EXHIBIT 10.2
CONFIRMATION

     
Date:
  September 29, 2009
 
   
To:
  PHH Corporation (“Issuer”)
 
   
Facsimile:
  (856) 917-4278
 
   
Attention:
  Treasurer
 
   
From:
  JPMorgan Chase Bank, National Association, London Branch (“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 JPMorgan Chase Bank, National
Association, London Branch 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 1,828,200.00
 
   
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

JPMorgan Chase Bank, National Association
Organised under the laws of the United States as a National Banking Association
Main Office 1111 Polaris Parkway, Columbus, Ohio 43271
Registered as a branch in England & Wales branch No. BR000746
Registered Branch Office 125 London Wall, London EC2Y 5AJ
Authorised and regulated by the Financial Services Authority

 

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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.   4,263.0  
December 1, 2014 2.   4,263.0   December 2, 2014 3.   4,263.0   December 3, 2014
4.   4,263.0   December 4, 2014 5.   4,263.0   December 5, 2014 6.   4,263.0  
December 8, 2014 7.   4,263.0   December 9, 2014 8.   4,263.0   December 10,
2014 9.   4,263.0   December 11, 2014 10.   4,263.0   December 12, 2014 11.  
4,263.0   December 15, 2014 12.   4,263.0   December 16, 2014 13.   4,263.0  
December 17, 2014 14.   4,263.0   December 18, 2014 15.   4,263.0   December 19,
2014 16.   4,263.0   December 22, 2014 17.   4,263.0   December 23, 2014 18.  
4,263.0   December 24, 2014 19.   4,263.0   December 26, 2014 20.   4,263.0  
December 29, 2014 21.   4,263.0   December 30, 2014 22.   4,263.0   December 31,
2014 23.   4,263.0   January 2, 2015 24.   4,263.0   January 5, 2015 25.  
4,263.0   January 6, 2015 26.   4,263.0   January 7, 2015 27.   4,263.0  
January 8, 2015 28.   4,263.0   January 9, 2015 29.   4,263.0   January 12, 2015
30.   4,263.0   January 13, 2015 31.   4,263.0   January 14, 2015 32.   4,263.0
  January 15, 2015 33.   4,263.0   January 16, 2015 34.   4,263.0   January 20,
2015 35.   4,263.0   January 21, 2015 36.   4,263.0   January 22, 2015 37.  
4,263.0   January 23, 2015 38.   4,263.0   January 26, 2015 39.   4,263.0  
January 27, 2015 40.   4,263.0   January 28, 2015 41.   4,263.0   January 29,
2015

2

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          Component Number   Number of Warrants   Expiration Date 42.   4,263.0
  January 30, 2015 43.   4,263.0   February 2, 2015 44.   4,263.0   February 3,
2015 45.   4,263.0   February 4, 2015 46.   4,263.0   February 5, 2015 47.  
4,263.0   February 6, 2015 48.   4,263.0   February 9, 2015 49.   4,263.0  
February 10, 2015 50.   4,263.0   February 11, 2015 51.   4,263.0   February 12,
2015 52.   4,263.0   February 13, 2015 53.   4,263.0   February 17, 2015 54.  
4,263.0   February 18, 2015 55.   4,263.0   February 19, 2015 56.   4,263.0  
February 20, 2015 57.   4,263.0   February 23, 2015 58.   4,263.0   February 24,
2015 59.   4,263.0   February 25, 2015 60.   4,263.0   February 26, 2015 61.  
4,263.0   February 27, 2015 62.   4,263.0   March 2, 2015 63.   4,263.0  
March 3, 2015 64.   4,263.0   March 4, 2015 65.   4,263.0   March 5, 2015 66.  
4,263.0   March 6, 2015 67.   4,263.0   March 9, 2015 68.   4,263.0   March 10,
2015 69.   4,263.0   March 11, 2015 70.   4,263.0   March 12, 2015 71.   4,263.0
  March 13, 2015 72.   4,263.0   March 16, 2015 73.   4,263.0   March 17, 2015
74.   4,263.0   March 18, 2015 75.   4,263.0   March 19, 2015 76.   4,263.0  
March 20, 2015 77.   4,263.0   March 23, 2015 78.   4,263.0   March 24, 2015 79.
  4,263.0   March 25, 2015 80.   4,263.0   March 26, 2015 81.   4,263.0  
March 27, 2015 82.   4,263.0   March 30, 2015 83.   4,263.0   March 31, 2015 84.
  4,263.0   April 1, 2015 85.   4,263.0   April 2, 2015

3

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          Component Number   Number of Warrants   Expiration Date 86.   4,263.0
  April 6, 2015 87.   4,263.0   April 7, 2015 88.   4,263.0   April 8, 2015 89.
  4,263.0   April 9, 2015 90.   4,263.0   April 10, 2015 91.   4,263.0  
April 13, 2015 92.   4,263.0   April 14, 2015 93.   4,263.0   April 15, 2015 94.
  4,263.0   April 16, 2015 95.   4,263.0   April 17, 2015 96.   4,263.0  
April 20, 2015 97.   4,263.0   April 21, 2015 98.   4,263.0   April 22, 2015 99.
  4,263.0   April 23, 2015 100.   4,263.0   April 24, 2015 101.   4,263.0  
April 27, 2015 102.   4,263.0   April 28, 2015 103.   4,263.0   April 29, 2015
104.   4,263.0   April 30, 2015 105.   4,263.0   May 1, 2015 106.   4,263.0  
May 4, 2015 107.   4,263.0   May 5, 2015 108.   4,263.0   May 6, 2015 109.  
4,263.0   May 7, 2015 110.   4,263.0   May 8, 2015 111.   4,263.0   May 11, 2015
112.   4,263.0   May 12, 2015 113.   4,263.0   May 13, 2015 114.   4,263.0  
May 14, 2015 115.   4,263.0   May 15, 2015 116.   4,263.0   May 18, 2015 117.  
4,263.0   May 19, 2015 118.   4,263.0   May 20, 2015 119.   4,263.0   May 21,
2015 120.   4,232.0   May 22, 2015

4

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          3. Please confirm that the foregoing correctly sets forth the terms of
our agreement by executing this Confirmation and returning it 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
 
        Authorized Signatory         Name: Santosh Sreenivasan    

          Confirmed as of the date first above written:    
 
        PHH CORPORATION      
By:
  /s/ Mark E. Johnson
 
Name: Mark E. Johnson    
 
  Title: SVP & Treasurer    

JPMorgan Chase Bank, National Association
Organised under the laws of the United States as a National Banking Association
Main Office 1111 Polaris Parkway, Columbus, Ohio 43271
Registered as a branch in England & Wales branch No. BR000746
Registered Branch Office 125 London Wall, London EC2Y 5AJ
Authorised and regulated by the Financial Services Authority