Document:

exv10w13

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

 

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

 

	 	 	 	 	 
	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

 

	 	 	 	 	 
	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

 

          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 & Treasurerexv10w29

Exhibit 10.29

ABCS (2004) 1001

Loan Agreement

Agricultural Bank of China

 

 

Loan Agreement

Contract No.:11101200900000835

Borrower (full name): Duoyuan Digital Printing Technology Industries (China) Co. Ltd.

Lender (full name): Agricultural Bank of China, Chongwen District Branch 

This Agreement is entered into by consensus of two parties under relevant national laws and
regulations.

Item 1 Borrowing

	1.	 	Borrowing type: short term current capital 
	 
	2.	 	Usage: purchase of raw material 
	 
	3.	 	Currency and amount(capitalized): RMB 20,000,000 
	 
	4.	 	Term

	 	(1)	 	See the table below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Granting	 	maturity
	Y	 	M	 	D	 	Amount	 	Y	 	M	 	D	 	Amount
	2009
	 	7	 	3	 	RMB20,000,000	 	2010	 	7	 	2	 	RMB20,000,000

(The exhibits added as there is not enough space to fill should be a part of the Agreement.)

	 	(2)	 	The record in the loan notes prevails when the borrowing amount, granting date,
mature date recorded in the Agreement are inconsistent with those in the loan notes. The
loan notes are a part of the Agreement, and shall be of equal validity.
	 
	 	(3)	 	Where the borrowing currency is foreign currency, the borrower should duly return
interest with the same currency.

5. Interest rate

The interest rate of RMB loan should be determined according to the method 2:

(1) floating rate

The interest rate is ___\___%___\___ (higher/lower) than the rate base, with
annual rate up to _\___%. The rate base for the less than 5-year (including 5-year)
loan is the benchmark rate issued by PBOC in the period; the rate base for over 5-year loan is
the benchmark rate issued by PBOC plus _\___ %.

The rate adjustment is made every ___months. In the event that PBOC adjusts its benchmark
rate of RMB loan, beginning on the loan corresponding day of the first month in the period
after the rate adjustment, the lender will determine new interest rate based on the adjusted
benchmark rate and the calculation method described above, without any notice to borrower.
When the adjustment date is the same as the granting date or the loan

 

 

corresponding day of the first month in the period, new rate should be determined on the
benchmark rate adjustment day. Where there is no loan corresponding day, the last day of the
month should be deemed loan corresponding day.

(2) fixed rate

The interest rate is 10 % higher  (higher/lower) than the rate base, with
annual rate up to 5.841% till the maturity day. The rate base for the less than 5-year
(including 5-year) loan is the benchmark rate issued by PBOC in the period; the rate base for
over 5-year loan is the benchmark rate issued by PBOC plus _\___ %.

The rate of foreign currency loan is determined according to the        \            :

	 	(1)	 	interest rate floating every _\___months, comprised of the interest margin
of _\___ months _\___(LIBOR/HIBOR) +___%. LIBOR/HIBOR is London/Hong Kong
interbank offered rate issued by Reuters to accrue the interest of 2 business days.
	 
	 	(2)	 	Annual rate _\___% till the maturity day.

	 
	 	(3)	 	Other method        \            

6. interest expiry

Under the Agreement, the loan interest is paid quarterly with the expiry day on
20th of the last month every quarter. The borrower must pay interest on the
expiry day. If the last maturity day of the corpus is not the expiry day, the outstanding interest
should be paid with the corpus (daily interest rate=monthly interest rate/30).

Item 2 the lender is entitled not to provide loan if the following requirements are not met:

	1.	 	The borrower should open a primary account at the borrower.
	 
	2.	 	As required by the lender, the borrower should provide relevant documents and materials, as
well as handle relevant procedures.
	 
	3.	 	If it’s foreign currency loan, the borrower has gone through related approval, registration
and other legal procedures according to relevant regulations.
	 
	4.	 	If there is mortgage or guarantee, related registration and/or such legal procedures as
insurance have been handled as required by lender, and the guarantee and insurance keep valid.
Where there is guarantee under the loan, the guarantee contract has been signed and valid.

Item 3 Rights and Obligations of the Lender

1. The lender is entitled to acknowledge the borrower’s production and operation, financial
activities, inventory and usage of loan, and require the borrower to regularly provide such
documents, materials and information as financial statements.

2. If adverse actions or situations occurred on the side of borrower that can affect the safety of
loan including, but not limited to what have been listed under Item 7,8 and 10 under Section 4,
then the lender can stop distributing the loan or collect the loan in advance.

3. According to this agreement, if the principal, interest, compound interest and other expenses
payable by borrower are collected or collected in advance, lender can
directly withhold from any accounts of borrower.

 

 

4. When the amounts paid by borrower can not pay off the payables under this agreement, lender can
use this amounts to pay principal, interest, penalty interest or expense.

5. If borrower can not perform its obligation of repayment, lender can disclose publicly the action
of breach by borrower.

6. According to the agreement, lender should distribute the loan at full value on schedule.

Section 4 Rights and Obligations with Borrower

	1.	 	Borrower is titled to get and use the loan in accordance with the agreement.
	 
	2.	 	By using the account described in the section 2, borrower can settle the accounts and make
deposit related to the loan.
	 
	3.	 	If the loan is foreign currency loan under this agreement, then borrower should get relevant
approval and carry on registration and other legal procedures related to this loan.
	 
	4.	 	Borrower should repay the principle and interest on time. If renewal is required, then
borrower should submit written application to lender 15 days before expiration date. If
approved, then an agreement to renew the loan should be entered.
	 
	5.	 	Borrower should use this loan in the way provided by the agreement and it’s not allowed to be
misappropriated or diverted.
	 
	6.	 	It should provide the lender with true, complete and efficient financial statement or other
relevant materials and information monthly and actively cooperate with lender to examine the
its operation, financial activates and the use of this loan.
	 
	7.	 	If the borrower executes the following actions including contraction, lease, reforming to
stock company, joint operation, consolidation, merger, division, joint venture, assets
transfer, suspending business for rectification, application to dissolution, application to
bankruptcy and other actions that cause the change in the creditor’s right and liability, it
should notify the lender in advance. After approved, it can carry out the responsibility of
payment or pay off in advance, and no actions listed above otherwise can be executed.
	 
	8.	 	Besides the actions above, when the following situations such as cessation, out of business,
cancellation of registration, license revoked, the actions of breaking law by legal
representative or main responsible person , involving in material litigation or arbitration,
severe difficulty in production and operation, the financial conditions deteriorate, borrower
should notify the lender in written and carry out the measures approved by lender to protect
the creditor’s right.
	 
	9.	 	If borrower provide security for other debt or it pledges and mortgages its main assets to
the third party, which will impact its ability to repay the loan under this agreement, then it
should notify the lender in advance and get the approval from the lender.
	 
	10.	 	Borrower and its investors are prohibited to make capital flight, assets transfer or equity
transfer arbitrarily to escape the liability to lender.
	 
	11.	 	If there are some changes in the name of borrower, legal representative, domicile, operation
scope etc, then it should notify lender in advance.
	 
	12.	 	If the sponsor of the borrower is in the following situations such as cessation, out of
business, cancellation of registration, license revoked bankruptcy and operation loss, the
loss of security ability partially or totally, or the impairment of the things mortgaged or
pledged, then borrower should provide on time other security measures approved by lender.

 

 

	13.	 	Borrower should take care of the expense for attorney service, insurance, transportation,
assessment, registration, keeping, appraisal and notarization under this agreement.

Section 5 Repayment in advance

After approved by lender, the borrower can make repayment in advance. The _2___method is
used to calculate the interest for the portion of being repaid ahead of time.

	1.	 	According to the loan terms and executive interest under this agreement, the interest will be
calculated.
	 
	2.	 	According to the actual loan term, _0_% higher than the executive interest under this
agreement will be used to calculate the interest.

Section 6 Liability for breach of contract

	1.	 	If the lender fails to distribute the loan at full value on schedule under this agreement and
it causes loss for borrower, then liquid damage should be paid to borrower according to how
much is covered due to breach of contract and how many days delayed. The calculation for
liquid damage is in line with the interest for the overdue loan at the same period,
	 
	2.	 	If borrower fails to repay the principal within the terms under this agreement, it should pay
the penalty interest with _50___% higher than the executive interest until the
principal and interest are paid off. During the overdue period, if the loan is in RMB, and the
benchmark lending interest enacted by China People Bank goes up, then penalty interest should
go up accordingly since the adjustment date of benchmark interest.
	 
	3.	 	If borrower fails to use the loan in the way provided in the agreement, lender will charge
penalty interest ___100___% higher than the lending interest since the date of the
inappropriate use for the portion that is used under breach of the contract.
	 
	4.	 	As for the accrued interest payable, lender will charge the compound interest according the
provisions by China People Bank.

The accrued interest payable includes accrued interest payable arisen in the loan term( penalty
interest for breach use included) and accrued interest payable arisen after loan is overdue(
overdue penalty interest and penalty interest for breach use included).As for The accrued interest
payable arisen in the loan term, the compound interest will be calculated according to the
executive interest, and it will be calculated according to overdue lending interest since the
expiration date of this loan, as well as referring to overdue lending interest for accrued interest
payable of overdue loan.

5. If borrower violates the obligation under this agreement, then lender is titled to require
borrower to correct its breach action within limited period and stop distributing loan, collect the
load that has been distributed in advance and take other measures to protect its asset.

6. If any sponsor under this agreement violates the obligation under security agreement, lender is
titled to stop distributing loan to borrower, collect the load that has been distributed in advance
and take other measures to protect its asset.

7. If it is borrower that cause lender to adopt litigation or arbitration to achieve its creditor’s
right,

 

 

then borrower should assume the attorney fee, travel fee and other relevant fee to achieve
creditor’s fee.

Section 7 Security for the loan

The __mortgage____is adopted to secure the loan under this agreement, and the security
loan will be entered separately. If the maximum amount security method is adopted, the number of
the

security agreement is                     o

Section 8 Disputes Resolution

If any disputes arise during the execution of this agreement, then the two parties can negotiated,
and also they can deal with it according to the                     method below.

	1.	 	Litigation. It is governed by the people court in the lender’s domicile.
	 
	2.	 	Arbitration. Submit____/___( the full name of arbitration organization) and carry
out arbitration according to the arbitration rules.

During litigation or arbitration, the terms not involving into disputes still need to be performed.

Section 9 Other Items

	 	 	 
	                     /
 

	 	 
	 
	 	 
	                /
 

	 	 
	 
	 	 
	           /
 

	 	 
	 
	 	 
	      /
 

	 	 

Section 10 The effectiveness of this agreement.

The agreement will take effect since signed or sealed by two parties.

Section 11 The numbers of the agreement

This agreement has __4__identical copies with each copy held by the two parties,
the sponsor, and the competent registration authority, which have the same effectiveness.

Section 12 Note

Lender has asked borrower to have a comprehensive and accurate understanding to the terms in this
agreement and made the relevant explanation per request by borrower. The two parties have the same
understanding for this agreement.

Borrower: Duoyuan Digital Press Technology Industries (China) Co. Ltd.

Legal representative or authorized agent

Lender:
Chonwen Branch, China Agriculture Bank

Responsible person or authorized agent

 

 

Date entered: July 3, 2009

Place
entered: Beijing Chonwen Branch, China Agriculture Bank

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