Exhibit 10.9
CONFIRMATION

     
Date:
  March 27, 2008
 
   
To:
  PHH Corporation (“Issuer”)
 
   
Facsimile:
  (856) 917-4278
 
   
Attention:
  Treasurer
 
   
From:
  Wachovia Bank, National Association (“Dealer”)
 
   
Facsimile:
  212-214-5913
 
   
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 Wachovia Bank, National
Association, acting through the agency of Wachovia Capital Markets, LLC (the
“Agent”), 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 8,354,400.14
 
   
Premium Payment Date:
  The Effective Date.
 
   
Maximum Delivery Amount:
  4,328,000 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

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          Component Number   Number of Warrants   Expiration Date 1.   35,772  
July 16, 2012 2.   35,772   July 17, 2012 3.   35,772   July 18, 2012 4.  
35,772   July 19, 2012 5.   35,772   July 20, 2012 6.   35,772   July 23, 2012
7.   35,772   July 24, 2012 8.   35,772   July 25, 2012 9.   35,772   July 26,
2012 10.   35,772   July 27, 2012 11.   35,772   July 30, 2012 12.   35,772  
July 31, 2012 13.   35,772   August 1, 2012 14.   35,772   August 2, 2012 15.  
35,772   August 3, 2012 16.   35,772   August 6, 2012 17.   35,772   August 7,
2012 18.   35,772   August 8, 2012 19.   35,772   August 9, 2012 20.   35,772  
August 10, 2012 21.   35,772   August 13, 2012 22.   35,772   August 14, 2012
23.   35,772   August 15, 2012 24.   35,772   August 16, 2012 25.   35,772  
August 17, 2012 26.   35,772   August 20, 2012 27.   35,772   August 21, 2012
28.   35,772   August 22, 2012 29.   35,772   August 23, 2012 30.   35,772  
August 24, 2012 31.   35,772   August 27, 2012 32.   35,772   August 28, 2012
33.   35,772   August 29, 2012 34.   35,772   August 30, 2012 35.   35,772  
August 31, 2012 36.   35,772   September 4, 2012 37.   35,772   September 5,
2012 38.   35,772   September 6, 2012 39.   35,772   September 7, 2012 40.  
35,772   September 10, 2012 41.   35,772   September 11, 2012 42.   35,772  
September 12, 2012 43.   35,772   September 13, 2012 44.   35,772  
September 14, 2012 45.   35,772   September 17, 2012 46.   35,772  
September 18, 2012 47.   35,772   September 19, 2012 48.   35,772  
September 20, 2012 49.   35,772   September 21, 2012 50.   35,772  
September 24, 2012

A-2

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          Component Number   Number of Warrants   Expiration Date 51.   35,772  
September 25, 2012 52.   35,772   September 26, 2012 53.   35,772  
September 27, 2012 54.   35,772   September 28, 2012 55.   35,772   October 1,
2012 56.   35,772   October 2, 2012 57.   35,772   October 3, 2012 58.   35,772
  October 4, 2012 59.   35,772   October 5, 2012 60.   35,772   October 8, 2012
61.   35,772   October 9, 2012 62.   35,772   October 10, 2012 63.   35,772  
October 11, 2012 64.   35,772   October 12, 2012 65.   35,772   October 15, 2012
66.   35,772   October 16, 2012 67.   35,772   October 17, 2012 68.   35,772  
October 18, 2012 69.   35,772   October 19, 2012 70.   35,772   October 22, 2012
71.   35,772   October 23, 2012 72.   35,772   October 24, 2012 73.   35,772  
October 25, 2012 74.   35,772   October 26, 2012 75.   35,772   October 29, 2012
76.   35,772   October 30, 2012 77.   35,772   October 31, 2012 78.   35,772  
November 1, 2012 79.   35,772   November 2, 2012 80.   35,772   November 5, 2012
81.   35,772   November 6, 2012 82.   35,772   November 7, 2012 83.   35,772  
November 8, 2012 84.   35,772   November 9, 2012 85.   35,772   November 12,
2012 86.   35,772   November 13, 2012 87.   35,772   November 14, 2012 88.  
35,772   November 15, 2012 89.   35,772   November 16, 2012 90.   35,772  
November 19, 2012 91.   35,772   November 20, 2012 92.   35,772   November 21,
2012 93.   35,772   November 23, 2012 94.   35,772   November 26, 2012 95.  
35,772   November 27, 2012 96.   35,772   November 28, 2012 97.   35,772  
November 29, 2012 98.   35,772   November 30, 2012 99.   35,772   December 3,
2012 100.   35,772   December 4, 2012 101.   35,772   December 5, 2012 102.  
35,772   December 6, 2012 103.   35,772   December 7, 2012

A-3

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          Component Number   Number of Warrants   Expiration Date 104.   35,772
  December 10, 2012 105.   35,772   December 11, 2012 106.   35,772  
December 12, 2012 107.   35,772   December 13, 2012 108.   35,772   December 14,
2012 109.   35,772   December 17, 2012 110.   35,772   December 18, 2012 111.  
35,772   December 19, 2012 112.   35,772   December 20, 2012 113.   35,772  
December 21, 2012 114.   35,772   December 24, 2012 115.   35,772   December 26,
2012 116.   35,772   December 27, 2012 117.   35,772   December 28, 2012 118.  
35,772   December 31, 2012 119.   35,772   January 2, 2013 120.   35,816  
January 3, 2013

A-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 or in the Master Confirmation and immediately
returning an executed copy by facsimile at 212-214-5913 (Attention: Equity
Division Documentation Unit, by telephone contact 212-214-6100).
Yours sincerely,

                      WACHOVIA CAPITAL MARKETS, LLC,       WACHOVIA BANK,
NATIONAL ASSOCIATION     acting solely in its capacity as Agent of Wachovia
Bank, National Association       By:   Wachovia Capital Markets, LLC, acting
solely in its capacity as its Agent                
By:  
/s/ Mary Lou Guttmann       By:   /s/ Mary Lou Guttmann       Name:  Mary Lou
Guttman         Name:  Mary Lou Guttman    
 
Title:  Senior Vice President         Title:  Senior Vice President    

Confirmed as of the date first above written:
PHH CORPORATION

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