March 1, 2011 Jerome J. Selitto Chief Executive Officer, President & Director PHH Corporation 3000 Leadenhall Road Mt. Laurel, New Jersey 08054 Dear Jerry:PHH Corp • March 4th, 2011 • Miscellaneous business credit institution
This letter confirms and sets forth the terms and conditions of the engagement between Alvarez & Marsal North America, LLC (“A&M”) and PHH Corporation (the “Company”), including the scope of the services to be performed and the basis of compensation for those services. Upon execution of this letter by each of the parties, this letter will constitute an agreement between the Company and A&M.
