Exhibit 10.5
CONFIRMATION

     
Date:
  March 27, 2008
 
   
To:
  PHH Corporation (“Issuer”)
 
   
Facsimile:
  (856) 917-4278
 
   
Attention:
  Treasurer
 
   
From:
  JPMorgan Chase Bank, National Association (“JPMorgan”)
 
   
Facsimile:
  (212) 622-8534

Transaction Reference Number:
          The purpose of this communication (this “Confirmation”) is to set
forth the terms and conditions of the above-referenced Transaction entered into
on the Trade Date specified below between you and us. This Confirmation
supplements, forms a part of, and is subject to the Master Terms and Conditions
for Warrants Issued by PHH Corporation, between JPMorgan Chase Bank, National
Association and PHH Corporation, dated as of March 27, 2008 (as amended from
time to time, the “Master Confirmation”).
          1. The definitions and provisions contained in the Definitions (as
such term is defined in the Master Confirmation) and in the Master Confirmation
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and provisions and this Confirmation, this
Confirmation will govern.
          2. The particular Transaction to which this Confirmation relates shall
have the following terms:

     
Trade Date:
  March 27, 2008
 
   
Effective Date:
  April 2, 2008
 
   
Strike Price:
  USD 27.20
 
   
Premium:
  USD 6,265,800
 
   
Premium Payment Date:
  The Effective Date.
 
   
Maximum Delivery Amount:
  3,246,000 Shares (as adjusted for stock splits, stock dividends,
recapitalizations and similar events)

For each Component of the Transaction, the Number of Warrants and Expiration
Date are as set forth below.

A-1

--------------------------------------------------------------------------------

 

          Component Number   Number of Warrants   Expiration Date 1.   26,829  
July 16, 2012 2.   26,829   July 17, 2012 3.   26,829   July 18, 2012 4.  
26,829   July 19, 2012 5.   26,829   July 20, 2012 6.   26,829   July 23, 2012
7.   26,829   July 24, 2012 8.   26,829   July 25, 2012 9.   26,829   July 26,
2012 10.   26,829   July 27, 2012 11.   26,829   July 30, 2012 12.   26,829  
July 31, 2012 13.   26,829   August 1, 2012 14.   26,829   August 2, 2012 15.  
26,829   August 3, 2012 16.   26,829   August 6, 2012 17.   26,829   August 7,
2012 18.   26,829   August 8, 2012 19.   26,829   August 9, 2012 20.   26,829  
August 10, 2012 21.   26,829   August 13, 2012 22.   26,829   August 14, 2012
23.   26,829   August 15, 2012 24.   26,829   August 16, 2012 25.   26,829  
August 17, 2012 26.   26,829   August 20, 2012 27.   26,829   August 21, 2012
28.   26,829   August 22, 2012 29.   26,829   August 23, 2012 30.   26,829  
August 24, 2012 31.   26,829   August 27, 2012 32.   26,829   August 28, 2012
33.   26,829   August 29, 2012 34.   26,829   August 30, 2012 35.   26,829  
August 31, 2012 36.   26,829   September 4, 2012 37.   26,829   September 5,
2012 38.   26,829   September 6, 2012 39.   26,829   September 7, 2012 40.  
26,829   September 10, 2012 41.   26,829   September 11, 2012 42.   26,829  
September 12, 2012 43.   26,829   September 13, 2012 44.   26,829  
September 14, 2012 45.   26,829   September 17, 2012 46.   26,829  
September 18, 2012 47.   26,829   September 19, 2012 48.   26,829  
September 20, 2012 49.   26,829   September 21, 2012 50.   26,829  
September 24, 2012

A-2

--------------------------------------------------------------------------------

 

          Component Number   Number of Warrants   Expiration Date 51.   26,829  
September 25, 2012 52.   26,829   September 26, 2012 53.   26,829  
September 27, 2012 54.   26,829   September 28, 2012 55.   26,829   October 1,
2012 56.   26,829   October 2, 2012 57.   26,829   October 3, 2012 58.   26,829
  October 4, 2012 59.   26,829   October 5, 2012 60.   26,829   October 8, 2012
61.   26,829   October 9, 2012 62.   26,829   October 10, 2012 63.   26,829  
October 11, 2012 64.   26,829   October 12, 2012 65.   26,829   October 15, 2012
66.   26,829   October 16, 2012 67.   26,829   October 17, 2012 68.   26,829  
October 18, 2012 69.   26,829   October 19, 2012 70.   26,829   October 22, 2012
71.   26,829   October 23, 2012 72.   26,829   October 24, 2012 73.   26,829  
October 25, 2012 74.   26,829   October 26, 2012 75.   26,829   October 29, 2012
76.   26,829   October 30, 2012 77.   26,829   October 31, 2012 78.   26,829  
November 1, 2012 79.   26,829   November 2, 2012 80.   26,829   November 5, 2012
81.   26,829   November 6, 2012 82.   26,829   November 7, 2012 83.   26,829  
November 8, 2012 84.   26,829   November 9, 2012 85.   26,829   November 12,
2012 86.   26,829   November 13, 2012 87.   26,829   November 14, 2012 88.  
26,829   November 15, 2012 89.   26,829   November 16, 2012 90.   26,829  
November 19, 2012 91.   26,829   November 20, 2012 92.   26,829   November 21,
2012 93.   26,829   November 23, 2012 94.   26,829   November 26, 2012 95.  
26,829   November 27, 2012 96.   26,829   November 28, 2012 97.   26,829  
November 29, 2012 98.   26,829   November 30, 2012 99.   26,829   December 3,
2012 100.   26,829   December 4, 2012 101.   26,829   December 5, 2012 102.  
26,829   December 6, 2012 103.   26,829   December 7, 2012

A-3

--------------------------------------------------------------------------------

 

          Component Number   Number of Warrants   Expiration Date 104.   26,829
  December 10, 2012 105.   26,829   December 11, 2012 106.   26,829  
December 12, 2012 107.   26,829   December 13, 2012 108.   26,829   December 14,
2012 109.   26,829   December 17, 2012 110.   26,829   December 18, 2012 111.  
26,829   December 19, 2012 112.   26,829   December 20, 2012 113.   26,829  
December 21, 2012 114.   26,829   December 24, 2012 115.   26,829   December 26,
2012 116.   26,829   December 27, 2012 117.   26,829   December 28, 2012 118.  
26,829   December 31, 2012 119.   26,829   January 2, 2013 120.   26,862  
January 3, 2013

A-4

--------------------------------------------------------------------------------

 

          3. Issuer hereby agrees (a) to check this Confirmation promptly upon
receipt so that errors or discrepancies can be promptly identified and rectified
and (b) to confirm that the foregoing correctly sets forth the terms of the
agreement between us with respect to the particular Transaction to which this
Confirmation relates, by manually signing this Confirmation and providing any
other information requested herein or in the Master Confirmation and immediately
returning an executed copy to EDG Confirmation Group, J.P. Morgan Securities
Inc., 277 Park Avenue, 11th Floor, New York, NY 10172-3401, or by fax to
(212) 622 8519.

            Yours sincerely,

J.P. MORGAN SECURITIES INC.,
AS AGENT FOR JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
      By:   /s/ Santosh Sreenivasan         Name:   Santosh Sreenivasan       
Title:   Executive Director   

          Confirmed as of the
date first above written:

PHH CORPORATION
      By:   /s/ Mark E. Johnson         Name:   Mark E. Johnson        Title:  
Vice President & Treasurer