EXHIBIT 10.6
CONFIRMATION

     
Date:
  September 29, 2009
 
   
To:
  PHH Corporation (“Issuer”)
 
   
Facsimile:
  (856) 917-4278
 
   
Attention:
  Treasurer
 
   
From:
  Citibank, N.A. (“Dealer”)
 
   
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 Citibank, N.A. and PHH Corporation, dated as
of September 23, 2009 (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:
  September 29, 2009
 
   
Effective Date:
  September 29, 2009
 
   
Strike Price:
  USD 34.74
 
   
Premium:
  USD 1,412,700.00
 
   
Premium Payment Date:
  The Effective Date.
 
   
Maximum Delivery Amount:
  At any time, a number of Shares equal to the product of the Transaction
Multiplier and the Number of Shares at such time.
 
   
Transaction Multiplier:
  1.35

1

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

              Component Number   Number of Warrants   Expiration Date
1.
    3,293     December 1, 2014
2.
    3,293     December 2, 2014
3.
    3,293     December 3, 2014
4.
    3,293     December 4, 2014
5.
    3,293     December 5, 2014
6.
    3,293     December 8, 2014
7.
    3,293     December 9, 2014
8.
    3,293     December 10, 2014
9.
    3,293     December 11, 2014
10.
    3,293     December 12, 2014
11.
    3,293     December 15, 2014
12.
    3,293     December 16, 2014
13.
    3,293     December 17, 2014
14.
    3,293     December 18, 2014
15.
    3,293     December 19, 2014
16.
    3,293     December 22, 2014
17.
    3,293     December 23, 2014
18.
    3,293     December 24, 2014
19.
    3,293     December 26, 2014
20.
    3,293     December 29, 2014
21.
    3,293     December 30, 2014
22.
    3,293     December 31, 2014
23.
    3,293     January 2, 2015
24.
    3,293     January 5, 2015
25.
    3,293     January 6, 2015
26.
    3,293     January 7, 2015
27.
    3,293     January 8, 2015
28.
    3,293     January 9, 2015
29.
    3,293     January 12, 2015
30.
    3,293     January 13, 2015
31.
    3,293     January 14, 2015
32.
    3,293     January 15, 2015
33.
    3,293     January 16, 2015
34.
    3,293     January 20, 2015
35.
    3,293     January 21, 2015
36.
    3,293     January 22, 2015
37.
    3,293     January 23, 2015
38.
    3,293     January 26, 2015
39.
    3,293     January 27, 2015
40.
    3,293     January 28, 2015
41.
    3,293     January 29, 2015
42.
    3,293     January 30, 2015

2

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              Component Number   Number of Warrants   Expiration Date
43.
    3,293     February 2, 2015
44.
    3,293     February 3, 2015
45.
    3,293     February 4, 2015
46.
    3,293     February 5, 2015
47.
    3,293     February 6, 2015
48.
    3,293     February 9, 2015
49.
    3,293     February 10, 2015
50.
    3,293     February 11, 2015
51.
    3,293     February 12, 2015
52.
    3,293     February 13, 2015
53.
    3,293     February 17, 2015
54.
    3,293     February 18, 2015
55.
    3,293     February 19, 2015
56.
    3,293     February 20, 2015
57.
    3,293     February 23, 2015
58.
    3,293     February 24, 2015
59.
    3,293     February 25, 2015
60.
    3,293     February 26, 2015
61.
    3,293     February 27, 2015
62.
    3,293     March 2, 2015
63.
    3,293     March 3, 2015
64.
    3,293     March 4, 2015
65.
    3,293     March 5, 2015
66.
    3,293     March 6, 2015
67.
    3,293     March 9, 2015
68.
    3,293     March 10, 2015
69.
    3,293     March 11, 2015
70.
    3,293     March 12, 2015
71.
    3,293     March 13, 2015
72.
    3,293     March 16, 2015
73.
    3,293     March 17, 2015
74.
    3,293     March 18, 2015
75.
    3,293     March 19, 2015
76.
    3,293     March 20, 2015
77.
    3,293     March 23, 2015
78.
    3,293     March 24, 2015
79.
    3,293     March 25, 2015
80.
    3,293     March 26, 2015
81.
    3,293     March 27, 2015
82.
    3,293     March 30, 2015
83.
    3,293     March 31, 2015
84.
    3,293     April 1, 2015
85.
    3,293     April 2, 2015
86.
    3,293     April 6, 2015

3

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              Component Number   Number of Warrants   Expiration Date
87.
    3,293     April 7, 2015
88.
    3,293     April 8, 2015
89.
    3,293     April 9, 2015
90.
    3,293     April 10, 2015
91.
    3,293     April 13, 2015
92.
    3,293     April 14, 2015
93.
    3,293     April 15, 2015
94.
    3,293     April 16, 2015
95.
    3,293     April 17, 2015
96.
    3,293     April 20, 2015
97.
    3,293     April 21, 2015
98.
    3,293     April 22, 2015
99.
    3,293     April 23, 2015
100.
    3,293     April 24, 2015
101.
    3,293     April 27, 2015
102.
    3,293     April 28, 2015
103.
    3,293     April 29, 2015
104.
    3,293     April 30, 2015
105.
    3,293     May 1, 2015
106.
    3,293     May 4, 2015
107.
    3,293     May 5, 2015
108.
    3,293     May 6, 2015
109.
    3,293     May 7, 2015
110.
    3,293     May 8, 2015
111.
    3,293     May 11, 2015
112.
    3,293     May 12, 2015
113.
    3,293     May 13, 2015
114.
    3,293     May 14, 2015
115.
    3,293     May 15, 2015
116.
    3,293     May 18, 2015
117.
    3,293     May 19, 2015
118.
    3,293     May 20, 2015
119.
    3,293     May 21, 2015
120.
    3,405     May 22, 2015

4

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     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 and immediately returning an executed copy to
Confirmation Unit via 212-615-8985. Hard copies should be returned to Citibank,
N.A., 333 West 34th Street, 2nd Floor, New York, New York 10001, Attention:
Confirmation Unit.

            Yours sincerely,       CITIBANK, N.A.         By:   /s/ James
Heathcote         Authorized Signatory        Name: James Heathcote     

            Confirmed as of the date first above written:

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