EXHIBIT 10.13
CONFIRMATION

     
Date:
  September 23, 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 23, 2009
 
   
Effective Date:
  September 29, 2009
 
   
Strike Price:
  USD 34.74
 
   
Premium:
  USD 10,425,624.00
 
   
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.   24,156  
December 1, 2014 2.   24,156   December 2, 2014 3.   24,156   December 3, 2014
4.   24,156   December 4, 2014 5.   24,156   December 5, 2014 6.   24,156  
December 8, 2014 7.   24,156   December 9, 2014 8.   24,156   December 10, 2014
9.   24,156   December 11, 2014 10.   24,156   December 12, 2014 11.   24,156  
December 15, 2014 12.   24,156   December 16, 2014 13.   24,156   December 17,
2014 14.   24,156   December 18, 2014 15.   24,156   December 19, 2014 16.  
24,156   December 22, 2014 17.   24,156   December 23, 2014 18.   24,156  
December 24, 2014 19.   24,156   December 26, 2014 20.   24,156   December 29,
2014 21.   24,156   December 30, 2014 22.   24,156   December 31, 2014 23.  
24,156   January 2, 2015 24.   24,156   January 5, 2015 25.   24,156  
January 6, 2015 26.   24,156   January 7, 2015 27.   24,156   January 8, 2015
28.   24,156   January 9, 2015 29.   24,156   January 12, 2015 30.   24,156  
January 13, 2015 31.   24,156   January 14, 2015 32.   24,156   January 15, 2015
33.   24,156   January 16, 2015 34.   24,156   January 20, 2015 35.   24,156  
January 21, 2015 36.   24,156   January 22, 2015 37.   24,156   January 23, 2015
38.   24,156   January 26, 2015 39.   24,156   January 27, 2015 40.   24,156  
January 28, 2015 41.   24,156   January 29, 2015 42.   24,156   January 30, 2015

2

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          Component Number   Number of Warrants   Expiration Date 43.   24,156  
February 2, 2015 44.   24,156   February 3, 2015 45.   24,156   February 4, 2015
46.   24,156   February 5, 2015 47.   24,156   February 6, 2015 48.   24,156  
February 9, 2015 49.   24,156   February 10, 2015 50.   24,156   February 11,
2015 51.   24,156   February 12, 2015 52.   24,156   February 13, 2015 53.  
24,156   February 17, 2015 54.   24,156   February 18, 2015 55.   24,156  
February 19, 2015 56.   24,156   February 20, 2015 57.   24,156   February 23,
2015 58.   24,156   February 24, 2015 59.   24,156   February 25, 2015 60.  
24,156   February 26, 2015 61.   24,156   February 27, 2015 62.   24,156  
March 2, 2015 63.   24,156   March 3, 2015 64.   24,156   March 4, 2015 65.  
24,156   March 5, 2015 66.   24,156   March 6, 2015 67.   24,156   March 9, 2015
68.   24,156   March 10, 2015 69.   24,156   March 11, 2015 70.   24,156  
March 12, 2015 71.   24,156   March 13, 2015 72.   24,156   March 16, 2015 73.  
24,156   March 17, 2015 74.   24,156   March 18, 2015 75.   24,156   March 19,
2015 76.   24,156   March 20, 2015 77.   24,156   March 23, 2015 78.   24,156  
March 24, 2015 79.   24,156   March 25, 2015 80.   24,156   March 26, 2015 81.  
24,156   March 27, 2015 82.   24,156   March 30, 2015 83.   24,156   March 31,
2015 84.   24,156   April 1, 2015 85.   24,156   April 2, 2015 86.   24,156  
April 6, 2015

3

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          Component Number   Number of Warrants   Expiration Date 87.   24,156  
April 7, 2015 88.   24,156   April 8, 2015 89.   24,156   April 9, 2015 90.  
24,156   April 10, 2015 91.   24,156   April 13, 2015 92.   24,156   April 14,
2015 93.   24,156   April 15, 2015 94.   24,156   April 16, 2015 95.   24,156  
April 17, 2015 96.   24,156   April 20, 2015 97.   24,156   April 21, 2015 98.  
24,156   April 22, 2015 99.   24,156   April 23, 2015 100.   24,156   April 24,
2015 101.   24,156   April 27, 2015 102.   24,156   April 28, 2015 103.   24,156
  April 29, 2015 104.   24,156   April 30, 2015 105.   24,156   May 1, 2015 106.
  24,156   May 4, 2015 107.   24,156   May 5, 2015 108.   24,156   May 6, 2015
109.   24,156   May 7, 2015 110.   24,156   May 8, 2015 111.   24,156   May 11,
2015 112.   24,156   May 12, 2015 113.   24,156   May 13, 2015 114.   24,156  
May 14, 2015 115.   24,156   May 15, 2015 116.   24,156   May 18, 2015 117.  
24,156   May 19, 2015 118.   24,156   May 20, 2015 119.   24,156   May 21, 2015
120.   24,101   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/ Herman Hirsch         Authorized Signatory        Name: Herman
Hirsch     

Confirmed as of the
date first above written:
PHH CORPORATION

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