Document:

exv10w2

Exhibit 10.2

EXECUTION COPY

THIRD AMENDED AND RESTATED GUARANTY

          THIRD AMENDED AND RESTATED GUARANTY, dated as of June 18, 2010 (the “Guaranty”), and
effective as of the Restatement Effective Date, made by PHH CORPORATION (the “Guarantor”)
in favor of THE ROYAL BANK OF SCOTLAND PLC (“RBS” or “Buyer”) in its capacity as
Buyer under the Second Amended and Restated Master Repurchase Agreement referred to below.

RECITALS

          WHEREAS, pursuant to the Amended and Restated Master Repurchase Agreement, dated as of June
26, 2008 (as amended, supplemented or otherwise modified from time to time prior to the date
hereof, the “Original Repurchase Agreement”), between PHH Mortgage Corporation
(“PHH”) as Seller, and RBS, as buyer, RBS agreed to enter into Transactions with PHH upon
the terms and subject to the conditions set forth therein;

          WHEREAS, it was a condition precedent to the obligation of RBS to enter into any such
Transaction with PHH under the Original Repurchase Agreement that Guarantor enter into the Second
Amended and Restated Guaranty dated as of June 26, 2008 (as amended, supplemented or otherwise
modified from time to time prior to the date hereof, the “Original Guaranty”);

          WHEREAS, pursuant to a Mortgage Loan Purchase and Sale Agreement, dated as of April 15, 2008
(as amended, supplemented or otherwise modified from time to time prior to the date hereof, the
“MLPSA”) by and between PHH, as seller (in such capacity, together with PHH as seller under
the Repurchase Agreement, the “Seller”), and RBS and Greenwich Capital Financial Products,
Inc., as purchasers (each, a “Purchaser” and together, the “Purchasers”), each
Purchaser severally agreed to purchase Participation Certificates evidencing particular GNMA
Mortgage Loans, FNMA Mortgage Loans or FHLMC Mortgage Loans from Seller upon the terms and subject
to the conditions set forth therein;

          WHEREAS, to secure the obligations of Seller to each Purchaser under the MLPSA each Purchaser
required that Guarantor execute and deliver the Original Guaranty to each Purchaser;

          WHEREAS, Buyer and PHH have agreed to amend and restate the Original Repurchase Agreement and
to terminate the MLPSA on the date hereof upon the terms and conditions set forth in the Second
Amended and Restated Master Repurchase Agreement dated as of the date hereof (as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms, the
“Repurchase Agreement”);

          WHEREAS, pursuant to the Repurchase Agreement, Buyer will enter into Transactions with PHH
upon the terms and subject to the conditions set forth therein; and

          WHEREAS, in connection with the amendment and restatement of the Original Repurchase
Agreement, Guarantor and RBS desire to amend and restate the Original Guaranty as provided herein.

 

 

          NOW, THEREFORE, in consideration of the premises and to induce Buyer to enter into the
Repurchase Agreement and to enter into the Transactions with Seller under the Repurchase Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor hereby agrees with RBS as follows:

          1. Defined Terms.

          (a) Unless otherwise defined herein, capitalized terms defined in the Repurchase Agreement and
used herein shall have the meanings given to them in the Repurchase Agreement. The following
additional terms shall have the following meanings:

          “Agreement” or “Agreements” shall mean (i) the Repurchase Agreement, (ii) any
other Program Document, or (iii) any other document made, delivered or given in connection
therewith or herewith, in each case as such may be amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof.

          “Guaranteed Obligations” shall mean any and all obligations and liabilities of Seller
to Buyer under the Agreements, including without limitation the obligations which may arise under,
or out of or in connection with, the Repurchase Agreement or any other Program Document, in each
case whether direct or indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, whether on account of principal, interest, reimbursement obligations, any and
all Claims (as defined in Section 101 of the Bankruptcy Code) of Buyer in respect thereof, and any
and all fees, indemnities, costs, expenses arising out of or relating thereto (including, without
limitation, all fees and disbursements of counsel to Buyer that are required to be paid by Seller
pursuant to the terms of the Agreements).

          “Material Adverse Effect” shall mean a material adverse effect on (a) the ability of
Guarantor to perform in all material respects its obligations under this Guaranty, including, but
not limited to, a material adverse effect on the property, business, operations or financial
condition of Guarantor, (b) the validity or enforceability in all material respects of this
Guaranty, (c) the rights and remedies of Buyer under this Guaranty, or (d) the timely payment of
the Guaranteed Obligations or all other amounts payable in connection herewith or therewith. Each
of (a), (b) and (c) in the foregoing sentence shall be determined by Buyer in its sole reasonable
discretion.

          “Revolving Credit Agreement” shall mean the Five Year Competitive Advance and
Revolving Credit Agreement, dated as of January 6, 2006, among Guarantor, as Borrower, the Lenders
referred to therein, Citicorp USA, Inc., as Syndication Agent, and Bank of America, N.A., The Bank
of Nova Scotia and Calyon New York Branch, as Documentation Agents, and JPMorgan Chase Bank, N.A.,
as administrative agent, as such agreement exists on the date hereof and as the same may be further
amended, modified, waived or supplemented in accordance with the terms hereof and thereof.

          (b) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this
Guaranty, and section and paragraph references are to this Guaranty unless otherwise specified.

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          (c) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

          2. Guaranty.

          (a) Guarantor hereby unconditionally and irrevocably guaranties to Buyer and each of its
successors, indorsees, transferees and assigns, the prompt and complete payment and performance by
Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Guaranteed
Obligations.

          (b) Guarantor further agrees to pay any and all expenses (including, without limitation, all
reasonable fees and disbursements of counsel) which may be paid or incurred by Buyer in enforcing,
or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all
of the Guaranteed Obligations and/or enforcing any rights with respect to, or collecting against,
Guarantor under this Guaranty; provided, however, that Guarantor shall not be liable for the fees
and expenses of more than one separate firm for Buyer in connection with any one such action or any
separate, but substantially similar or related actions in the same jurisdiction, nor shall
Guarantor be liable for any settlement or proceeding effected without Guarantor’s written consent.
This Guaranty shall remain in full force and effect until the Guaranteed Obligations are paid in
full.

          (c) No payment or payments made by Seller or any other Person or received or collected by
Guarantor from Seller or any other Person by virtue of any action or proceeding or any set-off or
appropriation or application, at any time or from time to time, in reduction of or in payment of
the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the
liability of Guarantor hereunder which shall, notwithstanding any such payment or payments (other
than payments made by Guarantor in respect of the Guaranteed Obligations or payments received or
collected from Guarantor in respect of the Guaranteed Obligations), remain liable for the
Guaranteed Obligations until the Guaranteed Obligations are paid in full.

          3. Representations, Warranties and Covenants of Guarantor.

          (a) Guarantor hereby represents and warrants as of the date hereof:

     (i) Existence. Guarantor (a) is a corporation duly organized, validly
existing and in good standing under the laws of the State of Maryland, (b) has all
requisite corporate or other power, and has all governmental licenses,
authorizations, consents and approvals, necessary to own its assets and carry on its
business as now being or as proposed to be conducted, except where the lack of such
licenses, authorizations, consents and approvals would not be reasonably likely to
have a Material Adverse Effect, (c) is qualified to do business and is in good
standing in all other jurisdictions in which the nature of the business conducted by
it makes such qualification necessary, except where failure so to qualify would not
be reasonably likely (either individually or in the aggregate) to have a Material
Adverse Effect, and (d) is in compliance in all material respects with all
Requirements of Law.

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     (ii) Financial Condition. Guarantor has heretofore furnished to Buyer
a copy of its (A) consolidated balance sheet for the fiscal year ended December 31,
2009 and the related consolidated statements of income and retained earnings and of
cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous year, with the opinion thereon of a nationally recognized
public accounting firm and (2) consolidated balance sheet for the quarterly fiscal
period(s) ended March 31, 2010 and the related consolidated statements of income and
retained earnings and of cash flows for it for such quarterly fiscal period(s),
setting forth in each case in comparative form the figures for the previous year.
All such financial statements are complete and correct in all material respects and
fairly present the consolidated financial condition of Guarantor and its
Subsidiaries and the consolidated results of their operations for the fiscal year
ended on said date, all in accordance with GAAP applied on a consistent basis.
Since December 31, 2009 there has been no development or event nor any prospective
development or event, including the developments and events disclosed in (A) the
public filings made by Guarantor with the Securities and Exchange Commission since
December 31, 2009 and (B) any diligence materials previously provided to Buyer by
Seller and Guarantor, which has had or should reasonably be expected to have a
Material Adverse Effect.

     (iii) Representations and Warranties Incorporated by Reference. Each
of the representations and warranties made by Guarantor in its capacity as Borrower
(as such term is defined in the Revolving Credit Agreement) set forth in Section 3
of the Revolving Credit Agreement are true and correct and Guarantor hereby makes
each such representation and warranty to, and for the benefit of, Buyer as if the
same were set forth herein in full. Guarantor, in its capacity as Borrower (as such
term is defined in the Revolving Credit Agreement) shall not agree to any amendment,
supplement or other modification to the Revolving Credit Agreement that requires the
unanimous consent of all Lenders (as defined in the Revolving Credit Agreement)
without Buyer’s written consent. In addition, any amendment supplement or other
modification to Section 3 of the Revolving Credit Agreement effected without Buyer’s
written consent shall have no force and effect for purposes of this Guaranty, and
the representations and warranties made by Guarantor in its capacity as Borrower (as
such term is defined in the Revolving Credit Agreement) set forth in Section 3 of
the Revolving Credit Agreement and in effect immediately prior to any such
amendment, supplement or modification are hereby reaffirmed by Guarantor for the
benefit of Buyer as if the same were set forth herein in full.

          (b) Guarantor covenants and agrees with Buyer that until payment in full of the Guaranteed
Obligations:

     (i) Financial Statements and Other Information; Financial Covenants.

          Guarantor shall deliver to Buyer:

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     (A) As soon as available and in any event within 60 days after the end of each of the
first three quarterly fiscal periods of each fiscal year of Guarantor, a certification in
the form of Exhibit A to the Repurchase Agreement together with the consolidated balance
sheets of Guarantor and its consolidated Subsidiaries as at the end of such period and the
related unaudited consolidated statements of income and retained earnings and of cash flows
for Guarantor and the consolidated Subsidiaries of Guarantor for such period and the portion
of the fiscal year through the end of such period, setting forth in each case in comparative
form the figures for the previous year, accompanied by a certificate of a Responsible
Officer of Guarantor, which certificate shall state that said consolidated financial
statements fairly present the consolidated financial condition and results of operations of
Guarantor and the Subsidiaries of Guarantor in accordance with GAAP, consistently applied,
as at the end of, and for, such period (subject to normal year-end audit adjustments);

     (B) As soon as available and in any event within 100 days after the end of each fiscal
year of Guarantor, a certification in the form of Exhibit A to the Repurchase Agreement,
together with the consolidated balance sheets of Guarantor and its consolidated Subsidiaries
as at the end of such fiscal year and the related consolidated statements of income and
retained earnings and of cash flows for Guarantor and its consolidated Subsidiaries for such
year, setting forth in each case in comparative form the figures for the previous year,
accompanied by an opinion thereon of independent certified public accountants of recognized
national standing, which opinion shall not be qualified as to scope of audit or going
concern and shall state that said consolidated financial statements fairly present the
consolidated financial condition and results of operations of Guarantor and its consolidated
Subsidiaries at the end of, and for, such fiscal year in accordance with GAAP; and

     (C) From time to time such other information regarding the financial condition,
operations, or business of Guarantor as Buyer may reasonably request.

     (ii) Covenants Incorporated by Reference. Guarantor is in compliance
with each of the covenants made by Guarantor in its capacity as Borrower (as such
term is defined in the Revolving Credit Agreement) set forth in Sections 5 and 6 of
the Revolving Credit Agreement and Guarantor hereby makes each such covenant to, and
for the benefit of Buyer as if the same were set forth herein in full. Guarantor,
in its capacity as Borrower (as such term is defined in the Revolving Credit
Agreement) shall not agree to any amendment, supplement or other modification to (i)
Section 7 of the Revolving Credit Agreement or (ii) any term or provision of the
Revolving Credit Agreement that requires the unanimous consent of all Lenders (as
defined in the Revolving Credit Agreement), in each case without Buyer’s written
consent. In addition, any amendment supplement or other modification to Section 5
or Section 6 of the Revolving Credit Agreement effected without Buyer’s written
consent shall have no force and effect for purposes of this Guaranty, and the
covenants made by Guarantor in its capacity as Borrower (as such term is defined in
the Revolving Credit Agreement) set forth in Sections 5 and 6 of the Revolving
Credit Agreement and in effect immediately

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prior to any such amendment, supplement or modification are hereby reaffirmed
by Guarantor for the benefit of Buyer as if the same were set forth herein in full.

          4. Right of Set-off. Guarantor hereby irrevocably authorizes RBS and each of its
Affiliates at any time and from time to time without notice to Guarantor or any of its Affiliates
or Subsidiaries, any such notice being expressly waived by Guarantor, to set-off and appropriate
and apply any and all property and deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each
case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or
owing by RBS or any of its Affiliates to or for the credit or the account of Guarantor or any of
its Affiliates or Subsidiaries (other than pursuant to any Securitization Indebtedness or the
Revolving Credit Agreement or to the credit of an Asset Securitization Subsidiary or to Guarantor
in its capacity as Borrower under the Revolving Credit Agreement), or any part thereof in such
amounts as RBS or any of its Affiliates may elect, against and on account of the Guaranteed
Obligations and liabilities of Guarantor to RBS hereunder and claims of every nature and
description of RBS or any of its Affiliates against Guarantor or any of its Affiliates or
Subsidiaries (other than an Asset Securitization Subsidiary or Guarantor in its capacity as
Borrower under the Revolving Credit Agreement), in any currency, whether arising hereunder, under
the Agreements or under any other agreement between the parties hereto or between Guarantor or any
of its Subsidiaries or Affiliates and RBS or any of its Affiliates (other than pursuant to any
Securitization Indebtedness or the Revolving Credit Agreement), or otherwise, as RBS may elect,
whether or not RBS has made any demand for payment and although such obligations, liabilities and
claims may be contingent or unmatured. RBS shall notify Guarantor promptly of any such set-off and
the application made by RBS, provided that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of RBS under this Section are in addition to
other rights and remedies (including, without limitation, other rights of set-off) which RBS may
have.

          5. No Subrogation. Notwithstanding any payment or payments made by Guarantor
hereunder or any set-off or application of funds of Guarantor by RBS, Guarantor shall not be
entitled to be subrogated to any of the rights of RBS against Seller or any other guarantor or any
collateral security or guarantee or right of offset held by RBS or any of its Affiliates for the
payment of the Guaranteed Obligations, nor shall Guarantor seek or be entitled to seek any
contribution or reimbursement from Seller or any other guarantor in respect of payments made by
Guarantor hereunder, until all amounts owing to RBS by Seller on account of the Guaranteed
Obligations are paid in full. If any amount shall be paid to Guarantor on account of such
subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in
full, such amount shall be held by Guarantor in trust for RBS, segregated from other funds of
Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to RBS in the exact form
received by Guarantor (duly indorsed by Guarantor to RBS, if required), to be applied against the
Guaranteed Obligations, whether matured or unmatured, in such order as RBS may determine.

          6. Amendments, Etc. with Respect to the Guaranteed Obligations. Guarantor shall
remain obligated hereunder notwithstanding that, without any reservation of rights against
Guarantor and without notice to or further assent by Guarantor, any demand for payment of any of
the Guaranteed Obligations made by RBS may be rescinded by RBS and any

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of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of
any other party upon or for any part thereof, or any collateral security or guarantee therefor or
right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, amended, modified, accelerated, compromised, waived, surrendered or released by RBS and
the Agreements may be amended, modified, supplemented or terminated, in whole or in part, as RBS
may deem advisable from time to time, and any collateral security, guarantee or right of offset at
any time held by RBS for the payment of the Guaranteed Obligations may be sold, exchanged, waived,
surrendered or released. RBS shall not have any obligation to protect, secure, perfect or insure
any Lien at any time held by it as security for the Guaranteed Obligations or for this Guaranty or
any property subject thereto. When making any demand hereunder against Guarantor, RBS may, but
shall be under no obligation to, make a similar demand on Seller or any other guarantor, and any
failure by RBS to make any such demand or to collect any payments from Seller or any such other
guarantor or any release of Seller or such other guarantor shall not relieve Guarantor of its
Guaranteed Obligations or liabilities hereunder, and shall not impair or affect the rights and
remedies, express or implied, or as a matter of law, of RBS against Guarantor. For the purposes
hereof “demand” shall include the commencement and continuance of any legal proceedings. RBS may
release any Purchased Items purchased by it in its sole discretion. Guarantor hereby further
consents to any renewal or modification of any Guaranteed Obligation or any extension of the time
within which such is to be performed and to any other indulgences, whether before or after the date
of this Guaranty, and waives notice with respect thereto.

          7. Waiver of Rights. Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Guaranteed Obligations, and notice of or proof of reliance by
RBS upon this Guaranty or acceptance of this Guaranty; the Guaranteed Obligations, and any of them
shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon this Guaranty; and all dealings pursuant to the Agreements
between Seller and Guarantor, on the one hand, and RBS, on the other hand, likewise shall be
conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor
waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon Seller or Guarantor with respect to the Guaranteed Obligations. Guarantor hereby waives
diligence; presentment; demand for payment or performance; filing of claims with any court in case
of the insolvency, reorganization or bankruptcy of Seller; protest or notice with respect to the
Guaranteed Obligations or the amounts payable by Seller thereunder; and all demands whatsoever; any
fact, event or circumstance that might otherwise constitute a legal or equitable defense to or
discharge of Guarantor, including (but without typifying or limiting this waiver), failure by Buyer
to perfect a security interest in any collateral securing performance of any Guaranteed Obligation
or to realize the value of any collateral or other assets which may be available to satisfy any
Guaranteed Obligation and any delay by Buyer in exercising any of its rights hereunder or against
Seller.

          8. Guaranty Absolute and Unconditional. Guarantor understands and agrees that this
Guaranty shall be construed as a continuing, absolute and unconditional guarantee of the full and
punctual payment and performance by Seller of the Guaranteed Obligations and not of collectibility
only and in no way conditioned upon any requirement that RBS first attempt to collect any of the
obligations from Seller without regard to (i) the validity, regularity or enforceability of the
Agreements, any of the Guaranteed Obligations, or any other

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collateral security therefor the Guaranteed Obligations or guarantee or right of offset with
respect thereto at any time or from time to time held by RBS, (ii) any defense, set-off or
counterclaim (other than a defense of payment or performance) which may at any time be available to
or be asserted by Seller against RBS, (iii) any defense by Seller to the Guaranteed Obligations or
the ownership of RBS, in the Purchased Items or any subordination of any Lien on the Purchased
Items, or (iv) any other circumstance whatsoever (with or without notice to or knowledge of Seller
or Guarantor) which constitutes, or might be construed to constitute, an equitable or legal
discharge of Seller from the Guaranteed Obligations, or of Guarantor from this Guaranty, in
bankruptcy or in any other instance. Guarantor understands and agrees that this Guaranty shall be
construed as a continuing, absolute and unconditional guarantee without regard to waiver,
forbearance, compromise, release, settlement, the dissolution, liquidation, reorganization or other
change regarding Seller, or Seller being the subject of any case or proceeding under any bankruptcy
or other law for the protection of debtors or creditors, or any other action or matter that would
release a guarantor. When pursuing its rights and remedies hereunder against Guarantor, RBS may,
but shall be under no obligation to, pursue such rights and remedies as it may have against Seller
or any other Person or against any collateral security or guarantee for the Guaranteed Obligations
or any right of offset with respect thereto, and any failure by RBS to pursue such other rights or
remedies or to collect any payments from Seller or any such other Person or to realize upon any
such collateral security or guarantee or to exercise any such right of offset, or any release of
Seller or any such other Person or any such collateral security, guarantee or right of offset,
shall not relieve Guarantor of any liability hereunder, and shall not impair or affect the rights
and remedies, whether express, implied or available as a matter of law, of RBS against Guarantor.
This Guaranty shall remain in full force and effect and be binding in accordance with and to the
extent of its terms upon Guarantor and the successors and assigns thereof, and shall inure to the
benefit of RBS and its successors, indorsees, transferees and assigns, until all the Guaranteed
Obligations and the obligations of Guarantor under this Guaranty shall have been satisfied by
payment in full and each Agreement shall be terminated, notwithstanding that from time to time
during the term of the Repurchase Agreement Seller may be free from any Guaranteed Obligations and
subject to the provisions of Section 9 hereof.

          9. Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as
the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations
is rescinded or must otherwise be restored, or returned by RBS upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of Seller or Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for Seller
or Guarantor or any substantial part of its property, or otherwise, all as though such payments had
not been made.

          10. Events of Default. Each of the following events and occurrences shall constitute
an “Event of Default” under this Guaranty:

          (a) Guarantor shall default in the payment of any amount required to be paid by it under the
Guaranty; or

          (b) any representation, warranty or certification made or deemed made herein by Guarantor or
any certificate furnished by Guarantor to Buyer pursuant to the provisions thereof, shall prove to
have been false or misleading in any material respect as of the time made

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or furnished; provided, however, that any such false or misleading representation, warranty or
certification incorporated into this Guaranty by reference pursuant to Section 3(a)(iii) shall not
constitute an Event of Default hereunder if such false or misleading representation, warranty or
certification has been expressly waived by Buyer; or

          (c) Guarantor shall fail to observe or perform any covenant set forth or incorporated by
reference in Section 3(b) of this Guaranty, and such failure to observe or perform shall continue
unremedied for a period of five (5) Business Days after the earlier of discovery of such failure by
or notice of such failure to Guarantor or such longer cure period as may be specified in such
covenant; provided, however, that the failure to observe or perform any covenant incorporated into
this Guaranty by reference in Section 3(b)(ii) shall not constitute an Event of Default hereunder
if such failure has been expressly waived by Buyer; or

          (d) an Event of Default (as defined in the Revolving Credit Agreement; such Event of Default,
a “Revolver Event of Default”) under the Revolving Credit Agreement shall have occurred; provided,
however, that any such Revolver Event of Default shall not constitute an Event of Default hereunder
if such Revolver Event of Default has been expressly waived by Buyer.

          11. Payments. Guarantor hereby guarantees that payments hereunder will be paid to
Buyer without set-off or counterclaim in Dollars in accordance with the wiring instructions of
Buyer.

          12. Notices. All notices, requests and other communications provided for herein
(including without limitation any modifications of, or waivers, requests or consents under, this
Guaranty) shall be given or made in writing (including without limitation by telex or telecopy)
delivered to the intended recipient at the “Address for Notices” specified below its name on the
signature pages, with respect to the Repurchase Agreement; or, as to any party, at such other
address as shall be designated by such party in a written notice to each other party. All such
communications shall be deemed to have been duly given when transmitted by telex or telecopy or
personally delivered or, in the case of a mailed notice, upon receipt, in each case given or
addressed as aforesaid.

          13. Severability. Any provision of this Guaranty which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

          14. Integration. This Guaranty and the Agreements represent the agreement of
Guarantor with respect to the subject matter hereof and thereof and there are no promises or
representations by Buyer relative to the subject matter hereof or thereof not reflected herein or
therein.

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          15. Amendments in Writing; No Waiver; Cumulative Remedies.

          (a) None of the terms or provisions of this Guaranty may be waived, amended, supplemented or
otherwise modified except by a written instrument executed by Guarantor and Buyer, provided that
any provision of this Guaranty may be waived by Buyer.

          (b) Buyer shall not by any act (except by a written instrument pursuant to Section 15(a)
hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of
Buyer, any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by Buyer of any
right or remedy hereunder on any one occasion shall not be construed as a bar to any right or
remedy which Buyer would otherwise have on any future occasion.

          (c) The rights and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any other rights or remedies provided by law.

          16. Section Headings. The section headings used in this Guaranty are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in
the interpretation hereof.

          17. Successors and Assigns. This Guaranty shall be binding upon the successors and
assigns of Guarantor and shall inure to the benefit of Buyer and its successors and assigns. This
Guaranty may not be assigned by Guarantor without the express written consent of Buyer in its sole
discretion and any attempt to assign or transfer this Guaranty without such consent shall be null
and void and of no effect whatsoever. Buyer may assign this Guaranty at any time without the
consent of Guarantor.

          18. Amendment and Restatement of Original Guaranty; No Novation.

          (a) As of the date first written above, the terms and provisions of the Original Guaranty
shall be and hereby are amended, superseded and restated in their entirety by the terms and
provisions of this Guaranty.

          (b) Notwithstanding the amendment and restatement of the Original Guaranty by this Guaranty,
any amounts owing to the Buyer under the Original Guaranty whether on account of principal,
interest or otherwise which remain outstanding as of the date hereof, shall constitute obligations
owing hereunder. This Guaranty is given in substitution for the Original Guaranty, and not as
payment of the obligations of Guarantor thereunder, and is in no way intended to constitute a
novation of the Original Guaranty.

          (c) Upon the effectiveness of this Guaranty on the date first written above, unless the
context otherwise requires, each reference to the Original Guaranty in any of the Program Documents
and in each document, instrument or agreement executed and/or delivered in connection therewith
shall mean and be a reference to this Guaranty. Except as expressly modified as of the date
hereof, all of the other Program Documents shall remain in full force and effect and are hereby
ratified and confirmed.

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          19. Governing Law. This Guaranty shall be governed by New York law without reference
to choice of law doctrine (but with reference to Section 5-1401 of the New York General Guaranteed
Obligations Law, which by its terms applies to this Guaranty).

          20. SUBMISSION TO JURISDICTION; WAIVERS. GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY:

     (A) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS GUARANTY AND THE AGREEMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN
RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE FEDERAL COURTS OF THE
UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM
ANY THEREOF, OR THE COURTS OF THE STATE OF NEW YORK, WITHIN THE COUNTY OF NEW YORK, IN THE
EVENT THE FEDERAL COURT LACKS OR DECLINES JURISDICTION;

     (B) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO
THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

     (C) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY
MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF
MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER
ADDRESS OF WHICH RBS SHALL HAVE BEEN NOTIFIED; AND

     (D) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

          21. WAIVER OF JURY TRIAL. EACH OF GUARANTOR AND RBS HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

          22. Termination. This Guaranty shall terminate upon the final payment in full of the
Guaranteed Obligations and the termination of each Agreement.

[Signature Page Follows]

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          IN WITNESS WHEREOF, the undersigned have caused this Guaranty to be duly executed and
delivered by its duly authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 

	 	 	PHH CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Sandra E. Bell	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Sandra E. Bell	 	 
	 

	 	 	 	Title:
	 	Executive Vice President and
Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PHH Corporation	 	 
	 	 	1 Mortgage Way	 	 
	 	 	Mail Stop PCLG	 	 
	 	 	Mt. Laurel, New Jersey 08054	 	 
	 	 	Attention: Mark Johnson	 	 
	 	 	Telecopier No.: (856) 917-0107	 	 
	 	 	Telephone No.: (856) 917-0813	 	 

ACKNOWLEDGED

THE ROYAL BANK OF SCOTLAND PLC

By: RBS Securities Inc., as Agent

	 	 	 	 	 

	By:

	 	/s/ Regina Abayev
	 	 
	 

	 	 	 	 
	 

	 	Name: Regina Abayev	 	 
	 

	 	Title: Vice President	 	 

Signature Page to Third Amended and Restated GuarantyEX-4.3

Exhibit 4.3

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of September 29, 2008 (this “Agreement”)
is made and entered into by and among:

	(1)	 	KOOKMIN BANK, a joint stock company (chusik hoesa in Korean) duly organized and existing
under the laws of the Republic of Korea (“Korea”) with its office located at 9-1,
Namdaemun-ro 2-ga, Jung-gu, Seoul, Korea (the “Assignor”);
	 
	(2)	 	KB FINANCIAL GROUP INC., a joint stock company (chusik hoesa in Korean) duly organized and
existing under the laws of Korea with its office located at [9-1, Namdaemun-ro 2-ga, Jung-gu,
Seoul, Korea] (the “Assignee”); and
	 
	(3)	 	ING BANK N.V., a company duly organized and existing under the laws of the Netherlands with
its registered office located at Amstelveenseweg 500, 1081 KL Amsterdam, the Netherlands
(“ING Bank”).

W I T N E S S E T H:

WHEREAS, the Assignor and ING Bank entered into the Amended and Restated Strategic Alliance
Agreement dated August 27, 2003 (the “SAA”);

WHEREAS, the Assignor, ING Bank, KB Asset Management Co., Ltd. and ING Insurance International B.V.
entered into the Agreement Dealing with the Establishment of KB Financial Holding Company dated
April 30, 2008 (the “FHC Agreement”); and

WHEREAS, pursuant to Section 3.1 of the FHC Agreement, the Assignor desires to assign to the
Assignee all of its rights, obligations and liabilities under the SAA to the Assignee, and the
Assignee desires to assume, acquire and take from the Assignor such rights, obligations and
liabilities under the SAA.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the
parties hereto agree as follows:

			
	1.	 	Definitions

Capitalized terms defined in the SAA and the FHCA and not otherwise defined herein have the
meanings assigned to them in the SAA and the FHC Agreement.

			
	2.	 	Amendment to the SAA

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The parties hereto agree that the definition of “Shares” in Section 1.01 of the SAA shall be hereby
amended to read as follows:

“Shares” means the common shares of the Assignee having par value 5,000 Korean won.

			
	3.	 	Assignment and Assumption

	3.1.	 	Pursuant to Section 3.1 of the FHC Agreement, the Assignor hereby irrevocably assigns all of
its rights, obligations and liabilities under the SAA to the Assignee.
	 
	3.2.	 	Pursuant to Section 3.1 of the FHC Agreement, the Assignee hereby irrevocably accepts the
assignment of all of the Assignor’s rights, obligations and liabilities under the SAA, and
assumes and agrees to perform, satisfy and discharge all of the Assignor’s covenants,
agreements, obligations and liabilities under the SAA.
	 
	3.3.	 	From and after the date of this Agreement, the Assignee shall constitute and act as a party
to the SAA in place of the Assignor, shall have the rights and obligations of the Assignor
thereunder and shall be bound by all the provisions of the SAA in the same manner and with the
same force and effect as if the Assignee has originally executed the SAA as “KB” or the
Assignor. Any and all references to the Assignor in the SAA shall be deemed a reference to
the Assignee.
	 
	3.4	 	Each party hereto agrees to take or cause to be taken such further action, to execute,
deliver and file or cause to be executed, delivered and filed such further documents and
instruments, and to obtain such consents, as may be necessary or as may be reasonably
requested in order to effectuate fully the purposes, terms and conditions set forth in this
Agreement. Without limiting the foregoing, ING Bank and the Assignee shall execute, in due
course, an amended and restated SAA to reflect the assignment, assumption and amendments of
the SAA under this Agreement and to reflect the Assignee as the party to the SAA.

			
	4.	 	Release and Discharge

In consideration of the Assignee’s undertaking under Section 3.2 hereof, as of and from the date of
this Agreement, each of the Assignor and ING Bank hereby releases and discharges each other from
any obligations and liabilities owed to each other under or pursuant to the SAA.

			
	5.	 	Consent to Assignment

Pursuant to Section 3.1 of the FHC Agreement, ING Bank hereby consents to the assignment and
assumption hereunder and confirms that the Assignee has acquired and assumed all the rights,
obligations and liabilities of the Assignor under the SAA.

2

 

			
	6.	 	Representations and Warranties

	6.1	 	Representations and Warranties of the Assignor and the Assignee. The Assignor and
the Assignee represent and warrant to ING Bank as follows:

	 	(a)	 	Corporate Organization and Qualification. Each of the Assignor and
the Assignee is a joint stock company (chusik hoesa in Korean) duly organized and
validly existing under the laws of Korea and has all power and authority required to
use its properties and conduct its business as it is now being conducted.
	 
	 	(b)	 	Authorization of Agreement; Enforceability. Each of the Assignor
and the Assignee has all requisite corporate power and authority to execute, deliver
and perform its obligations under this Agreement. The execution, delivery and
performance of this Agreement have been duly authorized by all necessary corporate
action on the part of each of the Assignor and the Assignee. This Agreement has been
duly executed and delivered by each of the Assignor and the Assignee and constitutes
a valid and binding obligation of the Assignor and the Assignee, enforceable against
them in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other
similar laws relating to or affecting creditors’ rights generally and by general
principles of equity.
	 
	 	(c)	 	No Conflict. The execution, delivery and performance of this
Agreement will not: (i) violate any provision of the Articles of Incorporation or
other constitutional documents of each of the Assignor and the Assignee or (ii)
result in the violation of any Law applicable to the Assignor or the Assignee.

	6.2	 	Representations and Warranties of ING Bank. ING Bank represents and warrants to the
Assignor and the Assignee as follows:

	 	(a)	 	Corporate Organization and Qualification. ING Bank is a
corporation duly organized and validly existing under the laws of the Netherlands and
has all power and authority required to use its properties and conduct its business
as it is now being conducted.
	 
	 	(b)	 	Authorization of Agreement; Enforceability. ING Bank has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. The execution, delivery and performance of this
Agreement have been duly authorized by all necessary corporate action on the part of
each of ING Bank. This Agreement has been duly executed and delivered by ING Bank
and constitutes a valid and binding obligation of ING Bank, enforceable

3

 

	 	 	 	against ING Bank in accordance with its terms, except as such enforceability may
be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws relating to or affecting creditors’ rights
generally and by general principles of equity.
	 
	 	(c)	 	No Conflict. The execution, delivery and performance of this
Agreement will not: (i) violate any provision of the Articles of Incorporation or
other constitutional documents of ING Bank or (ii) result in the violation of any Law
applicable to ING Bank.

			
	7.	 	Indemnification

	7.1	 	Indemnification by ING Bank. ING Bank agrees to indemnify and hold harmless the
Assignor and the Assignee and each of their respective Representatives (collectively, the
“Indemnified KB Parties”) from and against any and all Losses incurred by any of the
Indemnified KB Parties as a result of, or arising out of, the breach of any representation,
warranty, covenant or agreement made by ING Bank in this Agreement.
	 
	7.2	 	Indemnification by the Assignor and the Assignee. The Assignor and the Assignee
agree to indemnify and hold harmless ING Bank and each Representative of ING Bank
(collectively, the “Indemnified ING Bank Parties”) from and against any and all Losses
incurred by any of the Indemnified ING Bank Parties as a result of, or arising out of, the
breach of any representation, warranty, covenant, or agreement made by the Assignor or the
Assignee in this Agreement.

			
	8.	 	Governing Law and Jurisdiction

This Agreement shall be governed by the laws of Korea, without giving effect to the principles
thereof relating to the conflicts of law. In the event of any dispute arising out of or relating
to this Agreement, the parties consent to submit such dispute to arbitration in accordance with
Section 7.06 of the SAA. In the event of any conflict between the English language version of this
Agreement and any translation hereof, the English language version shall prevail.

			
	9.	 	Counterparts

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of which taken together shall constitute one and the same instrument.

4

 

[signature page follows]

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first above written by their respective duly authorized officers.

KOOKMIN BANK

	 	 	 	 	 
	By:  	 	 	 
	Name:  	In-Gyu Choi 	 	 
	Title:  	Senior Executive Vice President, Strategic Planning Group 	 

KB FINANCIAL GROUP INC.

	 	 	 	 	 
	By:  	
 	 	 
	Name:  	Jung-Hoe Kim 	 	 
	Title:  	President & Chief Operating Officer 	 	 

ING BANK N.V.

	 	 	 	 	 
	By:  	 	 	 
	Name:  	Hendrik Kooiker 	 	 
	Title:  	Authorized Representative 	 	 

	 	 	 	 	 
	By:  	 	 	 
	Name:  	Dorothy Chan 	 	 
	Title:  	Authorized Representative 	 	 

6

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