agreement; provided, however, that Company Regulatory Event shall not include (1) any order, 

  

 4 

 
directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending
business such that the Company is unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of the Cendant Entities or their
Affiliates. 
 “Contributed Property” means property or other consideration (other than cash) contributed to the Company in
exchange for Interests. 
 “Contribution Agreement” means the Contribution Agreement to be entered into by and among the
Cendant Member, the Company and the PHH Member pursuant to Section 2.11 hereof. 
 “Control” shall mean, with regard to
any Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative with the foregoing. 
 “Controlling Person” means a Person who controls another Person. 
 “Customer” means any individual who contacts the Company, whether in person or by mail, phone, via the Internet (including by electronic
mail), or otherwise, or who is so contacted by the Company, about the possibility of obtaining a Mortgage Loan through the Company, or who otherwise obtains a Mortgage Loan from or through the Company. 
 “Depreciation” means, for each Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for such Fiscal Period; provided, however, that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Period,
Depreciation shall be an amount that bears the same ratio to such Gross Asset Value which the asset had when its value was last adjusted, as the federal income tax depreciation, amortization or other cost recovery deduction with respect to such
asset for such Fiscal Period bears to the adjusted tax basis which the asset had when its value was last adjusted; and provided, further, that if the federal income tax depreciation, amortization or other cost recovery deduction
for such Fiscal Period is zero, then, subject to Section 6.3(a)(xiv), Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member. 
 “Distributable Net Income” shall mean, for each Fiscal Quarter, an amount equal to the net income of the Company and its Subsidiaries,
on a consolidated basis, determined in accordance with GAAP, less any amounts retained by the Company as shall be necessary to meet the Minimum Capital Requirements (which requirements shall be approved by the Board pursuant to Section 6.3).

  

 5 

 “Fair Market Value” means the fair market value of an asset, as determined by the
Managing Member using any reasonable method of valuation, except as otherwise provided herein; provided, however, that such fair market value shall be approved by the Board as provided in Section 6.3(a)(xvii). 
 “FHA” means the Federal Housing Administration of HUD or any successor thereto. 
 “Fiscal Period” means the period (i) commencing (w) at the beginning of each Fiscal Quarter, (x) the date of any
acquisition of Interests by any new or existing Member in exchange for a Capital Contribution, or (y) on each date following the effective date of any distribution to a Member of any property as consideration for an Interest in the Company, and
(ii) ending on the date immediately preceding the first day of the next Fiscal Period; provided, that the last Fiscal Period shall end on the date on which all assets of the Company are distributed to the Members pursuant to
Section 9.4 hereof. 
 “Fiscal Quarter” means (i) the period commencing on the date of this Agreement and ending
on March 31, 2005, or (ii) any subsequent three (3) month period commencing on January 1, April 1, July 1 and October 1 and ending on March 31, June 30, September 30 and
December 31, respectively; provided, that the last Fiscal Quarter shall end on the date on which all assets of the Company are distributed to the Members pursuant to Section 9.4 hereof. 
 “GAAP” means generally accepted accounting principles in the United States. 
 “Governmental Entity” means any court, agency or commission or other governmental or regulatory authority. 
 “Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for federal income tax purposes, except as
follows: 
 (i) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the Fair Market
Value of such asset; 
 (ii) the Gross Asset Value of all Company assets shall be adjusted to equal their respective Fair
Market Values, as of the following times: (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital 

  

 6 

 
Contribution, (b) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest
in the Company and (c) the liquidation of the Company, within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); provided, however, that, with approval of the Board pursuant to Section 6.3(a)(xiv) hereof,
adjustments pursuant to clause (ii)(a) or (ii)(b) of this definition shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the
Company; 
 (iii) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the Fair
Market Value of such asset on the date of such distribution, unreduced by any liability secured by such asset; and 
 (iv) the
Gross Asset Value of Company assets will be increased or decreased to reflect any adjustment to the adjusted basis of such assets under Sections 734(b) or 743(b) of the Code, but only to the extent that the adjustment is taken into account in
determining Capital Accounts under Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and paragraph (f) of the definition of Net Income and Net Loss or Section 5.2(f), provided, however, that Gross Asset Values shall not
be adjusted pursuant to this paragraph (iv) to the extent the Managing Member determines that an adjustment pursuant to paragraph (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an
adjustment pursuant to this paragraph (iv) and the Board authorizes such paragraph (ii) adjustment pursuant to Section 6.3(a)(xiv) hereof. 
 If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraph (i), paragraph (ii) or paragraph (iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account
with respect to such asset for purposes of computing Net Income and Net Loss. 
 “HUD” means the United States Department of
Housing and Urban Development or any successor thereto. 
 “Interest” means (i) a Member’s share of Net Income
(and items of income and gain) and Net Loss (and items of loss and deduction) of the Company and a Member’s right to receive distributions from the Company in accordance with the provisions of this Agreement and the Act and (ii) such
Member’s other rights and privileges as herein provided, including, without limitation, voting privileges. 
  

 7 

 “Insolvency” means, when used with respect to any Person, such Person is unable
to pay its debts and obligations as they become due, or has incurred debts beyond its ability to pay such debts as they mature. 
 “Investor Commitments” means any agreement, contract or arrangement pursuant to which any Person purchases or agrees to purchase Mortgage Loans from the Company or any Subsidiary of the Company. 
 “Lease” means the Bishop’s Gate Sublease, substantially in the form of Exhibit A hereto, to be entered into between the
Company and PMC on the Contribution Date, pursuant to which the Company will lease space from PMC at 3000 Leadenhall Road, Mt. Laurel, NJ 08054. 
 “License Agreement” means the Trademark License Agreement, dated as of the date of this Agreement, between PMC and TM Acquisition Corp., Coldwell Banker Real Estate Corporation and ERA Franchise Systems, Inc., pursuant to
which PMC has been granted a license to use the Cendant Real Estate Franchisee Brands (as defined in the SRA) in connection with its business, on the terms set forth therein. 
 “Loan Funding Facility” means a credit or loan agreement or other funding arrangement, approved by the Board pursuant to
Section 6.3 hereof, pursuant to which the Company and/or its Subsidiaries borrows money for the purpose of funding Mortgage Loan originations. 
 “Losses” means any and all losses, damages, disbursements, suits, claims, liabilities, obligations, judgments, fines, penalties, charges, amounts paid in settlement, costs and expenses (including, without limitation,
reasonable attorneys’ fees and expenses), and shall specifically include, but only for purposes of Section 12.4 hereof, any indirect, special, incidental or consequential damages (including lost profits and lost cash distributions).

 “Management Services Agreement” means the Management Services Agreement, substantially in the form attached hereto as
Exhibit B, to be entered into by the Company and PMC in accordance with Section 2.11 of this Agreement. 
 “Managing
Member” means the PHH Member, or such other Member as may replace the PHH Member as Managing Member pursuant to Section 8.2 or 8.4 hereof. 
 “Master Sublease Agreement” means the Master Shared Office Space Agreement, substantially in the form attached hereto as Exhibit C, to be entered into between the Company and NRT on the
Contribution Date, pursuant to which the Company will sublease from NRT office space utilized by field personnel of the Company who are co-located in a Cendant Owned Real Estate Office. 
  

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 “Member” means, at any time, a Person admitted as a member of the Company pursuant to
Section 3.2 hereof and listed on Schedule I hereto. If a Member Transfers its Interest or any portion thereof to a Person who is not a Member, reference in this Agreement to a “Member” or such Member’s Capital Account in
connection with such Transferred Interest or portion thereof shall be deemed to be a reference to the record holder of such Transferred Interest or portion thereof for the purpose of calculating the economic interest and Capital Account balances and
adjustments represented by such Transferred Interest or portion thereof until such record holder of such Transferred Interest or portion thereof is admitted as a Member. 
 “Member Nonrecourse Debt” means “partner nonrecourse debt” as set forth in Treasury Regulation Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” means an amount with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain
that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3). 
 “Member Nonrecourse Deductions” means “partner nonrecourse deductions” as set forth in Treasury Regulation Section 1.704-2(i)(2), and the amount of Member Nonrecourse Deductions with
respect to a Member Nonrecourse Debt for a Fiscal Period shall be determined in accordance with the rules of Treasury Regulation Section 1.704-2(i)(2). 
 “Mobility Interim MSA” means the Marketing Agreement, by and between Cendant Mobility and PMC, dated as of January 31, 2005. 
 “Mortgage Instrument” means any deed of trust, security deed, mortgage, or other instrument which constitutes a first lien or second
lien on the Mortgaged Property securing payment by a mortgagor of a Mortgage Note. 
 “Mortgage Loan” means a mortgage loan
(including a home equity line of credit) evidenced by one or more promissory notes and secured by a mortgage or deed of trust on one or more residential real estate properties. 
 “Mortgage Loan Disclosure” shall mean any disclosure, notice or other document or statement that, pursuant to applicable law, must be
provided to a Customer by or on behalf of the Company in connection with the origination, closing and funding of a Mortgage Loan or an application for a Mortgage Loan. 
  

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 “Mortgage Loan Documents” means the Mortgage Instruments, Mortgage Notes and
Assignments. 
 “Mortgage Loan Sale Agreement” means a Mortgage Loan Sale Agreement to be entered into by and between the
Company and PMC in accordance with Section 2.11 hereof. 
 “Mortgage Note” means the mortgage note, deed of trust note,
security deed note or other form of promissory note executed by a mortgagor and secured by a Mortgage Instrument evidencing the indebtedness of the mortgagor under a Mortgage Loan. 
 “Mortgaged Property” means the interest in real property pledged to secure a Mortgage Note, as evidenced by one or more Mortgage
Instruments. 
 “MSA” means the Marketing Services Agreement, dated as of the date of this Agreement, by and between PMC and
certain Subsidiaries of Cendant Real Estate. 
 “Net Income” and “Net Loss” shall mean, for each Fiscal
Period, an amount equal to the Company’s items of taxable income or loss for such Fiscal Period, determined in accordance with Section 703 of the Code (for this purpose all items of income, gain, loss and deduction required to be
separately stated pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss shall be
added to taxable income or loss; 
 (b) any expenditures of the Company described in Section 705(a)(2)(B) or that are
treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss, shall be subtracted from such taxable income or loss;

 (c) in the event that the Gross Asset Value of any Company asset is adjusted pursuant to the definition of Gross Asset
Value, the amount of such adjustment shall be taken into account as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset) from the
disposition of such asset and shall be taken into account for purposes of computing Net Income or Net Loss; 
  

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 (d) gain or loss resulting from the disposition of property with respect to which gain or
loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 
 (e) in lieu of the depreciation, amortization, and other costs recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation with respect to each asset of the Company for such Fiscal Period computed in accordance with the definition of Depreciation; 
 (f) to the extent an adjustment to the adjusted basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is
required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Member’s Interest, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account in computing Net
Income or Net Loss; and 
 (g) notwithstanding any other provision of this definition, any items specially allocated pursuant
to Section 5.2 shall not be considered in determining Net Income or Net Loss. 
 “New Member” means any Person not
listed on Schedule I as of the date hereof who has been admitted as a Member to the Company pursuant to Section 3.2 hereof. 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(1), and the amount of the Nonrecourse Deductions for a Fiscal Period shall be determined in accordance with Treasury
Regulation Section 1.704-2(c). 
 “Nonrecourse Liability” means a liability (or that portion of a liability) with
respect to which no Member bears the economic risk of loss as determined under Treasury Regulation Section 1.704-2(b)(3). 
 “NRT Interim MSA” means the Marketing Agreement, by and between NRT Incorporated and PMC, dated as of January 31, 2005. 
 “Origination Channels” has the meaning assigned to such term in the SRA. 
  

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 “Person” means any individual, general partnership, limited partnership, corporation,
limited liability company, joint venture, trust, business trust, governmental agency, cooperative, association, or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such person, as the context
may require. 
 “PHH” means PHH Corporation, a Maryland corporation. 
 “PHH Regulatory Event” means a situation in which (i) PMC or any of its Affiliates (other than the Company) becomes subject to any
Regulatory Order, or any Governmental Entity initiates a Proceeding with respect to PMC or any of its Affiliates (other than the Company), and (ii) such Regulatory Order or Proceeding prevents or materially impairs the Company’s ability to
originate loans for any period of time in a manner that adversely affects the value of one or more quarterly distributions to be paid by the Company pursuant to Section 5.6 of this Agreement; provided, however, that PHH Regulatory
Event shall not include (1) any order, directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending business such that PMC or such Affiliate or the
Company is unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of Cendant or its Affiliates. 
 “PMC” means PHH Mortgage Corporation, a New Jersey corporation. 
 “PHH Change of Control” means a Change of Control of PHH, or the Managing Member or any other Affiliate of PHH that beneficially owns,
directly or indirectly, any Interest of the Company. 
 “Proceeding” means any legal, administrative, arbitral or other
proceeding, claim, action or governmental or regulatory investigation of any nature. 
 “Regulatory Order” means any
injunction, order, judgment, decree, memorandum of understanding, consent decree, directive or regulatory restriction, or any change in or interpretation of any law, rule or regulation, imposed by a Governmental Entity. 
 “RESPA” means the Real Estate Settlement Procedures Act, 12 U.S.C. § 2601 et seq., and the Department of Housing and
Urban Development’s implementing regulation, Regulation X, 24 C.F.R. § 3500 et seq. 
 “Securities
Act” means the Securities Act of 1933. 
 “Small Corps” means, collectively, the companies listed in Exhibit
D. 
  

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 “State Agency” means any agency or other Governmental Entity of any of the fifty states
of the United States or of the District of Columbia, in each case having authority to regulate the mortgage-related activities of the Company or any of its Subsidiaries or to determine the investment requirements with regard to mortgage loan
originations performed by the Company or any of its Subsidiaries. 
 “Subsidiary” means, when used with respect to any
party, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, which is consolidated with such party for financial reporting purposes under GAAP, and, when used with respect to the
Company, shall include, without limitation, those Small Corps that will become Subsidiaries of the Company following the completion of the Subsequent Capital Contributions in accordance with Section 2.11 hereof. 
 “Transaction Documents” means, collectively, this Agreement, the SRA, the MSA, the NRT Interim MSA, the Mobility Interim MSA, the
License Agreement, the Venture License Agreement, the Management Services Agreement, the Lease Agreement, the Master Sublease Agreement, the Contribution Agreement and the Mortgage Loan Sale Agreement. 
 “Transfer” means any change in the record or beneficial ownership of an Interest, whether made voluntarily or involuntarily by operation
of law. 
 “Treasury Regulations” means the regulations promulgated by the U.S. Treasury Department pursuant to the Code.

 “Venture License Agreement” means the Trademark License Agreement, by and among TM Acquisition Corp., Coldwell Banker
Real Estate Corporation, ERA Franchise Systems, Inc. and the Company, dated as of January 31, 2005. 
 Section 1.2
Interpretation. Each definition in this Agreement includes the singular and the plural, and reference to the neuter gender includes the masculine and feminine where appropriate. References to any statute or Treasury Regulations means such
statute or regulations as amended at the time and include any successor legislation or regulations. The headings to the Articles and Sections are for convenience of reference and shall not affect the meaning or interpretation of this Agreement.
Except as otherwise stated, reference to Articles, Exhibits, Sections and Schedules mean the Articles, Exhibits, Sections and Schedules of this Agreement. The Exhibits and Schedules are hereby incorporated by reference into and shall be deemed a
part of this Agreement. 
  

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 ARTICLE II 
 General Provisions 
 Section 2.1 Form. The Members hereby agree to operate the Company as a limited
liability company pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the administration and
termination of the Company shall be governed by the Act. 
 Section 2.2 Company Name. The name of the Company is “PHH Home Loans,
LLC” or such other name or names as may be selected by a unanimous vote of the Members from time to time, and its business shall be carried on in such name and in the other names listed on Schedule 2.2 hereto, with such variations and
changes thereto as the Members shall deem necessary to comply with requirements of the jurisdictions in which the Company’s operations are conducted. 
 Section 2.3 Registered Office; Registered Agent. The Company shall maintain a registered office in the State of Delaware at 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, and
the name of the Company’s registered agent in the State of Delaware is, Corporation Service Company. 
 Section 2.4 Place of
Business. The business address of the Company is 3000 Leadenhall Road, Mt. Laurel, New Jersey 08054, or such other place as the Members shall designate by unanimous vote. 
 Section 2.5 Purpose; Nature of Business Permitted; Powers. 
 (a) The Company is formed for the purposes of (1) originating Mortgage Loans that are sourced through any Cendant Owned Real Estate Office and fulfilled through any of the Origination Channels,
(2) originating Mortgage Loans that are sourced through any Cendant Mobility Office and fulfilled through any of the Origination Channels, (3) originating Mortgage Loans for U.S.-based employees of Cendant and its Subsidiaries and
fulfilled through any of the Origination Channels, (4) originating Mortgage Loans sourced by any loan officer of the Company, either through any Cendant Owned Real Estate Office or through any Cendant Mobility Office, (5) selling all
Mortgage Loans originated by the Company on a servicing-released basis on terms consistent with the provisions of Section 6.1(b) below, and (6) any other purpose agreed to unanimously by the Members in writing. For the avoidance of doubt,
the purposes for which the Company is formed shall not include, and without the prior unanimous written consent of all Members the Company shall not engage in, (i) originating, purchasing or otherwise acquiring and holding Mortgage Loans for
investment purposes, or (ii) servicing Mortgage Loans or retaining servicing rights with respect to any Mortgage Loans originated and sold by the Company. 
  

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 (b) Subject to the other provisions of this Agreement, the Company shall possess and may exercise all of
the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, but only in so far as such powers and privileges are necessary to the conduct, promotion or attainment of the
business purposes of the Company specified in Section 2.5(a) hereof, including, without limitation, the power: 
 (i) to
acquire, hold, manage, own, sell, transfer, convey, assign, exchange, license, pledge or otherwise dispose of the Company’s interest in assets or any property held by the Company, including, without limitation, interests in technology,
intellectual property rights and other proprietary processes, products or services; 
 (ii) to establish, have, maintain or
close one or more offices within or without the State of Delaware and in connection therewith to rent or acquire office space and to engage personnel; 
 (iii) to open, maintain and close bank and brokerage accounts, including the power to draw checks or other orders for the payment of moneys, and to invest such funds as are temporarily not otherwise required for
Company purposes; 
 (iv) to bring and defend actions and proceedings at law or in equity or before any Governmental Entity,
including any State Agency; 
 (v) to hire consultants, custodians, attorneys, accountants and such other agents, officers
and employees of the Company as it may deem necessary or advisable, and to authorize each such agent and employee to act for and on behalf of the Company; 
 (vi) to enter into, perform and carry out contracts and agreements of every kind necessary or incidental to the accomplishment of the Company’s business purposes, and to take or omit to take such other action in
connection with the business of the Company as may be necessary or desirable to further the business purposes of the Company; 
 (vii) to obtain and hold any and all permits, licenses, consents, authorizations and approvals as the Managing Member may from time to time deem necessary or appropriate for the conduct of the business of the Company and its Subsidiaries,
including, without limitation, any such licenses and authorizations as may be required pursuant to the rules and regulations of any State Agency; and 
 (viii) to carry on any other activities necessary or incidental to any of the foregoing. 
  

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 Section 2.6 Business Transactions of a Member with the Company. In accordance with
Section 18-107 of the Act and subject to the requirements of Section 6.1(e) and Section 6.3 hereof, a Member may lend money to, borrow money from, act as surety, guarantor or endorser for, guarantee or assume one or more specific
obligations of, provide collateral for, and transact other business with, the Company and, subject to applicable law, shall have the same rights and obligations with respect to any such matter as a Person who is not a Member. 
 Section 2.7 No State-Law Partnership. No provisions of this Agreement shall be deemed or construed to constitute the Company a partnership
(including, without limitation, a limited partnership), or any Member a partner of a partnership or a partner with any other Member, for any purpose other than, in each case, federal and state income tax purposes. 
 Section 2.8 Authorized Representatives. The “Authorized Representatives” of each Member shall be those Persons appointed from time to
time as Advisors by such Member in accordance with Section 6.2 hereof. The written statements and representations of an Authorized Representative on behalf of a Member shall be the only authorized statements and representations of such Member
with respect to the matters specifically covered by this Agreement. The term “approved by” or “consented to by” or “consent of” or “satisfactory to” with respect to a Member means a decision or action which
has been consented to in writing by an Authorized Representative of such Member. 
 Section 2.9 Term. The existence of the Company
commenced on the date of the filing of the Certificate of Formation in the Office of the Secretary of State of the State of Delaware, and shall continue until January 31, 2055, unless earlier dissolved pursuant to the provisions of Article IX
hereof. Upon the occurrence of an Event of Dissolution, all FHA-insured loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company. 
 Section 2.10 D/B/As, Fictitious Names, Licenses and Regulatory Approvals. 
 (a) The Company and its Subsidiaries shall make all d/b/a, fictitious name and similar filings as are listed on Schedule 2.10(a) hereto and shall
obtain all licenses and regulatory approvals in each of the fifty (50) states and in the District of Columbia as shall be necessary to conduct its loan origination, loan sales and related operations as contemplated by this Agreement and the
other Transaction Documents in all such jurisdictions. The Cendant Member shall be responsible for 

  

 16 

 
making all such d/b/a, fictitious name and similar filings, and the PHH Member shall be responsible for obtaining all such licenses and regulatory approvals.
On the fifteenth (15th) of February, 2005 and on the first (1st) and fifteenth (15th) of each month thereafter, the PHH Member shall provide to the Cendant Member a detailed report on the status of all licenses
and regulatory approvals necessary to operate the Company and its Subsidiaries. 
 (b) Not more than forty-five (45) days after the PHH
Member receives all of the requisite d/b/a, fictitious name and other similar approvals for filings made by the Cendant Member in accordance with Section 2.10(a) above in any state, the PHH Member shall cause the Company to file with the
appropriate regulatory authorities in such state all applications for the requisite licenses and regulatory approvals with respect to the business to be conducted by the Company and any of its Subsidiaries in such state; provided,
however, that for purposes of counting the forty-five day period herein, no such approvals shall be deemed received by the PHH Member prior to February 15, 2005. The PHH Member shall pay to the Cendant Member a cash payment of $50,000
per month with respect to each state for which the Company shall not have met such forty-five (45) day deadline, with such payment being due and payable on the day of such deadline and again every thirty (30) days thereafter until such
filing has been made. 
 (c) The PHH Member shall cause the Company to diligently pursue and use its reasonable best efforts to obtain all
such licenses and regulatory approvals described above not later than July 31, 2005. Without limiting the foregoing, the PHH Member shall comply in a timely manner with all requests for information received from any State Agency (provided that
the PHH Member shall not be responsible for any failure or refusal by Cendant to provide any information so requested) and shall cause representatives of the Company to meet in person with the requisite regulatory authorities in any state where such
authorities have so requested or where receipt of approval from such authorities has been delayed and the Cendant Member so reasonably requests. 
 Section 2.11 Subsequent Capital Contributions. 
 (a) At any time after the Company shall have obtained all requisite
licenses and approvals and made all other filings necessary to enable it to operate its business both (1) in not less than 25 states and (2) in each of those states listed on Schedule 2.11(a) hereto or any subset thereof approved by
the Cendant Member in writing, the Cendant Member shall have the right to deliver to the PHH Member a written notice (the “Contribution Notice”) containing the Cendant Member’s election to cause the Subsequent Capital
Contributions (as defined below) to occur. The Parties shall consummate the transactions constituting the Subsequent Capital Contributions on the date specified by the Cendant Member in the Contribution Notice, which date (the 

  

 17 

 
“Contribution Date”) shall be no earlier than the seventh (7th) day following the date of delivery of such notice to the PHH Member. On the Contribution Date, the Parties shall take the
following actions: 
 (i) the PHH Member shall contribute, or cause to be contributed, to the Company, (A) substantially
all of the assets constituting the businesses of each of the companies constituting the Small Corps (with the form of the transaction in which such transfer shall occur being determined pursuant to subparagraph (b) below), and (B) those
separately identifiable assets that comprise part of PMC’s “phone-in, move-in” origination channel and that will be utilized by the Company and its employees in the operation of its loan origination business (as identified and
scheduled by the Parties in accordance with subparagraph (b) below) (the “PIMI Contributed Assets”); 
 (ii) the Cendant Member shall contribute, or cause to be contributed, to the Company (A) the right to use those tradenames and marks specified in the Venture License Agreement, on a royalty-free basis and otherwise on the terms set
forth in such agreement, and (B) an amount of cash determined in accordance with subparagraph (b) below; 
 (iii)
the parties shall execute the Contribution Agreement, the Management Services Agreement, the Mortgage Loan Sale Agreement, the Lease and the Master Sublease Agreement; 
 (iv) the PHH Member shall cause the Company to offer employment to (A) such employees of PMC as shall be reasonably necessary to
enable the Company to perform its obligations pursuant to the terms of the SRA, and (B) all of the employees of the Small Corps (other than those Small Corps that will become Subsidiaries of the Company upon being contributed to the Company);
and 
 (v) the PHH Member shall cause the Company to sponsor and maintain its own employee benefit plans (including, but not
limited to welfare benefit plans and tax-qualified pension and retirement plans) for the benefit of the employees of the Company and its Subsidiaries. 
 The
actions contemplated by subparagraphs (i) through (v) above are referred to herein as the “Subsequent Capital Contributions.” 
  

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 (b) As soon as practicable after the date of this Agreement, in preparation for the Subsequent Capital
Contributions, the Parties shall cooperate in good faith to do each of the following as promptly as practicable following the date hereof and in any event within such time as shall be necessary to enable the Subsequent Capital Contributions to occur
by mid-year 2005: 
 (i) Determine the form of the transaction (merger, asset transfer, transfer of equity interests or
other) pursuant to which the businesses of the Small Corps will be contributed to the Company (including, among other things, determining the consents and approvals and d/b/a and other filings, qualifications and notices required to be obtained or
made in connection with such transaction and the expected timing thereof), it being understood that the final determination regarding the form of such transaction shall be made by the Cendant Member in its sole discretion, and that the Parties will
work together with a view toward structuring the contributions so that the loans originated by the Small Corps whose businesses will be combined directly with the Company’s (rather than becoming Subsidiaries of the Company) will constitute not
less than 15% of all loans originated directly by the Company; 
 (ii) Obtain all such consents and approvals and make all
such d/b/a and other filings, qualifications and notices as shall be necessary to complete the contribution of the businesses of the Small Corps to the Company pursuant to the form of transaction determined in accordance with subparagraph (b)(i)
above; 
 (iii) Prepare detailed and complete schedules identifying all of the PIMI Contributed Assets, all of the employees
of PMC and its Subsidiaries who will be offered employment with the Company on the Contribution Date, and, if the form of transaction determined pursuant to subparagraph (i) above contemplates one or more asset transfer transactions, all of the
assets, contracts and other rights constituting the businesses of the applicable Small Corps to be contributed to the Company pursuant to such transactions; 
 (iv) Obtain valuations (which in the case of subclauses (A) and (C) below shall be performed by an unaffiliated third party
selected by the Cendant Member) for (A) the businesses of the Small Corps to be contributed to the Company pursuant to Section 2.11(a)(i)(A) above, (B) the PIMI Contributed Assets to be contributed to the Company pursuant to
Section 2.11(a)(i)(B) above, and (C) the Venture Trademark License to be contributed to the Company pursuant to Section 2.11(a)(ii)(A) (it being understood that the amount of cash to be contributed to the Company by the Cendant Member
pursuant to Section 2.11(a)(ii)(B) shall equal the difference between the total of the amounts determined pursuant to subclauses (A) and (B) above and the amount determined pursuant to subclause (C) above), and finalize Schedule
II to this Agreement to reflect the updated Gross Asset Values for such assets based upon such valuations; 
  

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 (v) Prepare all agreements, instruments and other documents necessary or appropriate to
effect the transactions constituting the Subsequent Capital Contributions (including without limitation a Contribution Agreement), which agreements shall include provisions for, among other things, (A) customary representations from the PHH
Member with respect to the assets to be contributed by it to the Company, the consents and approvals necessary to effect such contributions, compliance with law and other regulatory matters with respect to the businesses of the Small Corps and
employee matters with respect to the period prior to the Contribution Date, and (B) indemnification of the Company by the PHH Member with respect to Losses arising out of or resulting from any matter, circumstance or event occurring prior to
the Contribution Date with respect to or affecting the business, assets or employees of the Small Corps contributed by or on behalf of the PHH Member; and 
 (vi) Prepare a Mortgage Loan Sale Agreement having terms consistent with Section 6.1(b) of this Agreement. 
 (c) Prior to making the Subsequent Capital Contributions contemplated by subparagraph (a) above, if the form of transaction involves any of the companies comprising the Small Corps being merged into the Company or being contributed to
the Company and becoming a Subsidiary of the Company as a result thereof, the PHH Member shall (i) settle and eliminate all intercompany accounts receivable, accounts payable or other arrangements and obligations between PHH or any of its
Subsidiaries, on the one hand, and each such company, on the other, (ii) cause all of the ownership interests in Landover Mortgage LLC held by any such company to be distributed by such company to PMC, and (iii) in the case of any such
company that will become a Subsidiary of the Company following the contribution, convert such company to a limited liability company pursuant to a transaction acceptable in form and substance to tax counsel for the Cendant Member prior to the
Contribution Date. 
 (d) The PHH Member and its Affiliates (other than the Company and any of the Small Corps (or any successor thereto)
that is merged into the Company or contributed as a Subsidiary of the Company) shall bear and pay all costs and expenses (including Taxes) associated with the contribution of the businesses of the Small Corps contemplated by Section 2.11(a)
hereof, all of the transactions contemplated by Section 2.11(c) hereof, and obtaining the consents and approvals required in connection with the contribution of the Small Corps contemplated by Section 2.11(b)(ii) above. Each Member shall
bear and pay its own costs in connection with the other transactions contemplated by this Section 2.11. 
  

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 ARTICLE III 
 Members 
 Section 3.1 Members. The Company shall consist of the Members executing this Agreement and
any New Members admitted to the Company by the Members in accordance with terms hereof. The Members of the Company, together with the Common Interest Percentages and addresses of such Members, are listed on Schedule I of this Agreement. As of
the date hereof, there are no other Members of the Company and no other Person has any right to take part in the ownership or share in the profits of the Company. The Managing Member shall have the authority, without the consent of the Members, but
subject to the limitations contained in Article VI hereof and otherwise in accordance with the terms of this Agreement, to amend Schedule I in connection with any Transfer or other change in ownership of Interests permitted hereunder and to
reflect (a) the admission of any New Member, (b) the removal, expulsion, retirement or death of any Member, in each case, in accordance with the terms of this Agreement and (c) any change in the Interests of any Member effected in
accordance with the terms of this Agreement (including Section 4.3 or 10.1 hereof). No Person shall be deemed to be a Member unless such Person has executed and delivered to the Company a copy of this Agreement. Each New Member shall be deemed
to have a fully executed copy of this Agreement if such Member is delivered a copy of this Agreement which (a) has been executed by such Member and (b) is countersigned on the same page by an authorized officer of the Company. 

Section 3.2 Admission of New Members. New Members of the Company may only be added if the addition of any such proposed New Member is approved,
prior to such admission, by the unanimous consent of all Members and if such proposed New Member executes this Agreement and makes the representations and warranties set forth in Section 3.3 hereof. Notwithstanding the foregoing, a Person that
(a) is an Affiliate of a Member and to whom such Member has Transferred all or any portion of its Interest in accordance with Section 10.1 hereof or (b) is a transferee of all or a portion of the Cendant Member’s Interest as
permitted by Section 10.1 hereof shall be admitted as a New Member without the consent of the other Members, provided that such New Member executes this Agreement and makes the representations and warranties set forth in Section 3.3
hereof. 
 Section 3.3 Representations. Each Member hereby represents and warrants to the Company as follows: 
 (a) Such Member is a corporation, limited liability company, partnership or business trust duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation or organization. Such Member has full right, power and authority to execute and deliver this Agreement and to perform each of its obligations hereunder. 
  

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 (b) All necessary action, corporate or otherwise, on the part of such Member necessary to authorize the
execution and delivery by such Member of this Agreement and the performance by such Member of its obligations hereunder has been taken, and no further action on the part of such Member is necessary for such authorization. This Agreement has been
duly authorized, executed and delivered by such Member and (assuming due authorization, execution and delivery by the other Members), constitutes a legal, valid and binding obligation of such Member enforceable against such Member in accordance with
its terms. 
 (c) Except as otherwise set forth in or contemplated by this Agreement with respect to the Company, no consent, approval or
authorization of, or filing or registration with, any governmental or regulatory authority or any other Person (other than such as have been obtained or made by such Member) is required to be made or obtained by such Member in connection with the
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement. 
 (d)
Neither the execution and delivery of this Agreement by such Member nor the consummation by such Member of the transactions contemplated hereby, nor compliance by such Member with any of the terms or provisions hereof, will (i) conflict with or
result in a breach of any provision of the certificate of incorporation, by-laws or similar governing documents of such Member or (ii) assuming the consents, permits, authorizations, approvals, filings and registrations previously disclosed in
writing by such Member to the other Members are obtained or made (x) violate any statute, code, ordinance, rule, regulation, judgment, order, write, decree or injunction applicable to such Member or any of its properties or assets or
(y) violate, conflict with, result in a breach of any provisions of, constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, result in the termination of, accelerate the performance
required by, or result in a right of termination or acceleration or the creation of any encumbrance upon any of the properties or assets of such Member under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which such Member is a party, or by which its properties or assets may be bound or affected, except, in the case of clause (ii), for such violations, conflicts, breaches or
defaults which, either individually or in the aggregate, would not prevent or materially hinder or delay such Member’s ability to consummate the transactions contemplated hereby or perform its obligations hereunder. 
 Section 3.4 No Liability of Members. All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall
be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member. 
  

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 Section 3.5 Company Property. No real or other property of the Company shall be deemed to be owned
by any Member individually but shall be owned by and title shall be vested solely in the Company. The Interests of the Members in the Company shall constitute personal property. 
 Section 3.6 Confidentiality. 
 (a)
Each Member agrees not to disclose, communicate, use to the detriment of the Company or for the benefit of any other Person, or misuse in any way, any confidential information or trade secrets of the Company or any Subsidiary or any other Member or
its Affiliates, including personnel information, secret processes, know-how, customer lists, formulas or other technical data (“Confidential Information”), except as may be required by law; provided, however, that
(i) this prohibition shall not apply to (x) any information which, through no improper action of such Member, is publicly available or generally known in the industry or (y) any information which is disclosed upon the approval of all
of the Members and (ii) such information may be disclosed to the extent required by law, legal process or applicable stock exchange rule. Each Member acknowledges and agrees that any information or data such Member has acquired on any of these
matters or items were received in confidence and as fiduciary of the Company. 
 (b) It is agreed between the parties that the Company would
be irreparably damaged by reason of any violation of the provisions of this Section 3.6 and that any remedy at law for a breach of such provisions would be inadequate. Therefore, the Company shall be entitled to seek and obtain injunctive or
other equitable relief (including, but not limited to, a temporary restraining order, a temporary injunction or a permanent injunction) against any Member, such Member’s agents, assigns or successors for a breach or threatened breach of such
provisions and without the necessity of proving actual monetary loss. It is expressly understood among the parties that this injunctive or other equitable relief shall not be the Company’s exclusive remedy for any breach of this
Section 3.6 and that the Company shall be entitled to seek any other relief or remedy that it may have by contract, statute, law or otherwise for any breach hereof, and it is agreed that the Company shall also be entitled to recover its
attorneys’ fees and expenses in any successful action or suit against any Member relating to any such breach. It is also expressly agreed that any Member shall have the right to enforce this Section 3.6 on behalf of the Company against the
other Members. 
 (c) Notwithstanding the foregoing, the participation or involvement of any Member in the Company shall not confer upon the
Company or otherwise entitle the Company or any other Member thereof to use or otherwise disclose in connection with the Company and its business and affairs the name of such Member without such Member’s prior consent. 
  

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 (d) Except as otherwise agreed by the Members, in the event of a PHH Change of Control or anticipated
PHH Change of Control, the PHH Member shall implement reasonable internal access controls and other restrictions on the use and disclosure of Confidential Information to prevent any directors, officers, employees, agents, consultants or contractors
of a third party from having access to such Confidential Information. 
 ARTICLE IV 
 Capital Contributions 
 Section 4.1 Capital Structure. The capital structure of
the Company shall consist of one class of Interests (“Common Interests”). Except as otherwise set forth herein, each of the Common Interests shall be identical. 
 Section 4.2 Capital Contributions. 
 (a) Each Member has contributed, as an initial capital contribution (“Initial Capital Contribution”) to the Company, the amount set forth opposite such Member’s name on Schedule I hereto, and hereby agrees to
contribute, in accordance with the provisions of Section 2.11 of this Agreement, all of its right, title and interest (whether now held or hereafter acquired) in and to the assets described in Section 2.11(a) hereto having the estimated
Gross Asset Values as are reflected on Schedule II hereto (with the final Gross Asset Values for such assets to be determined for purposes of this Agreement in accordance with Section 2.11). 
 (b) In exchange for the Initial Capital Contributions, each Member has received an Interest in the Company in proportion to the Interest percentage
(“Common Interest Percentage”) set forth opposite the name of such Member on Schedule I hereto. 
 Section 4.3
Additional Provisions Concerning Capital Contributions. 
 (a) Capital Contributions. Other than as set forth in
Section 4.2, no Member shall be permitted to make additional Capital Contributions to the Company except upon the prior written approval of all the other Members; provided, however, that notwithstanding anything to the contrary
contained herein, in the event of an Additional Capital Determination (as defined below), then additional Capital Contributions shall be made by each Member in an amount equal to the product of (x) the Additional Capital Amount with respect to
such Additional Capital Determination and (y) such Member’s Common Interest Percentage. An “Additional Capital Determination” shall mean a determination made by the Managing Member (which determination, if 

  

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made, shall be immediately notified in writing to the Board), and approved by the Board pursuant to Section 6.3, that the Company requires additional
Capital Contributions from the Members to satisfy the Minimum Capital Requirements, as defined in Section 6.3(a)(xviii) herein. The “Additional Capital Amount” with respect to any Additional Capital Determination shall mean the
aggregate additional Capital Contributions required from all Members in connection therewith, as approved by the Board pursuant to Section 6.3. 
 (b) Interest. Interest, if any, earned on funds contributed or held by the Company shall inure to the benefit of the Company; the Members shall not be entitled to receive interest or any other payments from the
Company with respect to their Capital Contributions or Capital Accounts. 
 Section 4.4 Capital Accounts. 
 (a) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv), a capital account (a “Capital Account”) shall be established
and maintained for each Member throughout the full term of the Company. A Member’s Capital Account (i) shall be increased by (A) the amount of cash and the Fair Market Value of property (other than cash) contributed by such Member and
(B) such Member’s allocable share of the Company’s Net Income (and items of income and gain) for each Fiscal Period; and (ii) shall be decreased by (A) the amount of cash and the Fair Market Value of property (other than
cash) distributed to such Member and (B) such Member’s allocable share of the Company’s Net Loss (and items of deduction and loss) for each Fiscal Period. 
 (b) In addition to the adjustments specified by Section 4.4(a), each Member’s Capital Account shall also be adjusted for any other increases or decreases that are made to Capital Accounts pursuant to
Section 704(b) of the Code and Treasury Regulation Section 1.704-1(b)(2)(iv). 
 (c) In the event any Interest or portion thereof
is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account or ratable portion thereof of the transferor to the extent such Capital Account relates to the Interest or portion thereof so
transferred, except to the extent provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m). 
 (d) It is the intention of the
Members that Capital Accounts shall be maintained in accordance with Section 704(b) of the Code and with the Treasury Regulations promulgated thereunder so that the allocations of items of income, gain, loss, deduction and credit provided
herein have substantial economic effect thereunder. 
 (e) Except as may be required by the provisions of the Act or to the extent of any
withdrawal of capital in contravention of this Agreement or any 

  

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distribution in contravention of this Agreement, at no time during the term of the Company or upon dissolution and liquidation thereof shall a Member with a
negative balance in his Capital Account have any obligation to the Company or the other Members to restore such negative balance, and such negative balance shall not be treated as an asset of the Company. Notwithstanding whether a Member has a
positive or a negative balance in its Capital Account, a Member shall be obligated to restore to the Company the amount of any withdrawal of capital in contravention of this Agreement or any distribution in contravention of this Agreement.

 Section 4.5 Return of Capital Contributions. Except as otherwise provided herein or in the Act, no Member shall have the right to
withdraw, or receive any return of, all or any portion of such Member’s Capital Contribution. 
 Section 4.6 Loans From Members.
Loans by a Member to the Company shall not be considered Capital Contributions. If any Member shall advance funds to the Company in excess of the amounts contributed by such Member to the capital of the Company, the making of such advances shall not
result in any increase in the amount of the Capital Account of such Member. The amounts of any such advances shall be a debt of the Company to such Member and shall be payable or collectible only out of the Company assets in accordance with the
terms and conditions upon which such advances are made. The repayment of loans from a Member to the Company upon liquidation shall be subject to the order of priority set forth in Section 9.4 hereof. Notwithstanding anything to the contrary in
this Agreement, any Loan by a Member to the Company shall be subject to the provisions of Section 6.1(e) and shall be on arm’s-length market terms. 
 ARTICLE V 
 Allocations and Distributions 
 Section 5.1 Allocations of Net Income and Net Loss. This Section 5.1 sets forth the rules for both the book allocations of Net Income (and
items of income and gain) and Net Loss (and items of loss and deduction), to reflect the economic arrangements of the Members and, subject to Section 5.5, for the tax allocations for United States federal income tax purposes, pursuant to
Section 704 of the Code and the Treasury Regulations promulgated thereunder. 
 (a) Except as otherwise provided in this Article V, Net
Loss shall be allocated among the Members with respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages. 
  

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 (b) Except as otherwise provided in this Article V, Net Income shall be allocated among the Members with
respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages. 
 Section 5.2 Adjustments and Special Allocations. 
 The following special allocations shall be made in the following order and prior to any
other allocations under this Agreement: 
 (a) Minimum Gain Chargeback. Notwithstanding any other provision of this Article V and
except as otherwise provided in Treasury Regulation Section 1.704-2(f), if there is a net decrease in Company Minimum Gain during any Fiscal Period of the Company, each Member shall be specially allocated items of Company income and gain for
such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, as determined under Treasury Regulation Section 1.704-2(g). Allocations pursuant to
the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulation Sections 1.704-2(f)(6) and
(j)(2). This Section 5.2(a) is intended to comply with the minimum gain chargeback requirement in such Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (b) Member Minimum Gain Chargeback. Notwithstanding any other provision of this Article V, if there is a net decrease in Member Nonrecourse Debt
Minimum Gain attributable to a Member Nonrecourse Debt, then, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulation
Section 1.704-2(i), shall be specially allocated items of Company income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse
Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto. The items to be allocated shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4) and (j)(2). This Section 5.2(b) is intended to comply with the minimum gain
chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (c)
Qualified Income Offset. Pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(d), in the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially 

  

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allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, any Adjusted Capital Account
Deficit as quickly as possible, provided that an allocation pursuant to this Section 5.2(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this
Section have been tentatively made as if this Section 5.2(c) were not in the Agreement. This Section 5.2(c) is intended to satisfy the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistent
therewith. 
 (d) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Period shall be allocated among the Members in
accordance with their respective Common Interest Percentage. 
 (e) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions
for any Fiscal Period of the Company or portion thereof shall be allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with
Treasury Regulation Section 1.704-2(i)(1). 
 (f) Section 754 Adjustments. To the extent an adjustment to the adjusted tax
basis of any Company asset is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) (2) or (4) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be allocated to the Members in a manner consistent with the manner in which their Capital
Accounts are required to be adjusted pursuant to such sections of the Treasury Regulations. 
 Section 5.3 Net Loss Limitation.

 Notwithstanding the provisions of Section 5.1(a), the Net Losses (or items of deduction or loss) allocated pursuant to
Section 5.1(a) hereof shall not exceed the maximum amount of Net Losses (or items of deduction or loss) that can be so allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Fiscal Period. In the
event that some but not all Members would have Adjusted Capital Account Deficits as a consequence of the allocation of Net Losses (or items of deduction or loss) pursuant to Section 5.1 hereof, the limitation set forth in this Section 5.3
shall be applied on a Member by Member basis and Net Losses (or items of deduction or loss) not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the respective positive
balances in such Members’ Capital Accounts so as to allocate the maximum permissible Net Losses (or items of deduction or loss) to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d). 
  

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 Section 5.4 Other Allocation Rules. 
 (a) For purposes of determining the Net Income, Net Loss or other items allocable to any Fiscal Period, subject to approval by the Board pursuant to
Section 6.3(a)(xiv) hereof, Net Income, Net Losses and such other items shall be determined on a daily, monthly or other basis as determined by the Managing Member using any permissible method under Section 706 of the Code and the Treasury
Regulations thereunder. Without limiting the generality of the foregoing, the Managing Member shall, subject to approval by the Board pursuant to Section 6.3(a)(xiv), allocate items of Net Income (and items of income or gain) and Net Loss (and
items of deduction or loss) between a Member and any Person who has acquired an Interest in the Company from such Member (including as a result of the provisions of Article VIII) using any permissible method under Section 706 of the Code and
the Treasury Regulations there under. 
 (b) “Excess nonrecourse liabilities” of the Company, within the meaning of Treasury
Regulation Section 1.752-3(a)(3), shall, subject to Section 6.3(a)(xiv) hereof, be allocated to the Members in any permissible method as determined by the Managing Member. 
 Section 5.5 Tax Allocations; Code Section 704(c). 
 (a) Except as otherwise provided for in this Agreement, each item of income, gain, loss, deduction and credit shall be allocated among the Members in the same manner for U.S. federal income tax purposes as the
correlative item of book income, gain, loss, deduction and credit is allocated pursuant to Sections 5.1, 5.2, 5.3 and 5.4. In addition, in accordance with Code Section 704(c) and the Treasury Regulations thereunder, items of income, gain, loss,
deduction and credit with respect to any property contributed to the capital of the Company shall, solely for U.S. federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of
such property at the time of contribution to the Company for U.S. federal income tax purposes and its initial Gross Asset Value at the time of contribution using the “traditional method” as set forth in Treasury Regulation
Section 1.704-3(b). 
 (b) In the event the Gross Asset Value of any Company asset is adjusted in accordance with the definition of
Gross Asset Value hereof, subsequent allocations of items of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted tax basis of such asset for U.S. federal income tax purposes and its
adjusted Gross Asset Value in a manner consistent with the principles of Code Section 704(c) and the Treasury Regulations promulgated thereunder. 
  

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 (c) Any elections or other decisions relating to such allocations shall, subject to
Section 6.3(a)(xiv) hereof, be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section are solely for purposes of U.S. federal, state, and local income
taxes and shall not affect, or in any way be taken into account in computing, any Members’ Capital Account or share of Net Income (or items of income or gain) or Net Loss (or items of loss or deduction), other items, or distributions pursuant
to any provision of this Agreement. 
 Section 5.6 Distributions. 
 Within thirty (30) days following the completion of each Fiscal Quarter, the Managing Member shall cause the Company to distribute to all Members an
amount equal to the Distributable Net Income for such Fiscal Quarter pro rata based upon their respective Common Interest Percentages. 
 ARTICLE VI 
 Management 
 Section 6.1 Managing Member. 
 (a) General. The PHH Member shall be the Managing Member of the Company, and shall
manage the Company in accordance with this Agreement. The actions of the Managing Member taken in such capacity and in accordance with this Agreement shall bind the Company. 
 (b) Powers and Duties. Except for circumstances in which the approval of the Board is required by this Agreement pursuant to Section 6.3,
the Managing Member shall have full, exclusive and complete discretion to manage the business and affairs of the Company in the ordinary course. Notwithstanding the foregoing, the Managing Member covenants and agrees to manage the business and
affairs of the Company in accordance with the following terms and provisions: 
 (i) The Managing Member shall manage the
business and affairs of the Company only in a manner consistent with and in furtherance of the purposes set forth in Section 2.5(a) of this Agreement. The Managing Member shall not cause or permit the Company or any of its Subsidiaries to
engage in any business or activity other than that permitted to be conducted by the Company or any of its Subsidiaries pursuant to Section 2.5(a) of this Agreement, or take or fail to take any action that would prevent or preclude the Company
from carrying on its business as contemplated in this Agreement. 
  

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 (ii) The Managing Member shall cause the Company and its Subsidiaries to sell any and
all Mortgage Loans it originates as promptly as practicable, but in no event earlier than three (3) Business Days following the closing and funding of such Mortgage Loan, and at no time shall the Managing Member cause or permit the Company or
any of its Subsidiaries to hold any Mortgage Loans for investment purposes (it being the Members’ intent that at least 15% of the total number of all loans originated by the Company be sold to unaffiliated Persons pursuant to Investor
Commitments or other sale arrangements entered into on terms consistent with the provisions of Section 6.1(b)(iii) below). 
 (iii) In connection with any sales of Mortgage Loans by the Company or any Subsidiary of the Company, whether to the Managing Member or any of its Affiliates or to Persons that are not Affiliates of any Member, the Managing Member shall
cause the Company or such Subsidiary to sell such Mortgage Loans only on arm’s-length terms pursuant to industry-standard loan sale documentation and on industry-standard terms for best efforts execution inclusive for servicing released sales.

 Such duties may be delegated by the Managing Member to such officers, agents or employees of the Company as the Managing Member may deem appropriate from
time to time. 
 (c) Fiduciary Duties of Managing Member. The Managing Member, in the performance of its duties as such, shall owe to
the Members duties of loyalty and due care of the type owed by the general partner of a limited partnership to its limited partners under the laws of the State of Delaware. 
 (d) Compliance with Transaction Documents. Without limiting the provisions of Section 6.1(b), the Managing Member shall cause the Company to
operate its business at all times in a manner consistent with the SRA, this Agreement and all the other Transaction Documents. 
 (e)
Transactions With Affiliates. Any transactions between the Company, on the one hand, and the Managing Member or any Affiliate thereof, on the other hand (any such transaction, a “Related Transaction”), including without
limitation any arrangements for sale of Mortgage Loans (including the Mortgage Loan Sale Agreement), shall be approved by the Board in accordance with Section 6.3 prior to the time that the Company engages or agrees or commits to engage in any
such Related Transaction. Notwithstanding the fact that the terms of a Related Transaction have been previously approved by the Board, the Managing Member shall not permit the Company to enter into a Related Transaction unless the transaction is
entered into on an arm’s length basis on terms no less favorable to the Company than the terms that the Company could obtain from an independent third party. 
  

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 (f) Status of Managing Member. The Managing Member shall be the sole “manager” (as that
term is used in the Act) of the Company. Neither the Advisors nor the officers of the Company, in such capacity, shall be “managers.” No Person who is not also a Member may be appointed or serve as the Managing Member. 
 (g) Reliance by Third Parties. Third parties dealing with the Company may rely conclusively upon any certificate of the Managing Member to the
effect that it (or its designee) is acting on behalf of the Company. Subject to the provisions of this Agreement, the signature of an authorized officer of the Managing Member shall be sufficient to bind the Company in every manner to any agreement
or on any document. 
 (h) HUD Manager. Notwithstanding any other provisions of this Agreement, however, for the purposes of
complying with the regulations of the HUD only, a separate person shall be designated by the Managing Member (upon prior written consent of the Cendant Member) as the HUD-Manager, who will have as his/her principal activity the management of the
Company as it relates to the origination of FHA-insured mortgages and shall have exclusive authority to deal with HUD/FHA on behalf of the Company (the “HUD-Manager”). If the HUD-Manager withdraws or is removed, a new HUD-Manager
shall be designated by the Managing Member, and HUD shall be notified of the change. Upon admission of any new Member, such new Member shall be deemed to agree that the HUD-Manager shall have exclusive authority to deal with HUD/FHA on behalf of the
Company. 
 Section 6.2 Board of Advisors. 
 (a) Establishment. There is hereby established a committee (the “Board”) comprised of natural persons (the “Advisors”), whose primary purpose shall be to provide a means for
the Cendant Member to exercise its approval rights over certain actions of the Company, as set forth in Section 6.3 below. 
 (b)
Number of Advisors. The authorized number of Advisors shall be five (5) and the Board shall be designated as set forth in paragraphs (c) and (d) below. No Member may appoint any Advisor except as expressly set forth in
paragraphs (c) and (d) below. 
 (c) Appointment by the PHH Member. The PHH Member shall have the right to designate (and
to remove and/or designate successive replacements for) three (3) Advisors (“PHH Advisors”). Each PHH Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial PHH Advisors shall
be Donna Van Osten, Marshall Gayden and Robert Groody. 
  

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 (d) Appointment by Cendant. The Cendant Member shall have the right to designate (and to remove
and/or designate successive replacements for) two (2) Advisors (“Cendant Advisors”). Each Cendant Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial Cendant Advisors shall
be Dave Weaving and Judy Reeves. 
 (e) Term of Office. Once designated, an Advisor shall continue in office until such
Advisor’s removal in accordance with this Agreement or such Advisor’s earlier death or resignation. Any Advisor may resign at any time by giving written notice to that effect to the Board and the Managing Member. Any such resignation shall
take effect at the time of the receipt of that notice or any later effective time specified in that notice, and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. 
 (f) Meetings of the Board. The Board shall meet regularly at least once each Fiscal Quarter, at such time and at such place as the Board may
designate. Special meetings of the Board shall be held on the call of any Advisor upon at least five (5) Business Days (if the meeting is to be held in person) or two (2) Business Days (if the meeting is held by telephone communications)
notice to each of the other Advisors, or upon such shorter notice as may be approved by the Advisors (including at least one PHH Advisor and at least one Cendant Advisor), and such notice may be delivered personally or by telephone, electronic mail,
facsimile transmission, United States mail or courier to each Advisor at his or her business or residence address, provided that notice shall be deemed given when actually delivered to the Advisor. Any Advisor may waive such notice as to himself or
herself. 
 (g) Conduct of Meeting. Any meeting of the Advisors may be held in person or telephonically. 
 (h) Quorum. A majority of the Advisors which have been designated and who are then in office shall constitute a quorum of the Board for purposes
of conducting business, provided that such quorum shall include at least one Cendant Advisor, and provided further that proper notice of such meeting was delivered pursuant to paragraph (f) above. 
 (i) Voting. The effectiveness of any vote, consent or other action of the Board in respect of any matter set forth in Section 6.3 shall
require a majority vote of the entire Board (at least three Advisors voting in favor of such consent or other action), provided that such majority must include the affirmative vote of at least one Cendant Advisor. No Advisor shall be
disqualified from voting on, or shall be required to recuse himself or herself from the consideration of or voting on, any matter by reason of such Advisor’s or any related Person’s interest in such matter (it being understood that in
approving or disapproving any matter an Advisor may act to protect 

  

 33 

 
the interests of such Advisor or related Person, as the Managing Member, a Member, or in any other capacity), so long as such Advisor discloses such interest
to, or such interest is reasonably apparent to, the other Advisors. Only the Advisors in attendance at (or participating by telephone in) any meeting of the Board may vote on any matter as to which a vote is taken during such meeting, and no Advisor
may vote by proxy, absentee ballot or any other means. 
 (j) Action Without Meeting. Any action required or permitted to be taken at
any meeting of the Board may be taken without a meeting if all of the Advisors consent thereto in writing, and such writing is filed with the minutes of proceedings of the Board. 
 Section 6.3 Actions Requiring Board Approval. 
 (a) It is hereby understood and agreed by the Members that (x) the Company shall not take, nor shall the Managing Member and/or any officer of the Company cause the Company to take, nor shall the Company
authorize or permit any of its Subsidiaries to take, any of the following actions (in each case, the taking of which shall be hereinafter referred to as a “Major Action”) without first obtaining approval thereof by the Board in
accordance with Section 6.2, in each case: 
 (i) Accounting. (a) Except as otherwise may be mandated by
GAAP, change any of the accounting principles or practices used by the Company or (b) change the independent auditors of the Company; 
 (ii) Acquisitions and Dispositions. Other than as specifically contemplated by this Agreement or any other Transaction Document or the then-current Annual Business Plan approved in accordance with
Section 6.9 of this Agreement, (a)(1) purchase or acquire any assets or property (including real property or capital stock of a business) or (2) make any capital expenditures in excess of $100,000, or (b) sell, option, convey,
exchange, lease (as lessor), license or otherwise dispose of or transfer any portion of or any interest in any property of the Company, other than sales of Mortgage Loans made in accordance with Section 6.1(b)(iii); 
 (iii) Advisors. Employ accountants, legal counsel, investment bankers or other experts, other than those currently used by PHH or
Cendant, to perform services for the Company; 
 (iv) Bankruptcy. Make, execute or deliver on behalf of the Company an
assignment for the benefit of creditors; or cause the Company, or any part thereof or interest therein to be subject to the authority of any trustee, custodian or receiver or to be subject to any proceeding for bankruptcy, insolvency,
reorganization, arrangement, readjustment of debt, relief of debtors, dissolution or liquidation, or similar proceedings with respect to the Company; 
  

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 (v) Distributions or Capital Returns. Declare, set aside, or pay any dividend or
make any distribution of assets (whether in cash, securities, property, or any combination thereof), or return to a Member any amount of its Capital Contribution, except, in each case, as expressly provided herein; 
 (vi) Indebtedness. Obligate the Company, any Subsidiary of the Company or any Member as a surety, guarantor, or accommodation
party to any obligation; incur any indebtedness for borrowed money (other than pursuant to the Loan Funding Facility and trade payables incurred in the ordinary course of business); or impose upon any Member any personal liability in respect of any
indebtedness of the Company, except as and to the extent agreed in writing by such Member; 
 (vii) Issuances or
Repurchases of Interests. (a) sell or issue, or enter into any agreement to sell or issue, to any Person any Interest in the Company or option or other right to acquire any Interest or any other equity interest or quasi equity interest in
the Company; (b) repurchase any Interest or any other equity interest in the Company, in each case other than as specifically contemplated by this Agreement; or (c) admit any Person as a Member; 
 (viii) Joint Ventures. Enter into any joint venture, joint operating or similar arrangement; 
 (ix) Judgments. (1) Confess a judgment against the Company, or settle or adjust any claims against the Company, resulting in
either (A) the payment or transfer of consideration of more than $150,000 for a single judgment or claim or more than $500,000 in the aggregate during any 12-month period, (B) any material or significant restriction on the ability of the
Company to conduct its business as contemplated by this Agreement and the other Transaction Documents, or (C) that otherwise causes a significant change in the business operations of the Company; or (2) commence any legal action or
proceeding involving the Company where the amount exceeds $300,000; 
 (x) Liens or Encumbrances. Grant any lien or
encumbrance on any property of the Company (other than the interest of any lessor in property leased by the Company as lessee under a capitalized lease or operating lease entered into in accordance with this Agreement), other than as specifically
contemplated by this Agreement or the Loan Funding Facility; 
  

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 (xi) Material Contracts. Enter into any new contract, or modify any existing
contract, if such contract is a Transaction Document or is otherwise material to the business, results of operations or financial condition of the Company and its Subsidiaries taken as a whole; 
 (xii) Related Transactions. Enter into, modify or amend the terms of in any material manner, make any material waiver on behalf of
the Company under, or terminate any Related Transaction, including any Transaction Document to which the Company, on the one hand, and PHH or any of its Subsidiaries (other than the Company), on the other, are parties; 
 (xiii) Mergers. Directly or indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all or
substantially all of the assets or capital stock of, or otherwise combine with, any Person, other than as specifically contemplated by this Agreement; 
 (xiv) Tax Matters. Take any action to the extent that this Agreement provides that such action is subject to the provisions of this Section 6.3(a)(xiv), make any election under the Code and other relevant
tax laws as to the status of the Company, the treatment of items of income, gain, loss, deduction and expense, and as to all other relevant matters, including, without limitation, elections referred to in Section 754 of the Code, determine
which items of cash outlay are to be capitalized or treated as current expenses, or select the method of accounting and bookkeeping procedures to be used by the Company; 
 (xv) Annual Business Plan. Approve each Annual Business Plan and any material changes thereto or deviations therefrom; 

(xvi) Chief Executive Officer. Appointment of the president and/or chief executive officer of the Company; 
 (xvii) Fair Market Value. Make any determination of Fair Market Value required to be made under this Agreement; 
 (xviii) Minimum Capital Requirements. Make any final Additional Capital Determination or any determination regarding the
respective Additional Capital Amounts required to be made by Members in connection therewith; or approve the amount of cash or cash equivalents that should be retained by the Company in order to meet minimum regulatory capital and reserve
requirements imposed by any Governmental Entity, whether in connection with retaining the licenses and registrations necessary for the Company to originate Mortgage Loans or otherwise, or by any creditor of the Company or any of its Subsidiaries,
including any lender under the Loan Funding Facility (the “Minimum Capital Requirements”); 
  

 36 

 (xix) Liquidating Trustee. The appointment of a Liquidating Trustee that is a
Person other than the Managing Member; or 
 (xx) Agree to do any of the foregoing. 
 The Managing Member shall cause the governing documents of each of the Company’s Subsidiaries to provide that such Subsidiary must obtain the
approval of the Company, as outlined pursuant to this Section 6.3, prior to taking any action set forth in this Section 6.3. 
 Section 6.4 Company Resources. Except as specifically provided in this Agreement or any other Transaction Document, or with the prior approval of the Board, the Company shall not pay to or use for the benefit of any Member, funds,
assets, credit or other resources of any kind or description of the Company. Funds of the Company shall be deposited only in the accounts of the Company in the Company’s name, shall not be commingled with funds of any Member, and shall be
withdrawn only upon such signature or signatures as may be designated in writing from time to time by the Managing Member. 
 Section 6.5
Advisors Have No Managerial Authority. 
 (a) Neither the Board nor the Advisors (individually or together with one or more other
Advisors) shall have power to direct or participate in the management of the Company; provided, however, that nothing contained in this Section 6.5(a) shall adversely affect or impair the authority and obligations of the Board and
the Advisors pursuant to Sections 6.2 and 6.3 hereof. 
 (b) The Advisors (acting in their individual capacity as such) shall owe no
fiduciary or other duties to the Company or any Member. 
 (c) Unless expressly and duly authorized in writing to do so by the Managing
Member and the Board, no other Member and no Advisor shall have any power or authority to bind or act on behalf of the Company in any way, to pledge its credit, or to render it liable for any purpose. 
 Section 6.6 Devotion of Time. The Advisors (in their capacity as Advisors) shall not be obligated to devote all of their time or business efforts
to the affairs of the Company, and shall devote such time, effort, and skill as they deem appropriate for the execution of their duties and responsibilities under this Agreement. 
  

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 Section 6.7 Officers. The initial executive officers of the Company shall be the individuals set
forth in Schedule 6.7 hereto (the “Initial Officers”). Successors to the Initial Officers, and such other executive officers as may be necessary to conduct the business of the Company, shall be chosen by the Managing Member,
subject to the approval of the Board if required pursuant to Section 6.3 hereof. 
 Section 6.8 Remuneration; Reimbursement.
Neither the Managing Member nor any Advisor or officer shall be entitled to remuneration in its capacity as such. 
 Section 6.9 Approval
of Annual Business Plan. Not less than seventy-five (75) days prior to the end of each fiscal year, the Managing Member shall submit to the Board the business plan of operations for the Company for the upcoming fiscal year, which shall
contain detailed budget, planning, projection and profitability information (the “Annual Business Plan”). Each Annual Business Plan shall be subject to approval of the Board in accordance with Section 6.3. 
 Section 6.10 Reports. 
 (a) No later than the sixth (6th) Business Day following the end of
each calendar month, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member: 
 (i) those surveys and reports listed and described in Schedule 6.10(a)(i) hereto to verify compliance with the covenant contained in Section 6.1(d); and 
 (ii) a copy of (a) the balance sheet of the Company as of the end of the month, (b) an income statement of the Company for such
month, and (c) reports reflecting other financial and statistical information with respect to the Company, prepared substantially in the form of the report set forth in Schedule 6.10(a)(ii). 
 (b) No later than the tenth (10th) Business Day following the end of each calendar month, the PHH Member shall, in its capacity as Managing Member on an
outsourced basis, deliver to the Cendant Member such forward-looking financial information about the Company and the Company’s operations as the Cendant Member may reasonably request (i.e., that is capable of being obtained, produced, or
generated without undue effort by the Company and the Managing Member) from time to time (the “Monthly Forecasts”). The Managing Member shall (i) provide the Monthly Forecasts to the Cendant Member in the format requested by
the Cendant Member and on a timely basis and (ii) make members of its management and the Company’s management reasonably available for discussion relating to such Monthly Forecasts. The Managing 

  

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Member acknowledges that the Cendant Member and any Affiliate thereof may use the Monthly Forecasts for the purpose of developing projections of the
Company’s future financial performance and may include such projections in reports and other documents filed with Governmental Entities, and as such, the Managing Member represents and warrants to Cendant that the Managing Member shall prepare
the Monthly Forecasts in good faith and shall use its reasonable best efforts to ensure that the Monthly Forecasts provide the most accurate estimate of the Company’s future results. 
 (c) No later than the tenth (10th) Business Day following the completion of each Fiscal Quarter, the PHH Member shall, in its capacity as Managing Member on an
outsourced basis, deliver to the Cendant Member all statements, reports and other documents reasonably requested by the Cendant Member that may be necessary or appropriate for the Cendant Member or any Controlling Person thereof (including, without
limitation, Cendant) to satisfy all its reporting requirements pursuant to the Securities Exchange Act of 1934. 
 (d) The Managing Member
shall cause the Company to deliver to the Cendant Member the financial reports and other information described in Sections 11.5 and 11.6 hereof. 
 ARTICLE VII 
 Changes in Law; Financial Reporting 
 Section 7.1 Compliance with Law; Changes in Law. 
 (a) The Members shall use commercially reasonable
efforts to ensure that the Company’s business and operations comply at all times with all applicable laws, including RESPA. 
 (b) In
the event that, as a result of any change in law, rule or regulation or interpretation thereof after the date hereof, as set forth in a written document by a Governmental Entity of competent jurisdiction, (i) any term or provision of this
Agreement or any of the other Transaction Documents, in the written opinion of nationally-recognized counsel of either party, is not compliant in any material respect with any applicable law, including RESPA, or (ii) the financial terms of this
Agreement and the other Transaction Documents, taken as a whole, become materially inconsistent with the then-current market, the Members shall use commercially reasonable efforts to restructure the business and operations of the Company and
amend the relevant provisions of this Agreement and the other Transaction Documents to the extent necessary to achieve as closely as possible the intention of the parties with respect to the economics of the relationships provided for in this
Agreement and the other Transaction Documents in a manner that complies with such law, and, in the case of a change in law, rule or regulation described in (ii) above, the Cendant Member shall have the right, by 

  

 39 

 
providing written notice to the PHH Member, to cause PMC and the PHH Member to enter into good faith discussions to renegotiate the economic terms provided
for in this Agreement and the other Transaction Documents. In the event the Members fail to reach agreement regarding any such restructuring and renegotiation on terms that are reasonably satisfactory to the Cendant Member within thirty
(30) days following the date on which written notice is provided by the Cendant Member, the existing financial terms shall remain in full force and effect; provided, however, that in such case the Cendant Member may elect to
solicit from the PHH Member and from other Persons a request for proposals for the provision of mortgage services substantially similar to those provided for in this Agreement and the other Transaction Documents. In the event that any proposal
received by the Cendant Member contains financial and other terms that, taken as a whole, are reasonably determined by the Cendant Member to be superior to those set forth in the PHH Member’s proposal, and the Cendant Member notifies the PHH
Member of its intent to accept such proposal, the PHH Member shall have thirty (30) days from the date of such notification to review and determine whether to accept all of the terms of such proposal, so long as such proposal complies with all
applicable laws and regulations (it being understood that the Cendant Member shall have no obligation to accept any proposal at all). In the event that the PHH Member agrees to the terms of such proposal within such thirty (30) day period, such
terms shall be incorporated into this Agreement and the other Transaction Documents effective as of a date not later than ten (10) days following such agreement. In the event the PHH Member fails to accept the terms of such proposal, then the
Cendant Member, at its option, shall have the right to terminate its relationship as set forth in this Agreement by providing written notice (the “Special Termination Notice”) to the PHH Member and through completion of the
transaction contemplated by Section 8.4(b) (a “Special Termination Event”). In the event that the proposal submitted by the PHH Member is selected by the Cendant Member, the terms of such proposal shall be incorporated into
this Agreement and the other Transaction Documents effective as of a date not later than 20 days following the Cendant Member’s selection of such proposal. 
 (c) If any change in law, rule or regulation described in (b) above involves a change in RESPA that would permit Cendant or an Affiliate of Cendant to be paid directly for loan referrals to the Company, then in
lieu of the provisions described in (b) above, the Members shall revise the structure and terms of this Agreement and the other Transaction Documents so that, in lieu of the distributions provided for in this Agreement, the Company shall pay a
fee to the Cendant Member in respect of each Mortgage Loan referred to the Company by Cendant or an Affiliate of Cendant in an amount not less than, at Cendant’s option, (i) 10 basis points over the average return to the Cendant Member
with respect to its interest in the Company, computed as basis points per loan, over the immediately preceding six Quarterly Periods and (ii) the price the Cendant Member could obtain in the then-current market on substantially similar terms,
based upon a survey of the market by Cendant and PMC with the highest and lowest bids being discounted. 
  

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 Section 7.2 Consolidation. 
 (a) The PHH Member hereby represents and warrants to the Cendant Member that the Company will be consolidated on the books of PHH for financial reporting
purposes, and that PHH has undertaken and completed prior to date hereof all analyses and investigations as shall be necessary and appropriate to support such position. 
 (b) The Members shall use commercially reasonable efforts to take all such actions as shall be necessary to ensure that the Company is consolidated on the books of PHH for financial reporting purposes. Without
limiting the foregoing, in the event that, as a result of a change or interpretation in United States generally accepted accounting principles after the date hereof, the Company is required to be consolidated on the balance sheet of Cendant, the
Members shall use commercially reasonable efforts to make such changes to the business relationship between the parties and to the provisions of this Agreement as are requested by the Cendant Member to mitigate the effects to Cendant of such change.

 Section 7.3 Certain Actions. 
 The Managing Member shall (i) promptly notify the Cendant Member in writing of any claim or action, or any inquiry or investigation that could result in a claim or action, initiated by any Person (including any Governmental Entity)
that, if adversely resolved, would result in a material or significant restriction on the ability of the Company to conduct its business as contemplated by this Agreement and the other Transaction Documents, or that would otherwise cause a
significant change in the business operations of the Company, and (ii) keep the Cendant Member actively involved in the settlement or other resolution of any such claim, action, inquiry or investigation; provided, however, that
such claim, action, inquiry or investigation shall not be settled or adjusted, and the Company shall not confess a judgment against it in connection therewith, without the approval of the Board pursuant to Section 6.3 hereof. 
  

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 ARTICLE VIII 
 Termination of Relationship 
 Section 8.1 Cendant Termination Events. For purposes of this Agreement,
“Cendant Termination Event” means the occurrence of any of the following events: 
 (a) A PHH Regulatory Event occurs and is
continuing for a period of six consecutive months or more; provided, however, that the PHH Member may elect to defer a termination pursuant to this Section 8.1(a) for up to six (6) additional one-month periods following the
time that such termination event shall have first occurred if, no later than the second Business Day prior to the commencement of each such additional one-month period the PHH Member pays the Cendant Member in cash, by wire transfer of immediately
available funds to an account designated in writing by the Cendant Member, one million dollars ($1,000,000) (the “Regulatory Event Fee”); 
 (b) A Company Regulatory Event occurs and is continuing for a period of six consecutive months or more; provided, however, that the PHH Member may elect to defer a termination pursuant to this
Section 8.1(b) for up to six (6) additional one-month periods following the time that such termination event shall have first occurred if, no later than the second Business Day prior to the commencement of each such additional one-month
period the PHH Member pays the Cendant Member in cash, by wire transfer of immediately available funds to an account designated in writing by the Cendant Member, an amount equal to the Regulatory Event Fee; 
 (c) There is a material violation or breach by the PHH Member (acting in any capacity whatsoever, including as Managing Member) of any representation,
warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (a “PHH Material Breach”), which violation or breach is not cured by the PHH Member or the other relevant PHH party, in a manner
reasonably satisfactory to the Cendant Member, within thirty (30) days after written notice relating to such PHH Material Breach has been delivered by the Cendant Member to the PHH Member; 
 (d) The Company fails to make a distribution for any Fiscal Quarter in accordance with the provisions of Section 5.6 hereof within ten
(10) Business Days after the date on which the Cendant Member first provides notice to the Company of such failure; provided, however, that any payment of a distribution to the Cendant Member after the due date provided for under
Section 5.6 shall include interest from the due date through the payment date at the prime rate; 
 (e) (i) The occurrence of a PHH
Change of Control involving any entity on the Cendant List attached hereto as Schedule 8.1(e) or any other entity that directly or indirectly conducts or engages in any business covered by the non-competition provisions set forth in Article X
of the SRA. The Cendant List shall contain up to ten companies and may be refreshed by the Cendant Member no more frequently than once 

  

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every two years beginning from the date of this Agreement; provided, however, that if any Person on the Cendant List enters into a merger,
consolidation or similar business combination transaction with another Person on the Cendant List, then Cendant may add another Person to the Cendant List to replace such Person within sixty (60) days after the announcement of such transaction,
and such addition shall not constitute a refreshing of the Cendant List as discussed above; 
 (f) The occurrence of any event or
circumstance constituting Insolvency or Bankruptcy with respect to PHH or PMC (a “Bankruptcy Event”); or 
 (g) The
occurrence of any act or omission by PHH or any of its Subsidiaries that causes or would reasonably be expected to cause material harm to the reputation of Cendant or any of its Subsidiaries. 
 Section 8.2 Effects of a Cendant Termination Event. Upon the occurrence of a Cendant Termination Event during the term of the Company, the Cendant
Member shall have the right to either (i) cause PMC or the PHH Member to purchase (the “Cendant Put”) all of the Interests then held by the Cendant Member or any of its Affiliates or (ii) cause the PHH Member to sell (the
“PHH Sale”) all of the Interests then held by the PHH Member or any of its Affiliates to a Person not affiliated with Cendant (any such Person, for purposes of this Section 8.2, the “Cendant Designated Buyer”).

 (a) Cendant Put. 
 (i) The exercise price of the Cendant Put (the “Put Price”) shall be an amount equal to the sum of (A) the then-current Capital Account balance of the Cendant Member plus the then-current Capital
Account balance of any other Affiliate of Cendant holding an Interest, in each case, as of the Put Date, plus (B) the aggregate amount of all past due quarterly distributions to the Cendant Member and to any other Affiliate of Cendant and any
unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, in each case as of the Put Date, plus (C) liquidated damages in an amount equal to the Termination Payment (as defined below),
calculated as of the Put Date, plus (D) an amount equal to 49.9% of the Net Income, if any, realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Put Date attributable to Mortgage Loans in
process at any time prior to the Put Date. In the event that the Cendant Member elects to exercise the Cendant Put, the Cendant Member shall provide written notice (the “Cendant Put Notice”) to the PHH Member. The Cendant Put Notice
shall set forth the Cendant Member’s calculation of the Put Price and the basis for such calculation. Any disagreement regarding the Put Price or any other matter related to the exercise of the Cendant Put shall be resolved in accordance with
the provisions of Section 13.6 hereof. In the event that the Cendant Member elects to 

  

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exercise the Cendant Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably
practicable with one another to consummate the Cendant Put transaction as soon as reasonably practicable following the receipt of the Cendant Put Notice by the PHH Member. Concurrently with the consummation of the Cendant Put transaction, the PHH
Member shall pay or cause to be paid the Put Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “Put Date” shall be the date
on which the Cendant Put is consummated. 
 (ii) Upon the consummation of a Cendant Put, (A) all of the other
Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither the Cendant Member nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other
Transaction Document to pursue a partnership, joint venture or other arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its
Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (iii) “Termination Payment” means an amount equal to (A) the product of (x) two
(2) and (y) the actual Net Income of the Company for the trailing twelve months (“LTM Net Income”), plus (B) all costs reasonably incurred by Cendant in unwinding its relationship with PHH pursuant to this Agreement
and the other Transaction Documents and transitioning to a new mortgage venture partner; provided, however, that in the case of a Cendant Termination Event pursuant to a PHH Change in Control, in calculating the Termination Payment,
the LTM Net Income shall instead be multiplied by the number of years (including fractions thereof) remaining until the tenth (10th) anniversary of the Closing Date; provided further, however, that if such PHH Change in Control termination
occurs on or after the eighth (8th) anniversary of the Closing Date, the LTM
Net Income shall be multiplied by two (2). 
 (b) PHH Sale. 
 (i) If the Cendant Member elects to cause the PHH Sale, it shall deliver written notice (the “PHH Sale Notice”) to the
PHH Member. The Cendant Member shall provide written notice to the PHH Member of the identity of the Cendant Designated Buyer as promptly as reasonably practicable after delivery of the PHH Sale Notice. 
  

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 (ii) The sale price (the “Sale Price”) of the Interests then held by
the PHH Member and any of its Affiliates (the “PHH Interests”) to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the Interests of the PHH Member and any Affiliate thereof as of the
date that the PHH Sale Notice is delivered, which value shall be determined by multiplying the PHH Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current
average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently
completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Sale Date attributable
to Mortgage Loans in process prior to the Sale Date. The PHH Sale Notice shall set forth the Cendant Member’s calculation of the Sale Price and the basis for such calculation. Any disagreement regarding the Sale Price or any other matter
related to the PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof. 
 (iii) If the
Cendant Member delivers a PHH Sale Notice, then promptly thereafter the Cendant Member and the PHH Member shall work together to effect the sale by the PHH Member and its Affiliates of the PHH Interests to the Cendant Designated Buyer, and the PHH
Member shall use its reasonable best efforts to complete such sale as promptly as practicable thereafter. The PHH Member shall cooperate with and assist the Cendant Member and the Cendant Designated Buyer in obtaining all consents and approvals of,
making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon for the closing of the PHH Sale (the
“Sale Date”), (i) the Cendant Designated Buyer shall pay to the PHH Member (and/or, as directed by the PHH Member, to any of its Affiliates) the Sale Price, by wire transfer of immediately available funds, in consideration for
the PHH Interests, and (ii) the PHH Member shall pay to the Cendant Member liquidated damages in an amount equal to the Termination Payment as of the Sale Date. 
 (iv) Upon consummation of the PHH Sale, (A) the other Transaction Documents (except as otherwise provided in any such Transaction
Document) shall automatically terminate, (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with
any third party mortgage operation, (C) the PHH Member shall cause all loan officers employed by PMC or any of its Subsidiaries that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices 

  

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promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole
Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates to, execute any agreement or document necessary to effectuate the provisions of this paragraph (iv). 
 Section 8.3 PHH Termination Event. 
 For purposes of this Agreement, a “PHH Termination Event” means the occurrence of any of the following events: (i) a material violation or breach by Cendant or any Subsidiary thereof of any material covenant, agreement
or obligation set forth in this Agreement or any other Transaction Document, which violation or breach is not cured and is continuing within sixty (60) days following written notice to the Cendant Member; provided, however, that
the PHH Member shall have no right pursuant to this Section 8.3 or otherwise to terminate this Agreement as a result of a breach by any Affiliate of Cendant of the covenant set forth in Section 3.13(b) of the SRA; or (ii) the
Bankruptcy of Cendant. 
 (a) In the event that a PHH Termination Event shall have occurred, the PHH Member shall have the right to purchase
(the “Purchase Right”) all of the Interests then held by the Cendant Member and any of its Affiliates. The exercise price of the Purchase Right (the “Purchase Price”) shall be an amount equal to the sum of
(i) the fair value of the Interests then held by the Cendant Member and by any of its Affiliates as of the date that the Purchase Right is exercised, which value shall be determined by multiplying the Cendant Member’s then-current
proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (ii) the aggregate amount of all past due quarterly
distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (iii) an amount equal to 49.9% of the Net Income
realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the date of purchase attributable to Mortgage Loans in process at any time prior to completion of the Purchase Right transaction. The Purchase
Right shall remain exercisable for a period of two (2) months following the occurrence of a PHH Termination Event. In the event that the PHH Member elects to exercise the Purchase Right, the PHH Member shall provide written notice (the
“Purchase Notice”) to the Cendant Member prior to the expiration of such two-month period. The Purchase Notice shall set forth the PHH Member’s calculation of the Purchase Price and the basis for such calculation. Any
disagreement regarding the Purchase Price or any other matter related to the exercise of the Purchase Right shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the PHH Member elects to exercise the
Purchase Right, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to 

  

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consummate the Purchase Right transaction; provided, however, that the Purchase Right transaction shall not be consummated earlier than the
one-year anniversary of delivery of the Purchase Notice. Concurrently with the consummation of the Purchase Right transaction, the PHH Member shall pay or cause to be paid the Purchase Price to the Cendant Member in cash by wire transfer of
immediately available funds to an account or accounts designated in writing by the Cendant Member. 
 (b) Upon consummation of the Purchase
Right transaction, (i) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (ii) neither the Cendant Member nor any Affiliate thereof shall be subject to any
restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation and (iii) the PHH Member shall, and shall cause the Company to, cause all
loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (c) The PHH Member’s sole remedy hereunder or under any other Transaction Document with respect to a breach of the covenant set forth in
Section 3.13(b) of the SRA shall be the right to receive from the Cendant Entities liquidated damages in an amount equal to the aggregate amount of all documented out-of-pocket costs actually incurred and paid by the PHH Member or any of its
Affiliates to one or more third parties as a direct result of such breach. 
 Section 8.4 Two Year Termination, Special Termination Event
and 25-Year Termination. 
 (a) Two-Year Termination. At any time after the eighth (8th) anniversary of the Closing Date, the Cendant Member may deliver to the PHH Member a
written notice (the “Two-Year Termination Notice”) requesting that the PHH Member either (i) purchase or cause to be purchased (the “Two Year Put”) all of the Interests held by the Cendant Member or any of its
Affiliates on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“Two Year Put Date”) or (ii) sell (the “Two Year PHH Sale”) all of the Interests then held
by the PHH Member and/or any of its Affiliates to a Person that is not affiliated with Cendant (any such Person, for purposes of this Section 8.4, the “Cendant Designated Buyer”) on a date no earlier than two years after such
Two-Year Termination Notice is delivered to the PHH Member (“Two Year Sale Date”). 
 (i) Two Year
Put. 
 (1) The exercise price of the Two Year Put (the “Two Year Put Price”) shall be an amount equal
to the sum of (A)

  

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the fair value of the Interests of the Cendant Member and any Affiliate thereof as of the Two Year Put Closing Date, which value shall be determined by
multiplying the Cendant Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus
(B) the aggregate amount of all past due quarterly distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of the
Two Year Put Closing Date, plus (C) an amount equal to 49.9% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Two Year Put Closing Date attributable to Mortgage Loans in
process at any time prior to the Two Year Put Closing Date. No later than sixty (60) days prior to the Two Year Put Date, the Cendant Member shall deliver to the PHH Member a written notice setting forth the Cendant Member’s calculation of
the Two Year Put Price and the basis for such calculation. Any disagreement regarding the Two Year Put Price or any other matter related to the exercise of the Two Year Put shall be resolved in accordance with the provisions of Section 13.6
hereof. In the event that the Cendant Member elects to exercise the Two Year Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to
consummate the Two Year Put transaction on the Two Year Put Date. Concurrently with the consummation of the Two Year Put transaction, the PHH Member shall pay or cause to be paid the Two Year Put Price to the Cendant Member in cash by wire transfer
of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “Two Year Put Closing Date” shall be the date on which the Two Year Cendant Put is consummated. 
 (2) On the Two Year Put Closing Date, (A) all other Transaction Documents shall automatically terminate (except as otherwise
provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement
with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned
Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
  

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 (ii) Two Year PHH Sale. 
 (1) If the Cendant Member elects to cause the Two Year PHH Sale, it shall provide written notice to the PHH Member of the identity of the
Cendant Designated Buyer no later than 180 days before the Two Year Sale Date. 
 (2) The sale price (the “Two Year
Sale Price”) of the PHH Member’s Interest to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the PHH Member’s Interest, which value shall be determined by multiplying the PHH
Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount
of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of such date, plus (C) an amount
equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed on or after the Two Year Sale Date attributable to Mortgage Loans in process at any time prior to the Two Year Sale
Date. No later than sixty (60) days prior to the Two Year Sale Date, the Cendant Member shall deliver to PMC or the PHH Member a notice that sets forth the Cendant Member’s calculation of the Two Year Sale Price and the basis for such
calculation. Any disagreement regarding the Two Year Sale Price or any other matter related to the Two Year PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof. 
 (3) The Cendant Member, PMC and the PHH Member shall work together to effect the sale by the PHH Member or its Affiliates of the PHH
Interests to the Cendant Designated Buyer, and the PHH Member shall use its reasonable best efforts to complete such sale on the Two Year Sale Date. PMC and the PHH Member shall cooperate with and assist the Cendant Member and the Cendant Designated
Buyer in obtaining all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon
for the closing of the Two Year PHH Sale, the Cendant Designated Buyer shall pay to the PHH Member (or, as directed by the PHH Member, any of its Affiliates) the Two Year Sale Price, by wire transfer of immediately available funds, in consideration
for the PHH Interests. 
  

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 (4) Upon consummation of the Two Year PHH Sale, (A) the other Transaction Documents
shall automatically terminate (other than as set forth in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a
partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that
are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole
Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (iv). 
 (b) Special Termination Event. Upon the occurrence of a Special Termination Event, the Members shall as promptly as practicable take all such
actions necessary to consummate a transaction identical in all material respects to a Two Year Put (a “Special Termination Put”), except that (1) the purchase price shall be calculated as of the date the Special Termination Put
is completed, and (2) such transaction shall be completed not later than ninety (90) days following the delivery by the Cendant Member of the Special Termination Notice pursuant to Section 7.1(b). On the date of completion of the
Special Termination Put, (A) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction
under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers
employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (c) PHH 25-Year Termination. The PHH Member may terminate the relationship between the Parties to this Agreement, effective as of
January 31, 2030, by delivering written notice thereof to the Cendant Member (a “Non-Renewal Notice”), which notice shall be delivered no earlier than January 31, 2027 and not later than January 31, 2028. Upon
delivery of a Non-Renewal Notice, PMC and the PHH Member shall work together with the Cendant Member to consummate a transaction identical in all material respects to, at the election of the PHH Member, either the Two Year Put (a
“Non-Renewal Put”) or Two Year PHH Sale (a “Non-Renewal PHH Sale”), except that (1) the purchase price for such transaction shall be calculated as of the date of completion of such transaction, and
(2) such transaction shall be completed no earlier 

  

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than January 31, 2030. Upon consummation of the Non-Renewal Put or the Non-Renewal PHH Sale, (A) the other Transaction Documents shall
automatically terminate (other than as set forth in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a
partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that
are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) in the case of a Non-Renewal PHH Sale, the Cendant Designated Buyer or an Affiliate thereof
shall become a Member and the sole Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (c). 
 Section 8.5 Effect of Termination Events. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, upon the consummation of a Cendant Put, a Two Year Put, a Purchase Right, a Special Termination Event Put or a Non-Renewal Put, the Cendant Member and each of its
Affiliates that is a Member shall cease to be a Member and to have any obligations pursuant to this Agreement. 
 (b) Notwithstanding
anything to the contrary set forth in this Agreement, upon the consummation of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale, the PHH Member and each of its Affiliates that is a Member shall cease to be a Member and to have any
obligations pursuant to this Agreement. 
 ARTICLE IX 
 Dissolution and Winding Up 
 Section 9.1 Events Causing Dissolution. 
 (a) The Company shall be dissolved upon the first of the following events to occur (an “Event of Dissolution”): 
 (i) The written consent all Members at any time to dissolve and wind up the affairs of the Company; or 
 (ii) The entry of a decree of judicial dissolution under Section 18-802 of the Act. 
  

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 No other event, including the retirement, insolvency, liquidation, dissolution, expulsion, bankruptcy,
death, incapacity or adjudication of incompetence of a Member, shall cause the existence of the Company to terminate. 
 (b) Except as
otherwise set forth in this Section 9.1, dissolution shall be effective on the effective date of the Event of Dissolution, but the Company shall not terminate until the assets thereof have been distributed in accordance with the provisions of
Section 9.4 hereof and all other provisions of the Act with respect to the dissolution of a limited liability company have been complied with. Notwithstanding the dissolution of the Company, prior to the termination of the Company, the
business, assets and affairs of the Company shall continue to be governed by this Agreement. 
 Section 9.2 Winding Up. If the Company
is dissolved pursuant to Section 9.1, the Company’s affairs shall be wound up as soon as reasonably practicable in the manner set forth below. 
 (a) Upon the occurrence of an Event of Dissolution, sole and plenary authority to effectuate the liquidation of the Company shall be vested in the Managing Member or a Person designated by the Managing Member (subject
to the approval of the Board pursuant to Section 6.3 hereof) to effectuate the liquidation of the Company or if the Managing Member elects not to effectuate such liquidation and fails to designate a liquidator, such Person as is selected by the
Members (the Managing Member or any such liquidating trustee who assumes such responsibility being referred to herein as the “Liquidating Trustee”). The Liquidating Trustee shall proceed diligently to wind up the affairs of the
Company, liquidate the assets of the Company in an orderly and businesslike manner consistent with obtaining the fair value thereof and distribute the assets of the Company in accordance with the provisions of Section 9.4 hereof. A reasonable
amount of time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the Liquidating Trustee to minimize the losses attendant upon such liquidation. All FHA-insured
loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company. Prior to such distribution of the Company’s assets, the Liquidating Trustee shall continue to exploit the rights, activities
and properties of the Company consistent with the sale or liquidation thereof, exercising in connection therewith all of the power and authority of the Managing Member as herein set forth. 
 (b) In winding up the affairs of the Company, the Liquidator shall have full right and unlimited discretion, in the name of and for and on behalf of the
Company to: 
 (i) Prosecute and defend civil, criminal or administrative suits; 
  

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 (ii) Collect Company assets, including obligations owed to the Company; 
 (iii) Settle and close the Company’s business; 
 (iv) Dispose of and convey all Company Property for cash, and in connection therewith to determine the time, manner and terms of any sale
or sales of Company Property, having due regard for the activity and condition of the relevant market and general financial and economic conditions; 
 (v) Pay all reasonable selling costs and other expenses incurred in connection with the winding up out of the proceeds of the disposition of Company Property; 
 (vi) Discharge the Company’s known liabilities and, if necessary, to set up, for a period not to exceed five (5) years after
the date of dissolution, such cash reserves as the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; 
 (vii) Distribute any remaining proceeds from the sale of Company Property to the Members; 
 (viii) Prepare, execute, acknowledge and file articles of dissolution under the Act and any other certificates, tax returns or
instruments necessary or advisable under any applicable law to effect the winding up and termination of the Company; 
 (ix)
Upon the distribution of the assets of the Company in accordance with the provisions of Section 9.4 hereof, the Liquidating Trustee shall cause the Company’s accountants to make a full and proper accounting of the assets, liabilities and
operations of the Company, as of and through the date on which such distribution occurs; and 
 (x) Exercise, without further
authorization or consent of any of the parties hereto or their legal representatives or successors in interest, all of the powers conferred upon the Members under the terms of this Agreement to the extent necessary or desirable in the good faith
judgment of the Liquidating Trustee to perform its duties and functions. The Liquidating Trustee (unless such Liquidating Trustee is the Managing Member or an Affiliate thereof) shall, while acting in such capacity on behalf of the Company, be
entitled to the indemnification rights set forth in Section 12.1 hereof. 
  

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 Section 9.3 Compensation of Liquidating Trustee. The Liquidating Trustee appointed as provided
herein shall be entitled to receive such reasonable compensation for its services as shall be agreed upon by the Liquidating Trustee and the Managing Member. 
 Section 9.4 Distribution of Company Property and Proceeds of Sale Thereof. 
 (a) Upon completion of
all desired sales of Company Property, and after payment of all selling costs and expenses, the Liquidating Trustee shall distribute the proceeds of such sales, and any Company Property that is to be distributed in kind, to the following groups in
the following order of priority: 
 (i) to satisfy Company liabilities to creditors, including Members who are creditors, to
the extent otherwise permitted by law (other than for past due Company distributions), whether by payment or establishment of reserves; 
 (ii) to satisfy Company obligations to Members and former Members to pay past due Company distributions; 
 (iii) pro rata among the Members who have made Capital Contributions to the extent of their Capital Contributions; and 
 (iv) to the Members pro rata in accordance with their positive Capital Account balances, taking into account all Capital Account adjustments for the Fiscal Period in which the liquidation occurs and any distributions
to such Member pursuant to Section 9.4(a)(iii). 
 All distributions required under this Section 9.4 shall be made to the Members by the end of the
taxable year in which the liquidation occurs or, if later, within 90 days after the date of such liquidation. 
 (b) The claims of each
priority group specified above shall be satisfied in full before satisfying any claims of a lower priority group. If the assets available for disposition are insufficient to dispose of all of the claims of a priority group, the available assets
shall be distributed in proportion to the amounts owed to each creditor or the respective Capital Account balances or Interests of each Member in such group. 
 Section 9.5 Company Termination. Upon compliance with the foregoing distribution plan, the Company shall cease to be such, and the Liquidating Trustee shall execute, acknowledge and cause to be filed with the
Secretary of State of the State of Delaware articles of dissolution of the Company. 
  

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 Section 9.6 Final Audit. Within a reasonable time following the completion of the liquidation, the
Liquidating Trustee shall supply to each of the Members a statement that shall set forth the assets and the liabilities of the Company as of the date of complete liquidation and each Member’s pro rata portion of distributions pursuant to
Section 9.4. 
 ARTICLE X 
 Transfers and Assignment of Interests 
 Section 10.1 Consent Required for Transfer. 
 (a) No Member shall be entitled to directly or indirectly sell, assign, Transfer or otherwise dispose of all or any portion of his Interest,
involuntarily or voluntarily, without the written consent of all the other Members, which consent may be given or withheld in each such other Member’s sole and absolute discretion; provided, however, that notwithstanding the
foregoing any Member may sell, assign, Transfer or otherwise dispose of all or any portion of such Member’s Interest to an Affiliate of such Member without the written consent of the other Members; provided further, however, that
the Cendant Member may at its election Transfer a portion of its Interest to any Person that acquires or otherwise succeeds to a portion of the business of Cendant Real Estate, and shall transfer (i) its entire Interest to any Person that
acquires or otherwise succeeds to substantially all of the business of Cendant Real Estate, or (ii) an appropriate portion of its Interest to any Person that acquires or otherwise succeeds to substantially all of the business of NRT, in each
case, whether by merger, asset sale, stock sale, or otherwise (it being understood that in the case of any transfer of a portion of the Cendant Member’s Interest contemplated by this second proviso, the percentage represented by the portion of
the Interest so transferred shall be determined based upon the percentage of the Company’s revenue for the then-current trailing twelve months represented by the portion of the business of Cendant Real Estate so transferred in the transaction).

 (b) It shall be a condition to any Transfer of all or a portion of the Cendant Member’s Interest permitted by Section 10.1(a)
that any Person acquiring such Interest or portion thereof shall agree in writing to be bound by this Agreement and all of the other Transaction Documents with respect to the portion of the business of Cendant Real Estate acquired by such Person, to
the same extent that Cendant Real Estate and the Cendant Member were so bound prior to such transfer (other than as set forth in any such other Transaction Document). In the event of consummation of any such Transfer in accordance with
Section 10.1(a), the Managing Member shall amend Schedule I to reflect such Transfer. 
  

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 (c) It shall be a condition to any Transfer by a Member which may be permitted under
Section 10.1(a) that the transferee assume by written agreement all of the obligations of the transferor under this Agreement with respect to such transferred Interests and make the representations in Section 3.3 hereof. Any attempted or
purported Transfer in violation of this Article X shall be null and void ab initio. 
 Section 10.2 Withdrawal. No Member may withdraw
from the Company without the prior written consent of all Members, which consent may be given or withheld for any reason. 
 ARTICLE XI

 Fiscal Matters; Books and Records 
 Section 11.1 Bank Accounts; Investments. Capital Contributions, revenues and any other Company funds shall be deposited by the Company in a bank account established in the name of the Company, or shall be invested by the Company, at
the direction of the Managing Member, in time deposits, short-term governmental obligations, commercial paper or other short-term money market instruments in furtherance of the purposes of the Company. No other funds shall be deposited into Company
bank accounts or commingled with Company investments. Funds deposited in the Company’s bank accounts may be withdrawn only to be invested in time deposits, short-term governmental obligations, commercial paper or other short-term money market
instruments in furtherance of the Company’s purposes, to pay Company debts or obligations or to be distributed to the Members pursuant to this Agreement. 
 Section 11.2 Records Required by Act; Right of Inspection. 
 (a) During the term of the
Company’s existence and for a period of four (4) years thereafter, there shall be maintained in the Company’s principal office specified pursuant to Section 2.4 all records required to be kept pursuant to Section 18-305(a)
of the Act, including, without limitation, a current list of the names, addresses and Common Interest Percentage held by each of the Members (including the dates on which each of the Members became a Member), copies of federal, state and local
information or income tax returns for each of the Company’s tax years, copies of this Agreement and the Certificate of Formation, including all amendments or restatements, and correct and complete books and records of account of the Company for
all periods of operations. 
 (b) Each of the Company and the Managing Member shall, at their sole cost and expense, make available, or
cause to be made available, to the Cendant Member or any person designated by the Cendant Member, in a timely manner, all documents or materials in the possession of, or available to, the Company or the 

  

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Managing Member that the Cendant Member may reasonably request for any business purpose (including, without limitation, any such documents and materials the
Cendant Member may request to verify the accuracy of the calculation of Distributable Net Income for any Fiscal Quarter). In furtherance of the foregoing, each of the Company and the Managing Member shall, at its sole cost and expense, make
available, or cause to be made available, during normal business hours and with reasonable advance notice, to the Cendant Member or any Person designated by the Cendant Member, resources, including, but not limited to, access to employees,
sufficient to respond adequately to any issue or concern raised by the Cendant Member. 
 Section 11.3 Books and Records of Account.
The Company shall maintain books and records in such a manner as to enable the preparation of the Company’s U.S. federal information tax return in compliance with Section 6031 of the Code, and such other records as may be required in
connection with the preparation and filing of the Company’s required U.S. federal, state and local income tax returns or other tax returns or reports of foreign jurisdictions, including, without limitation, the records reflecting the Capital
Accounts and adjustments thereto specified in Article V hereof. Subject to Section 3.6, all such books and records shall at all times be made available at the principal office of the Company and shall be open to the reasonable inspection and
examination by the Members or their duly authorized representatives during normal business hours. Notwithstanding the definition of “Members” herein, only Members admitted as such to the Company shall have the inspection rights provided in
the preceding sentence. 
 Section 11.4 Expenses. The Company will be responsible for all expenses (“Company
Expenses”), including, without limitation, (i) all reasonable accounting and legal expenses incurred in connection with Company operations, (ii) all reasonable costs incurred in connection with the preparation of or relating to
reports made to the Members, (iii) all reasonable costs related to litigation involving the Company, directly or indirectly, including, without limitation, attorneys’ fees incurred in connection therewith and (iv) all reasonable costs
related to the Company’s obligations set forth in Sections 11.10 and 12.1; provided, however, that any Company Expenses must be attributable solely to the operations of the Company, and that any expenses relating to, resulting
from or in connection with any other Person, including without limitation any other Person who is an Affiliate of the Managing Member, shall not be Company Expenses. 
 Section 11.5 Tax Returns and Information. The Members intend for the Company to be treated as a partnership for tax purposes. The Company shall prepare or cause to be prepared all federal, state and local
income and other tax returns that the Company is required to file. After the end of each fiscal year of the Company, the Company shall prepare and transmit to each Member a report (i.e., Schedule K-1) that shall include all necessary tax reporting
information required by Members for preparation of their federal, state and local income or franchise tax returns, including the amount of income, gain, loss, deduction and credit allocated to each Member for such fiscal year. 
  

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 Section 11.6 Delivery of Audited Financial Statements to Members. As to each fiscal year of the
Company, the Company shall send to each Member a copy of (a) the balance sheet of the Company as of the end of the fiscal year, (b) an income statement of the Company for such year, and (c) a statement showing the Net Income
distributed by the Company to Members in respect of such year. Such financial statements shall be delivered sixty (60) days following the end of such fiscal year. The Company shall send to each Member all other reports or statements prepared by
the Company’s accountants promptly after receipt thereof. 
 Section 11.7 Audits. The fiscal year-end financial statements to be
delivered pursuant to Section 11.6 shall be audited and prepared in accordance with GAAP. The audit shall be performed by an accounting firm selected pursuant to Section 6.3(a)(iii). 
 Section 11.8 Fiscal Year. The Company’s fiscal year shall end on December 31 of each calendar year. 
 Section 11.9 Tax Elections. The Company shall, subject to approval of the Board pursuant to Section 6.3(a)(xiv) hereof, make the following
elections on the appropriate tax returns: 
 (a) to adopt the calendar year as the Company’s fiscal year, if permitted by the Code;

 (b) to elect to amortize the organizational expenses of the Company ratably over a period of sixty (60) months as permitted by
Section 709(b) of the Code; and 
 (c) any other election the Managing Member determines is in the best interests of the Members,
including an election pursuant to Section 754 of the Code to adjust Company Properties upon a distribution of Company Property as described in Section 734 of the Code or a transfer of any Interests as described in Section 743 of the
Code. 
 Neither the Company nor any Member may make an election for the Company to be (i) excluded from the application of the provisions of subchapter
K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or (ii) classified as a corporation for income tax purposes. 
  

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 Section 11.10 Tax Matters Member. The PHH Member shall be designated as the “tax matters
partner” (the “Tax Matters Member”) of the Company pursuant to Section 6231(a)(7) of the Code or corresponding provisions of state or local law, to manage administrative tax proceedings conducted at the Company level by
the Internal Revenue Service or the state or local taxing authority with respect to Company matters. The Tax Matters Member is, subject to Section 6.3(a)(xiv) directed and authorized to take whatever steps it, in its reasonable judgment,
determines is necessary or desirable to perfect such designation, including, without limitation, filing any forms or documents with the Internal Revenue Service or any state or local taxing authority and taking such other action as may from time to
time be required under Treasury Regulations and corresponding provisions of state or local law. Expenses of administrative proceedings relating to the determination of Company items at the Company level undertaken by the Tax Matters Member shall be
expenses of the Company. The Tax Matters Member shall inform each Member of the commencement of any audit of the Company by the Internal Revenue Service or any other taxing authority. 
 ARTICLE XII 
 Indemnification and Insurance 
 Section 12.1 Indemnification and Advancement of Expenses. 
 (a) In General. The Company shall, to the maximum extent permitted by applicable law, indemnify and hold harmless all Advisors and officers of the Company (“Indemnified Parties”), to the
fullest extent permitted by law, from and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from any of the
foregoing by or before any court or governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Indemnified Party is or may be a party thereto, which arises out of, relates to or is
in connection with this Agreement or the management or conduct of the business or affairs of the Company, except for any such Losses that are found, pursuant to a final and nonappealable judgment of a court of competent jurisdiction, to have
resulted from the gross negligence, bad faith, fraud or willful misconduct of, or breach of this Agreement or knowing violation of law by, the Indemnified Party seeking indemnification. The termination of any proceeding by settlement shall not be
deemed to create a presumption that the Indemnified Party involved in such settlement acted in a manner which constituted gross negligence, bad faith, fraud or willful misconduct or a knowing violation of law. All judgments against an Indemnified
Party wherein such Indemnified Party is entitled to indemnification shall, to the extent available, be satisfied from Company assets. The provisions of this Section 12.1 shall survive any termination or expiration of this Agreement. Expenses
incurred by an Indemnified Party in defense or settlement of any claim that may be subject to a right of indemnification hereunder 

  

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may be advanced (and must be advanced to Advisors) by the Company prior to the final disposition thereof upon receipt of an undertaking by or on behalf of
the Indemnified Party to repay such amount if it shall ultimately be determined that the Indemnified Party is not entitled to be indemnified by the Company. The right of any Indemnified Party to the indemnification and advancement of expenses
provided herein shall be cumulative of and in addition to any and all rights to which such Indemnified Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Indemnified Party’s successors, assigns
and legal representatives. 
 (b) Any indemnification under paragraph (a) of this Section 12.1 (unless ordered by a court of
competent jurisdiction) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the Indemnified Party is proper in the circumstances because he or she has met the applicable standard of
conduct set forth in paragraph (a) of this Section 12.1. Such determination shall be made (i) by a four-fifths vote of the Board, or (ii) if a four-fifths vote of the Board so directs, by independent legal counsel in a written
opinion. 
 (c) For purposes of this Section 12.1, any reference to the “Company” shall include, in addition to the resulting
or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers,
so that any Person who is or was a director or officer of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer or manager of another corporation, limited liability company, partnership, joint
venture, trust or other enterprise, shall stand in the same position under the provisions of this Section 12.1 with respect to the resulting or surviving entity as he or she would have with respect to such constituent entity if its separate
existence had continued. 
 (d) Notwithstanding anything in this Article XII to the contrary, the Company will not have the obligation of
indemnifying any Person with respect to proceedings, claims or actions initiated or brought voluntarily by such Person and not by way of defense. 
 (e) Any indemnification or advancement of expenses provided by, or granted pursuant to, this Section 12.1 shall be considered retroactive to the date upon which the Certificate of Formation was filed with the State of Delaware.

 Section 12.2 Insurance. The Company may purchase and maintain insurance or another arrangement on behalf of any Person who is or
was an Advisor or officer identified in Section 12.1 against any liability asserted against such Person or incurred by such Person in such a capacity or arising out of the status of such a Person, whether or not the Company would have the power
to indemnify such Person against that liability under Section 12.1 or otherwise. 
  

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 Section 12.3 Limit on Liability of Members. The indemnification set forth in this Article XII
shall in no event cause the Members to incur any personal liability beyond their total Capital Contributions, nor shall it result in any liability of the Members to any third party. 
 Section 12.4 Indemnification by Managing Member. 
 (a) The Managing Member shall indemnify and hold harmless the Company and all other Members and their respective Affiliates (“Other Indemnified Parties”), to the fullest extent permitted by law, from
and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from any of the foregoing by or before any court or
governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Other Indemnified Party is or may be a party thereto, arising out of or resulting from (i) the negligence, willful
misconduct or violation of law or erroneous acts of or by the Managing Member or any of its officers or employees in connection with the management of the business and affairs of the Company, and (ii) any breach or violation by PMC or any of
its Affiliates of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (including, without limitation, any indemnification payment made to an Advisor or officer under this Article
XII hereof as a result of such breach or violation), it being understood that the Company shall retain all risk with respect to, and the Managing Member shall have no indemnification obligations hereunder with respect to, loan level origination
defects not otherwise resulting from any of the circumstances described in clause (i) or (ii) of this Section 12.4(a). The provisions of this Section 12.4 shall survive any termination or expiration of this Agreement or any other
Transaction Document. The right of any Other Indemnified Party to the indemnification and advancement of expenses provided herein shall be cumulative of and in addition to any and all rights to which such Other Indemnified Party may otherwise be
entitled by contract or as a matter of law or equity and shall extend to such Other Indemnified Party’s successors, assigns and legal representatives. 
 (b) In the case of a PHH Regulatory Event, the PHH Member shall indemnify and hold harmless the Company from and against all Losses incurred by it arising out of or resulting from such PHH Regulatory Event, except, in
any such case, to the extent that the Regulatory Order or Proceeding or Losses leading to such PHH Regulatory Event are caused solely by Cendant or any of its Affiliates or any of their respective directors, officers, advisors or employees.

  

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 (c) In the case of a Company Regulatory Event, the PHH Member shall indemnify and hold harmless the
Company from and against all Losses incurred or sustained by it arising out of or resulting from such Company Regulatory Event, except, in any case, to the extent that the Regulatory Order or Proceeding or Losses leading to such Company Regulatory
Event are caused solely by Cendant or any of its Affiliates or any of their respective directors, officers, advisors or employees. 
 (d) In
the event there is a breach or violation by PMC or its Affiliates (excluding the Company), on the one hand, or by Cendant or its Affiliates, on the other hand, of any representation, warranty, covenant or other agreement contained in this Agreement
or any other Transaction Document, then the breaching Party shall give prompt written notice thereof to the other Party and each Advisor. 
 Section 12.5 No Additional Indemnification Rights. 
 Except as set forth herein, no Person (including, without limitation,
any Member and any officer, director or agent of any Member) shall have indemnification rights against the Company. 
 ARTICLE XIII

 Miscellaneous Provisions 
 Section 13.1 Counterparts. This Agreement may be executed in several counterparts, each of which will be deemed an original but all of which will constitute one and the same. 
 Section 13.2 Entire Agreement. This Agreement and the other Transaction Documents constitute the entire agreement among the parties hereto and
contains all of the agreements among such parties with respect to the subject matter hereof and thereof. This Agreement and the other Transaction Documents supersede any and all other agreements, either oral or written, between such parties with
respect to the subject matter hereof and thereof. 
 Section 13.3 Partial Invalidity. Wherever possible, each provision hereof shall
be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision
shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof,
unless such a construction would be unreasonable. 
  

 62 

 Section 13.4 Amendment. Except as expressly provided herein (including Section 10.1 hereof),
this Agreement may be amended only by a written agreement executed by all the Members. Following such amendment, the Agreement, as amended, shall be binding upon all Members. The Company shall notify the Secretary of HUD of any amendments to this
Agreement which would affect the Company’s action under any HUD/FHA administered mortgage insurance program. 
 Section 13.5 Binding
Effect. Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and shall inure to the benefit of the parties, and their respective distributees, heirs, successors and assigns. 
 Section 13.6 Negotiation and Mediation. 
 (a) Negotiation. In the event of any dispute, controversy or claim arising out of or relating to this Agreement or the breach, termination or validity thereof, or the transactions contemplated hereby (a “Dispute”),
upon the written notice of any Member hereto, the Members shall attempt in good faith to negotiate a resolution of the Dispute. If the Members are unable for any reason to resolve a Dispute within 30 days after the receipt of such notice, the
Dispute shall be submitted to mediation in accordance with Section 13.6(b) hereof. 
 (b) Mediation. Any Dispute not resolved
pursuant to Section 13.6(a) hereof shall, at the request (the “Mediation Request”) of any Member (the “Disputing Member”), be submitted to mediation in accordance with the then-prevailing Commercial Mediation
Rules of the American Arbitration Association, as modified herein (the “Rules”). The mediation shall be held in New York, New York. The Members shall have twenty (20) days from receipt by a party of a Mediation Request to agree
on a mediator. If no mediator has been agreed upon by the Members within twenty (20) days of receipt by a Member (or Members) of a Mediation Request, then any Member may request (on written notice to the other Member or Members), that the
American Arbitration Association appoint a mediator in accordance with the Rules. All mediation pursuant to this Section 13.6(b) shall be confidential and shall be treated as compromise and settlement negotiations, and no oral or documentary
representations made by the Members during such mediation shall be admissible for any purpose in any subsequent proceedings. No Member shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by
another Member in the mediation proceedings or about the existence, contents or results of the mediation award without the prior written consent of such other Member except in the course of a judicial or regulatory proceeding or as may be required
by law, rule or regulation or requested by a governmental authority or securities exchange. Before making any disclosure permitted by the preceding sentence, the Member intending to make such disclosure shall give the other Member a reasonable
opportunity to protect its interests. If the Dispute has not been resolved within sixty (60) days of the appointment of a Mediator, 

  

 63 

 
or within ninety (90) days of delivery by a Disputing Member of notice in accordance with Section 13.10 (whichever occurs sooner) or within such
longer period as the Members may agree to in writing, then any Member may file an action on the Dispute in any court having jurisdiction in accordance with Section 13.7 herein. 
 Section 13.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE MEMBERS HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or relating
to this Agreement shall only be instituted in any federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction
of any such court in any such suit, action or proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an inconvenient forum.
Each of the Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
 Section 13.8 Offset. Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before payment. 
 Section 13.9 Effect of Waiver or Consent. No provision of this Agreement shall be deemed to have been waived unless such waiver is contained in a
written notice given to the party claiming such waiver has occurred. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a
consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to
declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has
run. 
 Section 13.10 Notices. To be effective, unless otherwise specified in this Agreement, all notices and demands, consents and
other communications under this Agreement must be in writing and must be given (a) by depositing the same in the United States mail, postage prepaid, certified or registered, return receipt requested, (b) by delivering the same in person
and receiving a signed receipt therefore, (c) by sending the 
  

 64 

 
same by a nationally recognized overnight delivery service or (d) by telecopy (promptly confirmed by telephone and followed by personal or nationally
recognized overnight delivery). For purposes of notices, demands, consents and other communications under this Agreement, the addresses of the Members (and their respective counsel, if applicable) shall be as follows: 
 If to the PHH Member, addressed to: 
 PHH
Broker Partner Corporation 
 3000 Leadenhall Road 
 Mt. Laurel, NJ 08054 
 Attn: William F. Brown 
 With a copy to: 
 PHH Mortgage Corporation

 3000 Leadenhall Road 
 Mt.
Laurel, NJ 08054 
 Attn: William F. Brown 
 If to the Cendant Member, addressed to: 
 Cendant Real Estate Services Venture Partner, Inc. 
 1 Campus Drive 
 Parsippany, NJ 07054

 Attn: Eric Bock 
 With a copy
to: 
 Cendant Corporation 
 9 West 57th Street, 37th Floor 
 New York, NY 10019 
 Attn: Eric Bock 
 Notices, demands, consents and other communications mailed in accordance with the foregoing clause (a) shall be deemed to have been given, made and
received three (3) Business Days following the date so mailed. Notices, demands, consents and other communications given in accordance with the foregoing clauses (b) and (d) shall be deemed to have been given, made and received when
sent on a Business Day or, if not sent on a Business Day, then the next succeeding Business Day. Notices, 

  

 65 

 
demands, consents and other communications given in accordance with the foregoing clause (c) shall be deemed to have been given, made and received when
delivered or refused on a Business Day or, if not delivered or refused on a Business Day, then the next succeeding Business Day. Any Member or its assignee may designate a different address to which notices or demands shall thereafter be directed
and such designation shall be made by written notice given in the manner hereinabove required, provided, that at all times each Member shall be required to maintain a notice address in the continental United States. 
 Section 13.11 No Consequential Damages. 
 In no event shall the Cendant Member or any of its Affiliates have any liability to the PHH Member or any of its Affiliates for any indirect, consequential, incidental, collateral, exemplary, punitive, enhanced, special or other similar
damages of any kind or nature whatsoever, including, without limitation, lost profits to the PHH Member or any of its Affiliates from past, present or future business opportunities, loss of use or revenue, loss of savings or losses by reason of cost
of capital, arising out of or in any manner relating to this Agreement or any other Transaction Document, the performance or breach thereof or the subject matter thereof, whether or not the Cendant Member or any of its Affiliates have been advised
of, or otherwise might or should have anticipated, the possibility or likelihood of such damages. The limitations of liability set forth in this Section 13.11 shall apply regardless of the form of action in which a claim is brought, whether in
contract, tort (including negligence of any kind, whether active or passive), warranty, strict liability or any other legal or equitable grounds, and shall survive failure of an exclusive remedy. 
 Section 13.12 Most Favored Nation. 
 If during the term of this Agreement PMC or any of its Affiliates enters into any agreement, arrangement or understanding with a third party whereby PMC or such Affiliate (or any other entity formed in connection with such agreement,
arrangement or understanding) agrees to provide substantially the same Mortgage Loan origination services to such third party, and such agreement, arrangement or understanding contains pricing (other than the pricing of loans) or servicing terms or
conditions that, taken as a whole, are more favorable to such third party than the comparable terms of this Agreement and the related Transaction Documents, taken as a whole, are to Cendant, then the Company shall offer such favorable terms and
conditions to the Cendant Member with respect to Mortgage Loans originated by the Company pursuant to this Agreement and amend this Agreement and any other Transaction Documents, as applicable, to the extent necessary so that such terms and
conditions are incorporated in a manner reasonably acceptable to the Cendant Member. 
  

 66 

 Section 13.13 Impossibility of Performance. 
 If during the term of this Agreement, without any change in applicable law, rule or regulation and through no fault or breach of any Party hereto, it
shall have become impossible for the Parties to fulfill the objectives of the Company and to perform their obligations hereunder, then the Parties shall proceed with an orderly liquidation and dissolution of the Company in accordance with Article IX
hereof. 
  

 67 

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

			
	 CENDANT REAL ESTATE SERVICES
VENTURE PARTNER, INC.

		
	By:	 	 /s/    Eric J. Bock

	Name:	 	Eric J. Bock
	Title:	 	Executive Vice President and Secretary
	
	 PHH BROKER PARTNER CORPORATION

		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President

  

 68 

 Exhibit A 
 SUBLEASE 
 THIS SUBLEASE is made as of January 31, 2005, by and between Cendant
Mortgage Corporation, a New Jersey corporation (“Sublessor”), and PHH Home Loans, LLC, a Delaware limited liability company (“Sublessee”). 
 R E C I T A L S 
 A. iStar Bishops Gate
LLC (“Landlord”), and Sublessor are the landlord and tenant, respectively, under that certain lease (attached hereto as Exhibit “A” and incorporated herein by reference) dated as of December 9, 2002 (the lease, as same
may have been or may hereafter be modified, is herein referred to as the “Master Lease”) for certain premises described in the Master Lease (the “Master Lease Premises”). The common address of the building in which the Master
Lease Premises are located is 3000-5000 Leadenhall Road, Mount Laurel, New Jersey; 
 B. Sublessor has agreed to sublet to Sublessee a
portion of the Master Lease Premises (the “Premises”) consisting of approximately             rentable square feet as set forth in Exhibit “B” attached hereto, and
Sublessee has agreed to hire and take the Premises from Sublessor, on the terms and conditions set forth herein. 
 NOW, THEREFORE, Sublessor
and Sublessee agree as follows: 
 1. Term. 
 Subject to the Contingencies, as defined in Section 31 hereof, including receipt of Landlord’s Consent to this Sublease, Sublessor sublets the Premises to Sublessee and Sublessee hires and takes the Premises
from Sublessor for a term commencing on             (the “Sublease Commencement Date”) and ending on             (the
“Expiration Date”), unless terminated earlier in accordance with the provisions hereinafter set forth (the period commencing on the Sublease Commencement Date and ending on the Expiration Date is herein referred to as the
“Term”). The date upon which Sublessee shall commence paying rent hereunder is the Sublease Commencement Date. Such subletting shall be in all respects subject and subordinate to the terms, covenants and conditions of the Master Lease.
Sublessor and Sublessee acknowledge and agree that Sublessor’s right, if any, to extend the term of the Master Lease, or to exercise any other options contained in the Master Lease, including any option to purchase, shall not be exercisable by
Sublessee and, on the Expiration Date, Sublessee’s right to possess the Premises under this Sublease shall terminate and no longer be of any force or effect. 
 2. Possession. 
 a) Delivery of Possession. Sublessor agrees to deliver possession of
the Premises to Sublessee upon the Sublease Commencement Date. 
 b) Condition of Premises. Sublessee’s taking possession of the
Premises shall be conclusive evidence that the Premises were in good order and satisfactory condition when Sublessee took possession. No promise of Sublessor to alter, remodel, repair or improve the Premises or the Building in which the Premises may
be situated have been made by Sublessor to Sublessee. Sublessee, at its cost and expense, shall perform all work necessary to prepare the Premises for Sublessee’s occupancy thereof. At the termination of this Sublease, Sublessee shall return
the Premises broom-clean and in as good condition as when Sublessee took possession, ordinary wear and tear excepted. Sublessee shall remove any improvements or alterations made to the Premises by or on Sublessee’s behalf and restore the
Premises to the original condition prior to installation of such improvements or alterations; provided, however that Sublessee shall only be required to remove such improvements or alterations and restore the Premises to the extent that Sublessor is
required to remove and restore the same under the Master Lease, failing which Sublessor may restore the Premises to such condition and Sublessee shall pay the cost thereof on demand. 

 3. Incorporation of Master Lease. 
 The terms, covenants, conditions and respective obligations of Sublessor and Sublessee to each other under this Sublease shall be the terms and conditions
of the Master Lease (which terms and conditions are incorporated herein by reference as though fully set forth), except as otherwise expressly provided in this Sublease. To the extent any terms or provisions of this Sublease contradict or conflict
with any of the terms or provisions of the Master Lease, the terms and provisions of this Sublease shall control as between Sublessor and Sublesee only. Sublessor and Sublessee expressly agree, however, that Sublessor assumes none of the
Landlord’s obligations as set forth in the Master Lease. Sublessee agrees to look solely to Landlord for performance of those obligations and to forever hold Sublessor harmless from any claim arising from Landlord’s failure to perform its
obligations, unless such failure is due to Sublessor’s breach of the Master Lease. 
 4. Sublessee’s Assumption of Master
Lease Obligations and Benefits. 
 Except as otherwise expressly provided in this Sublease, (a) Sublessee expressly assumes and
agrees to perform and comply with all of the terms, covenants and conditions of the Master Lease that are to be observed and performed thereunder by Sublessor for the benefit of Landlord with respect to the Premises, and (b) Sublessee shall
indemnify, defend and save Sublessor harmless from and against any loss, damage, cost or expense which Sublessor may sustain or incur by reason of any failure on the part of Sublessee so to observe and perform the same. 
 5. Rental. 
 As base rental
(“Base Rent”) for the Premises during the Term, Sublessee covenants and agrees to pay to Sublessor $            , in advance by the first day of each month, without demand,
deduction, offset or notice, at the address of Sublessor identified in the “Notices” section of this Sublease (or some other place as Sublessor shall have designated in writing). It is understood that Base Rent shall be net to Sublessor,
and any other charges that Sublessor may incur on account of the Premises on account of services to Sublessee in excess of the services provided to Sublessor under the Master Lease or on account of the negligence or willful misconduct of Sublessee
shall be the sole responsibility of Sublessee, and such other charges shall be in addition to the Base Rent due hereunder (such other charges are herein referred to as “Additional Rent”). The Base Rent shall be subject to any Base Rent
increases set forth in the Master Lease. 
 If Sublessee fails to pay when due any Base Rent or Additional Rent that Sublessee is obligated
to pay under the terms of this Sublease, the unpaid amounts shall bear interest at the maximum rate then allowed by law. Sublessee acknowledges that the late payment of all or any portion of Base Rent or Additional Rent will cause Sublessor to lose
the use of that money and incur costs and expenses not contemplated under this Sublease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to
ascertain. Therefore, in addition to interest, if Sublessor does not receive the entire amount payable within ten (10) days from the date it is due, Sublessee shall pay Sublessor a late charge equal to ten percent (10%) of outstanding
amount. Sublessor and Sublessee agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Sublessor for the loss suffered from such nonpayment by Sublessee. Acceptance of any interest or late
charge shall not constitute a waiver of Sublessee’s default with respect to such nonpayment by Sublessee nor prevent Sublessor from exercising any other rights or remedies available to Sublessor under this Sublease. Any payment of any kind
returned for insufficient funds will be subject to an additional handling charge of $25.00. 
 6. Expense Pass-throughs.

 It is understood that Base Rent shall be net to Sublessor, and any other charges that Sublessor may incur per the Master Lease shall be
the sole responsibility of Sublessee, and shall be in addition to 

  

 2 

 
the Base Rent due. Sublessee shall pay monthly installments to Sublessor which shall be an estimate of charges due under the Master Lease. Upon final billing
for each calendar year from the Landlord, Sublessor shall submit the same billing to Sublessee, and any overpayments or underpayments shall be ameliorated at that time. 
 7. Utilities. 
 Sublessee shall pay for all water, gas, heat, power, and other utilities and
services supplied to the Premises. 
 8. Use of the Premises. 
 Sublessee, along with its successors or assigns, shall be limited in use of the Premises to that use specified in the Master Lease. Sublessee shall not
conduct any activity or perform any act prohibited by the laws of the United States of America or the state in which the building and property are located or the ordinances of the city or county in which the Premises is situated and shall not commit
waste nor suffer waste to be committed, nor permit any nuisance on or in the Premises. Sublessee shall not utilize any unethical method of business operation, nor shall any space in the Premises be used for living quarters, whether temporary or
permanent. Sublessee shall not do anything, or permit anything to be done, in or about the Premises, or bring or keep anything therein, that will in any way increase the possibility of fire or other casualty or do anything in conflict with the
pertinent laws, rules or regulations of any governmental authority. Sublessee shall not use or keep in, on or about the Premises or the property upon which the Premises may be situated, any hazardous, flammable or explosive fluid or substance or any
illuminating material, unless it is battery powered or UL approved. Sublessee shall at all times maintain an adequate number of suitable fire extinguishers on the Premises for use in case of local fires, including electrical or chemical fires.

 9. Hazardous Materials. 
 Sublessee, including its agents, employees, contractors and invitees, shall not cause nor permit the presence, release, storage, use or handling of any toxic substances or hazardous materials in, about or under the Premises, nor the
Building nor the real property of which the Premises may be a part. If Sublessee breaches the obligations stated in the preceding sentence, or if the presence of any such toxic substances or hazardous materials on or about the Premises caused or
permitted by Sublessee results in contamination of the Premises, the real property of which the Premises may be a part, or any adjacent property, then Sublessee shall indemnify, defend and hold Sublessor and Landlord harmless from any and all
claims, judgments, damages, penalties, fines, costs, liabilities or losses (including, without limitation, diminution in value of the Premises and/or adjacent property, damages for the loss or restriction on use of rentable or usable space or of any
amenity of the Premises and/or adjacent property, damages arising from any adverse impact on marketing of the Premises and/or adjacent property, costs incurred in connection with any cleanup, remedial, removal or restoration work, and sums paid in
settlement of claims, attorney’s fees, consultant fees and expert fees) which arise during or after the Term hereof, as a result of such contamination. Nothing contained herein shall be deemed or construed to limit the liability of Sublessee to
Sublessor or Landlord hereunder for the breach of any covenant of Sublessee under this Section. The provisions of this Section shall survive the expiration or earlier termination of this Sublease and Sublessee’s surrender of the Premises to
Sublessor. 
 10. Intentionally Omitted. 
 11. Insurance. 
 At all times while this Sublease is in effect, Sublessee agrees to maintain at
its expense, with an insurance carrier satisfactory to Sublessor the insurance required to be maintained by Sublessor under the Master Lease. 
  

 3 

 12. Waiver of Subrogation. 
 Sublessee hereby waives any and all rights of recovery against Sublessor and Landlord and their respective subsidiaries and affiliates, and their
respective officers, directors, stockholders, agents and employees relating to the Premises or property damage and any resulting business interruption losses, occurring on or arising out of the use, maintenance or occupancy of the Premises, the
Master Lease Premises or the building whether or not such loss or damage is insured. 
 13. Termination of Master Lease.

 In the event that during the Term of this Sublease the Master Lease is terminated or comes to an end for any reason, then this Sublease
and any assignments of this Sublease shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this Section, if the reason for such termination of the Master Lease shall be a default
on the part of Sublessee with respect to any of the terms or conditions of this Sublease or of the Master Lease, Sublessor shall be entitled to recover from Sublessee as liquidated damages at least an amount equal to the damages which Landlord shall
be entitled to recover from Sublessor in connection with such termination of the Master Lease. 
 14. Repairs and Alterations. 

 There shall be no obligation on the part of Landlord or Sublessor to make any repairs, alterations or improvements in order to make the
Premises ready for occupancy by Sublessee. Prior to making any repairs, alterations or improvements on the Premises, Sublessee shall obtain the prior written consent thereto of both Landlord and Sublessor. Any alterations, additions, or improvements
made to the Premises, or Sublessee’s behalf, whether at the expense of Sublessee or Sublessor, including but not limited to, wall covering, carpeting, or other floor covering, paneling and built-in cabinets shall be deemed a part of the real
estate and the property of Sublessor and shall be surrendered with the Premises unless Landlord or Sublessor, by notice given to Sublessee no later than thirty (30) days prior to the end of the Term, shall elect to have Sublessee remove such
alterations, additions, or improvements. Sublessee shall thereupon accomplish such removal at its sole cost and repair any damage to the Premises caused by such removal. In the event that Sublessor consents in writing to any alterations, additions,
or improvements to the Premises by Sublessee, they shall be made at the sole cost of Sublessee by licensed contractors or workmen approved by Sublessor. Sublessee shall secure all appropriate governmental approvals and permits and shall complete
such alterations with due diligence. Any consent or approval given by Landlord or Sublessor hereunder shall not give rise to rights to third parties to file mechanic’s or materialman’s liens, nor waive Sublessor’s prohibition against
such liens, nor in any manner abrogate that Section of this Sublease requiring Sublessee to keep Premises free of liens. 
 15.
Sublessee to Keep Premises Free of Liens. 
 Sublessee shall keep the Premises and the property on which the Premises is situated
free from any liens arising out of any work performed, materials furnished, or obligations incurred by Sublessee. Sublessee shall indemnify, hold harmless, and defend Landlord and Sublessor from any liens and encumbrances arising out of any work
performed or materials furnished by or at the direction of Sublessee. Such indemnity shall include, without limitation, all attorneys’ fees and costs incurred by Landlord or Sublessor due to the filing of such mechanic’s or
materialman’s lien or notice thereof. In the event that Sublessee, within twenty (20) days following the imposition of any such lien, shall not cause such lien to be released of record by payment or posting of a proper bond, in addition to
all other remedies provided herein and by law, Landlord or Sublessor shall have the right (but not the obligation) to cause the same to be released by such means as it shall deem proper, including bonding or payment of the claim giving rise to such
lien. All such sums paid by Landlord or Sublessor and all expenses incurred by it in connection therewith, including attorneys’ fees and costs, shall be payable to Landlord or Sublessor by Sublessee on demand with the highest legal interest
rate. Landlord or Sublessor shall have the right at all times to give notice or to post and keep posted on Premises any notice permitted or 

  

 4 

 
required by law which Landlord or Sublessor shall deem proper for the protection of Sublessor, Landlord and the Premises or any other party having an
interest therein from mechanic’s and materialman’s liens. 
 Sublessee shall give written notice to Landlord and Sublessor at least ten
(10) business days prior to the commencement of any work relating to the alterations or additions to the Premises and shall post the Premises giving all such persons notice of Sublessor’s and Landlord’s non-liability for work
performed or materials supplied. Failure to provide Landlord and Sublessor such notice or post the Premises shall be deemed a material breach of this Sublease. 
 16. Assignment and Subletting. 
 Sublessee may not assign, sublease, transfer, sell, encumber
or otherwise convey its interest in this Sublease, or any portion thereof, or its interest in the Premises, or any portion thereof, without the prior written consent of Sublessor, which consent may be granted or withheld in the sole discretion of
Sublessor and the prior written consent of Landlord to the degree that such consent is required under the terms of the Master Lease. Any such attempted purported assignment, subletting, transfer, sale, encumbrance or other conveyance obtained
without first obtaining such prior written consent shall be void and of no force or effect, and shall not confer any interest or estate in the purported transferee and shall, at Sublessor’s option, constitute an incurable default under this
Sublease. 
 17. Continuing Liability of Sublessor. 
 Notwithstanding anything to the contrary contained elsewhere in this Sublease, nothing contained in this Sublease shall be deemed or construed as
relieving Sublessor from any of its duties, responsibilities or obligations under the Master Lease, and Sublessor shall in all events be and remain primarily liable under the Master Lease as a principal, and not as a guarantor or surety, for all
duties, responsibilities and obligations (monetary or otherwise) contained in the Master Lease, to the same extent as though no subletting by Sublessor had been made. 
 18. Notices. 
 Any notice, demand, consent, payment or communication given hereunder shall be
in writing and shall be given by personal delivery, by commercial overnight delivery service or by certified mail, postage prepaid, return receipt requested, at the following addresses: 
  

							
	If to Sublessor:	 	Cendant Mortgage Corporation
		 	3000 Leadenhall Road
		 	Mt Laurel, New Jersey 08054
		 	Attention: General Counsel
		
	If to Sublessee:	 	PHH Home Loans, LLC
		 	  
	 	
		 	  
	 	
		 	Attn:	 	  
	 	
		
	If to Landlord:	 	iStar Bishops Gate LLC
		 	c/o iStar Financial Inc.
		 	114 Avenue of the Americas
		 	27th Floor

		 	New York, New York 10036
		 	Attn: Chief Financial Officer
		
	with a copy to:	 	iStar Financial Inc.
		 	114 Avenue of the Americas
		 	27th Floor

		 	New York, New York 10036
		 	Attn: General Counsel

  

 5 

							
		 	and
		
		 	Katten Muchin Zavis Rosenman
		 	525 West Monroe Street
		 	16th Floor

		 	Chicago, Illinois 60661-3693
		 	Attn: Gregory P.L. Pierce, Esq.

 Any of the above Parties may, by like notice at any time and from time to time, designate a
different address to which such notice shall be sent. Such notices, requests, consents, payments or communications shall be deemed sufficiently given (a) if personally served, upon such service (b) if sent by commercial overnight delivery
service, upon the next business day following such sending, or (c) if mailed, forty-eight (48) hours following the first attempt of the postal service to deliver same. 
 19. Notice of Default. 
 Sublessor and Sublessee each agree to give to the other, forthwith upon receipt thereof, a copy of any notice (including notice of default) under the Master Lease. 
 20. Sublessee Defaults and Remedies. 
 Defaults. The occurrence of any one or more of the following events shall constitute a default and breach of this Sublease by Sublessee: 
 a) If Sublessee shall fail to make any payment of any Rent or Additional Rent when due and payable, and such default shall continue for a period of three (3) days; or 
 b) If Sublessee shall be in default in the performance of any of the other terms, covenants and conditions of this Sublease and (i) such default
shall not have been remedied within ten (10) days after written notice by Sublessor to Sublessee specifying such default and requiring it to be remedied; or (ii) where such default reasonably cannot be remedied within such period of ten
(10) days, if Sublessee shall not have commenced the remedying thereof within such period of time and shall not be proceeding with due diligence to remedy it; or 
 c) If Sublessee shall desert or abandon the Premises and such desertion or abandonment shall continue for a period of ten (10) days; or 
 d) The making by Sublessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Sublessee of a
petition to have Sublessee adjudged a bankrupt, or a petition of reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against Sublessee, the same is dismissed within sixty (60) days; or the
appointment of a trustee or a receiver to take possession of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease where possession is not restored to Sublessee within thirty
(30) days; or the attachment, execution, or judicial seizure of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease, where such seizure is not discharged within thirty
(30) days after the levy thereof. 
 Remedies. In the event of any default or breach of Sublessee, Sublessor may at any time
thereafter, with or without notice or demand and without limiting Sublessor in the exercise of a right which Sublessor may have by reason of such default or breach, proceed as follows: 
 a) Without terminating this Sublease, re-enter and take possession of the Premises or any part thereof and repossess same as Sublessor’s former
estate and expel Sublessee and those claiming through or under Sublessee, and remove the effects of both or either with force, if necessary, without being deemed guilty in trespass or of a forcible entry or detainer and without prejudice to any
remedies 

  

 6 

 
for arrears of rent or preceding breach of covenants. In such event, Sublessor shall be entitled to recover from Sublessee all damages incurred by Sublessor
by reason of Sublessee’s default, including but not limited to the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys’ fees, any real
estate commission actually paid, the worth at the time of the unpaid rent for the balance of the Term, and that portion of the leasing sums payable. Such damages shall bear interest from the date due at the highest legal interest rate. 

b) Terminate this Sublease by express notice to that effect. 
 c) Pursue any other remedy now or hereafter available to Sublessor under the laws or judicial decisions of the state where the Premises is located. 
 d) Should Sublessor elect to re-enter as above provided, or should Sublessor take possession pursuant to legal proceedings or pursuant to any notice
provided by law or otherwise, Sublessor may from time to time, without terminating this Sublease or Sublessee’s obligations to pay rent hereunder, relet the Premises or any part thereof for such terms, at such rentals, and upon such other terms
and conditions as Sublessor in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises, all at Sublessee’s expense. No such re-entry or taking of possession shall be construed as an election on
Sublessor’s part to terminate this Sublease unless a written notice of such express intention is given to Sublessee. 
 If this Sublease
shall be terminated as provided in this Section, Sublessor may: 
 a) Re-enter and resume possession of the Premises and remove all persons
and property therefrom, either by summary dispossess proceedings or by a suitable action or proceeding, at law or in equity, or otherwise, without being liable for any damages therefor; and 
 b) Relet the whole or any part of the Premises for a period equal to, greater, or less than the remainder of the then-Term of this Sublease, at such
rental and upon such terms and conditions as are acceptable to Sublessor, to any sublessee it may deem suitable and for any use and purpose it may deem appropriate. Sublessor shall not be liable in any respect for failure to relet the Premises, or
in any event of such reletting, for failure to collect the rent thereunder, and any sums received by Sublessor on a reletting in excess of the Rent reserved in this Sublease shall belong to Sublessor. 
 Sublessee shall pay to Sublessor, upon default of this Sublease, in accordance with the provisions hereof, or upon the abandonment of said Premises by
Sublessee, a sum of money equal to the entire amount of Rent by this Sublease provided to be paid and at that time remaining unpaid, whether or not presently due, and upon making such payment, Sublessee shall be entitled to receive from Sublessor
all rents received by Sublessor from other tenants on account of said Premises during the Term originally demised by this Sublease, less the expenses which Sublessor may have incurred in connection with said resumption of possession and reletting,
including (without limitation) attorneys’ fees, brokerage, cleaning, repairs, and decoration, provided, however, that the moneys to which Sublessee shall so become entitled shall in no event exceed the amount so paid by Sublessee to Sublessor.

 Sublessee agrees to pay the costs and expenses, including reasonable attorneys’ fees, incurred by Sublessor in the enforcement of any
of the terms of this Sublease as a result of default by Sublessee. 
 The words “re-enter” and “re-entry,” as used in
this Section are not restricted to their technical legal meaning. 
 Sublessee hereby waives the service of any notice in writing by
Sublessor of its intention to re-enter. 
  

 7 

 If this Sublease shall be terminated as provided in this Section or by summary proceedings or otherwise,
Sublessor, in addition to any other rights under this Section, shall be entitled to recover as damages (a) the cost of performing any work required to be done by Sublessee under this Sublease, and all damages resulting from Sublessee’s
default in performing such work; and (b) the cost of placing the Premises in the same condition as that in which Sublessee is required to surrender them to Sublessor under this Sublease. 
 21. Counterparts. 
 This
Sublease may be executed in counterparts, each of which shall be deemed to be an original hereof. 
 22. Brokers and Commissions.

 The parties acknowledge that no broker or agent was involved in the negotiations related to, or consummation of, this Sublease. If
Sublessee has dealt with any other person or real estate broker with respect to subleasing or renting space in the Building of which the Premises may be a part, Sublessee shall be solely responsible for the payment of any fee due said person or firm
and Sublessee shall hold Sublessor free and harmless against any liability in respect thereto, including attorneys’ fees and costs. 
 23. Choice of Law. 
 This Sublease and the transaction contemplated hereunder shall be governed by and construed in
accordance with the laws of the state where the property is located. 
 24. Observance of Law. 
 Sublessee shall not use the Premises or permit anything to be done in or about the Premises which will in any way conflict with any law, statute,
ordinance or governmental or environmental rule or regulation now in force or which may hereafter be enacted or promulgated. Sublessee shall, as its sole cost and expense, promptly comply with all laws, statutes, ordinances and governmental or
environmental rules, regulations or requirements now in force or which may hereafter be in force, and with the requirements of any board of fire insurance underwriters or other similar bodies now or hereafter constituted, relating to, or affecting
the condition, use or occupancy of the Premises. The judgment of any tribunal of competent jurisdiction or the admission of Sublessee in any action against Sublessee, whether Sublessor is a party thereto or not, that Sublessee has violated any law,
ordinance or governmental rule, regulation or requirement, shall be conclusive of that fact as between Sublessor and Sublessee. 
 25.
Attorney’s Fees. 
 If either party brings an action to enforce the terms hereof, the prevailing party shall be entitled to
receive reasonable attorney’s fees and court costs from the other party. 
 26. Consents. 
 Notwithstanding anything contained in this Sublease to the contrary, Sublessee shall have no claim, and hereby waives the right to any claim against
Sublessor for money damages by reason of any refusal, withholding or delaying by Sublessor of any consent, approval or statement of satisfaction, and in such event, Sublessee’s only remedies therefor shall be an action for specific performance,
injunction or declaratory judgment to enforce any right to such consent, etc. 
 27. Force Majeure. 
 Sublessor shall have no liability whatsoever to Sublessee on account of (a) the inability or delay of Sublessor in fulfilling any of Sublessor’s
obligations under this Sublease by reason of war, strike, other labor trouble, riots, civil unrest, governmental controls in connection with a national or other public emergency, or shortages of fuel, supplies or labor resulting therefrom or any
other cause, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control; or (b) any failure or defect in the 

  

 8 

 
supply, quantity or character of electricity or water furnished to the Premises, by reason of any requirement, act or omission of the public utility or
others furnishing the Premises with electricity or water, or for any reason, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control. If this Sublease specifies a time period for performance of an obligation of
Sublessor, that time period shall be extended by the period of any delay in Sublessor’s performance caused by any of the events of force majeure described above. 
 28. Severability. 
 If any clause or provision of this Sublease is or becomes illegal, invalid,
or unenforceable because of present or future laws or any rule or regulation or any governmental body or entity, effective during its Term, the intention of the parties hereto is that the remaining parts of this Sublease shall not be affected
thereby unless such invalidity is, in the sole determination of Sublessor, essential to the rights of both parties in which event Sublessor has the right to terminate this Sublease on written notice to Sublessee. 
 29. Titles and Headings. 
 The
titles and headings of sections of this Sublease are intended for convenience only and shall not in any way affect the meaning or construction of any provision of this Sublease. 
 30. Changes, Waivers, Discharge and Modifications in Writing. 
 No provision of this Sublease may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

 31. Contingencies. 
 Sublessee hereby acknowledges that this Sublease is contingent upon receipt by Sublessor and Sublessee of all necessary consents or approvals, including, without limitation, Landlord’s Consent to this Sublease. 
 IN WITNESS WHEREOF, the Sublessor and Sublessee have executed, and Sublessor has consented to, this Sublease as of the day and year first above
written. 
  

			
	SUBLESSOR:
	
	Cendant Mortgage Corporation
		
	By:	 	  

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer
	
	SUBLESSEE:
	
	PHH Home Loans, LLC
		
	By:	 	  

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer

  

 9 

 CONSENT TO SUBLEASE 
 The undersigned is the Landlord in the Master Lease described in the Sublease to which this Consent is appended, and Landlord consents to the said Sublease without waiver of restrictions, if any, against further
assignments and subletting. 
  

			
	iStar Bishops Gate LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 10 

 Exhibit B 
 MANAGEMENT SERVICES AGREEMENT 
 THIS MANAGEMENT SERVICES AGREEMENT (“Services Agreement”)
effective as of             , 2005 (“Effective Date”), is entered into by and between PHH HOME LOANS, LLC, a limited liability company formed under Delaware law (the
“Company”), and PHH MORTGAGE CORPORATION (“PMC”), a corporation organized under the laws of the State of New Jersey (collectively, the “Parties”). 
 The Parties hereto agree as follows: 
 1.
Capitalized Terms. Capitalized terms not otherwise defined in this Services Agreement shall have the meaning described in the Strategic Relationship Agreement, dated as of January 31, 2005 (the “SRA”). 
 2. Representations and Warranties of Company. The Company represents and warrants to PMC that: 
 (a) It is duly organized and existing, and in good standing, pursuant to the laws of the State of Delaware; 
 (b) It has the requisite limited liability company authority to enter into this Services Agreement and to perform its obligations hereunder; and

 (c) The terms and conditions of this Services Agreement do not violate any provision of its Certificate
of Formation, Operating Agreement or any other agreement to which it is a party. 
 3. Representations and Warranties of PMC. PMC
represents and warrants to the Company that: 
 (a) It is duly organized and existing, and in good standing, pursuant to the laws of the
State of New Jersey; 
 (b) It has the requisite corporate authority to enter into this Services Agreement and to perform its obligations
hereunder; and 
 (c) The terms and conditions of this Services Agreement do not violate any provision of its Articles of Incorporation,
Bylaws or any other agreement to which it is a party. 
 4. Seasonal Staffing Services. PMC shall provide to the Company the seasonal
staffing services described in Exhibit 4.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 4.1 hereto, the Company shall pay to PMC a cash fee
calculated and payable in the manner set forth in Exhibit 4.1. 
 5. Product Support Services. PMC shall provide to the Company
the product support services described in Exhibit 5.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 5.1 hereto, the Company shall pay to PMC monthly,
in advance, a cash fee calculated as set forth in Exhibit 5.1. 
  

 2 

 6. General Administrative Services. PMC shall provide to the Company the general administrative
services described in Exhibit 6.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 6.1 hereto, the Company shall pay to PMC the cash fee or cash fees
calculated and payable in the manner set forth in Exhibit 6.1. 
 7. IT Administrative Services. PMC shall provide to the
Company the IT administrative services described in Exhibit 7.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 7.1 hereto, the Company shall pay to PMC
monthly, in advance, a cash fee calculated as set forth in Exhibit 7.1. 
 8. Required Disclosures. The amount, payor and payee
of the fees incurred in connection with the product support services pursuant to Exhibit 5.1 shall be described in the Mortgage Loan Disclosures, to the extent required by law. 
 9. Standard of Care. PMC shall perform the services provided pursuant to this Services Agreement with no less degree of care than PMC or any of
its Affiliates exercises in providing such services for its own account or the account of any third party with a similar regulatory profile, provided, that in no event shall PMC exercise a lesser degree of care than that exercised by PMC
prior to the date of the SRA. 
 10. Compliance with Laws. Actions taken or not taken by PMC and its Affiliates, and all
communications made when performing its obligations under this Services Agreement shall comply in all material respects with the requirements of all applicable laws. PMC shall 

  

 3 

 
promptly inform the Company in writing of any notices, inquiries or other communications, written or oral, received by PMC or any Affiliate thereof with
respect to any material legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or findings with respect to any of the services provided pursuant to this Services Agreement. 
 11. Records Preservation and Retention. 
 (a) PMC acknowledges that all Mortgage Loan Documents are the property of the Company. PMC shall use its reasonable best efforts to safeguard the Mortgage Loan Documents that it may hold or retain. PMC may enter into an arrangement with a
third party agent to maintain the Mortgage Loan Documents with the reasonable consent of the Company. 
 (b) PMC agrees that it or its agent
will hold and be responsible for such Mortgage Loan Documents within a secure and controlled environment to include, but not be limited to, fireproof vaults. PMC agrees that it or its agent will use its reasonable best efforts to protect such
Mortgage Loan Documents from destruction or loss and from the unauthorized divulgence of confidential information. PMC shall, if such Mortgage Loan Documents are lost or destroyed, replace such Mortgage Loan Documents in all necessary respects.
Further, such Mortgage Loan Documents will be maintained under such conditions as to have them readily available for use and examination by the Company, upon its reasonable request therefor. 
  

 4 

 (c) Upon request by the Company, PMC will forward any and all of the Company’s records and the
Company Mortgage Loan Documents in its possession that the Company reasonably may seek. 
 (d) PMC shall maintain all such Mortgage Loan
Documents and other records relating to the services provided by it hereunder in accordance with all applicable federal, state and local laws and regulations, as well as Mortgage Loan investor and insurer requirements and reasonable Company
requirements, as provided to PMC. 
 12. Right to Audit. The Company and its officers, employees and agents, including third party
attorneys and accountants and auditors shall have full and complete access to PMC’s records and operations at reasonable times to monitor PMC’s performance on behalf of the Company pursuant to this Services Agreement, and all audit,
inspection and review rights that the Cendant Member has with respect to the Company as provided in the Operating Agreement. 
 13.
Termination. This Services Agreement shall terminate automatically upon the effective date of any termination of the SRA in accordance with its terms; provided that such termination shall have no effect on the Parties’ obligations
with respect to Mortgage Loans in the process of origination at the time of such termination; and further provided that the representations, warranties and covenants of the Parties contained herein and the respective obligations of each Party
hereunder to indemnify and hold harmless the other Party set forth in Section 14 below shall survive the termination of this Services Agreement (i) for a period of one (1) year thereafter, in the event of a Cendant Put, a Two Year
Put, a Purchase Right transaction, a 

  

 5 

 
Special Termination Put or a Non-Renewal Put, or (ii) for a period of five (5) years thereafter, in the event of a PHH Sale, a Two Year PHH Sale or
a Non-Renewal PHH Sale. In connection with any termination contemplated by clause (ii) above, PMC shall deliver to the Company, at the effective time of such termination, any records in its possession as contemplated by Section 11 hereof.

 14. Indemnification. 
 (a) PMC shall indemnify, hold harmless and defend the Company, its members, directors, officers and employees and its successors and assigns and their members, directors, officers and employees, with counsel approved by the Company, from
and against any and all Losses which the Company or any such parties may incur or be subject to arising out of, relating to, or in connection with (i) any representation of PMC that was not true when made, (ii) any breach by PMC of its
warranties or covenants or the terms and conditions of this Services Agreement, or (iii) any actions or failures to act by PMC or any of its Affiliates in connection with the services provided pursuant to this Services Agreement that constitute
negligence, bad faith or willful misconduct. PMC’s obligation to so indemnify, hold harmless and defend the Company and any such parties shall survive termination of this Services Agreement in accordance with Section 14. The Company’s
right to indemnification, as provided herein, shall be in addition to, and not in lieu of all other rights and remedies it may have under law. 
 (b) The Company shall indemnify, hold harmless and defend PMC, its directors, officers and employees and its successors and assigns and their directors, officers and 

  

 6 

 
employees, with counsel approved by PMC, from and against any and all Losses which PMC or any such parties may incur or be subject to arising out of,
relating to or in connection with any representation made by the Company that was not true when made or any breach by the Company of its warranties or covenants or the terms and conditions of this Services Agreement. The Company’s obligation to
so indemnify, hold harmless and defend PMC and any such parties shall survive termination of this Services Agreement in accordance with Section 14. PMC’s right to indemnification, as provided herein, shall be in addition to, and not in
lieu of, all other rights and remedies it may have under law. 
 15. Cooperation. The Parties acknowledge that the success of their
efforts under this Services Agreement depends on the cooperation of each of them. Accordingly, each of the Parties shall use its best efforts and confer in good faith in an attempt to agree upon any matter hereunder which requires such agreement.

 16. No Partnership. This Services Agreement is not intended to be, nor shall it be construed to be, the formation of a partnership
or joint venture between the Parties. 
  

 7 

 17. Notices. All notices and statements to be given under this Services Agreement are to be in
writing, delivered by hand, facsimile, overnight mail or similar service, or first class United States mail, postage prepaid and registered or certified with return receipt requested, to the following addresses or facsimile numbers, as applicable
(which addresses and facsimile numbers may be revised by written notice): 
 The Company: 
  

					
		  	PHH Home Loans, LLC
		  	3000 Leadenhall Road
		  	Mt. Laurel, NJ 08054
			
		  	Attention:	 	President
		  	Facsimile:	 	
		
		  	With a copy to:
		
		  	Cendant Real Estate Services Venture Partner, Inc.
		  	1 Campus Drive
		  	Parsippany, NJ 07054
		  	Attention:	 	Eric Bock
		  	Facsimile:	 	
			
	PMC:	  		 	
		
		  	PHH Mortgage Corporation
		  	3000 Leadenhall Road
		  	Mt. Laurel, NJ 08054
			
		  	Attention:	 	President
		  	Facsimile:	 	856-917-6016

 All written notices and statements shall be deemed given, delivered, received and effective upon
personal delivery or receipt of facsimile or telegram, one (1) calendar day after sending by overnight mail or any similar service or five (5) calendar days after mailing by first class United States mail in the manner set forth above.

 18. Expenses. PMC shall receive no compensation under the terms of this Services Agreement except as expressly provided herein. The
Company shall, at its sole cost and expense, employ all persons necessary for it to carry out its duties and responsibilities hereunder. All costs and expenses incurred by either Party in connection herewith (including salaries for their respective
personnel and their respective legal fees and expenses) shall be solely the expenses of the Party incurring them. Neither Party shall be obligated to contribute any amount as capital or otherwise to the other. 
  

 8 

 19. Amendment. This Services Agreement may be amended and any provision hereof waived, but only in
writing signed by the Party against whom such amendment or waiver is sought to be enforced; provided, however, that any action taken by the Company pursuant to this Section 19 shall be valid only if taken following receipt of the
prior approval of the Company’s Board of Advisors (as defined in the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement. 
 20. Governing Law. THIS SERVICES AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or relating to this Services Agreement shall only be instituted in any
federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each Party hereby irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or proceeding.
The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an inconvenient forum. Each of the Parties hereby irrevocably waives all right to
trial by jury in any action, proceeding or counterclaim arising out of or relating to this Services Agreement. 
  

 9 

 21. Dispute Resolution. In the event of any disputes under this Services Agreement, resolution
shall occur pursuant to the dispute resolution procedures contained in Section 13.11 of the SRA as if such provision applied to the Parties hereto. 
 22. Severability; Release. The Parties hereto shall not perform, or be expected to perform, any act hereunder that is, or is reasonably believed to be, in violation of any applicable state or federal rule or
regulation. If any provision of this Services Agreement is now or later in violation of any local, state or federal law, then such provision shall be considered null and void for purposes of this Services Agreement with all other provisions
remaining in full force and effect. Each Party expressly releases the other from any liability in the event either of said Parties cannot fulfill any obligation hereunder due to any prohibition under local, state or federal laws pertaining to such
obligation; provided, that the Parties agree to work together to structure an alternative solution for addressing the provisions so found to be in violation. 
 23. Further Assurances. The Parties agree that each will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such amendments and supplements hereto and
such further instruments as may be reasonably required or appropriate to further express the intention of the Parties, or to facilitate the performance of this Services Agreement. 
 24. Section Headings. The headings of the various sections of this Services Agreement have been inserted for convenience of reference only and
shall not be deemed to be a part of this Services Agreement. 
  

 10 

 25. Assignment. PMC may not assign this Services Agreement or any of its rights or obligations
hereunder without the prior express written consent of the Company. The Company may not assign this Services Agreement or any of its rights or obligations hereunder without the prior approval of the Company’s Board of Advisors (as defined in
the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement. 
  

 11 

 IN WITNESS WHEREOF, each of the undersigned Parties has caused this Services Agreement to be duly
executed and delivered by one of its duly authorized officers, all as of the Effective Date. 
  

							
	PHH HOME LOANS, LLC	 	PHH MORTGAGE CORPORATION
				
	By:	 	  
	 	By:	 	  

	Name:	 	Terence W. Edwards	 	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer	 	Title:	 	President and Chief Executive Officer

  

 12 

 EXHIBIT 4.1 
 Seasonal Staffing 
 Services: 
 Seasonal Staffing services includes the following services provided by PMC to the Company: 
  

	 	•	 	 Seasonal Staffing for Net One Tele-services – includes phone consultants and additional staff for Loan Processing Center and Document Review Center
– additional staffing will be through PMC employees. 

  

	 	•	 	 As needed and staffing availability permitting, the Company will provide reverse staffing to PMC. 

 Fees: 
  

	 	•	 	 The Company shall pay all *CONFIDENTIAL; plus 

  

	 	•	 	 A fixed fee per week for actual compensation, plus *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. 

  

 13 

 EXHIBIT 5.1 
 Product Support Services 
 Services: 
 Product Support consists of the following services provided by PMC to the Company (whether or not the Company incurs these costs or similar costs directly): 

 

	 	•	 	 Loan control and completion (LCC) – post-closing functions here include reconciling the HUD1 received from closing agents to the cash dispersed on the
loan reconciling the tax and insurance escrows if appropriate, the submissions for insurance with HUD for GNMA insured loans and loan pools, certain compliance monitoring activities, verification of recorded deeds and title insurance policies etc.

  

	 	•	 	 Pricing – functions here include establishing the rate and fees for the borrowers established at the time of the rate lock commitment based on then
current market conditions and profit expectations, performance of competitive surveys and market data gathering efforts to verify the competitiveness of pricing, determination of price concessions and implementation of concession policies etc.

  

	 	•	 	 Loan sales – functions here include the aggregation of loans into pools based on appropriate characteristics, determination of best execution decisions,
gathering loans files, performance of due diligences, and shipping of files, management of GSE agency and mortgage loan investor relationships etc. 

  

	 	•	 	 Product development – functions include development of loan program parameters, program design to comply with investor requirements, design integration
of new programs to company processes, communication of new programs and related requirements etc. 

  

	 	•	 	 Credit risk management – includes providing access to PMC’s automated underwriting systems, monitoring of loan quality, monitoring of compliance
with documentation standards, monitoring performance of loans to assess underwriting and pricing effectiveness etc. 

  

	 	•	 	 Mail print center – includes collection and copying of documents in connection with processing of the Company’s loan applications and loan closing
packages. 

  

	 	•	 	 Operational strategy department – includes development, processing and reporting on client survey results, office of the president for customer
satisfaction and recovery, etc. 

  

	 	•	 	 Mail away program – includes the cost of program to allow borrowers to sign loan documents in the presence of a notary rather than a closing agent etc.

  

 14 

 Fees: 
 Fees
will be based on the fair value of services provided, based on actual costs incurred by PMC plus a profit margin of *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. 

  

 15 

 EXHIBIT 6.1 
 General Administrative Services 
 Services: 
 General Administrative (non-IT) services includes the following services provided by PMC to the Company (whether or not the Company incurs these costs or similar costs
directly): 
  

	 	•	 	 Accounting and Finance – includes maintenance of the general ledger and related sub ledgers, preparation of financial reports and management reports,
preparation of financial forecasts, staffing models, profitability models, payment of bills, funding of loans, establishment of controls, controls monitoring, determination of sales proceeds, etc. 

  

	 	•	 	 Telecom – includes the cost of telephone systems, staffing for maintenance and call prioritization systems, etc (including the PIMI systems)

  

	 	•	 	 Business intelligence – includes development and scheduling of management reporting and client reporting systems, reporting data management etc.

  

	 	•	 	 Legal – includes consulting on legal matters etc. 

  

	 	•	 	 Human resources – includes payroll processing or related management, benefits management and participation in benefit plans, hiring-related matters,
training-related matters, etc 

  

	 	•	 	 Public relations – includes event management services, press related matters, etc. 

  

	 	•	 	 Administration – Vendor management, etc 

  

	 	•	 	 Facilities – includes building management, landscaping management, heating, air conditioning, power, growth management, etc.

  

	 	•	 	 Training – development and delivery of training materials etc. 

  

	 	•	 	 Executive – includes an allocation of PHH Corporation executive management and corporate structure, PHH Mortgage executive management and structure, a
portion of Management incentive programs to the extent not allocated to specific functions, etc 

 Fees: 
 Fees will be charged based on either (a) a per loan basis or (b) subject to a fixed minimum with a variable component, in the Cendant Member’s sole
discretion. The fees will index annually at a maximum of 3%. 
  

 16 

 EXHIBIT 7.1 
 IT Administrative Services 
 Services: 
  

	 	•	 	 IT Administrative Services include the following: 

  

	 	•	 	 systems operations 

  

	 	•	 	 maintenance of production systems 

  

	 	•	 	 help desk support 

  

	 	•	 	 network support 

  

	 	•	 	 development of enhancements 

  

	 	•	 	 systems interoperability 

  

	 	•	 	 maintenance of websites 

  

	 	•	 	 systems security 

  

	 	•	 	 systems management reporting 

  

	 	•	 	 data management 

  

	 	•	 	 IT vendor management 

  

	 	•	 	 project evaluation and management 

  

	 	•	 	 resource allocations 

  

	 	•	 	 telecom systems and support 

  

	 	•	 	 new systems integration 

  

	 	•	 	 major systems development 

  

	 	•	 	 systems controls 

 Fees: 
 Fees will be a per loan charge based on the fair value of services provided, based on actual costs incurred by PMC plus a profit margin of *CONFIDENTIAL. The annual
growth factor will be the lesser of (i) 3% or (ii) the Consumer Price Index rate at the time of reset. 
  

	*	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. 

  

 17 

 Exhibit C 
 Master Shared Office Space Agreement 
 This Master Shared Office Space Agreement
(“Agreement”) is made as of this      day of             , 2005, by and between NRT Inc., on behalf of its subsidiary listed on the attached Exhibit
“A” (such subsidiary is herein referred to as “NRT”), and PHH Home Loans, LLC (“PHH”). 
 NRT currently
occupies numerous locations identified as the “Master Premises” on Exhibit A pursuant to the certain master leases (“Master Leases”) identified on Exhibit A. 
 NRT has agreed to lease a portion (the “Premises”) of the Master Premises to PHH, and PHH has agreed to hire and take said Premises from NRT,
pursuant to the terms and conditions set forth on Exhibit A and further pursuant to the following terms and conditions: 
  

	1.	Commencement Date: As set forth on Exhibit A. 

  

	2.	Expiration Date: As set forth on Exhibit A. 

  

	3.	Proportionate Share: As set forth on Exhibit A. 

  

	4.	Base Rent and Additional Rent: As set forth on Exhibit A. 

  

	5.	Utilities: The costs associated with utilities are included in the base rent. PHH shall pay all costs associated with PHH’s telephone usage and information technology
services within thirty (30) days after receipt of invoices for such services. 

  

	6.	Common Areas: During the term of this Agreement, PHH shall have the right to use the Common Areas, which shall be deemed to include, but not be limited to, the conference
room(s), kitchen, bathroom(s), reception area, receptionist’s services and other similar facilities at the Premises. 

  

	7.	Parking: PHH shall have the right to purchase parking spaces at prevailing rates in the parking area available to the Premises, on an as needed basis and as agreed upon with
NRT’s branch manager; provided, however that if NRT has a right to park free of charge, NRT shall provide PHH with 1 parking space free of charge or such greater number of parking spaces as the parties reasonably determine that PHH would have
if PHH leased similar space in the same market from a third party landlord. 

  

	8.	Maintenance, Repairs and Alterations: NRT shall, or shall cause NRT’s landlord to, clean and maintain the Premises and Common Areas in good order and condition. PHH will
be responsible for any and all alterations and for repairs to the Premises resulting from PHH’s negligent or intentional act. All alterations shall be subject to the consent of NRT (which consent shall not be unreasonably withheld, conditioned
or delayed) and to the conditions of the Master Lease. 

  

	9.	Signage: PHH shall have the right to display signs bearing its name and/or the name of its division provided said signs do not conflict with NRT’s signage. PHH also
shall have the right to display a sign within the interior of the Premises that can be seen prominently by persons entering the Premises. All signage must be approved by NRT’s landlord as required by the Master Lease. 

	10.	Personal Property and Equipment: PHH may supply any and all of its own personal property reasonably necessary to its business. Further, PHH will install telephone lines for
its telephones, computers and facsimile machines and be responsible for the payment thereof. 

  

	11.	Master Lease Obligations: PHH shall be bound to all covenants, terms and conditions contained in the Master Lease as the same relates to PHH’s occupancy of the Premises.

  

	12.	Termination of Master Lease: In the event that during the Term of this Agreement the Master Lease is terminated or comes to an end for any reason, then this Agreement and any
assignments of this Agreement shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this section, if the reason for such termination of the Master Lease shall be a default on the
part of PHH with respect to any of the terms or conditions of this Agreement or of the Master Lease, NRT shall be entitled to recover from PHH as liquidated damages at least an amount equal to the damages which Landlord shall be entitled to recover
from NRT in connection with such termination of the Master Lease. 

  

	13.	Indemnification: Except for the negligent acts, omissions or willful misconduct of NRT (for which NRT shall defend and indemnify PHH), PHH shall defend, indemnify and hold
NRT harmless from and against all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of PHH in the observance or performance of any of its agreements or obligations under this
Agreement, and (b) any injury or damage to any person or property occurring in or on the Premises caused by the acts or omissions of PHH, its agents, employees or contractors. NRT shall defend, indemnify and hold PHH harmless from and against
all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of NRT in the observance or performance of any of its agreements or obligations under this Agreement, and (b) any
injury or damage to any person or property occurring in the Premises which are caused by the negligent acts, omissions or willful misconduct of NRT. 

  

	14.	Entire Agreement: This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous
agreements. No modification of this Agreement shall be binding unless executed in writing by the party to be bound thereby. 

  

	15.	Counterparts: This Agreement may be executed in counterparts and, as so executed, shall constitute one agreement binding upon all parties. This Agreement shall inure to the
benefit of and shall be binding upon the respective successors and assigns of each of the parties. 

  

	16.	Mutual Termination Option: Either PHH or NRT may terminate this Agreement at anytime by providing the other party with ninety (90) days’ advanced written notice of
its intent to so terminate. 

 IN WITNESS WHEREOF, NRT and PHH have executed this Agreement as of the dates set forth below. 

 

					
	NRT:
	
	NRT, Inc., on behalf of its subsidiary
		
	By:	 	  

	Name:	 	Eric J. Bock	 	Date
	Title:	 	Executive Vice President and Secretary
	
	PHH:
	
	PHH Home Loans, LLC
		
	By:	 	  

	Name:	 	Terence W. Edwards	 	Date
	Title:	 	President and Chief Executive Officer

  

 Exhibit D 
 Small Corps 
 1. Axiom Financial, Inc., a Utah corporation 
 2. Hamera Corp. d/b/a First Capital, a California corporation 
 3.
LongIsland Mortgage Group, Inc., a New York corporation 
 4. NE Moves Mortgage Corporation, a Massachusetts corporation 
 5. Preferred Mortgage Group, Inc., a Virginia corporation 
 6. RMR
Financial, a California corporation 
 7. Sunbelt Lending Services, Inc., a Florida corporation 
 8. Burnet Home Loans (a division of PHH Mortgage) 

 Schedule I 
 Initial Capital Contributions 
  

							
	 Member
	  	Initial Capital Contribution	  	Common Interest Percentage	 
	 PHH Broker Partner Corporation
	  	$	250,500	  	50.1	% 
			
	 Cendant Real Estate Services Venture Partner, Inc.
	  	$	249,500	  	49.9	% 

 Schedule II 
 Subsequent Capital Contributions 
  

							
	 Member
	  	 	  	Estimated Value	 
	 PHH Broker Partner Corporation
	  	 1) Businesses of Small Corps (Exhibit D)
	  	$	*CONFIDENTIAL	(a) 
			
		  	 2) Direct assets of Phone-In Move-In channel
	  	 	TBA	  
		  		  	 	 	 
		  	 Total
	  	$	*CONFIDENTIAL	  
			
	 Cendant Real Estate Services Venture Partner Inc.
	  	 1) Exclusive royalty-free license for Coldwell Banker Home Loans and ERA Home Loans
	  	$	*CONFIDENTIAL	(a) 
			
		  	 2) Cash
	  	$	*CONFIDENTIAL	(b) 
		  		  	 	 	 
		  	 Total
	  	$	*CONFIDENTIAL	  

  

	(a)	Based upon preliminary valuations prepared by external valuation firm. These valuations will be updated at the time of the Subsequent Capital Contributions.

	(b)	Actual amount of cash contribution by Cendant Member will be determined based upon the final valuations referenced in (a) above. Common Interest Percentage will be consistent
with Schedule I. 

  

	*	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. 

 Schedule 2.2 
 Other Company Names 
 1. ERA Home Loans 
 2. Coldwell Banker Home Loans 
 3. Burnet Home Loans 

 Schedule 2.10(a) 
 D/B/A, Fictitious Name and Similar Filings 
 to be made by the Company and its Subsidiaries 

  

							
	 	  	 Coldwell Banker
 Home Loans
	  	 ERA Home Loans
	  	 Burnet Home Loans

	 Alabama
	  		  		  	
	 Alaska
	  		  		  	
	 Arizona
	  	X	  		  	
	 Arkansas
	  		  		  	
	 California- Sacramento County
	  	X	  		  	
	 Colorado
	  	X	  		  	
	 Connecticut
	  	X	  		  	
	 Delaware-New Castle County
	  	X	  	X	  	
	 DC
	  	X	  		  	
	 Florida
	  	X	  		  	
	 Georgia-Gwinnet County
	  	X	  		  	
	 Hawaii
	  		  		  	
	 Idaho
	  		  		  	
	 Illinois
	  	X	  		  	
	 Indiana
	  	X	  		  	X
	 Iowa
	  		  		  	
	 Kansas
	  		  		  	
	 Kentucky
	  	X	  		  	
	 Louisiana
	  	X	  		  	
	 Maine
	  	X	  		  	
	 Maryland
	  	X	  	X	  	
	 Massachusetts-Boston City Clerk
	  	X	  		  	
	 Michigan
	  	X	  		  	
	 Minnesota
	  	X	  		  	X
	 Mississippi
	  		  		  	
	 Missouri
	  	X	  		  	
	 Montana
	  	X	  		  	
	 Nebraska
	  		  		  	
	 Nevada-Carson City Clerk
	  	X	  		  	
	 New Hampshire
	  	X	  		  	
	 New Jersey
	  	X	  	X	  	
	 New Mexico
	  	X	  		  	
	 New York
	  	X	  	X	  	
	 North Carolina
	  		  		  	
	 North Dakota
	  		  		  	
	 Ohio
	  	X	  		  	
	 Oklahoma
	  		  		  	
	 Oregon
	  		  		  	

							
	 Pennsylvania
	  	X	  	X	  	
	 Rhode Island
	  	X	  		  	
	 South Carolina
	  		  		  	
	 South Dakota
	  		  		  	
	 Tennessee
	  		  		  	
	 Texas
	  	X	  		  	
	 Utah
	  	X	  		  	
	 Vermont
	  		  		  	
	 Virginia-Alexandria City
	  	X	  	X	  	
	 Virginia
	  	X	  	X	  	
	 Washington
	  		  		  	
	 West Virginia
	  	X	  		  	
	 Wisconsin
	  		  		  	X
	 Wyoming
	  	X	  		  	

 Schedule 2.11(a) 
 NRT Operating States 
 Georgia 
 Maryland 
 California 
 Illinois 
 Ohio 
 Colorado 
 Connecticut 
 Texas 
 Florida

 Minnesota 
 Wisconsin 
 New Jersey 
 Pennsylvania 
 Missouri 
 Utah 
 Virginia 
 Maine 
 New Hampshire

 Massachusetts 
 Rhode Island 
 Delaware 

 Schedule 6.7 
 Initial Officers 
 1. President – Terry Edwards 
 2. Secretary – William F. Brown 

 Schedule 6.10(a)(i) 
 Sample Pricing Survey 
 PHH Analysis - PHH vs. National Lenders 
 *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. 

 Schedule 6.10(a)(ii) 
 Reports 
 *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. 

 Schedule 8.1(e) 
 Cendant List 
  

	*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.Strategic Relationship Agreement, dated as of January 31, 2005

 Exhibit 10.10 
 STRATEGIC RELATIONSHIP AGREEMENT 
 BY AND AMONG 
 CENDANT REAL ESTATE SERVICES GROUP, LLC, 
 CENDANT REAL ESTATE SERVICES VENTURE PARTNER, INC., 
 PHH CORPORATION, 
 CENDANT MORTGAGE CORPORATION, 
 PHH
BROKER PARTNER CORPORATION, 
 AND 
 PHH HOME LOANS, LLC 
 January 31, 2005 
  
  

	*	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. 

 Table of Contents 
  

					
	ARTICLE I
	
	DEFINITIONS
	Section 1.1	 	Definitions 	  	1
			
	Section 1.2	 	Interpretation 	  	10
	
	ARTICLE II
	
	EXCLUSIVITY; MARKETING
	Section 2.1	 	Exclusivity; Marketing 	  	11
			
	Section 2.2	 	Termination of Exclusivity 	  	11
			
	Section 2.3	 	Marketing 	  	12
			
	Section 2.4	 	Variable Compensation 	  	12
	
	ARTICLE III
	
	LOAN ORIGINATION
	Section 3.1	 	Marketing 	  	13
			
	Section 3.2	 	Mortgage Loan Types 	  	13
			
	Section 3.3	 	Company Origination Channels 	  	13
			
	Section 3.4	 	Mortgage Loan Application Processing 	  	16
			
	Section 3.5	 	Underwriting Guidelines 	  	17
			
	Section 3.6	 	Degree of Care 	  	17
			
	Section 3.7	 	Mortgage Loan Closing 	  	17
			
	Section 3.8	 	Company Personnel 	  	18
			
	Section 3.9	 	Processors 	  	18
			
	Section 3.10	 	Access 	  	18
			
	Section 3.11	 	Maintenance of Licenses 	  	19
			
	Section 3.12	 	Record Keeping 	  	19
			
	Section 3.13	 	Legal and Regulatory Compliance 	  	19
			
	Section 3.14	 	Customer Fees and Charges	  	20
			
	Section 3.15	 	Pricing Standards 	  	20
			
	Section 3.16	 	Service Standards 	  	21

					
	ARTICLE IV
	
	REPRESENTATIONS AND WARRANTIES
			
	Section 4.1	 	Representations 	  	22
	
	ARTICLE V
	
	CENDANT REAL ESTATE COVENANTS
			
	Section 5.1	 	Cendant Real Estate Trade Shows, Conferences and Conventions 	  	23
			
	Section 5.2	 	Offline Promotion to Consumers 	  	24
	
	ARTICLE VI
	
	REAL ESTATE BROKERAGE AND SETTLEMENT SERVICES
			
	Section 6.1	 	Exclusive Recommended Real Estate Broker 	  	24
			
	Section 6.2	 	Commercial Real Estate 	  	24
			
	Section 6.3	 	Settlement Services 	  	24
			
	Section 6.4	 	REO Services 	  	25
	
	ARTICLE VII
	
	CUSTOMER DATA; PRIVACY REQUIREMENTS
			
	Section 7.1	 	Customer Information 	  	25
			
	Section 7.2	 	Compliance with Privacy Requirements 	  	25
	
	ARTICLE VIII
	
	CENDANT FRANCHISEES
			
	Section 8.1	 	Mortgage Loan Types 	  	27
			
	Section 8.2	 	Origination Channels 	  	27
			
	Section 8.3	 	Mortgage Loan Application Processing 	  	29
			
	Section 8.4	 	Underwriting Guidelines 	  	29
			
	Section 8.5	 	Degree of Care 	  	30
			
	Section 8.6	 	Mortgage Loan Closing 	  	30
			
	Section 8.7	 	PMC Personnel	  	30
			
	Section 8.8	 	Processors 	  	31
			
	Section 8.9	 	Maintenance of Licenses 	  	31
			
	Section 8.10	 	Legal and Regulatory Compliance 	  	31
			
	Section 8.11	 	Customer Fees and Charges 	  	31

  

 ii 

					
	Section 8.12	 	Surveys	  	32
			
	Section 8.13	 	MSA Payments 	  	32
	
	ARTICLE IX
	
	FUTURE CENDANT REAL ESTATE BROKERAGE ACQUISITIONS
			
	Section 9.1	 	Subsequent Small Corps 	  	32
	
	ARTICLE X
	
	NON-COMPETITION
			
	Section 10.1	 	PHH Non-Compete 	  	35
			
	Section 10.2	 	No Mortgage Loan Solicitation by PHH 	  	37
			
	Section 10.3	 	Cendant Participation 	  	37
	
	ARTICLE XI
	
	TERMINATION ASSISTANCE
			
	Section 11.1	 	Termination Assistance Services 	  	38
			
	Section 11.2	 	Development of Transition Plan 	  	40
			
	Section 11.3	 	Post-Termination Assistance 	  	40
	
	ARTICLE XII
	
	TERM AND TERMINATION
			
	Section 12.1	 	Term 	  	40
			
	Section 12.2	 	SRA Termination Event 	  	40
	
	ARTICLE XIII
	
	MISCELLANEOUS PROVISIONS
			
	Section 13.1	 	PHH Guarantee 	  	41
			
	Section 13.2	 	Notice of Certain Events 	  	42
			
	Section 13.3	 	Indemnification 	  	42
			
	Section 13.4	 	Lawful Conduct; Severability; Release 	  	43
			
	Section 13.5	 	Confidential Treatment 	  	43
			
	Section 13.6	 	Expenses	  	43
			
	Section 13.7	 	Confidentiality and No Personal Solicitation 	  	44
			
	Section 13.8	 	Entire Agreement 	  	44
			
	Section 13.9	 	Amendment 	  	44

  

 iii 

					
			
	Section 13.10	 	Binding Effect	  	45
			
	Section 13.11	 	Negotiation and Mediation 	  	45
			
	Section 13.12	 	Governing Law 	  	46
			
	Section 13.13	 	Effect of Waiver or Consent 	  	46
			
	Section 13.14	 	Notices 	  	46
			
	Section 13.15	 	No Assignment 	  	47
			
	Section 13.16	 	Benefit of Parties Only 	  	48
			
	Section 13.17	 	No Joint Venture; Legal Entity 	  	48
			
	Section 13.18	 	Counterparts 	  	48

  

 iv 

 Index of Defined Terms 
  

			
	Additional Services	  	40
	Affiliate	  	1
	Agreement	  	1
	Applicable Requirements	  	2
	Brand Franchisee	  	2
	Cendant	  	2
	Cendant Competitor	  	38
	Cendant Customer	  	2
	Cendant Employees	  	2
	Cendant Entities	  	2
	Cendant Indemnitees	  	44
	Cendant Indemnitor	  	44
	Cendant Member	  	1
	Cendant Mobility	  	2
	Cendant Mobility Broker Network	  	3
	Cendant Mobility Office	  	3
	Cendant Owned Real Estate Offices	  	3
	Cendant Owned Real Estate Offices Tradenames	  	3
	Cendant Real Estate	  	1
	Cendant Real Estate Franchisee Brands	  	3
	Cendant Real Estate Seller	  	34
	Cendant Real Estate Services Division	  	3
	Cendant Restricted Brands	  	3
	Cendant Websites	  	3
	Company	  	1
	Company Loan Officers	  	17
	Company Pricing	  	14
	Competitor Data Point	  	21
	Competitors	  	22
	Content	  	4
	CSSG	  	4
	Cure Period	  	12
	Customer	  	4
	Customer Fees and Charges	  	4
	Customer Information	  	15
	Customer Payment	  	15
	Customer Survey	  	22
	Dispute	  	47
	Disputing Party	  	47

  

 v 

			
	 Domain Name
	  	5
	 FHLMC
	  	18
	 FNMA
	  	18
	 Franchisee Customer
	  	5
	 Franchisee Customer Survey
	  	33
	 Franchisee Key Customer Question
	  	34
	 Franchisee Key Referral Question
	  	34
	 Franchisee Mortgage Content
	  	29
	 Franchisee Referral Survey
	  	33
	 Franchisee Surveys
	  	33
	 Franchisee Telephone Lines
	  	28
	 Guarantee
	  	43
	 Guarantee Amount
	  	15
	 HMDA
	  	7
	 Hyperlink
	  	6
	 Information Security Program
	  	6
	 Interagency Guidelines
	  	28
	 Internet
	  	6
	 Internet Customer Payment
	  	17
	 Key Customer Question
	  	22
	 Key Referral Question
	  	22
	 Losses
	  	44
	 Managing Member
	  	6
	 Mediation Request
	  	47
	 Mortgage Content
	  	16
	 Mortgage Lending Law
	  	6
	 Mortgage Loan
	  	7
	 Mortgage Loan Disclosure
	  	7
	 Mortgage Loan Documents
	  	7
	 Mortgage Loan Pricing
	  	7
	 Mortgage Loan Types
	  	7
	 MSA
	  	7
	 Non-Competitive
	  	22
	 Nonperformance Jurisdiction
	  	12
	 NRT
	  	7
	 Operating Agreement
	  	7
	 Origination Channels
	  	8
	 Other Origination Channels
	  	13
	 Parties
	  	1
	 Party
	  	1
	 PHH
	  	1
	 PHH Affiliates
	  	43

  

 vi 

			
	 PHH Data Point
	  	21
	 PHH Entities
	  	8
	 PHH Indemnitees
	  	44
	 PHH Indemnitor
	  	44
	 PHH Member
	  	1
	 PIMI Origination Channel
	  	8
	 Pipeline Loans
	  	43
	 PLS
	  	26
	 PMC
	  	1
	 PMC Mortgage Loan Types
	  	8
	 PMC Pricing
	  	28
	 PMC Underwriting Guidelines
	  	31
	 Point of Sale Origination Channel
	  	8
	 Pre-Approval Decision
	  	9
	 Premier Agent Program
	  	9
	 Pricing Occurrence
	  	21
	 Pricing Ratio
	  	22
	 Privacy Requirements
	  	27
	 Private Label Business Channel
	  	9
	 Programs
	  	22
	 Purchase Price
	  	34
	 Qualifying Target
	  	34
	 Qualifying Target EBITDA Multiple
	  	35
	 Qualifying Target Mortgage Business
	  	34
	 Rates
	  	21
	 Referral Agent
	  	22
	 Referral Survey
	  	22
	 Rules
	  	47
	 Settlement Services
	  	10
	 Small Corp Notification
	  	34
	 Small Corps
	  	10
	 SRA Termination Event
	  	42
	 STARS
	  	10
	 Survey Failure
	  	23
	 Surveys
	  	22
	 Telephone Lines
	  	14
	 Termination Assistance Period
	  	40
	 Termination Assistance Services
	  	40
	 URL
	  	10
	 Venture Underwriting Guidelines
	  	18
	 Website
	  	10
	 World Wide Web
	  	11

  

 vii 

 This STRATEGIC RELATIONSHIP AGREEMENT, dated as of January 31, 2005 (this
“Agreement”), is by and among Cendant Real Estate Services Group, LLC, a Delaware limited liability company (“Cendant Real Estate”), Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the
“Cendant Member”), PHH Corporation, a Maryland corporation (“PHH”), Cendant Mortgage Corporation, a New Jersey corporation (to be renamed “PHH Mortgage Corporation”) (“PMC”), PHH Broker
Partner Corporation, a Maryland corporation (the “PHH Member”) and PHH Home Loans, LLC, a Delaware limited liability company (the “Company”). Each of Cendant Real Estate, the Cendant Member, PHH, PMC, the PHH Member
and the Company is sometimes referred to herein as a “Party” and, collectively, as the “Parties.” 
 W I T N E S S E T H : 
 WHEREAS, the PHH Member and the
Cendant Member formed the Company on November 3, 2004, for the principal purpose of originating and selling mortgage loans sourced through Cendant’s residential real estate brokerage and corporate relocations businesses and from employees
of Cendant and its Subsidiaries, in accordance with the terms and provisions of this Agreement and the Operating Agreement; and 
 WHEREAS,
this Agreement sets forth, among other things, certain matters related to the business relationship among the Parties. 
 NOW, THEREFORE, in
consideration of the mutual representations, warranties, covenants, promises and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be
legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall each
have the meaning set forth in this Article (unless the context otherwise requires). All capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Operating Agreement. 
 “Additional Services” has the meaning set forth in Section 11.1(b). 
 “Affiliate” means, when used with reference to a specific Person, any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such specific Person. For the avoidance of doubt, neither the Company nor any of the “Brand Franchisees” shall be deemed to be an Affiliate of Cendant or any of
Cendant’s Affiliates. 
 “Agreement” has the meaning set forth in the preamble. 

 “Applicable Requirements” means, as of the time of reference, collectively,
(A) with respect to the Mortgage Loans, all of the following: (i) all contractual obligations, including those contractual obligations contained in this Agreement, in any agreement with any investor or insurer or in the applicable Mortgage
Loan; (ii) all applicable federal, state and local legal and regulatory requirements (including statutes, rules, administrative interpretations, regulations and ordinances), including all Mortgage Lending Laws; (iii) all other applicable
requirements and guidelines of each investor, insurer, governmental agency, board, commission, instrumentality and other governmental body or office having jurisdiction; (iv) all other applicable judicial and administrative judgments, orders,
stipulations, awards, writs and injunctions; and (v) the reasonable and customary mortgage origination practices of prudent mortgage lending institutions which make mortgage loans of the same type as the Mortgage Loans in the jurisdictions in
which the related mortgaged properties are located; and (B) the Foreign Corrupt Practices Act of 1977, as amended. 
 “Brand
Franchisee” means any residential real estate brokerage business that (i) operates under a Cendant Real Estate Franchisee Brand and (ii) is not owned by Cendant Real Estate or any of its Subsidiaries; provided, that the
Parties acknowledge that the “Sotheby’s International Realty” brand may not be included in this definition for certain aspects of this Agreement. 
 “Cendant” means Cendant Corporation, a Delaware corporation. 
 “Cendant
Competitor” has the meaning set forth in Section 10.1(c). 
 “Cendant Customer” means any customer of the
Cendant Entities or any of their respective Subsidiaries; provided, however, that for purposes of this Agreement the term “Cendant Customer” shall not include any Brand Franchisee or any employee or independent sale associate
thereof acting in such capacity. 
 “Cendant Employees” means, collectively, all U.S.-based employees of Cendant and its
Subsidiaries. 
 “Cendant Entities” means, collectively, Cendant Real Estate and the Cendant Member. 
 “Cendant Indemnitees” has the meaning set forth in Section 13.3(a). 
 “Cendant Indemnitor” has the meaning set forth in Section 13.3(b). 
 “Cendant Member” has the meaning set forth in the preamble. 
 “Cendant Mobility” means Cendant Mobility Services Corporation, a Delaware Corporation. 
 “Cendant Mobility Broker Network” means the network of real estate brokers who have executed agreements with Cendant Mobility to assist
customers of Cendant Mobility clients in acquiring or disposing of a home. 
  

 2 

 “Cendant Mobility Office” means any office comprising part of Cendant’s corporate
relocation business, including, without limitation, any office of Cendant Mobility or any of its Subsidiaries. 
 “Cendant Owned Real
Estate Office” means any residential real estate brokerage office owned as of the date hereof or acquired or opened hereafter by Cendant Real Estate or one of its Subsidiaries, including, without limitation, NRT. 
 “Cendant Owned Real Estate Offices Tradenames” means, collectively, the real estate brand names or trade names owned or licensed as of
the date hereof or acquired or licensed hereafter by Cendant Real Estate or one of its Subsidiaries under which the Cendant Owned Real Estate Offices operate, including those brand names and trade names listed in Exhibit A. 

“Cendant Real Estate” has the meaning set forth in the preamble. 
 “Cendant Real Estate Franchisee Brands” means, collectively, the real estate brand names or trade names owned or licensed as of the date
hereof or acquired or licensed hereafter by the franchisor Subsidiaries of Cendant Real Estate or one of its Subsidiaries, including those brand names and trade names listed in Exhibit B; provided, that the Parties acknowledge
that the “Sotheby’s International Realty” brand may not be included in this definition for certain aspects of this Agreement. 
 “Cendant Real Estate Services Division” means (i) the residential and commercial real estate brokerage business owned and operated by NRT and its Subsidiaries; (ii) the relocation business owned and operated by
Cendant Mobility and its Subsidiaries; and (iii) the Settlement Services business owned and operated by CSSG and its Subsidiaries (it being understood that for all purposes of this Agreement, the Cendant Real Estate Services Division shall not
include Century 21 Real Estate LLC, Coldwell Banker Real Estate Corporation, ERA Franchise Systems, Inc. and Sotheby’s International Realty Affiliates, Inc.). 
 “Cendant Restricted Brands” means the “Sotheby’s International Realty” trade name and any other real estate brand name or trade name that may be licensed or acquired by Cendant or any
of its Subsidiaries but which has not been licensed to PMC or an Affiliate thereof pursuant to either the License Agreement or a similar agreement between Cendant or an Affiliate thereof, on the one hand, and PMC or an Affiliate thereof, on the
other hand. 
 “Cendant Websites” means (i) all Websites operated by, or on behalf of, any of the Cendant Owned Real
Estate Offices or the Cendant Mobility Offices and (ii) all Cendant Owned Real Estate Offices Tradename Websites and Cendant Real Estate Franchisee Brand Websites operated by Cendant Real Estate, Cendant Mobility, or a Subsidiary thereof, in
either case through which inquiries or applications for Mortgage Loans may be made. For the avoidance of doubt, the term “Cendant Websites” shall not include any Website operated by, or on behalf of, any Brand Franchisee. 
 “Company” has the meaning set forth in the preamble. 
  

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 “Company Loan Officers” has the meaning set forth in Section 3.3(b)(i). 

“Company Pricing” has the meaning set forth in Section 3.2(a). 
 “Competitor Data Point” has the meaning set forth in Section 3.15(a). 
 “Competitors” has the meaning set forth in Section 3.15(c)(ii). 
 “Content” means, with respect to any Person, all content which such Person has created or may hereafter create, has licensed or may
hereafter license, or has acquired or may hereafter acquire, in any form and in any medium now known or hereafter developed, including: (a) art, audiovisual works, animations, cartoons, characters, choreography, compilations, collective works,
computer software and programs, data, designs, emblems, films, film clips, graphics, images, illustrations, likenesses, literary works, logos, motion pictures, musical compositions, music videos, performances, photographs, pictorial works, songs,
song lyrics, sound recordings, scripts, screenplays, templates, text, video recordings, copyrightable subject matter, works of authorship, trade secrets (including customer and vendor lists), and other proprietary rights; (b) all rights under
copyright and moral rights associated with the foregoing; (c) all copyrightable derivative works, enhancements, improvements, modifications, updates, new releases or other revisions of the foregoing; (d) all publicity rights or privacy
rights (or waivers or quitclaims thereof) of any person or entity, and (e) all rights corresponding to the foregoing throughout the world. 
 “CSSG” means Cendant Settlement Services Group LLC, a Delaware limited liability company. 
 “Cure
Period” has the meaning set forth in Section 2.2(a). 
 “Customer” means any individual who contacts the
Company, whether in person, by mail, phone, via the Internet (including by electronic mail), or otherwise, or who is so contacted by the Company, about the possibility of obtaining a Mortgage Loan through the Company, or who otherwise obtains a
Mortgage Loan from or through the Company. 
 “Customer Fees and Charges” means, with respect to any Mortgage Loan, an
amount equal to the sum of: (i) all reasonable charges or fees paid or incurred by the Mortgage Loan originator for taking the Mortgage Loan application, locking-in Mortgage Loan Pricing, surveys, title insurance premiums, appraisal fees,
abstract and attorneys’ fees, recording or registration charges, escrow fees, document preparation fees, credit report charges, tax service fees and similar charges, and all other reasonable and customary third-party charges for settlement
services contracted for and permitted by applicable law related to the origination of a Mortgage Loan; and (ii) all origination and discount points or other similar amounts described in the Mortgage Loan Pricing for such Mortgage Loan.

  

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 “Customer Information” means any personally identifiable information or records in any
form (written, electronic, or otherwise) relating to a Customer, including a Customer’s name, address, telephone number, electronic mail address, loan number, loan payment history, delinquency status, insurance carrier or payment information,
tax amount or payment information, the fact that the Customer has a relationship with the Company or the Cendant Entities or the Brand Franchisees or their respective Affiliates and any other personally identifiable information. 
 “Customer Payment” has the meaning set forth in Section 3.3(a)(i)(C). 
 “Customer Survey” has the meaning set forth in Section 3.16(a). 
 “Dispute” has the meaning set forth in Section 13.11(a). 
 “Disputing Party” has the meaning set forth in Section 13.11(b). 
 “Domain Name” means the unique name that identifies an Internet site. 
 “FHLMC” has the meaning set forth in Section 3.5. 
 “FNMA” has the meaning set forth in Section 3.5. 
 “Franchisee
Customer” means any customer of a Brand Franchisee that contacts PMC or an Affiliate thereof, whether in person, by mail, phone, via the Internet (including by electronic mail), or otherwise, or who is so contacted by PMC or such Affiliate,
about the possibility of obtaining a Mortgage Loan through PMC or an Affiliate thereof, or who otherwise obtains a Mortgage Loan from or through PMC or an Affiliate thereof. 
 “Franchisee Customer Survey” has the meaning set forth in Section 8.12. 
 “Franchisee Key Customer Question” has the meaning set forth in Section 8.12. 
 “Franchisee Key Referral Question” has the meaning set forth in Section 8.12. 
 “Franchisee Mortgage Content” has the meaning set forth in Section 8.2(a)(ii)(A). 
 “Franchisee Referral Survey” has the meaning set forth in Section 8.12. 
 “Franchisee Surveys” has the meaning set forth in Section 8.12. 
 “Franchisee Telephone Lines” has the meaning set forth in Section 8.2(a)(i)(A). 
 “Guarantee” has the meaning set forth in Section 13.1(a). 
 “Guarantee Amount” has the meaning set forth in Section 3.3(a)(i)(C). 
  

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 “HMDA” has the meaning set forth in the definition of “Mortgage Lending Law.”

 “Hyperlink” means an electronic link providing direct access from one distinctively marked place in a World Wide Web page
to another place in the same or a different World Wide Web page. 
 “Information Security Program” means the Company’s
information security program to (i) insure the security and confidentiality of Customer Information, (ii) protect against any anticipated threats or hazards to the security or integrity of the Customer Information and (iii) protect
against unauthorized access to or use of the Customer Information that could result in substantial harm or inconvenience to any Customer. 
 “Interagency Guidelines” has the meaning set forth in Section 7.2(b). 
 “Internet” means the
electronic communications network that connects computer networks and organizational computer facilities around the world. 
 “Internet Customer Payment” has the meaning set forth in Section 3.3(a)(ii)(D). 
 “Key Customer
Question” has the meaning set forth in Section 3.16(a). 
 “Key Referral Question” has the meaning set forth
in Section 3.16(a). 
 “Losses” has the meaning set forth in Section 13.3(a). 
 “Managing Member” means the PHH Member or such other member as may replace the PHH Member as managing member pursuant to the Operating
Agreement. 
 “Mediation Request” has the meaning set forth in Section 13.11(b). 
 “Mortgage Content” has the meaning set forth in Section 3.3(a)(ii)(A). 
 “Mortgage Lending Law” means any federal, state or local constitution, statute, rule, regulation, order or similar legal or regulatory
requirement applicable to: the communication with, and marketing directed toward Mortgage Loan customers; the application process for Mortgage Loans; the Pre-Approval Decision process; the processing of Mortgage Loan applications; the communication
to the customer of a Mortgage Loan underwriting decision; the closing and funding of a Mortgage Loan; and the preparation, execution and delivery of Mortgage Loan Documents and Mortgage Loan Disclosures. Mortgage Lending Laws include, but are not
limited to, the following: (i) the record keeping and reporting requirements of the Home Mortgage Disclosure Act (“HMDA”); (ii) the Real Estate Settlement Procedures Act and Regulation X (24 C.F.R. Part 3500);
(iii) the Fair Housing Act; (iv) the Fair Credit Reporting Act; (v) the Flood Disaster Protection Act; (vi) the Truth-in-Lending Act and (Regulation Z); (vii) the National Housing Act; (viii) the Servicemen’s
Readjustment Act; (ix) the Equal Credit Opportunity Act and (Regulation B); (x) any usury laws or regulations; and (xi) the Homeowner’s Protection Act. 
  

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 “Mortgage Loan” means a mortgage loan (including a home equity line of credit) evidenced
by one or more promissory notes and secured by a mortgage or deed of trust on one or more residential real estate properties. 
 “Mortgage Loan Disclosure” shall mean any disclosure, notice or other document or statement that, according to a Mortgage Lending Law, must be provided to a customer by or on behalf of the Person originating the Mortgage
Loan in connection with the origination, closing and funding of a Mortgage Loan or an application for a Mortgage Loan. 
 “Mortgage
Loan Documents” means the Mortgage Instruments, Mortgage Notes and Assignments. 
 “Mortgage Loan Pricing” means
the interest rates, discount points, loan origination fees, loan application fee, closing costs and other associated cost elements for a Mortgage Loan. 
 “Mortgage Loan Types” means the various types of Mortgage Loans offered by the Company from time to time. 
 “MSA” shall have the meaning set forth in the Operating Agreement. 
 “Non-Competitive” has the meaning set forth in Section 3.15(b). 
 “Nonperformance
Jurisdiction” has the meaning set forth in Section 2.2(a). 
 “NRT” means NRT Incorporated, a Delaware
corporation. 
 “Operating Agreement” means the Amended and Restated Limited Liability Company Operating Agreement of the
Company, dated as of January 31, 2005, as it may be amended from time to time. 
 “Origination Channels” means the PIMI
Origination Channel, Point of Sale Origination Channel and the Other Origination Channels, together with any improvements made thereto from time to time. 
 “Other Origination Channels” has the meaning set forth in Section 3.1. 
 “Party” or “Parties” has the meaning set forth in the preamble. 
 “PHH” has the
meaning set forth in the preamble. 
 “PHH Affiliates” has the meaning set forth in Section 13.1(a). 
 “PHH Data Point” has the meaning set forth in Section 3.15(a). 
  

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 “PHH Entities” means, collectively, PHH, PMC and the PHH Member. 
 “PHH Indemnitees” has the meaning set forth in Section 13.3(b). 
 “PHH Indemnitor” has the meaning set forth in Section 13.3(a). 
 “PHH Member” has the meaning set forth in the Preamble. 
 “PIMI Origination Channel” means the system of exclusive and dedicated toll-free telephone lines, Websites, World Wide Web pages, electronic mail addresses, or other means of remote electronic
communication established from time to time to meet the Mortgage Loan needs of the Customers and Franchisee Customers. 
 “Pipeline
Loans” has the meaning set forth in Section 12.2(c). 
 “PLS” has the meaning set forth in Section 6.3.

 “PMC” has the meaning set forth in the preamble. 
 “PMC Mortgage Loan Types” means the various types of Mortgage Loans now or hereafter offered by PMC and its Affiliates. 
 “PMC Pricing” has the meaning set forth in Section 8.1. 
 “PMC Underwriting Guidelines” has the meaning set forth in Section 8.4. 
 “Point of Sale Origination Channel” means the system, including related software, hardware and other facilities (including Telephone
Lines, Websites, World Wide Web pages, electronic mail addresses, or other means of communication) established from time to time to meet the Mortgage Loan needs of Customers through Company Loan Officers located in or near Cendant Owned Real Estate
Offices and other field locations. The “Point of Sale Origination Channel” shall include the origination channel referred to as the “My Choice” origination channel whereby loan officers can take Mortgage Loan applications and
submit them through the PIMI Origination Channel, or through processing systems used in the PIMI Origination Channel. 
 “Pre-Approval Decision” means the process by which (i) the Company or PMC, as the case may be, requests certain information from a Customer or Franchisee Customer, as the case may be, and, with such customer’s
permission, obtains a credit report on such customer; (ii) the Company or PMC, as the case may be, analyzes the information provided by the Customer or Franchisee Customer, as the case may be, and the credit report and (iii) then advises
the Customer or Franchisee Customer, as the case may be, whether or not it is likely that he or she will be approved for a Mortgage Loan and, if so, the maximum amount of such Mortgage Loan. 
 “Premier Agent Program” means a program sponsored by PMC whereby certain real estate agents whose real estate sales performances (based
on buyer controlled sales, gross commission income and/or sales volume) reach a target level are invited (at their option) to participate in a program in which PMC provides certain resources, including telephone services (800 numbers and priority
handling), personalized marketing materials and post-closing customer gifts. 
  

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 “Pricing Occurrence” has the meaning set forth in Section 3.15(a). 
 “Pricing Ratio” has the meaning set forth in Section 3.15(b). 
 “Privacy Requirements” has the meaning set forth in Section 7.2(b). 
 “Private Label Business Channel” means PHH’s and its Affiliates’ lending partners, the financial institutions, the depository
institution Subsidiaries of the foregoing and the investment securities brokers/dealers utilizing a private label telemarketing program for first lien mortgage loans. 
 “Programs” has the meaning set forth in Section 3.15(c)(i). 
 “Purchase
Price” has the meaning set forth in Section 9.1(a). 
 “Qualifying Target” has the meaning set forth in
Section 9.1(a). 
 “Qualifying Target EBITDA Multiple” has the meaning set forth in Section 9.1(a)(i). 

“Qualifying Target Mortgage Business” has the meaning set forth in Section 9.1(a). 
 “Rates” has the meaning set forth in Section 3.15(a). 
 “Referral Agent” has the meaning set forth in Section 3.16(a) 
 “Referral Survey” has the meaning set forth in Section 3.16(a). 
 “Rules” has the meaning set forth in Section 13.11(b). 
 “Settlement Services” means the provision of title, closing, escrow or search-related services for residential real estate transactions
and all other mortgage-related transactions (including, without limitation, first mortgage loans, second mortgage loans, home equity lines of credit, other home equity loans and refinance transactions), including the issuance of title insurance
policy (including title search procedures), property tax tracking service and closing escrow service; provided, however, that Settlement Services shall not include, by way of example, credit review services, appraisal review services
or flood zone determinations for properties. 
 “Small Corp Notification” has the meaning set forth in Section 9.1(a).

 “Small Corps” means, collectively, the companies listed in Exhibit C. 
 “SRA Termination Event” has the meaning set forth in Section 12.2(a). 
  

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 “STARS” means Speedy Title and Appraisal Review Services LLC, a Delaware limited
liability company. 
 “Survey Failure” has the meaning set forth in Section 3.16(b). 
 “Surveys” has the meaning set forth in Section 3.16(a). 
 “Telephone Lines” has the meaning set forth in Section 3.3(a)(i)(A). 
 “Termination Assistance Period” has the meaning set forth in Section 11.1(a). 
 “Termination Assistance Services” has the meaning set forth in Section 11.1(a). 
 “URL” means the address of a computer or a document on the Internet that consists of a communications protocol followed by a colon and
two slashes (as http://), the identifier of a location of computer, or a path through a directory to a file. 
 “Venture Underwriting
Guidelines” has the meaning set forth in Section 3.5. 
 “Website” means a group of World Wide Web pages
containing Hyperlinks to each other. 
 “World Wide Web” means the part of the Internet designed to allow easier navigation
through the use of graphical user interfaces and Hyperlinks between different URLs. 
 Section 1.2 Interpretation. Each
definition in this Agreement includes the singular and the plural, and reference to the neuter gender includes the masculine and feminine where appropriate. References to any statute or Treasury Regulations means such statute or regulations as
amended at the time and include any successor legislation or regulations. The word “including” or any variations thereof means “including, without limitation” and shall not be construed to limit any general statement that it
follow to the specific or similar items or matters immediately following it. The headings to the Articles and Sections are for convenience of reference and shall not affect the meaning or interpretation of this Agreement. Except as otherwise stated,
reference to Articles, Exhibits, Sections and Schedules mean the Articles, Exhibits, Sections and Schedules of this Agreement. The Exhibits and Schedules are hereby incorporated by reference into and shall be deemed a part of this Agreement.

  

 10 

 ARTICLE II 
 EXCLUSIVITY; MARKETING 
 Section 2.1 Exclusivity; Marketing. 
 (a) The Cendant Entities hereby agree that, except as set forth below or elsewhere in this Agreement, the Cendant Real Estate Services Division
shall exclusively recommend the Company as provider of Mortgage Loans to (a) the independent sales associates affiliated with a Cendant Entity or any Subsidiary thereof (provided that, for the avoidance of doubt, this clause (a) shall not
include any independent sale associate of a Brand Franchisee acting in such capacity), (b) all Cendant Customers, and (c) all Cendant Employees. The Cendant Entities further agree that the Cendant Real Estate Services Division shall
actively and exclusively promote the Company and its Mortgage Loan origination services to Cendant Customers and Cendant Employees; provided, however that: 
 (i) the Cendant Real Estate Services Division shall not be required, in any manner whatsoever, to condition doing business with a
customer on such customer obtaining a Mortgage Loan from, having to contact, or having to agree to be contacted by, the Company; and 
 (ii) the Company and PMC acknowledge that neither Cendant nor any of its Affiliates have the right to co-brand with a Person that is not a Cendant Affiliate the “Sotheby’s International Realty” name and
mark and that all marketing materials directed to the customers of the Sotheby’s brand will be branded as “PHH Home Loans.” 
 (b) For the avoidance of doubt, for purposes of this Section 2.1, the “Cendant Real Estate Services Division” shall not include Cendant’s and its Affiliates’ hospitality services business, including the
business of selling vacation ownership and fractional ownership interests, or any successor business thereto. 
 Section 2.2
Termination of Exclusivity. Notwithstanding anything to the contrary contained in this Agreement: 
 (a) The Cendant Entities
shall have the right to terminate the exclusivity provisions of Section 2.1, following notice and an opportunity to cure within the applicable Cure Period set forth below, (i) if the Company is prohibited by law, regulation, rule, order or
other legal or regulatory restriction, or for any other reason, from performing its origination function in any jurisdiction (the “Nonperformance Jurisdiction”), but in such case exclusivity shall only be terminated with respect to
the Nonperformance Jurisdiction; (ii) in the event there is a material violation or breach by PHH or any of its respective Affiliates (including the PHH Member acting in any capacity whatsoever, including as Managing Member) of any
representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document; or (iii) upon the occurrence of a “PHH Regulatory Event” or a “Company Regulatory Event,” as each are
defined in the Operating Agreement. The “Cure Period” shall be (x) in the case of (ii) and (iii) above, thirty (30) calendar days after notice of such event has been provided by any of the Cendant Entities to the
PHH Entities; provided, 

  

 11 

 
however, that PHH shall have an additional thirty (30) day cure period (other than in respect of breaches resulting from payment defaults) if it
is diligently pursuing a cure and the Cendant Member, in its reasonable judgment, believes that the event will be cured within such extension period, and (y) in the case of (i) above, ninety (90) calendar days after notice of such
event has been provided by any of the Cendant Entities to the PHH Entities; provided, however, that PHH shall have an additional thirty (30) day cure period if it is diligently pursuing a cure and the Cendant Member, in its
reasonable judgment, believes that the event will be cured within such extension. 
 (b) The exclusivity provisions of Section 2.1
shall not be applicable to any Cendant Owned Real Estate Office or Cendant Mobility Office acquired by Cendant Real Estate, Cendant Mobility or any of their respective Subsidiaries after the date hereof, which at the time of such acquisition is
subject to an agreement, arrangement or understanding with respect to the origination of Mortgage Loans for customers of such office that would conflict with the provisions of this Agreement; provided, however, that nothing in this
Section 2.2(b) shall affect any of the obligations of the Parties pursuant to Article IX hereof. 
 Section 2.3
Marketing. The Cendant Entities shall, and shall cause their Subsidiaries to, cooperate with and support the Company in the marketing of Mortgage Loans through the Origination Channels to Cendant Customers and Cendant Employees, and arrange
for the Company to have reasonable access thereto. Cendant Real Estate shall make information provided by the Company related to the Origination Channels available to its and its Subsidiaries’ employees, sales agents and sales associates and
provide other information to its sales agents and sales associates with respect to such Origination Channels as Cendant Real Estate may deem appropriate in its sole discretion. Cendant Real Estate shall use its commercially reasonable best efforts
to ensure that each Cendant Owned Real Estate Office and Cendant Mobility Office, and their respective office managers, agents and sales associates, to the fullest extent practicable, market the goods and services which are the subject of the
Origination Channels, it being understood that such “commercially reasonable best efforts” shall not include taking actions against any sales associates which Cendant Real Estate reasonably believes will have any negative impact on its
business. 
 Section 2.4 Variable Compensation. Without reimbursement by any PHH Entity or the Company, Cendant Real Estate may
pay, or cause to be paid, to each NRT and/or Cendant Mobility office manager that is an employee of Cendant Real Estate or a Subsidiary thereof a variable component of annual compensation, which component may be based on either (i) the volume
of Mortgage Loans originated by such manager’s Cendant Owned Real Estate Office or Cendant Mobility Office, as the case may be, (ii) penetration rate of Mortgage Loans, or (iii) any other measure; provided, however, that
Cendant shall have sole control over determining the form of such program and the right to modify or terminate any such program at any time, so long as such program is replaced with another program, policy or arrangement that, in Cendant’s sole
and exclusive discretion, is intended to incentivize NRT and/or Cendant Mobility office managers. 
  

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 ARTICLE III 
 LOAN ORIGINATION 
 The Company shall, and the PHH Member shall cause the Company to, operate in accordance
with the provisions of this Article III. 
 Section 3.1 Marketing. The Company shall market the PIMI Origination Channel,
Point of Sale Origination Channel and any other origination channels that may be developed by the Company (“Other Origination Channels”), at its expense, to Cendant Customers and Cendant Employees, and shall secure, at its expense,
such forms of insurance coverage and other protection from liability as is customary in the industry for similar originators of Mortgage Loans, including but not limited to insurance coverage and protections from liability for the acts or failures
of its employees, officers, agents and other representatives. 
 Section 3.2 Mortgage Loan Types. 
 (a) The Company shall offer to the Customers a variety of Mortgage Loan Types in order to permit Customers to select a Mortgage Loan Type best
suited to their financial needs. The Company shall be responsible for developing the various Mortgage Loan Types and establishing the Mortgage Loan Pricing associated therewith (the “Company Pricing”); provided,
however, that the Company shall offer to the Customers the full range of Mortgage Loan Types that are currently offered or may in the future be offered by PHH or any of its Affiliates to their customers. 
 (b) From time to time, the Cendant Entities may request that a Mortgage Loan Type not offered by the Company be made available to Customers
pursuant to this Agreement and the Company shall, and the PHH Member shall cause the Company to, make such Mortgage Loan Type available to Customers. Upon such request, the Parties shall mutually agree upon the cost allocation of the set-up and
processing functions to be implemented by the Company and the PHH Entities to accommodate the Cendant Entities’ request. The Parties acknowledge that the typical start-up time necessary for any such product is 6 to 8 weeks from the time
the Parties mutually agree to make such product available. 
 Section 3.3 Company Origination Channels. 
 (a) PIMI Origination Channel. The Company’s PIMI Origination Channel shall be operated in accordance with the provisions of this
Section 3.3(a). 
 (i) Telephone Lines. 
 (A) The Company shall provide to the Cendant Owned Real Estate Offices, Cendant Mobility Offices and participants in the Cendant Real
Estate Services Division’s Premier Agent Program, dedicated and exclusive toll-free telephone lines established and operated at the expense of and by the Company (“Telephone Lines”), which the Company reasonably believes are
adequate to meet the reasonably anticipated needs of the current and prospective Customers. 
  

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 (B) Trained Company personnel shall answer Telephone Lines in the name of (i) the
appropriate Cendant Owned Real Estate Offices Tradename, if such Telephone Line has been assigned to a Cendant Owned Real Estate Office; provided, however, that the Telephone Lines dedicated to a Cendant Owned Real Estate Office
operating under a Cendant Restricted Brand shall be answered in the name of “PHH Home Loans,” (ii) “PHH Home Loans,” if such Telephone Line has been assigned to a Cendant Mobility Office, (iii) the appropriate Small
Corps entity, if such Telephone Line has been assigned to the Point of Sale Origination Channel, or (iv) the appropriate Cendant Owned Real Estate Offices Tradename, if such Telephone Line has been assigned to the Premier Agent Program, as the
case may be. Such personnel shall explain to the Customer, as appropriate: (a) the procedure to be followed in obtaining a Mortgage Loan; (b) the various Mortgage Loan Types available and their associated Mortgage Loan Pricing; and
(c) their short- and long-term financial implications. Such personnel shall provide counsel and advice to the Customer as to the Mortgage Loan Types that might best serve the Customer’s needs, including answering any questions the Customer
might have regarding the process. 
 (C) The Company shall provide each Customer who utilizes the Telephone Lines with a same
day Pre-Approval Decision and Guarantee. A “same day” Pre-Approval Decision and Guarantee means that the Company will provide the Customer with a Pre-Approval Decision during the same day the Customer provided the Company with the
information requested from the Customer for purposes of making a Pre-Approval Decision for that Customer or, if the Company does not provide the Customer with such a Pre-Approval Decision, the Company will promptly pay the Customer the Guarantee
Amount (a “Customer Payment”). The Cendant Entities and their respective Subsidiaries shall have the right to publicize and advertise to their customers the availability of such Pre-Approval Decisions and Guarantees in accordance
with all Mortgage Lending Laws. For purposes of this Agreement, the “Guarantee Amount” shall mean an amount equal to the higher of (a) $250 and (b) such other amount as may be offered by PMC or any Affiliate thereof to
customers under a similar program (exclusive of client subsidized programs). 
 (D) The Company will provide to Customers for
whom it has made a Pre-Approval Decision and which Customer is likely to be approved for a Mortgage Loan information tailored to the Customer’s individual circumstances. Such information will be designed to enable the Customer to determine the
nature of the Mortgage Loan the Customer may qualify for if an appropriate property securing the Mortgage Loan is identified and all information submitted is verified. 
  

 14 

 (ii) Internet. 
 (A) The Company will take applications for Mortgage Loans via the Internet. In order to accomplish this, the Company will provide each
operator of a Cendant Website with Hyperlinks to such Content as the Company reasonably believes is adequate to meet the reasonably anticipated needs of the current and prospective Customers (the “Mortgage Content”). The Cendant
Entities shall, and shall cause their respective Subsidiaries to, embed such Hyperlinks prominently in a consumer oriented and contextually relevant position on each Cendant Website. The Parties will cooperate in structuring and embedding such
Hyperlinks so that, by clicking on the Hyperlink at the Cendant Websites, the Customer will be immediately transferred to the Mortgage Content via the Internet. Except in the case of Cendant Restricted Brands, such Mortgage Content will be presented
by the Company in such a way that it will appear as if it were on a World Wide Web page or series of World Wide Web Pages on the Cendant Website from which the Hyperlink originated to the extent it is consistent with Applicable Requirements to do
so. The form and substance of such World Wide Web pages will be subject to the prior written consent of the Cendant Entities. In order to improve the graphical compatibility of the Cendant Websites and the Company’s sites, the Company and the
Cendant Entities will consult with each other when developing or modifying such World Wide Web pages, and also when considering the design of future releases of their respective Websites. The Company shall not permit the Mortgage Content accessed by
Customers via Hyperlinks from the Cendant Websites contemplated by this Agreement to display any advertising, except in such instances where the Cendant Entities have provided their prior written consent to such advertising. 
 (B) The Mortgage Content will include information about the Mortgage Loans and Mortgage Loan Types, Mortgage Loan calculators, counseling
regarding down payments and Mortgage Loan affordability, pre-qualification tools to be used by consumers and Mortgage Loan application modules. The Company will ensure that a Customer shall be able to complete and submit a Mortgage Loan application
by means of the Mortgage Content without any other contact with the Company. 
 (C) Customers utilizing the Mortgage Content
to initiate the Mortgage Loan process will be offered the option of communicating with a processing team or other persons contemplated in Section 3.9 of this Agreement, either by electronic mail or by telephone, or by a combination of
electronic mail and telephone. 
  

 15 

 (D) Each Customer initiating the origination process via the Internet shall receive a
Pre-Approval Decision within 24 hours of the time such Customer either (i) submits a complete Mortgage Loan application via the Mortgage Content, or (ii) first speaks with a Company loan consultant by telephone after submitting certain
information not constituting a complete Mortgage Loan application through the Mortgage Content, or the Company shall promptly pay the Customer the Guarantee Amount (the “Internet Customer Payment”). 
 (b) Point of Sale Origination Channel. 
 (i) Cendant Real Estate shall have the right to request at any time that the Company designate a specific number of loan officers (“Company Loan Officers”) to be located in and around any Cendant
Owned Real Estate Office and other field locations identified by Cendant Real Estate, provided that the number of Company Loan Officers requested shall be commercially reasonable. The Company shall use reasonable best efforts to satisfy any such
request within 90 days after it is first delivered in writing to the Company. 
 (ii) Company Loan Officers will be Company
employees and will take loan applications from Customers in a face-to-face setting, unless Cendant Real Estate and the Company agree otherwise. Company Loan Officers will promptly transmit applications taken in a face-to-face setting to the Company
via the Point of Sale Origination Channel, unless Cendant Real Estate and the Company agree otherwise. The Company shall provide dedicated Telephone Lines for Company Loan Officers that use the “My Choice” origination channel described in
the definition of “Point of Sale Origination Channel.” 
 (iii) The Company shall pay Cendant Real Estate a fee for
the lease or sublease of the office space occupied by any Company Loan Officer in any Cendant Owned Real Estate Office, in each case as set forth in the Master Sublease Agreement, as defined in the Operating Agreement. 
 Section 3.4 Mortgage Loan Application Processing. For each Customer who applies for a Mortgage Loan through the origination channels
described in Section 3.3, the Company shall arrange for the receipt by the Customer, as promptly as practicable under the circumstances, and in any event in accordance with applicable law, of (i) the Mortgage Loan application for the
Customer to review and sign, accompanied by a request for appropriate Customer documents and (ii) all Mortgage Loan Disclosures. In addition, and to the extent required or permitted under the Venture Underwriting Guidelines, as applicable, the
Company shall: (i) verify the Customer’s credit history; 

  

 16 

 
(ii) obtain an appraisal or other appropriate valuation of the real property that will secure the Customer’s Mortgage Loan; (iii) cause to be
conducted a review of or report on the status of the legal title to the real property prepared by either (A) CSSG, if the Company is permitted to make the service provider decision under Applicable Requirements, or (B) a qualified title
company or other entity acceptable to the PHH Member and the Cendant Member, if the Company does not make the service provider decision; (iv) evaluate the Customer’s employment history; (v) evaluate any information provided with
respect to the Customer by a Cendant Entity or any of their respective Subsidiaries, (vi) perform such other underwriting functions as the Company deems appropriate, all in accordance with the Venture Underwriting Guidelines; and
(vii) communicate a loan decision or counteroffer to the Customer in accordance with all applicable laws. 
 Section 3.5
Underwriting Guidelines. The Company shall develop appropriate underwriting guidelines for each Mortgage Loan Type (the “Venture Underwriting Guidelines”), which Venture Underwriting Guidelines shall be consistent with the
underwriting guidelines followed by PHH and its Affiliates in connection with Mortgage Loans offered to their own customers for the same products in the same geographic area and at the same time. Unless the Venture Underwriting Guidelines specify
otherwise for specific Mortgage Loan Types, all Mortgage Loans shall be underwritten in accordance with the standards of the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association
(“FNMA”) and other applicable federal agencies providing standards for the sale of loans in the secondary market for mortgage loans. The Company shall issue approval letters on those applications which generally satisfy the Venture
Underwriting Guidelines. 
 Section 3.6 Degree of Care. The Company shall perform the origination, processing, underwriting,
approval, closing, shipping, and other origination services on all Mortgage Loans in all material respects in accordance with all Mortgage Lending Laws and with no less degree of care than PMC or any of its Affiliates exercises in originating
Mortgage Loans for its own account or the account of any third party with a similar regulatory profile, provided, that in no event shall the Company exercise a lesser degree of care than PMC exercised in originating Mortgage Loans prior to
the Closing Date. 
 Section 3.7 Mortgage Loan Closing. The Company shall use its best efforts to complete the processing and
closing of all Mortgage Loans originated pursuant to this Agreement in the time frame requested by the Customer at the time of submission of the Mortgage Loan application. The Company shall: (i) prepare all required Mortgage Loan closing
documents in accordance with all applicable Mortgage Lending Laws; (ii) arrange for their execution by the Customer; (iii) provide the Customer with a copy of the Company’s privacy policy in accordance with the Privacy Requirements;
and (iv) arrange for the Mortgage Loan closing. All Mortgage Loans shall be closed in the name of the Company or the name under which the Company is doing business in the appropriate jurisdiction. On purchase money Mortgage Loans, the Company
shall meet the closing date set by the Customer or the Company shall reduce the interest rate payable on that Customer’s Mortgage Loan by one-eighth percent (1/8%) for the life of loan. For refinance loans, the Company shall use its best
efforts (taking 

  

 17 

 
into consideration factors such as periods of high volume loan refinance activity (as substantiated by the Refinance Application Index as promulgated by the
Mortgage Bankers Association)) to perform its obligations hereunder to complete the processing and closing within sixty (60) days from the date of application. 
 Section 3.8 Company Personnel. 
 (a) The Company will provide, supervise and make available
such personnel as are reasonably necessary to carry out the Company’s obligations under this Agreement. Such personnel, including rate lock personnel, shall be available between the hours of 8:30 a.m. and 10:00 p.m. Eastern time, or such
additional hours as may be required by operating conditions and requested by the Cendant Entities, on Business Days. Such personnel, excluding rate lock personnel, shall also be available, as needed, to process Mortgage Loans and contact Customers,
between the hours of 10 a.m. and 7 p.m., Eastern time, or such additional hours as may be required by operating conditions and requested by the Cendant Entities, on Saturdays and Sundays, except in those instances where a Saturday falls on or near a
national holiday and the Company provides reasonable advance notice to Cendant Real Estate in writing that its facilities will be closed on any such day. 
 (b) The Company shall at all times permit employees of Cendant Real Estate and its Subsidiaries access to the Company’s offices (including offices where it conducts Mortgage Loan origination services) during
the Company’s working hours to observe the origination, processing and closing of the Mortgage Loans. The Company shall, at its expense, make available all customary, reasonable office space, facilities, and equipment for such employees. The
salaries, travel, subsistence and other related expenses for such employees shall be borne by Cendant Real Estate. 
 Section 3.9
Processors. The Company shall cause each Customer who makes an application for a Mortgage Loan to be processed through any of the origination channels described in Section 3.3 to be served by a processing team or other persons employed
by the Company and determined by the Company to be most efficient under the circumstances. The Company shall cause each such processing team or other persons to serve the Customer throughout the entire process of Mortgage Loan application,
processing, underwriting and closing, and to use best efforts to meet the Customer’s closing date. 
 Section 3.10 Access.
At any time, upon the Cendant Member’s request, the Company shall afford to the officers, employees, accountants, counsel and other representatives of any of the Cendant Entities, as well as any regulatory officials with regulatory authority
over any of the Cendant Entities or their respective Affiliates, access to all its properties, books, contracts, commitments, records, officers, employees, accountants, counsel and other representatives. Furthermore, each of the Company, the PHH
Member and PMC, at their sole cost and expense, shall make available, or cause to be made available, to the Cendant Member all information concerning the Company’s business, properties and personnel as the Cendant Member may reasonably request.

  

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 Section 3.11 Maintenance of Licenses. The Company shall, at its own cost and expense, obtain
and maintain any and all licenses and registrations, and cause each of its employees to obtain any and all licenses and registrations, that are necessary or desirable in the performance of the Mortgage Loan origination services to be provided by the
Company pursuant to the terms of this Agreement. 
 Section 3.12 Record Keeping. 
 (a) The Company shall maintain at all times a system that tracks accurately and verifiably the number and dollar volume of Mortgage Loans originated
by the Company and the Company’s revenue and expense items including income and net profits. 
 (b) The Parties shall develop and
maintain commercially reasonable, appropriate and cost-effective voice, data, facsimile and e-mail processes and systems to support communication between them. Each Party shall pay the costs it incurs in developing such communications. 

Section 3.13 Legal and Regulatory Compliance. 
 (a) Actions taken or not taken by the Company, and all communications made by the Company, in each case when performing its obligations under this Agreement shall comply in all material respects with the
requirements of all applicable Mortgage Lending Laws. 
 (b) Actions taken or not taken by any of the Cendant Entities, and all
communications made by any of them, in each case when performing its obligations under this Agreement, shall comply in all material respects with the requirements of applicable Mortgage Lending Laws. 
 (c) The Company shall keep in full effect its existence, rights and franchises in the state of its incorporation except as permitted herein or in
the Operating Agreement, and will obtain and preserve its qualifications to do business as a foreign entity in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any
of the Mortgage Loans and/or to perform its duties under this Agreement. 
 (d) The Company shall not engage in activities in
performing origination services hereunder that generally would be reasonably likely to be determined by the relevant regulatory agency to be prohibited as “predatory.” 
 (e) Each of the Company and PMC shall promptly inform the Cendant Member in writing of any notices, inquiries or other communications, written or
oral, received by the Company, or by PMC or the PHH Member, respectively, with respect to any material legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or findings with respect to
Mortgage Loans originated, closed and funded by the Company or any action or omission of the Company in connection therewith. 
  

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 (f) Any fine, penalty, levy or restitution ordered by any such federal or state body that would
give rise to indemnity by a PHH Entity pursuant to Section 13.3 of this Agreement shall be paid by PHH or, if a Cendant Entity or any Affiliate thereof shall have paid any such amount, PHH shall immediately reimburse the Cendant Member for such
amount. 
 Section 3.14 Customer Fees and Charges. 
 (a) At the closing of any Mortgage Loan and at such other times as may be customary, the closing agent may collect from the Customer and forward to the Company the Customer Fees and Charges for such Mortgage
Loan. 
 (b) The amount, payor and payee of any Customer Fees and Charges shall be described in the Mortgage Loan Disclosures in
accordance with the Mortgage Lending Laws. The Company shall retain and distribute the Customer Fees and Charges to third parties, including settlement service providers, in accordance with applicable law, this Agreement and the arrangements
governing such relationships. The Company covenants and agrees that the payment of Customer Fees and Charges to third parties shall be made in a timely manner and in accordance with payment terms governing such relationships. 
 Section 3.15 Pricing Standards. 
 (a) On Friday of each week, PMC shall cause its pricing department to conduct a survey of interest rates, inclusive of points and fees (“Rates”), in the relevant marketplaces for Wednesday of that week, offered by the
Competitors for each of the Programs. Each Rate applicable for each Program of each Competitor shall be charted as a “Competitor Data Point.” Also on Friday of each week, PMC shall chart the Rates offered to customers of the Private
Label Business Channel for substantially similar Programs on Wednesday of that week (each, a “PHH Data Point”) against the corresponding Competitor Data Points. Each instance in which the PHH Data Point reflects a higher Rate than
the corresponding Competitor Data Point shall be deemed to be a “Pricing Occurrence.” There will initially be eighty (80) Competitor Data Points and sixteen (16) PHH Data Points for each bi-monthly period (assuming
eight-week bi-monthly periods). At the end of each bi-monthly period, PMC shall review the number of Pricing Occurrences for the previous period and shall deliver to the Cendant Member a written report detailing the Competitor Data Points, PHH Data
Points and Pricing Occurrences for such bi-monthly period together with all other relevant market and other data for such bi-monthly period so as to enable the Cendant Member to review the competitiveness of the Company’s pricing over such
bi-monthly period. 
 (b) In the event the ratio (expressed as a percentage) obtained by dividing the total number of Pricing
Occurrences by the total number of Competitor Data Points (the “Pricing Ratio”) is *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. 

  

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 (c) For purposes of this Agreement: 
 (i) “Programs” shall mean collectively, the programs listed in Schedule 3.15(c)(i) hereto; provided,
however, that such list may be modified by the Cendant Entities from time to time in their sole discretion by giving written notice to PMC; provided further, however, that such list may not be so modified by the Cendant
Entities more than twice in any twelve-month period; and 
 (ii) “Competitors” shall mean, collectively, the
five (5) Persons listed in Schedule 3.15(c)(ii) hereto; provided, however, that such list may be modified by the Cendant Entities from time to time in their sole discretion by giving written notice to PMC;
provided further, however, that such list may not be so modified by the Cendant Entities more than twice in any twelve-month period. 
 Section 3.16 Service Standards. 
 (a) With respect to all closed Mortgage Loans, the
Company shall conduct a survey of the related Customer contemporaneously with the closing (the “Customer Survey”) and a survey of the Cendant Employee or independent sales associates affiliated with the Cendant Entity (the
“Referral Agent”) that referred such Customer (the “Referral Survey” and, together with the Customer Survey, the “Surveys”) for the purpose of assessing overall satisfaction levels relating to the
Company’s performance as loan originator. The Company shall administer such Surveys and shall provide the results of the Surveys to the Cendant Member on a monthly basis. Schedule 3.16(a) hereto sets forth an example of the content
of such Surveys; provided, however, that the Cendant Entities shall have the right to amend such Surveys from time to time in their sole discretion; provided further, however, that (i) the Referral Survey
shall always contain the question “would you recommend a PHH Home Loan Mortgage Loan to another client?” (the “Key Referral Question”), and (iii) the Customer Survey shall always contain the question “Would you
recommend [us] to a friend/another person?” (the “Key Customer Question”). The Cendant Entities shall (A) have the right to review and audit all Survey responses at any time, and (B) have the right, but not the
obligation, to disseminate such Surveys once annually at its option. 
 (b) The Company shall maintain a *CONFIDENTIAL or greater rate
of customer satisfaction on Customer Surveys received during each calendar month as measured by the percentage of positive responses to the Key Customer Question and a *CONFIDENTIAL or greater rate of satisfaction on Referral Surveys received
during each calendar month as measured by the percentage of positive responses to the Key Referral Question (the failure of either or both Survey(s) to obtain such satisfaction level in a given month, a “Survey Failure”). The
Parties hereby agree that failure to maintain either satisfaction level shall result in damage amounts to be payable by the Company upon demand in immediately available funds, in the manner set forth in Schedule 3.16(b) hereto.

  
  

	*	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. 

  

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 (c) Notwithstanding paragraph (b) above, during any calendar month during which PHH and its
Subsidiaries experience a volume of loan refinance activity which exceeds an average level of *CONFIDENTIAL for such month on the Refinance Application Index promulgated by the Mortgage Bankers Association, the satisfaction levels required for all
purposes under paragraph (b) with respect to Surveys conducted for such month shall be *CONFIDENTIAL for the Customers Surveys and *CONFIDENTIAL for the Referral Surveys. 
 (d) A “PHH Material Breach,” as defined in Section 8.1(c) of the Operating Agreement, shall be deemed to have occurred (it being
understood and agreed that such breach is not curable) if the Company shall fail to maintain a satisfaction rate of at least *CONFIDENTIAL for either of the Customer Surveys or the Referral Surveys for nine (9) consecutive months;
provided, that if during any such month, refinance activity meets the level described in paragraph (c) above, the Company shall only be required to achieve an *CONFIDENTIAL satisfaction rate for the Referral Surveys and the Customer
Surveys for such month. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Representations. Each of the Cendant Entities hereby represents and
warrants to the PHH Entities, and each of the PHH Entities and the Company hereby represents and warrants to the Cendant Entities, as of the date hereof and throughout the term of this Agreement, that: 
 (a) Such Party is a corporation, limited liability company, partnership or business trust duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation or organization. Such Party has full right, power and authority to execute and deliver this Agreement and to perform each of its obligations hereunder. 
 (b) All necessary action, corporate or otherwise, on the part of such Party necessary to authorize the execution and delivery by such Party of this
Agreement and the performance by such Party of its obligations hereunder has been taken, and no further action on the part of such Party is necessary for such authorization. This Agreement has been duly authorized, executed and delivered by such
Party and (assuming due authorization, execution and delivery by the other Parties), constitutes a legal, valid and binding obligation of such Party enforceable against such Party in accordance with its terms. 
 (c) No consent, approval or authorization of, or filing or registration with, any governmental or regulatory authority or any other Person (other
than such as have been obtained or made by such Party) is required to be made or obtained by such Party in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this
Agreement. 
  
  

	*	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. 

  

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 (d) Neither the execution and delivery of this Agreement by such Party nor the consummation by such
Party of the transactions contemplated hereby, nor compliance by such Party with any of the terms or provisions hereof, will (i) conflict with or result in a breach of any provision of the certificate of incorporation, by-laws or similar
governing documents of such Party or (ii) assuming the consents, permits, authorizations, approvals, filings and registrations previously disclosed in writing by such Party to the other Parties are obtained or made (x) violate any statute,
code, ordinance, rule, regulation, judgment, order, write, decree or injunction applicable to such Party or any of its properties or assets or (y) violate, conflict with, result in a breach of any provisions of, constitute a default (or an
event which, with notice or lapse of time, or both, would constitute a default) under, result in the termination of, accelerate the performance required by, or result in a right of termination or acceleration or the creation of any encumbrance upon
any of the properties or assets of such Party under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Party is a party, or by
which its properties or assets may be bound or affected, except, in the case of clause (ii), for such violations, conflicts, breaches or defaults which, either individually or in the aggregate, would not prevent or materially hinder or delay such
Party’s ability to consummate the transactions contemplated hereby or perform its obligations hereunder. 
 ARTICLE V 
 CENDANT REAL ESTATE COVENANTS 
 Section 5.1 Cendant Real Estate Trade Shows, Conferences and Conventions. 
 (a) Cendant Real Estate shall use
reasonable efforts to reserve for the Company and PMC (and not any other Mortgage Loan originator), at each real estate business trade show and Cendant Mobility Conference which Cendant Real Estate or any of its Affiliates organizes: (1) no
less than two standard sized booths at a mutually agreeable location prominent to visitors to such trade shows and international business conferences, subject to the same terms and conditions (including registration and other fees) applicable to
other participants; and (2) a meaningful opportunity for a Company representative to speak at break-out sessions (if any) during such conferences for such amount of time as shall be mutually agreed upon by Cendant Real Estate and PMC.

 (b) Cendant Real Estate shall provide to the Company, and not any other Mortgage Loan originator, the opportunity (at no charge to
the Company) for a senior member of the Company’s (or PMC’s) management to speak at the annual real estate brokerage convention/conference and annual Cendant Mobility conference sponsored by Cendant Real Estate or its Affiliates, subject
to Cendant Real Estate’s approval of individual and script. The Company and PMC shall abide by all reasonable rules established by Cendant Real Estate for each such convention or conference, including payment of any non-speaking fees charged to
other participants and attendees. 
  

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 (c) Cendant Real Estate shall provide to the Company (subject to the payment of any fees charged to
other event sponsors) a “premier” (or the highest level that may exist) sponsorship at all national conventions and regional or local conferences under the control of Cendant Real Estate that relate to the real estate brokerage business or
the corporate relocation business. 
 (d) At the Cendant Member’s request, the Company shall direct Company representatives (in
such number and of such seniority as the Cendant Member may reasonably request) to attend, at the Company’s expense, such real estate business or corporate relocation business conventions, trade shows, conferences, meetings and seminars as
Cendant may designate from time to time. 
 Section 5.2 Offline Promotion to Consumers. 
 Cendant Real Estate shall provide the opportunity to advertise the mortgage products and services offered by the Company in all Cendant Owned Real Estate
Offices Tradename publications at Cendant Real Estate’s most favorable pricing, but never below the actual cost incurred by Cendant Real Estate and its Affiliates in connection therewith. Cendant Real Estate will have sole discretion to control
positioning and content of advertising of the Company in its publications, provided however, the Company shall not be treated less favorably than other advertisers paying similar prices for advertisement in such publications.

 ARTICLE VI 
 REAL ESTATE
BROKERAGE AND SETTLEMENT SERVICES 
 Section 6.1 Exclusive Recommended Real Estate Broker. 
 PHH shall, and shall cause its Subsidiaries to, adopt such internal policies and procedures as shall be reasonably necessary so that Cendant Real Estate
shall be the exclusive recommended real estate firm for employees of PHH or any of its Subsidiaries and for all customers of PHH or any of its Subsidiaries other than any such customers who are subject to any other venture agreement with a third
party. 
 Section 6.2 Commercial Real Estate. 
 PHH shall, and shall cause its Subsidiaries to, use Cendant Real Estate on all commercial real estate transactions where a Cendant commercial real estate agent is available, except for transactions in progress as of
the date of this Agreement. 
 Section 6.3 Settlement Services. 
 PHH shall, and shall cause its Subsidiaries to (i) recommend CSSG as provider of Settlement Services (including, without limitation, on all
transactions where PHH or one of its Subsidiaries has the option to choose the provider of such services, all closings by mail, all *CONFIDENTIAL and all search products such as Property and Judgment Reports), (ii) utilize CSSG on an exclusive
basis 
  
  

	*	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. 

  

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 whenever PHH or one of its Subsidiaries has the option to choose the title or escrow agent and, in the applicable
jurisdiction, CSSG either provides such services or receives compensation in connection with such services or both, and (iii) recommend CSSG as provider of Settlement Services to private label solutions (“PLS”) partners and the
Small Corps; provided, however, that: (a) during the first eighteen (18) months after the date of this Agreement, CSSG shall provide all such services at the pricing levels which existed immediately prior to execution of this
Agreement (and, thereafter, agree to most favored nation status for such pricing); and (b) within one hundred eighty (180) days from the date of this Agreement, Cendant Real Estate shall cause CSSG to provide most favored nation status on
service level agreements and processes that are consistent with existing CSSG service levels. PHH shall not, and shall cause its Subsidiaries not to, enter into any arrangement that provides for a party other than CSSG to provide the products and
services set forth in (i) above to PHH’s customers or its PLS partners’ customers, unless such PLS partner requires an alternative provider as a condition to entering into or renewing such arrangement with PHH or such Subsidiary and
then only after CSSG has been afforded the opportunity to present its service offerings to such PLS partner. 
 Section 6.4 REO
Services. PHH shall, and shall cause its asset management vendors ( i.e., attorneys, REO property managers and/or realtors) to utilize, where Cendant has a Brand Franchisee or an NRT office providing such services, such Brand Franchisee
and/or NRT office for any and all real estate owned assets of PHH, provided that such Brand Franchisees and/or NRT shall adhere to performance standards substantially similar to those common in the industry. 
 ARTICLE VII 
 CUSTOMER DATA; PRIVACY
REQUIREMENTS 
 Section 7.1 Customer Information. Subject to such rights as any Person may acquire in any Customer Information of
any Customer as a result of owning the servicing rights with respect to a Mortgage Loan to such Customer, the Company and PMC acknowledge and agree that, as between the Company, PMC, and the Cendant Entities, the Cendant Entities are the owner of
all rights in Customer Information provided by the Cendant Entities to the Company pursuant to the terms of this Agreement or any other Transaction Document. Nothing contained herein shall be construed as granting the Company or PMC or any Affiliate
thereof any rights, express or implied to such Customer Information other than those rights necessary to the conduct, promotion or attainment of the business purposes of the Company specified herein or in Section 2.5(a) of the Operating
Agreement. 
 Section 7.2 Compliance with Privacy Requirements. 
 (a) In connection with the origination of Mortgage Loans, each of the Company and PMC shall comply with the Privacy Requirements, subject to
(i) the mandatory compliance date of such Privacy Requirements and (ii) the applicability of such Privacy Requirements to the Company or PMC, as the case may be. The foregoing obligation to comply with the Privacy Requirements may include
the following: 
 (i) the Company shall not disclose any Customer Information to any person or entity, other than to the
extent necessary to carry out Mortgage Loan origination services, and for no other purpose. The Company shall ensure that each person or entity to whom or to which the Company intends to disclose Customer Information shall, prior to any such
disclosure of information, agree to: (A) keep confidential any such Customer Information and (B) use or disclose such Customer Information only to the extent necessary to carry out Mortgage Loan origination services; 
  

 25 

 (ii) the Company shall not use Customer Information for any purpose, including the
marketing of products or services to, or the solicitation of business from Customers. The Company may use the Customer Information to the extent necessary to carry out the Company’s express obligations under the Transaction Documents;

 (iii) The Company shall assess, manage, and control risks relating to the security and confidentiality of Customer
Information, shall implement the standards relating to such risks in the manner set forth in the FFIEC Interagency Guidelines Establishing Standards for Safeguarding Customer Information set forth in 12 CFR Parts 30, 208, et al, and shall maintain
at all times an Information Security Program; 
 (iv) without limiting the scope of the above, the Company shall use at least
the same physical and other security measures to protect all Customer Information in the Company’s possession or control, as PHH uses for its own confidential and proprietary information. 
 (b) “Privacy Requirements” means (a) Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq.;
(b) the applicable federal regulations implementing such act and codified at 12 CFR Parts 40, 216, 332, and/or 573; (c) Interagency Guidelines Establishing Standards For Safeguarding Borrower Information proposed on June 26, 2000,
unless and until such proposed guidelines are superseded by final guidelines (such proposed and/or final guidelines and/or rules, the “Interagency Guidelines”); and (d) other applicable federal, state and local laws, rules,
regulations, and orders relating to the privacy and security of Customer Information. 
  

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 ARTICLE VIII 
 CENDANT FRANCHISEES 
 PMC shall, and shall cause its Subsidiaries to, abide by the following provisions of
this Article VIII in connection with its provision of Mortgage Loan services to Brand Franchisees and their customers in connection with the Program contemplated by the MSA: 
 Section 8.1 Mortgage Loan Types. PMC shall offer to the Franchisee Customers a variety of PMC Mortgage Loan Types in order to permit
Franchisee Customers to select a PMC Mortgage Loan Type best suited to their financial needs. PMC shall be responsible for developing the various PMC Mortgage Loan Types to be available to Franchisee Customers and establishing the Mortgage Loan
Pricing associated therewith (the “PMC Pricing”); provided, however, that PMC shall offer to the Franchisee Customers the full range of Mortgage Loan Types that are currently offered or may in the future be offered by
PHH or any of its Affiliates to their other customers. 
 Section 8.2 Origination Channels. 
 (a) PIMI Origination Channel. PMC’s PIMI Origination Channel shall be operated in accordance with the provisions of this
Section 8.2(a) in connection with the origination of Mortgage Loans for Franchisee Customers. 
 (i) Telephone
Lines. 
 (A) PMC shall provide to the Brand Franchisees dedicated and exclusive toll-free telephone lines established
and operated at the expense of and by PMC (“Franchisee Telephone Lines”), which PMC reasonably believes are adequate to meet the reasonably anticipated needs of the current and prospective Franchisee Customers. 
 (B) Trained PMC personnel shall answer Franchisee Telephone Lines in the name of the appropriate Cendant Real Estate Franchisee Brand;
provided, however, that the Telephone Lines dedicated to the Brand Franchisees operating under a Cendant Restricted Brand shall be answered in the name of “PHH Mortgage.” Such personnel shall explain to the Franchisee
Customer, as appropriate: (a) the procedure to be followed in obtaining a Mortgage Loan; (b) the various Mortgage Loan Types available and their associated Mortgage Loan Pricing; and (c) their short- and long-term financial
implications. Such personnel shall provide counsel and advice to the Franchisee Customer as to the Mortgage Loan Types that might best serve the Franchisee Customer’s needs, including answering any questions the Franchisee Customer might have
regarding the process. 
 (C) PMC shall provide each Franchisee Customer who utilizes the Franchisee Telephone Lines with a
same day Pre-Approval Decision and Guarantee. A “same day” Pre-Approval Decision and Guarantee means that PMC will provide the Franchisee 

  

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Customer with a Pre-Approval Decision during the same day the Franchisee Customer provided PMC with the information requested from the Franchisee Customer
for purposes of making a Pre-Approval Decision for that Franchisee Customer or, if PMC does not provide the Franchisee Customer with such Pre-Approval Decision, PMC will promptly pay the Customer the Guarantee Amount. The Brand Franchisees shall
have the right to publicize and advertise to their customers the availability of such Pre-Approval Decisions and Guarantees in accordance with all Mortgage Lending Laws. 
 (D) PMC will provide to Franchisee Customers for whom it has made a Pre-Approval Decision and which Franchisee Customer is likely to be
approved for a Mortgage Loan information tailored to the Franchisee Customer’s individual circumstances. Such information will be designed to enable the Franchisee Customer to determine the nature of the Mortgage Loan the Franchisee Customer
may qualify for if an appropriate property securing the Mortgage Loan is identified and all information submitted is verified. 
 (ii) Internet. 
 (A) PMC will take applications for Mortgage Loans from Franchisee Customers via the
Internet. In order to accomplish this, PMC will provide each operator of a Cendant Real Estate Franchisee Brand Website with Hyperlinks to such Content as PMC reasonably believes is adequate to meet the reasonably anticipated needs of the current
and prospective Franchisee Customers (the “Franchisee Mortgage Content”). By clicking on the Hyperlink at the Cendant Real Estate Franchisee Brand Websites, the Franchisee Customer will be immediately transferred to the Franchisee
Mortgage Content via the Internet. Except in the case of Cendant Restricted Brands, such Franchisee Mortgage Content will presented by the Company in such a way that it will appear as if it were on a World Wide Web page or series of World Wide Web
Pages on the Cendant Real Estate Franchisee Brand Website from which the Hyperlink originated to the extent it is consistent with Applicable Requirements to do so. The form and substance of such World Wide Web pages will be subject to the prior
written consent of the Cendant Entities. In order to improve the graphical compatibility of the Franchisee Websites and PMC’s sites, PMC and the Cendant Entities will consult with each other when developing or modifying such World Wide Web
pages, and also when considering the design of future releases of their respective Websites. PMC shall not permit the Franchisee Mortgage Content accessed by Franchisee Customers via Hyperlinks from the Cendant Real Estate Franchisee Brand Websites
contemplated by this Agreement to display any advertising, except in such instances where the Cendant Entities have provided their prior written consent to such advertising. 
  

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 (B) The Franchisee Mortgage Content will include information about the Mortgage Loans
and Mortgage Loan Types, Mortgage Loan calculators, counseling regarding down payments and Mortgage Loan affordability, pre-qualification tools to be used by consumers and Mortgage Loan application modules. PMC will ensure that a Franchisee Customer
shall be able to complete and submit a Mortgage Loan application by means of the Franchisee Mortgage Content without any other contact with the Company. 
 (C) Franchisee Customers utilizing the Mortgage Content to initiate the Mortgage Loan process will be offered the option of communicating with a processing team or other persons contemplated in Section 8.8 of
this Agreement, either by electronic mail or by telephone, or by a combination of electronic mail and telephone. 
 (D) Each
Franchisee Customer initiating the origination process via the Internet shall receive a Pre-Approval Decision within 24 hours of the time such Franchisee Customer either (i) submits a complete Mortgage Loan application via the Mortgage Content,
or (ii) first speaks with a PMC loan consultant by telephone after submitting certain information not constituting a complete Mortgage Loan application through the Mortgage Content, or PMC shall promptly pay the Franchisee Customer the
Guarantee Amount. 
 Section 8.3 Mortgage Loan Application Processing. For each Franchisee Customer who applies for a Mortgage
Loan through the origination channels described in Section 8.2, PMC shall arrange for the receipt by the Franchisee Customer, as promptly as practicable under the circumstances, and in any event in accordance with applicable law, of
(i) the Mortgage Loan application for the Franchisee Customer to review and sign, accompanied by a request for appropriate Franchisee Customer documents and (ii) all Mortgage Loan Disclosures. In addition, and to the extent required or
permitted under PMC Underwriting Guidelines, as applicable, PMC shall communicate a loan decision or counteroffer to the Franchisee Customer in accordance with all applicable laws. 
 Section 8.4 Underwriting Guidelines. PMC shall develop appropriate underwriting guidelines for each PMC Mortgage Loan Type available to
Franchisee Customers (the “PMC Underwriting Guidelines”), which PMC Underwriting Guidelines shall be consistent with the underwriting guidelines followed by PHH and its Affiliates in connection with Mortgage Loans offered to their
own customers for the same products in the same geographic area and at the same time. Unless the PMC Underwriting Guidelines specify otherwise for specific PMC Mortgage Loan Types, all Mortgage Loans shall be underwritten in accordance with the
standards of FHLMC, FNMA and other applicable federal agencies providing standards for the sale of loans in the secondary market for mortgage loans. PMC shall issue approval letters on those applications which generally satisfy the PMC Underwriting
Guidelines. 
  

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 Section 8.5 Degree of Care. PMC and its Affiliates shall perform the origination, processing,
underwriting, approval, closing, shipping, and other origination services on all Mortgage Loans in all material respects in accordance with all Mortgage Lending Laws and with no less degree of care than PMC or any of its Affiliates exercises in
originating other Mortgage Loans for its own account or the account of any third party with similar regulatory profile, provided that in no event shall PMC exercise a lesser degree of care than it exercised in originating Mortgage Loans prior
to the Closing Date. 
 Section 8.6 Mortgage Loan Closing. PMC shall use its best efforts to complete the processing and closing
of all Mortgage Loans originated pursuant to this Article VIII in the time frame requested by the Franchisee Customer at the time of submission of the Mortgage Loan application. PMC shall: (i) prepare all required Mortgage Loan closing
documents in accordance with applicable Mortgage Lending Laws; (ii) arrange for their execution by the Franchisee Customer; (iii) provide the Franchisee Customer with a copy of PMC’s privacy policy in accordance with the Privacy
Requirements; and (iv) arrange for the Mortgage Loan closing. All Mortgage Loans shall be closed in the name of PMC or an Affiliate thereof. On purchase money Mortgage Loans, PMC shall meet the closing date set by the Franchisee Customer or PMC
shall reduce the interest rate payable on that Franchisee Customer’s Mortgage Loan by one-eighth percent (1/8%) for the life of loan. For refinance loans, PMC shall use its best efforts (taking into consideration factors such as periods of
high volume loan refinance activity (as substantiated by the Refinance Application Index as promulgated by the Mortgage Bankers Association)) to perform its obligations hereunder to complete the processing and closing within thirty (30) days
from the date of application. 
 Section 8.7 PMC Personnel. 
 (a) PMC will provide, supervise and make available such personnel as are reasonably necessary to carry out PMC’s obligations under this
Article VIII. Such personnel, including rate lock personnel, shall be available between the hours of 8:30 a.m. and 10:00 p.m. Eastern time, or such additional hours as may be required by operating conditions and requested by the Cendant
Entities, on Business Days. Such personnel, excluding rate lock personnel, shall also be available, as needed, to process Mortgage Loans and contact Franchisee Customers, between the hours of 10 a.m. and 7 p.m., Eastern time, or such additional
hours as may be required by operating conditions and requested by the Cendant Entities, on Saturdays and Sundays, except in those instances where a Saturday falls on or near a national holiday and PMC provides reasonable advance notice to Cendant
Real Estate in writing that its facilities will be closed on any such day. 
 (b) PMC shall at all times permit employees of Cendant
Real Estate and its Subsidiaries access to PMC’s offices (including offices where it conducts Mortgage Loan origination services) during PMC’s working hours to observe the origination, processing and closing of the Mortgage Loans to
Franchisee Customers. PMC shall, at its expense, make available all customary, reasonable office space, facilities, and equipment for such employees. The salaries, travel, subsistence and other related expenses for such employees shall be borne by
Cendant Real Estate. 
  

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 Section 8.8 Processors. PMC shall cause each Franchisee Customer who makes an application for
a Mortgage Loan to be processed through any of the origination channels described in Section 8.2 to be served by a processing team or other persons employed by PMC and determined by PMC to be most efficient under the circumstances. PMC shall
cause each such processing team or other persons to serve the Franchisee Customer throughout the entire process of Mortgage Loan application, processing, underwriting and closing, and to use best efforts to meet the Franchisee Customer’s
closing date. 
 Section 8.9 Maintenance of Licenses. 
 PMC shall, at its own cost and expense, obtain and maintain any and all licenses and registrations, and cause each of its employees to obtain any and all
licenses and registrations, that are necessary or desirable in the performance of the Mortgage Loan origination services to be provided by PMC pursuant to the terms of this Article VIII. 
 Section 8.10 Legal and Regulatory Compliance. 
 (a) Actions taken or not taken by PMC and its Affiliates, and all communications made when performing its obligations under this Agreement (including this Article VIII) shall comply in all material respects
with the requirements of all applicable Mortgage Lending Laws. 
 (b) PMC shall, and shall cause its Affiliates to, keep in full effect
its existence, rights and franchises in the state of its incorporation except as permitted herein or in the Operating Agreement, and will obtain and preserve its qualifications to do business as a foreign entity in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and/or to perform its duties under this Agreement. 
 (c) PMC and its Affiliates shall not engage in activities in performing origination services hereunder that generally would be reasonably likely to
be determined by the relevant regulatory agency to be prohibited as “predatory.” 
 (d) PMC shall promptly inform the Cendant
Entities in writing of any notices, inquiries or other communications, written or oral, received by PMC or any Affiliate thereof with respect to any material legal, administrative, arbitral or other proceedings, claims, actions or governmental or
regulatory investigations or findings with respect to Mortgage Loans originated, closed and funded by PMC or any Affiliate thereof or any action or omission of PMC or any of its Affiliates in connection therewith. 
 Section 8.11 Customer Fees and Charges. 
 (a) At the closing of any Mortgage Loan and at such other times as may be customary, the closing agent may collect from the Franchisee Customer and forward to PMC or an Affiliate thereof the Customer Fees and Charges for such Mortgage
Loan. 
  

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 (b) The amount, payor and payee of any Customer Fees and Charges shall be described in the Mortgage
Loan Disclosures in accordance with the Mortgage Lending Laws. PMC shall retain and distribute the Customer Fees and Charges to third parties, including settlement service providers, in accordance with applicable law, this Agreement and the
arrangements governing such relationships. PMC covenants and agrees that the payment of Customer Fees and Charges to third parties shall be made in a timely manner and in accordance with payment terms governing such relationships. 
 Section 8.12 Surveys. 
 With
respect to all closed Mortgage Loans, PMC shall conduct a survey of the related Franchisee Customer contemporaneously with the closing (the “Franchisee Customer Survey”) and a survey of the Brand Franchisee that referred such
Franchisee Customer (the “Franchisee Referral Survey” and, together with the Franchisee Customer Survey, the “Franchisee Surveys”) for the purpose of assessing overall satisfaction levels relating to PMC’s
performance as loan originator. PMC shall administer such Surveys and shall provide the results of the Franchisee Surveys to Cendant Real Estate on a monthly basis. Schedule 3.16(a) hereto sets forth an example of the content of such
Franchisee Surveys; provided, however, that Cendant Real Estate shall have the right to amend such Franchisee Surveys from time to time in its sole discretion; provided further, however, that (i) the
Franchisee Referral Survey shall always contain the question “would you recommend a PMC Loan to another client?” (the “Franchisee Key Referral Question”), and (iii) the Franchisee Customer Survey shall always contain
the question “Would you recommend PMC to a friend/another person?” (the “Franchisee Key Customer Question”). Cendant Real Estate shall (A) have the right to review and audit all Franchisee Survey responses at any
time, and (B) have the right, but not the obligation, to disseminate such Surveys once annually at its option. 
 Section 8.13
MSA Payments. 
 The Parties hereby agree and acknowledge that all payments under the MSA payable to any Brand (as defined in the MSA)
shall be the sole responsibility of PMC and its Affiliates (other than the Company), and neither the Cendant Entities nor their Affiliates, nor the Company, shall be responsible for making any such payment. 
 ARTICLE IX 
 FUTURE CENDANT REAL ESTATE
BROKERAGE ACQUISITIONS 
 Section 9.1 Subsequent Small Corps. 
 (a) In the event that, during the term of this Agreement, Cendant Real Estate, or any Affiliate of Cendant Real Estate, notifies (a “Small
Corp Notification”) PMC and the Company of its intent to acquire, or enter into an agreement to acquire, directly or indirectly, any Person that owns or conducts a residential real estate brokerage 

  

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business and in connection therewith also owns or conducts, directly or indirectly, a mortgage loan origination business (any such Person, a
“Qualifying Target”), then promptly thereafter Cendant Real Estate, PMC and the Company shall work together to formulate a plan for the sale by Cendant Real Estate or such Person (such seller, the “Cendant Real Estate
Seller”) of such mortgage loan origination business (or the stock or other equity of an entity directly or indirectly conducting such business, as determined by Cendant Real Estate in its sole discretion) (the “Qualifying Target
Mortgage Business”) to the Company, and Cendant Real Estate, the Cendant Real Estate Seller and PMC shall use their reasonable best efforts to complete such sale as promptly as practicable thereafter. Cendant Real Estate shall use
reasonable best efforts to provide PMC and the Company an adequate opportunity to conduct due diligence with respect to the Qualifying Target Mortgage Business. Cendant Real Estate, the Company and PMC shall cooperate with and assist each other in
obtaining all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon for the
closing of such sale, the Company shall pay to the Cendant Real Estate Seller, by wire transfer of immediately available funds, in consideration for the Qualifying Target Mortgage Business to be acquired, a purchase price (the “Purchase
Price”) calculated as follows (with each of the PHH Member and the Cendant Member contributing to the Company cash in an amount equal to its ratable share of the Purchase Price based on their respective percentage ownership interests in the
Company): 
 (i) If the purchase price paid by Cendant to acquire the Qualifying Target represents a multiple (a
“Qualifying Target EBITDA Multiple”) of such Qualifying Target’s trailing 12-months’ EBITDA of *CONFIDENTIAL or less, then the Purchase Price shall be equal to the product of (A) such Qualifying Target EBITDA Multiple
and (B) such Qualifying Target Mortgage Business’ trailing 12-months EBITDA, adjusted to remove all refinance originations in excess of *CONFIDENTIAL% of the Qualifying Target Mortgage Business’ total originations for such trailing
twelve months; 
 (ii) If the Qualifying Target EBITDA Multiple is more than *CONFIDENTIAL, then Cendant Real Estate and PMC
shall negotiate in good faith to agree upon the Purchase Price, provided that in no event shall the Purchase Price be less than the product of (A) *CONFIDENTIAL and (B) such Qualifying Target Mortgage Business’ trailing 12-months
EBITDA, adjusted to remove all refinance originations in excess of *CONFIDENTIAL% of the Qualifying Target Mortgage Business’ total originations for such trailing twelve months; 
 (iii) If the total purchase price of a Qualifying Target is $*CONFIDENTIAL (to be increased annually by the percentage increase in the
National Consumer Price Index) or greater, then the Purchase Price shall be equal to the product of (A) such Qualifying Target Mortgage Business’ trailing 12-months EBITDA, adjusted to remove all refinance originations in excess of
*CONFIDENTIAL% of the Qualifying Target Mortgage 
  
  

	*	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. 

  

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 Business’ total originations for such trailing twelve months and (B) either (1) the
Qualifying Target EBITDA Multiple paid by Cendant if such multiple is less than *CONFIDENTIAL, or (2) *CONFIDENTIAL if the Qualifying Target EBITDA Multiple paid by Cendant is *CONFIDENTIAL or greater. 
 (b) If, within thirty (30) days after Cendant Real Estate or any Affiliate of Cendant Real Estate delivers to PMC and the Company a Small Corp
Notification, PMC and the Company have not completed their due diligence and Cendant Real Estate, PMC and the Company have not agreed upon the amount to be paid by the Company to the Cendant Real Estate Seller, then (i) Cendant Real Estate
shall have the option to either (A) sell (or cause to be sold) such mortgage loan origination business to a third party; provided, however, that if the price to be paid by the third party in such sale is less than *CONFIDENTIAL of
the Purchase Price for such Qualifying Target Mortgage Business determined pursuant to Section 9.1(a), or, if no formula is applicable, the price offered by Cendant Real Estate to the Company, then the Company shall have a right of first
refusal with respect to such sale at the purchase price offered to the third party (in which case Cendant Real Estate shall offer such Qualifying Target Mortgage Business to the Company for a period of 15 days, during which period the Company
shall have the option to accept the sale of such Qualifying Target Mortgage Business on all terms, including price, of such third party sale; provided that if the Company fails to accept all such sale terms pursuant to a binding agreement
with Cendant Real Estate within such 15 day period, then the sale to the third party may proceed as planned), or (B) continue to own and operate such mortgage loan origination business and (ii) in either case, the exclusivity
provisions of Section 2.1 hereof shall, at the option of the Cendant Entities, terminate with respect to each county in which the Qualifying Target Mortgage Business conducts business (except that exclusivity shall not terminate with respect to
any county where the total amount of originations by the Qualifying Target Mortgage Business for the trailing 12-months were less than *CONFIDENTIAL (to be increased annually by the percentage increase in the National Consumer Price Index)).

 (c) If Cendant Real Estate, PMC and the Company agree upon the amount to be paid in connection with, and execute an agreement for,
the sale of a Qualifying Target Mortgage Business to the Company within the 30-day period set forth above, then the Company shall pay to the Cendant Real Estate Seller an amount equal to 25% of the Purchase Price agreed to by the Parties if such
sale is not consummated in the time frame reasonably requested by Cendant Real Estate (unless such delay is due to the failure to obtain a required regulatory approval, which approval has been diligently pursued by the Company, or due to acts or
omissions on the part of Cendant or any of its Affiliates or any of their respective officers, directors or advisors). Such payment shall be made not later than the 30 th day following the date on which such acquisition was scheduled to close and,
if made on any day other than the scheduled closing date, shall include interest through the date of payment. If such payment is not made by the Company within such 30-day period, the exclusivity provisions of Section 2.1 shall, at the option
of the Cendant Entities, terminate with respect to each county in which the Qualifying Target conducts business (except that exclusivity shall not terminate with respect to any county where the total amount of originations by the Qualifying Target
Mortgage Business for the trailing 12-months were less than *CONFIDENTIAL (to be increased annually by the percentage increase in the National Consumer Price Index)). 
  

 

	*	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. 

  

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 (d) No term or provision contained in this Section 9.1 or elsewhere in this Agreement shall be
deemed to restrict the ability of Cendant Real Estate or any of its Subsidiaries to acquire any Person that owns or conducts a residential real estate brokerage business and in connection therewith also owns or conducts a mortgage loan origination
business, provided that such acquisition is completed pursuant to the terms of this Section 9.1. 
 (e) Notwithstanding anything
to the contrary contained in this Agreement, the Parties shall use their reasonable best efforts to structure a sale by the Cendant Real Estate Seller to the Company of the Qualifying Target Mortgage Business on a tax efficient basis to Cendant Real
Estate and its Affiliates (including Cendant), including, without limitation, by (x) causing the Cendant Real Estate Seller to contribute a portion of the Qualifying Target Mortgage Business (equal to the Cendant Member’s percentage
ownership interest in the Company) to the Company in a transaction intended to qualify as a tax-free contribution under section 721 of the Internal Revenue Code of 1986, as amended and (y) by causing the Cendant Real Estate Seller to sell to
the PHH Member the remaining portion of the Qualifying Target Mortgage Business (equal to the PHH Member’s percentage ownership interest in the Company) for an amount equal to the PHH Member’s ratable share of the Purchase Price based on
its percentage ownership interest in the Company, followed by the contribution by the PHH Member of such purchased portion of the Qualifying Target Mortgage Business to the Company; provided, however, that nothing contained in this
section 9.1(e) shall require the PHH Member to contribute to the Company or pay to Cendant Real Estate or the Cendant Real Estate Seller in respect of the Qualifying Target Mortgage Business an amount in excess of the PHH Member’s ratable share
of the Purchase Price based on its percentage ownership interest in the Company. 
 ARTICLE X 
 NON-COMPETITION 
 Section 10.1 PHH
Non-Compete. 
 (a) Without the express prior written consent of the Cendant Entities, neither PHH nor any Affiliate of PHH shall,
within the United States of America, directly or indirectly: 
 (i) engage in the Settlement Services business (or provide
any services or products which as of the date of this Agreement are otherwise provided and/or offered by CSSG), 
 (ii)
engage in the residential real estate brokerage business, commercial real estate brokerage business, or corporate relocation services business, or become or operate as a broker, owner or franchisor in any such business, or otherwise, directly or

  

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 indirectly, assist or facilitate the purchase or sale of residential or commercial real estate other than
through (x) the origination and servicing of Mortgage Loans, or (y) the conduct of the business of STARS substantially as currently conducted, or 
 (iii) engage in any other business which as of the date of this Agreement is conducted by the Cendant Real Estate Services Division;
provided that, to the extent that Cendant Real Estate Services expands into new businesses from and after the date of this Agreement and at the time of such expansion PHH or any of its Affiliates is currently engaged in the same business,
nothing herein shall be deemed to prohibit PHH or any such Affiliate from continuing to conduct such business thereafter. Notwithstanding the foregoing, (1) PHH may obtain real estate brokerage licenses solely to the extent necessary to engage
in, and solely for the purpose of engaging in, referral business with a Cendant Affiliate via the Cendant Mobility Broker Network and (2) nothing contained herein shall prohibit PHH from acquiring, directly or indirectly, any company that
engages in a business as described in (i), (ii) or (iii) above if the revenue derived from such business for the last four full calendar quarters preceding such acquisition equals less than the greater of $1 million or 1% of such
acquired company’s total consolidated revenue for such last four full calendar quarters. 
 (b) In the event that, at any time
after the date of this Agreement and prior to the expiration of the covenant set forth in Section 10.1(a), any Person shall, directly or indirectly, acquire PHH or any of its significant subsidiaries (as defined under Regulation S-X of the
Securities and Exchange Commission), including but not limited to by way of merger, consolidation, share exchange, asset acquisition or similar transaction (including a merger of PHH or such subsidiary with another Person where the common
stockholders of PHH or such subsidiary immediately prior to such merger do not own more than two-thirds of the common stock of the surviving entity in such merger or the Controlling Person thereof), then (i) the acquiring Person, (ii) any
Controlling Person thereof, and (iii) all Persons that are Affiliates of such acquiring Person or any such Controlling Person immediately prior to completion of such acquisition shall be bound by the covenant contained in Section 10.1(a)
from and after the completion of such acquisition. 
 (c) PHH shall not, and shall cause its Subsidiaries not to, without the consent
of the Cendant Entities, sell directly or indirectly, any Mortgage Loans or mortgage servicing rights to any Cendant Competitor; provided, however, that with respect to any agreement in effect as of the date of this Agreement with a
Cendant Competitor, the PHH Member shall use its reasonable best efforts to cause such agreement to be terminated prior to October 1, 2005 if such agreement would violate the provisions of this Section 10.1(c), but only as long as such
termination can be accomplished without the payment of a significant economic penalty. A “Cendant Competitor” is any entity that is, or directly or indirectly is affiliated with or controls, one of the twenty (20) largest
residential real estate brokerage firms in the United States or one of the ten largest residential real estate brokerage franchisors in the United States. 
  

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 (d) PHH acknowledges that the restrictions and agreements contained in this Section 10.1 are
reasonable and necessary to protect the legitimate interests of the Cendant Entities, and that any violation of this Section 10.1 will cause substantial and irreparable injury to the Cendant Entities that would not be quantifiable and for which
no adequate remedy would exist at law and agrees that injunctive relief, in addition to all other remedies, shall be available therefor. 
 (e) The covenants contained in this Section 10.1 shall survive for (i) two (2) years following the termination of this Agreement as a result of an SRA Termination Event described in Sections 12.2(a)(i) and (ii), and
(ii) one (1) year following a termination of this Agreement as a result of any other SRA Termination Event; provided, however, that in the case of a termination of this Agreement as a result of an SRA Termination Event
described in Section 12.2(a)(iv) or (v), the covenants contained in subparagraph (a)(i) of this Section 10.1 shall not survive termination of this Agreement. 
 Section 10.2 No Mortgage Loan Solicitation by PHH. PHH shall not, and shall cause its Affiliates not to, knowingly solicit any Cendant Customers for Mortgage Loans, except through the Company and as
provided for in this Agreement and the Operating Agreement; provided, however, that PMC and its Affiliates may market Mortgage Loans to affinity groups and other groups so long as the information has not been obtained by PMC or its
Affiliates from information provided through Cendant Real Estate and its Subsidiaries, the Company or any of their respective customers. 
 Section 10.3 Cendant Participation. 
 (a) Neither PHH nor any of its Subsidiaries shall directly solicit any
Customer or any Cendant Customer to purchase any product or service, unless an appropriate, mutually agreed upon participation in such transaction by the Cendant Member or by an Affiliate thereof is structured; provided, however, that
nothing herein shall prohibit PHH or any of its Subsidiaries from conducting general advertising campaigns through print or other media so long as such campaigns are not directed specifically at such individual Customers or Cendant Customers and do
not involve any direct marketing such as mailings, telephone calls, faxes or e-mails or other direct electronic communications. 
 (b) PHH shall, and shall cause its Subsidiaries to, use commercially reasonable efforts to direct to the Company any Mortgage Loan origination opportunity where such Mortgage Loan refinances or replaces a Mortgage Loan originated by
the Company and where such Mortgage Loan results from a general solicitation of the type permitted by Section 10.3(a) above. 
 (c) Notwithstanding the foregoing, none of the restrictions on cross-selling or refinancing set forth above in this Section 10.3 shall apply to PHH, the Company or any of their Subsidiaries with respect to Mortgage Loans that have
been sold by PHH or one of its Subsidiaries on a servicing-released basis. 
  

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 (d) For a period of one (1) year following the effective date of any termination of the
Company pursuant to Article VIII of the Operating Agreement, the Party relinquishing its interest in the Company in connection with such termination shall not, and shall cause its Affiliates not to, directly or indirectly, solicit for
employment any of the employees of the Company or any of its Subsidiaries; provided, however, that nothing herein shall prohibit (i) a general solicitation or advertisement through print or other media not targeted directly or
specifically at the Company or any of its Subsidiaries or any of their employees, or (ii) the relinquishing party from hiring or considering for hire any employee of the Company or any of its Subsidiaries if contact was initiated by such
employee independently and not pursuant to any solicitation or communication by the relinquishing party in violation of this Section 10.3(d). 
 ARTICLE XI 
 TERMINATION ASSISTANCE 
 Section 11.1 Termination Assistance Services. 
 (a) Termination Assistance Services.
Upon the consummation of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale, PMC shall for a period of one (1) year following the termination date (the “Termination Assistance Period”), upon the Cendant Member’s
request and at the Cendant Member’s expense, continue to provide to the Company all such transition and other services as shall be reasonably necessary to facilitate an orderly transition of the business and operations of the Company to the
Cendant Designated Buyer (“Termination Assistance Services”). In providing Termination Assistance Services, PMC shall provide such reasonable cooperation and technical assistance as required to facilitate the transfer of the
management of the Company to a Cendant Designated Buyer. The rights of the Cendant Member under this Article XI shall be without prejudice to the Parties’ rights to pursue legal remedies for breach of this Agreement, either for breaches
prior to termination or during the period this Agreement continues to be in force post-termination. Termination Assistance Services shall be provided for a fee calculated based on then-current fair value for such services, and PMC shall use
commercially reasonable best efforts to perform the Termination Assistant Services at the same service levels as such services were provided prior to termination. 
 (b) Additional Services. From time to time during the Termination Assistance Period, the Cendant Member may find it desirable to request, in addition to the Termination Assistance Services, additional
services to be made available to the Company by PMC (the “Additional Services”). In the event that the Cendant Member makes a written request that PMC provide Additional Services and PMC agrees to provide such Additional Services,
PMC and the Cendant Member shall negotiate in good faith to agree upon, among other things, (a) the time period during which the Additional Services shall be provided, (b) a description of the Additional Services, and (c) 

  

 38 

 
and the estimated charge for the Additional Services. PMC’s obligations with respect to providing any such Additional Services shall become effective
only upon an agreement with respect thereto being duly executed and delivered by each of PMC and the Cendant Member. 
 (c) Obligations as to Additional Services. PMC agrees to enter into discussions with the Cendant Member to provide any Additional Services that (i) the Company is unable to obtain from a third party provider, (ii) are
directly dependent upon or inextricably intertwined with the Termination Assistance Services or (iii) were inadvertently and unintentionally omitted from the list of Termination Assistance Services; provided, however, that PMC
shall not be obligated to provide such Additional Services if, following good-faith negotiation, PMC and the Cendant Member are unable to reach agreement on such terms. 
 (d) Standard of Service. PMC agrees that in providing (or causing others to provide) the Termination Assistance Services under this Agreement, it shall (and shall cause each Affiliate or advisor and, to
the extent practicable, any or other third-party service provider to): (i) conduct itself in accordance with (A) standards of quality consistent with the standards applied by PMC as of the date of the beginning of the Termination
Assistance Period with respect to the specific matters in question, and (B) standards of quality consistent with those applied by PMC hereafter with respect to the specific matters in question in its own business; (ii) comply with all
laws, regulations and orders applicable to the conduct of the activities contemplated hereby in all material respects; (iii) comply in all material respects with any applicable standards, procedures, policies, operating guidelines, practices
and instructions mutually agreed upon with respect to the relevant Termination Assistance Services; and (iv) comply in all material respects with any commercially reasonable standards, procedures, policies, operating guidelines, practices and
instructions imposed by third-parties in connection with the Termination Assistance Services. Notwithstanding the foregoing, it shall not be deemed to be a breach of this Agreement if PMC fails to meet the standards required under this
Section 11.1 because of the failure of the Cendant Member to cooperate with PHH or any of its Subsidiaries as may be required under this Agreement. 
 (i) In addition to the provisions of Section 11.1, if the Cendant Member desires a higher quality of Termination Assistance Services than PMC is otherwise obligated to provide pursuant to Section 11.1 or any
of the other provisions of this Agreement, the Cendant Member will be entitled to receive such higher level of quality after giving no less than 30 days’ prior written notice to PMC if (i) the Cendant Member agrees to pay for all
additional actual costs associated with such increased level and (ii) in the sole judgment of PMC, such increased level does not impose an additional burden on PMC. 
 (ii) PMC shall promptly notify the Cendant Member of any event or circumstance of which PMC or any of its representatives has knowledge
that would or would be reasonably likely to cause a disruption in the Termination Assistance Services. 
  

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 (e) Supervision and Compensation. PMC shall select, employ, pay, supervise, direct and
discharge all the personnel providing Termination Assistance Services under this Article XI. PMC shall be solely responsible for the payment of all benefits and any other direct and indirect compensation for PMC personnel assigned to perform
services under this Article XI, as well as such personnel’s worker’s compensation insurance, employment taxes, and other employer liabilities relating to such personnel as required by law. PMC shall be an independent contractor in
connection with the performance of Termination Assistance Services hereunder and the employees performing Termination Assistance Services in connection herewith shall not be deemed to be employees of the Cendant Member or any affiliate thereof.

 (f) Staffing of Personnel. PMC shall be solely responsible for assigning personnel to perform the Termination Assistance
Services, which personnel will be instructed by PMC to perform the Termination Assistance Services in a timely, efficient and workmanlike manner. 
 Section 11.2 Development of Transition Plan. If and to the extent requested by the Cendant Member, whether prior to, upon, or following any termination of this Agreement, PMC shall reasonably assist the Cendant Member in
developing a plan which shall specify the tasks to be performed by PMC in connection with the Termination Assistance Services and the schedule for the performance of such tasks. The transition plan shall include descriptions of the Termination
Assistant Services, service levels, fees, documentation and access requirements that will promote an orderly transition of such services. 
 Section 11.3 Post-Termination Assistance. For a period of six (6) months following the Termination Assistance Period, PMC shall: (i) answer all reasonable and pertinent verbal or written questions from the Cendant
Member or the Cendant Designated Buyer regarding the Termination Assistance Services on an “as needed” basis and (ii) deliver to the Cendant Member any remaining Company-owned reports and documentation still in PMC’s possession.

 ARTICLE XII 
 TERM AND
TERMINATION 
 Section 12.1 Term. The term of this Agreement shall be coextensive with the term of the Operating Agreement,
subject to termination as set forth in Section 12.2 below. 
 Section 12.2 SRA Termination Event. 
 (a) For purposes of this Agreement, an “SRA Termination Event” means the consummation of (i) a Cendant Put, (ii) a PHH
Sale, (iii) a Purchase Right transaction, (iv) a Two Year Put, (v) a Two Year PHH Sale, (vi) a Special Termination Put, (vii) a Non-Renewal Put, (viii) a Non-Renewal PHH Sale, or (ix) the dissolution of the Company
pursuant to Article IX of the Operating Agreement. 
  

 40 

 (b) Upon the occurrence of an SRA Termination Event, this Agreement shall automatically expire and
terminate, provided that: 
 (i) The obligations of PHH and its Affiliates pursuant to Article VII hereof shall survive
the termination of this Agreement to the extent required by law. 
 (ii) The obligations of PHH and its Affiliates under
Section 10.1 of this Agreement shall survive the termination of this Agreement as set forth in Section 10.1(e). 
 (iii) The respective obligations of each Party under the provisions of Article XI, Article XII and Article XIII hereof shall survive the termination of this Agreement. 
 (c) Notwithstanding anything to the contrary contained herein, immediately following the consummation of a Cendant Put, a Two Year Put, a Purchase
Right transaction, a Special Termination Put or a Non-Renewal Put, the Company and its Subsidiaries shall continue to process, close, fund and sell all Pipeline Loans in a manner consistent with the terms of this Agreement and the Operating
Agreement. For purposes of this paragraph (c), “Pipeline Loans” shall mean all potential Mortgage Loans which are in one of various stages of loan origination, approval and processing at the Company or one of its Subsidiaries, but
which, as of the time of consummation of a Cendant Put, a Two Year Put, a Purchase Right transaction, a Special Termination Put or a Non-Renewal Put, shall not have closed and funded. 
 ARTICLE XIII 
 MISCELLANEOUS PROVISIONS 
 Section 13.1 PHH Guarantee. 
 (a) Each of PHH and PMC irrevocably, absolutely and unconditionally guarantees (the “Guarantee”) each and every representation, warranty, covenant, agreement and other obligation of its Subsidiaries and Affiliates
(including the PHH Member but excluding the Company and any Subsidiaries of the Company) and/or any of their respective permitted assigns (collectively, the “PHH Affiliates”) set forth in, and the full and timely performance of
their respective obligations under the provisions of, this Agreement and each of the other Transaction Documents. This is a guarantee of payment and performance, and not of collection, and each of PHH and PMC acknowledges and agrees that this
Guarantee is full and unconditional, and no discharge, release or extinguishment of any of the PHH Affiliates’ liabilities (other than in accordance with the terms of this Agreement), whether by decree in any insolvency, bankruptcy,
reorganization or other similar proceeding or otherwise, and no change in the corporate existence, structure or ownership of any of the parties hereto or any of their Affiliates, and no assignment, pledge or other transfer (whether voluntary,
involuntary or by operation of law) of any of the rights, interests or obligations of the parties hereto under this Agreement or the other Transaction Documents, shall affect the continuing validity and enforceability of this Guarantee, as well as
any provision requiring or contemplating performance by PHH. 
  

 41 

 (b) Each of PHH and PMC hereby waives, for the benefit of the Cendant Entities, (i) any right
to require the Cendant Entities, as a condition of payment or performance by either PHH or PMC, to proceed against any of the PHH Affiliates or pursue any other remedy whatsoever and (ii) to the fullest extent permitted by law, any defenses or
benefits that may be derived from or afforded by law which limit the liability of or exonerate either PHH or PMC or sureties, except to the extent that any such defense is available to the appropriate PHH Affiliates. 
 (c) Without limiting in any way the foregoing Guarantee, each of PHH and PMC covenants and agrees to take all actions to enable the PHH Affiliates
to adhere to each provision of this Agreement and the other Transaction Documents which requires an act or omission on the part of PHH or PMC or any of their Subsidiaries to enable the PHH Affiliates to comply with their obligations under this
Agreement. 
 (d) Each of PHH and PMC understands that the Cendant Entities are relying on this Guarantee in entering into this
Agreement and the other Transaction Documents and may, to the extent PHH or PMC is not a party to any such other Transaction Document, enforce this Guarantee as if each of PHH and PMC were a party thereto. 
 Section 13.2 Notice of Certain Events. Each Party shall promptly notify the others of (i) any event or condition that would cause any of
the representations or warranties of such party contained herein no longer to be complete and accurate, and (ii) any failure on the part of such Party to comply with any of its covenants or agreements contained herein. 
 Section 13.3 Indemnification. 
 (a) PHH Indemnification. Except as otherwise provided by the terms of this Agreement, each of the PHH Entities, jointly and severally (each, a “PHH Indemnitor”) agrees to indemnify, defend and hold harmless each
of the Cendant Entities and their respective officers, directors, employees, agents, attorneys, members and shareholders (collectively called the “Cendant Indemnitees”) from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable attorneys’ fees and disbursements in connection with any investigative, administrative or judicial
proceeding) (“Losses”) imposed on, incurred by or asserted against any such Cendant Indemnitee, whether brought under common law or in equity, or in contract, tort or otherwise, caused by, arising from or connected with (i) any
misrepresentation or the breach in any material respect by the PHH Indemnitor of any term, condition, representation, obligation or warranty of the PHH Indemnitor set forth in this Agreement or in any schedule, exhibit, or certificate furnished by
the PHH Indemnitor pursuant to this Agreement; or (ii) the negligence or willful misconduct of the PHH Indemnitor. 
  

 42 

 (b) Cendant Indemnification. Except as otherwise provided by the terms of this Agreement,
each of the Cendant Entities, jointly and severally (each, a “Cendant Indemnitor”) agrees to indemnify, defend and hold harmless each of the PHH Entities and the respective officers, directors, employees, agents, attorneys, members
and shareholders (collectively called the “PHH Indemnitees”) from and against any and all Losses imposed on, incurred by or asserted against such PHH Indemnitees, whether brought under common law or in equity, or in contract, tort
or otherwise, caused by, arising from or connected with (i) any misrepresentation or the breach in any material respect by the Cendant Indemnitor of any term, condition, representation, obligation or warranty of the Cendant Indemnitor set forth
in this Agreement or in any schedule, exhibit, or certificate furnished by the Cendant Indemnitor pursuant to this Agreement; or (ii) the negligence or willful misconduct of the Cendant Indemnitor. 
 (c) Indemnification of the Company. PMC shall indemnify and hold the Company harmless from and against the following Losses incurred or
sustained by the Company: 
 (i) any amounts paid by the Company to Cendant Real Estate pursuant to Section 9.1(c)
hereof, and 
 (ii) any interest paid by the Company pursuant to Section 8.1(d) of the Operating Agreement. 

Section 13.4 Lawful Conduct; Severability; Release. The Parties hereto shall not perform, or be expected to perform, any act hereunder
that is, or is reasonably believed to be, in violation of any applicable state or federal rule or regulation. If any provision of this Agreement is now or later in violation of any local, state or federal law, then such provision shall be considered
null and void for purposes of this Agreement with all other provisions remaining in full force and effect. Each Party expressly releases each other Party from any liability in the event any such Party cannot fulfill any obligation hereunder due to
any prohibition under local, state or federal laws pertaining to such obligation; provided, however, that nothing herein shall relieve or release any Party hereto from any liability or obligation under the Operating Agreement.

 Section 13.5 Confidential Treatment. Each Party and its respective Affiliates shall request confidential treatment for this
Agreement and all Transaction Documents (or appropriate provisions of this Agreement, where applicable) by all applicable regulatory bodies, including, without limitation, the Securities and Exchange Commission, when making any regulatory filings,
registrations or notifications, to the extent such request may be made in good faith. 
 Section 13.6 Expenses. Except as
otherwise specified in this Agreement, all costs, fees and expenses incurred in connection with the performance of any and all obligations pursuant to this Agreement shall be paid by the Party incurring such costs, fees and expenses. 
  

 43 

 Section 13.7 Confidentiality and No Personal Solicitation. Each Party understands that
certain information which it has been furnished and will be furnished in connection with this Agreement, including, but not limited to information concerning business procedures or prices, policies or plans of the other Party or any of its
Affiliates, is confidential and proprietary, and each Party agrees that it will maintain the confidentiality of such information and will not disclose it to others or use it except in connection with the proposed transactions contemplated by this
Agreement, without the prior written consent of the Party furnishing such information. Information which is generally known in the industry concerning a Party or among such Party’s creditors generally or which has been disclosed to the other
Party by third parties who have a right to do so shall not be deemed confidential or proprietary information for these purposes. If PHH, any of its Affiliates or any officer, director, employee or agent of any of the foregoing is at any time
requested or required to disclose any information supplied to it by or on behalf of a Cendant Entity or an Affiliate thereof in connection with the transactions contemplated hereby, PHH agrees to provide the Cendant Entities with prompt notice of
such request(s) so that the Cendant Entities may seek an appropriate protective order and/or waive PHH’s compliance with the terms of this Section 13.7. If the Cendant Entities, any of their Affiliates or any officer, director, employee or
agent of any of the foregoing is at any time requested or required to disclose any information supplied to it by or on behalf of PHH or an Affiliate thereof in connection with the transactions contemplated hereby, the Cendant Entities agree to
provide PHH with prompt notice of such request(s) so that PHH may seek an appropriate protective order and/or waive the Cendant Entities’ compliance with the terms of this Section 13.7. Notwithstanding the terms of this Section 13.7,
if, in the absence of a protective order or the receipt of a waiver hereunder, any Party is nonetheless, in the opinion of its counsel, compelled to disclose information concerning the other Party to any tribunal or else stand liable for contempt or
suffer other censure or penalty, such Party may disclose such information to such tribunal without liability hereunder. Upon termination of this Agreement, each Party agrees to promptly return to the other all confidential materials, and all copies
thereof, which have been furnished to it in connection with the transactions contemplated hereby. 
 Section 13.8 Entire
Agreement. This Agreement and the other Transaction Documents, as defined in Section 1.1 of the Operating Agreement, constitute the entire agreement among the Parties hereto and contains all of the agreements among such Parties with respect
to the subject matter hereof and thereof. This Agreement and the other Transaction Documents supersede any and all other agreements, either oral or written, between such Parties with respect to the subject matter hereof and thereof. 
 Section 13.9 Amendment. Except as expressly provided herein, this Agreement may be amended only by a written agreement executed by all the
Parties. Following such amendment, the Agreement, as amended, shall be binding upon all Parties. Notwithstanding the foregoing, in the event that Cendant Real Estate transfers all or part of its interest in Cendant Mobility or NRT, and in connection
therewith the Cendant Member transfers a portion of its Interest in the Company, the Person acquiring such portion of the Cendant Member’s Interest shall become a party to this Agreement and shall have all of the same rights and shall be
subject to all of the same obligations with respect to the business acquired from Cendant Real Estate as Cendant Real Estate has hereunder, and the Parties shall execute an amendment to this Agreement to reflect the same. 
  

 44 

 Section 13.10 Binding Effect. This Agreement will be binding upon and shall inure to the
benefit of the Parties and their respective successors and assigns; provided, however, that in the event that any Person acquires Cendant Real Estate, this Agreement will continue to be binding upon Cendant Real Estate but shall not be
binding upon such acquiring Person or any Person that was an Affiliate of such acquiring Person immediately prior to such acquisition. In the event that Cendant Real Estate sells, transfers or otherwise disposes of NRT substantially as an entirety
(whether by merger, sale of stock, sale of assets or otherwise), Cendant Real Estate shall make proper provision so that NRT and the Person acquiring or succeeding to NRT shall acknowledge and agree in writing that NRT shall assume all rights and
obligations of Cendant Real Estate under this Agreement solely as they relate to the business of NRT; provided, however, that this Agreement shall not be binding upon any real estate or other business already owned and operated by such
acquiring Person or any Person that was an Affiliate of such acquiring Person immediately prior to the completion of such acquisition. 
 Section 13.11 Negotiation and Mediation. 
 (a) Negotiation. In the event of any dispute, controversy or
claim arising out of or relating to this Agreement or the breach, termination or validity thereof, or the transactions contemplated hereby (a “Dispute”), upon the written notice of any Party hereto, the Parties shall attempt in good
faith to negotiate a resolution of the Dispute. If the Parties are unable for any reason to resolve a Dispute within 30 days after the receipt of such notice, the Dispute shall be submitted to mediation in accordance with Section 13.11(b)
hereof. 
 (b) Mediation. Any Dispute not resolved pursuant to Section 13.11(a) hereof shall, at the request (the
“Mediation Request”) of any Party (the “Disputing Party”), be submitted to mediation in accordance with the then-prevailing Commercial Mediation Rules of the American Arbitration Association, as modified herein (the
“Rules”). The mediation shall be held in New York, New York. The Parties shall have twenty (20) days from receipt by a Party of a Mediation Request to agree on a mediator. If no mediator has been agreed upon by the Parties
within twenty (20) days of receipt by a Party (or Parties) of a Mediation Request, then any Party may request (on written notice to the other Party or Parties), that the American Arbitration Association appoint a mediator in accordance with the
Rules. All mediation pursuant to this Section 13.11(b) shall be confidential and shall be treated as compromise and settlement negotiations, and no oral or documentary representations made by the Parties during such mediation shall be
admissible for any purpose in any subsequent proceedings. No Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by another Party in the mediation proceedings or about the existence,
contents or results of the mediation award without the prior written consent of such other Party except in the course of a judicial or regulatory proceeding or as may be required by law, rule or regulation or requested by a governmental authority or
securities 

  

 45 

 
exchange. Before making any disclosure permitted by the preceding sentence, the Party intending to make such disclosure shall give the other Party a
reasonable opportunity to protect its interests. If the Dispute has not been resolved within sixty (60) days of the appointment of a mediator, or within ninety (90) days of receipt by a Party of a Mediation Request in accordance with this
Section 13.11 (whichever occurs sooner) or within such longer period as the Parties may agree to in writing, then any Party may file an action on the Dispute in any court having jurisdiction in accordance with Section 13.12 herein.

 Section 13.12 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto
arising out of or relating to this Agreement shall only be instituted in any federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each Party hereby irrevocably submits to the
exclusive jurisdiction of any such court in any such suit, action or proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in
an inconvenient forum. Each of the Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
 Section 13.13 Effect of Waiver or Consent. No provision of this Agreement shall be deemed to have been waived unless such waiver is contained
in a written notice given to the Party claiming such waiver has occurred. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to this Agreement is
not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to this Agreement. Failure on the part of a Person to complain of any act of any Person
or to declare any Person in default with respect to this Agreement, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations
period has run. 
 Section 13.14 Notices. To be effective, unless otherwise specified in this Agreement, all notices and demands,
consents and other communications under this Agreement must be in writing and must be given (a) by depositing the same in the United States mail, postage prepaid, certified or registered, return receipt requested, (b) by delivering the
same in person and receiving a signed receipt therefore, (c) by sending the same by a nationally recognized overnight delivery service or (d) by telecopy (promptly confirmed by telephone and followed by personal or nationally recognized
overnight delivery). For purposes of notices, demands, consents and other communications under this Agreement, the addresses of the Parties (and their respective counsel, if applicable) shall be as follows: 
 If to a Cendant Entity, addressed to: 
 Cendant Corporation 
 9 West 57th Street 
 New York, New York 10021 
 Facsimile: (212) 413-1922 

			
	Attention:	 	Eric J. Bock,
		 	Executive Vice President-Law
		 	and Corporate Secretary

  

 46 

 If to a PHH Entity or the Company, addressed to: 
 PHH Mortgage Corporation 
 3000 Leadenhall Road 
 Mail Stop ACC 
 Mt. Laurel, NJ 08054 
 Facsimile: (856) 917-0950 

			
	Attention:	 	William F. Brown,
		 	Senior Vice President
		 	and General Counsel

 Copies of all notices hereunder shall be delivered to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Facsimile: (212) 735-2000 
 Attention: Fred B. White III, Esq. 
 Notices,
demands, consents and other communications mailed in accordance with the foregoing clause (a) shall be deemed to have been given, made and received three (3) Business Days following the date so mailed. Notices, demands, consents and other
communications given in accordance with the foregoing clauses (b) and (d) shall be deemed to have been given, made and received when sent on a Business Day or, if not a Business Day, then the next succeeding Business Day. Notices, demands,
consents and other communications given in accordance with the foregoing clause (c) shall be deemed to have been given, made and received when delivered or refused on a Business Day or, if not a Business Day, then the next succeeding Business
Day. Any Party or its assignee may designate a different address to which notices or demands shall thereafter be directed and such designation shall be made by written notice given in the manner hereinabove required, provided, that at all times each
Party shall be required to maintain a notice address in the continental United States. 
 Section 13.15 No Assignment. Except as
specifically provided elsewhere herein, no Party may assign all or any part of its rights or obligations hereunder without first obtaining the written consent of the other Party. 
  

 47 

 Section 13.16 Benefit of Parties Only. This Agreement is made for the sole benefit of the
Parties hereto and of their respective successors and permitted assigns. Nothing herein shall create, or be deemed to create, a relationship between the Parties hereto, or either of them and any third person in the nature of a third-party
beneficiary, equitable lien or fiduciary relationship. 
 Section 13.17 No Joint Venture; Legal Entity. The Parties hereto agree
that the relationships existing among them are contractual in nature, and that nothing contained herein or in the other Transaction Documents is intended to create, or shall be deemed or construed as creating, any legal entity between the Parties
hereto or the Parties thereto other than as specifically set forth in the Operating Agreement. This Agreement shall not be deemed to create a joint venture or partnership among the Parties hereto. No Party hereto shall have the authority or right,
or hold itself out as having the authority or right, to assume, create or undertake any obligation of any kind whatsoever, express of implied, on behalf of or in the name of any other Party hereto, except as expressly provided herein or in the
Operating Agreement. 
 Section 13.18 Counterparts. This Agreement may be executed in several counterparts, each of which will be
deemed an original but all of which will constitute one and the same. 
  

 48 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective
officers thereunto duly authorized, as of the day and year first above written. 
  

			
	CENDANT REAL ESTATE SERVICES GROUP, LLC
		
	By:	 	 /s/    Eric J. Bock

	Name:	 	Eric J. Bock
	Title:	 	Executive Vice President and Secretary
	
	CENDANT REAL ESTATE SERVICES VENTURE PARTNER, INC.
		
	By:	 	 /s/    Eric J. Bock

	Name:	 	Eric J. Bock
	Title:	 	Executive Vice President and Secretary
	
	PHH CORPORATION
		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer
	
	CENDANT MORTGAGE CORPORATION
		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer
	
	PHH HOME LOANS, LLC
		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer

  

 49 

			
	PHH BROKER PARTNER CORPORATION
		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President

  

 50 

 Exhibit A 
 Cendant Owned Real Estate Offices Tradenames 
  

			
	 Metro
	  	 Dba

	Atlanta	  	Coldwell Banker Residential Brokerage
		
	 Baltimore/DE/DC
	  	 Coldwell Banker Residential Brokerage

		
	 New England (ME, NH, MA, RI)
	  	 Coldwell Banker Residential Brokerage

		
	 Northern California
	  	 Coldwell Banker Residential Brokerage

		
	 Southern California
	  	 Coldwell Banker Residential Brokerage

		
	 Chicago IL/Milwaukee WI
	  	 Coldwell Banker Residential Brokerage

		
	 Columbus, OH
	  	 Coldwell Banker King Thompson

		
	 Cincinnati, OH
	  	 Coldwell Banker Burnet

		
	 Dallas, Ft. Worth, TX
	  	 Coldwell Banker Residential Brokerage

		
	 Denver, CO
	  	 Coldwell Banker Residential Brokerage

		
	 Florida
	  	 Coldwell Banker Residential Real Estate

		
	 Harrisburg, PA
	  	 Jack Gaughen Realtor ERA

		
	 Long Island, NY
	  	 Coldwell Banker Residential Brokerage

		
	 Minnesota
	  	 Coldwell Banker Burnet

		
	 New Jersey - Burgdorff
	  	 Burgdorff Realtors ERA

		
	 New Jersey - CB
	  	 Coldwell Banker Residential Brokerage

		
	 New York
	  	 The Corcoran Group

		
		  	 CitiHabitats

		
	 Pittsburgh, PA
	  	 Coldwell Banker Real Estate

		
	 Salt Lake City, UT
	  	 Coldwell Banker Residential Brokerage

		
	 St.Louis, MO
	  	 Coldwell Banker Gundaker

			
		
	 Westchester, NY/CT
	  	 Coldwell Banker Residential Brokerage

		
	 Sunshine
	  	 The Sunshine Group

		
	 SIR
	  	 Sotheby’s International Realty

		
	 Condo Store
	  	 Coldwell Banker The Condo Store

		
	 CB Commercial
	  	 Coldwell Banker Commercial NRT

  

 2 

 Exhibit B 
 Cendant Real Estate Franchisee Brands 
  

	1.	Century 21 Real Estate LLC 

	2.	Century 21 

	3.	Coldwell Banker Real Estate Corporation 

	4.	Coldwell Banker 

	5.	ERA Franchise Systems, Inc. 

	6.	ERA 

	7.	Sotheby’s International Realty Affiliates, Inc. 

	8.	Sotheby’s International Realty 

	9.	Sotheby’s Realty 

 Exhibit C 
 Small Corps 
 1. Axiom Financial, Inc., a Utah corporation 
 2. Hamera Corp. d/b/a First Capital, a California corporation 
 3. LongIsland
Mortgage Group, Inc., a New York corporation 
 4. NE Moves Mortgage Corporation, a Massachusetts corporation 
 5. Preferred Mortgage Group, Inc., a Virginia corporation 
 6. RMR Financial,
a California corporation 
 7. Sunbelt Lending Services, Inc., a Florida corporation 
 8. Burnet Home Loans (a division of PHH Mortgage) 

 Schedule 3.15(b) 
 Pricing Penalties 
 * 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. 

 Schedule 3.15(c)(i) 
 Programs 
 *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. 

 Schedule 3.15(c)(ii) 
 Competitors 
 *CONFIDENTIAL 
  
  

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

  

 Schedule 3.16(a) 
 Surveys 
  

	1.	We provided you with an accurate application package: 

 Strongly agree [    ] 
 Agree [    ] 
 Disagree [    ] 
 Comments: 
  

	2.	We thoroughly explained and accurately guided you through the steps of the mortgage process: 

 Strongly agree [    ] 
 Agree [    ] 
 Disagree [    ] 
 Comments: 
  

	3.	Once you received your application package, your Loan Processor kept you informed about the progress of your loan: 

 Strongly agree [    ] 
 Agree [    ] 
 Disagree [    ] 
 Comments: 
  

	4.	We made your closing smooth and easy: 

 Strongly agree
[    ] 
 Agree [    ] 
 Disagree [    ] 
 Comments: 
  

	5.	You would recommend us to others: 

 Strongly agree
[    ] 
 Agree [    ] 
 Disagree [    ] 
 Comments: 

 Schedule 3.16(b) 
 Service Standards Damages 
 * 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. 

  

 9

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