Document:

exv10w4

	 	 	 	 	 

EXHIBIT 10.4

CONFIRMATION

	 	 	 
	Date:

	 	September 29, 2009
	 
	 	 
	To:

	 	PHH Corporation (“Issuer”)
	 
	 	 
	Facsimile:

	 	(856) 917-4278
	 
	 	 
	Attention:

	 	Treasurer
	 
	 	 
	From:

	 	Wachovia Bank, National Association (“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 Wachovia Bank, National
Association, represented by Wells Fargo Securities, LLC as its agent, 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 914,100.00
	 
	 	 
	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

 

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.

	 	 	2,130	 	 	December 1, 2014
	2.

	 	 	2,130	 	 	December 2, 2014
	3.

	 	 	2,130	 	 	December 3, 2014
	4.

	 	 	2,130	 	 	December 4, 2014
	5.

	 	 	2,130	 	 	December 5, 2014
	6.

	 	 	2,130	 	 	December 8, 2014
	7.

	 	 	2,130	 	 	December 9, 2014
	8.

	 	 	2,130	 	 	December 10, 2014
	9.

	 	 	2,130	 	 	December 11, 2014
	10.

	 	 	2,130	 	 	December 12, 2014
	11.

	 	 	2,130	 	 	December 15, 2014
	12.

	 	 	2,130	 	 	December 16, 2014
	13.

	 	 	2,130	 	 	December 17, 2014
	14.

	 	 	2,130	 	 	December 18, 2014
	15.

	 	 	2,130	 	 	December 19, 2014
	16.

	 	 	2,130	 	 	December 22, 2014
	17.

	 	 	2,130	 	 	December 23, 2014
	18.

	 	 	2,130	 	 	December 24, 2014
	19.

	 	 	2,130	 	 	December 26, 2014
	20.

	 	 	2,130	 	 	December 29, 2014
	21.

	 	 	2,130	 	 	December 30, 2014
	22.

	 	 	2,130	 	 	December 31, 2014
	23.

	 	 	2,130	 	 	January 2, 2015
	24.

	 	 	2,130	 	 	January 5, 2015
	25.

	 	 	2,130	 	 	January 6, 2015
	26.

	 	 	2,130	 	 	January 7, 2015
	27.

	 	 	2,130	 	 	January 8, 2015
	28.

	 	 	2,130	 	 	January 9, 2015
	29.

	 	 	2,130	 	 	January 12, 2015
	30.

	 	 	2,130	 	 	January 13, 2015
	31.

	 	 	2,130	 	 	January 14, 2015
	32.

	 	 	2,130	 	 	January 15, 2015
	33.

	 	 	2,130	 	 	January 16, 2015
	34.

	 	 	2,130	 	 	January 20, 2015
	35.

	 	 	2,130	 	 	January 21, 2015
	36.

	 	 	2,130	 	 	January 22, 2015
	37.

	 	 	2,130	 	 	January 23, 2015
	38.

	 	 	2,130	 	 	January 26, 2015
	39.

	 	 	2,130	 	 	January 27, 2015
	40.

	 	 	2,130	 	 	January 28, 2015
	41.

	 	 	2,130	 	 	January 29, 2015
	42.

	 	 	2,130	 	 	January 30, 2015

2

 

	 	 	 	 	 	 	 
	Component Number	 	Number of Warrants	 	Expiration Date
	43.

	 	 	2,130	 	 	February 2, 2015
	44.

	 	 	2,130	 	 	February 3, 2015
	45.

	 	 	2,130	 	 	February 4, 2015
	46.

	 	 	2,130	 	 	February 5, 2015
	47.

	 	 	2,130	 	 	February 6, 2015
	48.

	 	 	2,130	 	 	February 9, 2015
	49.

	 	 	2,130	 	 	February 10, 2015
	50.

	 	 	2,130	 	 	February 11, 2015
	51.

	 	 	2,130	 	 	February 12, 2015
	52.

	 	 	2,130	 	 	February 13, 2015
	53.

	 	 	2,130	 	 	February 17, 2015
	54.

	 	 	2,130	 	 	February 18, 2015
	55.

	 	 	2,130	 	 	February 19, 2015
	56.

	 	 	2,130	 	 	February 20, 2015
	57.

	 	 	2,130	 	 	February 23, 2015
	58.

	 	 	2,130	 	 	February 24, 2015
	59.

	 	 	2,130	 	 	February 25, 2015
	60.

	 	 	2,130	 	 	February 26, 2015
	61.

	 	 	2,130	 	 	February 27, 2015
	62.

	 	 	2,130	 	 	March 2, 2015
	63.

	 	 	2,130	 	 	March 3, 2015
	64.

	 	 	2,130	 	 	March 4, 2015
	65.

	 	 	2,130	 	 	March 5, 2015
	66.

	 	 	2,130	 	 	March 6, 2015
	67.

	 	 	2,130	 	 	March 9, 2015
	68.

	 	 	2,130	 	 	March 10, 2015
	69.

	 	 	2,130	 	 	March 11, 2015
	70.

	 	 	2,130	 	 	March 12, 2015
	71.

	 	 	2,130	 	 	March 13, 2015
	72.

	 	 	2,130	 	 	March 16, 2015
	73.

	 	 	2,130	 	 	March 17, 2015
	74.

	 	 	2,130	 	 	March 18, 2015
	75.

	 	 	2,130	 	 	March 19, 2015
	76.

	 	 	2,130	 	 	March 20, 2015
	77.

	 	 	2,130	 	 	March 23, 2015
	78.

	 	 	2,130	 	 	March 24, 2015
	79.

	 	 	2,130	 	 	March 25, 2015
	80.

	 	 	2,130	 	 	March 26, 2015
	81.

	 	 	2,130	 	 	March 27, 2015
	82.

	 	 	2,130	 	 	March 30, 2015
	83.

	 	 	2,130	 	 	March 31, 2015
	84.

	 	 	2,130	 	 	April 1, 2015
	85.

	 	 	2,130	 	 	April 2, 2015
	86.

	 	 	2,130	 	 	April 6, 2015

3

 

	 	 	 	 	 	 	 
	Component Number	 	Number of Warrants	 	Expiration Date
	87.

	 	 	2,130	 	 	April 7, 2015
	88.

	 	 	2,130	 	 	April 8, 2015
	89.

	 	 	2,130	 	 	April 9, 2015
	90.

	 	 	2,130	 	 	April 10, 2015
	91.

	 	 	2,130	 	 	April 13, 2015
	92.

	 	 	2,130	 	 	April 14, 2015
	93.

	 	 	2,130	 	 	April 15, 2015
	94.

	 	 	2,130	 	 	April 16, 2015
	95.

	 	 	2,130	 	 	April 17, 2015
	96.

	 	 	2,130	 	 	April 20, 2015
	97.

	 	 	2,130	 	 	April 21, 2015
	98.

	 	 	2,130	 	 	April 22, 2015
	99.

	 	 	2,130	 	 	April 23, 2015
	100.

	 	 	2,130	 	 	April 24, 2015
	101.

	 	 	2,130	 	 	April 27, 2015
	102.

	 	 	2,130	 	 	April 28, 2015
	103.

	 	 	2,130	 	 	April 29, 2015
	104.

	 	 	2,130	 	 	April 30, 2015
	105.

	 	 	2,130	 	 	May 1, 2015
	106.

	 	 	2,130	 	 	May 4, 2015
	107.

	 	 	2,130	 	 	May 5, 2015
	108.

	 	 	2,130	 	 	May 6, 2015
	109.

	 	 	2,130	 	 	May 7, 2015
	110.

	 	 	2,130	 	 	May 8, 2015
	111.

	 	 	2,130	 	 	May 11, 2015
	112.

	 	 	2,130	 	 	May 12, 2015
	113.

	 	 	2,130	 	 	May 13, 2015
	114.

	 	 	2,130	 	 	May 14, 2015
	115.

	 	 	2,130	 	 	May 15, 2015
	116.

	 	 	2,130	 	 	May 18, 2015
	117.

	 	 	2,130	 	 	May 19, 2015
	118.

	 	 	2,130	 	 	May 20, 2015
	119.

	 	 	2,130	 	 	May 21, 2015
	120.

	 	 	2,295	 	 	May 22, 2015

4

 

     3. Issuer hereby agrees (a) to check this Confirmation carefully and immediately upon receipt
so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that
the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the
agreement between Dealer and Issuer with respect to the Transaction, by manually signing this
Confirmation or this page hereof as evidence of agreement to such terms and providing the other
information requested herein and immediately returning an executed copy by facsimile to
212-214-5913 (Attention: Equity Division Documentation Unit, by telephone contact 212-214-6100).

	 	 	 	 	 
	 	Yours sincerely,	 
	 
	 	
WELLS FARGO SECURITIES, LLC, acting

solely in its capacity as Agent of

Wachovia Bank, National Association

 	 
	 	By:  	/s/ Cathleen Burke
 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Cathleen Burke 	 
	 
	 	WACHOVIA BANK NATIONAL ASSOCIATION, by
Wells Fargo Securities, LLC, acting

solely in its capacity as Agent

 	 
	 	By:  	/s/ Cathleen Burke
 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Cathleen Burke 	 
	 

	 	 	 	 	 
	 	Confirmed as of the
date first above written:

PHH CORPORATION

 	 
	 	By:  	/s/ Mark E. Johnson
 	 
	 	 	Name:  	Mark E. Johnson  	 
	 	 	Title:  	SVP & Treasurerexv10w5

	 	 	 	 	 

EXHIBIT 10.5

AMENDMENT TO CONVERTIBLE BOND HEDGING TRANSACTION CONFIRMATION

	 	 	 
	Date:

	 	September 29, 2009
	 
	 	 
	To:

	 	PHH Corporation (“Counterparty”)
	 
	 	 
	Facsimile:

	 	(856) 917-4278
	 
	 	 
	Attention:

	 	Treasurer
	 
	 	 
	From:

	 	Citibank, N.A. (“Dealer”)
	 
	 	 
	Facsimile:

	 	(212) 622-8534

Transaction Reference Number:

     This letter agreement (this “Amendment”) amends the terms and conditions of the
transaction (the “Transaction”) evidenced by the Confirmation dated as of September 23,
2009 (the “Confirmation”), entered into pursuant to the Master Terms and Conditions for
Convertible Bond Hedging Transactions, between Dealer and Counterparty, dated as of September 23,
2009 (as amended from time to time, the “Master Confirmation”).

     1. Definitions. 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 Amendment. In the event of any inconsistency between those definitions and provisions and
this Amendment, this Amendment will govern.

     2. Amendments. The Confirmation is hereby amended as follows:

     (a) The “Number of Units” shall be increased by 30,000.

     (b) The “Premium” shall be increased by USD 2,687,700.00.

     3. Effectiveness. This Amendment shall become effective upon execution by the parties
hereto. Upon the effectiveness of this Amendment, all references in the Master Confirmation and
the Confirmation to the “Transaction” will be deemed to be to the Transaction as amended hereby.

     4. No Additional Amendments or Waivers. Except as amended hereby, all the terms of
the Transaction and provisions in the Master Confirmation and the Confirmation shall remain and
continue in full force and effect and are hereby confirmed in all respects.

     5. Counterparts. This Amendment may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if all of the signatures thereto and hereto
were upon the same instrument.

     6. Governing Law. The provisions of this Amendment shall be governed by the laws of
the state of New York law, without reference to choice of law doctrine.

 

 

     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it to us.

	 	 	 	 	 
	 	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

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