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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):<b>&#160; July&nbsp;10, 2013</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PHH CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MARYLAND</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-7797</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">52-0551284</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3000 Leadenhall Road</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mt. Laurel, New Jersey&#160; 08054</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices, including zip code)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(856) 917-1744</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">$1.3 Billion U.S. Fleet Vehicle Lease Conduit Financing</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;10, 2013, Chesapeake Funding LLC (&#147;Chesapeake&#148;), an indirect wholly-owned subsidiary of PHH Corporation (&#147;PHH,&#148; the &#147;Company,&#148; &#147;we&#148; or &#147;our&#148;), entered into a Series&nbsp;2013-2 Indenture Supplement (the &#147;Series&nbsp;2013-2 Supplement&#148;), among Chesapeake, as issuer, PHH Vehicle Management Services, LLC (&#147;PHH VMS&#148;), a wholly-owned subsidiary of the Company, as administrator, JPMorgan Chase Bank N.A. (&#147;JPMorgan&#148;), as administrative agent, certain non-conduit purchasers, certain CP conduit purchaser groups and funding agents for the CP conduit purchaser groups as set forth therein and The Bank of New York Mellon (&#147;BNY&#148;), as indenture trustee, to the Amended and Restated Base Indenture, dated as of December&nbsp;17, 2008 (as amended as of May&nbsp;28, 2009, the &#147;A&amp;R Base Indenture&#148;), between Chesapeake, as issuer, and BNY, as indenture trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;10, 2013, Chesapeake also entered into a Series&nbsp;2013-3 Indenture Supplement (the &#147;Series&nbsp;2013-3 Supplement&#148;), among Chesapeake, as issuer, PHH VMS, as administrator, JPMorgan, as administrative agent, certain non-conduit purchasers, certain CP conduit purchaser groups and funding agents for the CP conduit purchaser groups as set forth therein and BNY, as indenture trustee, to the A&amp;R Base Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with entering into the Series&nbsp;2013-2 Supplement and the Series&nbsp;2013-3 Supplement, Chesapeake&#146;s Series&nbsp;2010-1 Floating Rate Asset Backed Variable Funding Investor Notes (the &#147;Series&nbsp;2010-1 Notes&#148;) and Series&nbsp;2011-1 Floating Rate Asset Backed Variable Funding Investor Notes (the &#147;Series&nbsp;2011-1 Notes&#148;) were repaid in full.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Series&nbsp;2013-2 Supplement, Chesapeake may issue from time to time up to $780 million in aggregate principal amount of its Series&nbsp;2013-2 Floating Rate Asset Backed Variable Funding Investor Notes (&#147;Series&nbsp;2013-2 Notes&#148;).&#160; Pursuant to the Series&nbsp;2013-3 Supplement, Chesapeake may issue from time to time up to $520 million in aggregate principal amount of its Series&nbsp;2013-3 Floating Rate Asset Backed Variable Funding Investor Notes (&#147;Series&nbsp;2013-3 Notes&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;10, 2013, unused revolving capacity under the Series&nbsp;2013-2 Notes and Series&nbsp;2013-3 Notes of approximately $538 million and $358 million, respectively, or approximately $896 million in the aggregate remains available under the Series&nbsp;2013-2 Notes and Series&nbsp;2013-3 Notes to finance the Company&#146;s U.S. fleet vehicle leases. The revolving period for the Series&nbsp;2013-2 Notes and the Series&nbsp;2013-3 Notes expires on July&nbsp;9, 2014, and July&nbsp;10, 2015, respectively, subject to extension pursuant to the terms of the Series&nbsp;2013-2 Supplement and the Series&nbsp;2013-3 Supplement, respectively. Unless the revolving periods of the Series&nbsp;2013-2 Notes and the Series&nbsp;2013-3 Notes are otherwise extended, upon expiry, the Series&nbsp;2013-2 Notes and the Series&nbsp;2013-3 Notes will amortize in accordance with their respective terms and noteholders will be repaid as lease payments are received over the lease term of the vehicle leases and related assets that collateralize such notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Series&nbsp;2013-2 Notes and the Series&nbsp;2013-3 Notes bear interest at variable rates payable monthly. The Series&nbsp;2013-2 Supplement and the Series&nbsp;2013-3 Supplement each incorporate by reference from the A&amp;R Base Indenture certain customary covenants that limit Chesapeake&#146;s ability, among other things, to incur additional indebtedness, pay dividends on or redeem or repurchase its own equity interests, make certain investments, expand into unrelated businesses and create liens. Chesapeake has the option to redeem in full the Series&nbsp;2013-2 Notes and the Series&nbsp;2013-3 Notes upon notice at a redemption price equal to the aggregate outstanding principal balance plus accrued and unpaid interest on such balance.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_013637_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.75in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Other Events</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Renewal of RBS $500 Million Mortgage Warehouse Financing Facility</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;21, 2013, PHH Mortgage Corporation (&#147;PHH Mortgage&#148;), a wholly owned subsidiary of the Company, entered into certain amendments with The Royal Bank of Scotland plc (&#147;RBS&#148;) to, among other things, (i)&nbsp;extend the term of PHH Mortgage&#146;s $500 million mortgage warehouse financing facility with RBS for an additional 364 days (the &#147;RBS Facility&#148;), (ii)&nbsp;reduce the committed mortgage warehouse financing capacity under the facility to $250 million from $500 million in an effort to reduce the commitment and non-usage fees payable by PHH Mortgage under the RBS Facility and (iii)&nbsp;maintain $250 million of uncommitted mortgage warehouse financing capacity in addition to the $250 million of committed mortgage warehouse financing capacity under the RBS Facility.&#160; As a result of the amendments, the RBS Facility is scheduled to terminate on June&nbsp;20, 2014, unless terminated earlier in accordance with its terms.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_013646_5335"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PHH CORPORATION</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   William F. Brown</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:   William F. Brown</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:   Senior Vice President, General Counsel&nbsp;&amp; Secretary</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp; July&nbsp;16, 2013</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_013737_5796"></a></font></p>
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{"company-data": {"conformed-name": "PHH CORP", "cik": "0000077776", "assigned-sic": "6159", "irs-number": "520551284", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07797", "film-number": "13969644"}, "business-address": {"street1": "3000 LEADENHALL ROAD", "city": "MT. LAUREL", "state": "NJ", "zip": "08054", "phone": "856-917-1744"}, "mail-address": {"street1": "3000 LEADENHALL ROAD", "city": "MT. LAUREL", "state": "NJ", "zip": "08054"}, "former-company": [{"former-conformed-name": "PHH GROUP INC", "date-changed": "19880913"}, {"former-conformed-name": "PETERSON HOWELL & HEATHER INC", "date-changed": "19790121"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 10, 2013
PHH CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND
1-7797
52-0551284
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
3000 Leadenhall Road
Mt. Laurel, New Jersey  08054
(Address of principal executive offices, including zip code)
(856) 917-1744
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
$1.3 Billion U.S. Fleet Vehicle Lease Conduit Financing
On July 10, 2013, Chesapeake Funding LLC ("Chesapeake"), an indirect wholly-owned subsidiary of PHH Corporation ("PHH," the "Company," "we" or "our"), entered into a Series 2013-2 Indenture Supplement (the "Series 2013-2 Supplement"), among Chesapeake, as issuer, PHH Vehicle Management Services, LLC ("PHH VMS"), a wholly-owned subsidiary of the Company, as administrator, JPMorgan Chase Bank N.A. ("JPMorgan"), as administrative agent, certain non-conduit purchasers, certain CP conduit purchaser groups and funding agents for the CP conduit purchaser groups as set forth therein and The Bank of New York Mellon ("BNY"), as indenture trustee, to the Amended and Restated Base Indenture, dated as of December 17, 2008 (as amended as of May 28, 2009, the "A&R Base Indenture"), between Chesapeake, as issuer, and BNY, as indenture trustee.
On July 10, 2013, Chesapeake also entered into a Series 2013-3 Indenture Supplement (the "Series 2013-3 Supplement"), among Chesapeake, as issuer, PHH VMS, as administrator, JPMorgan, as administrative agent, certain non-conduit purchasers, certain CP conduit purchaser groups and funding agents for the CP conduit purchaser groups as set forth therein and BNY, as indenture trustee, to the A&R Base Indenture.
In connection with entering into the Series 2013-2 Supplement and the Series 2013-3 Supplement, Chesapeake's Series 2010-1 Floating Rate Asset Backed Variable Funding Investor Notes (the "Series 2010-1 Notes") and Series 2011-1 Floating Rate Asset Backed Variable Funding Investor Notes (the "Series 2011-1 Notes") were repaid in full.
Pursuant to the Series 2013-2 Supplement, Chesapeake may issue from time to time up to $780 million in aggregate principal amount of its Series 2013-2 Floating Rate Asset Backed Variable Funding Investor Notes ("Series 2013-2 Notes").  Pursuant to the Series 2013-3 Supplement, Chesapeake may issue from time to time up to $520 million in aggregate principal amount of its Series 2013-3 Floating Rate Asset Backed Variable Funding Investor Notes ("Series 2013-3 Notes").
As of July 10, 2013, unused revolving capacity under the Series 2013-2 Notes and Series 2013-3 Notes of approximately $538 million and $358 million, respectively, or approximately $896 million in the aggregate remains available under the Series 2013-2 Notes and Series 2013-3 Notes to finance the Company's U.S. fleet vehicle leases. The revolving period for the Series 2013-2 Notes and the Series 2013-3 Notes expires on July 9, 2014, and July 10, 2015, respectively, subject to extension pursuant to the terms of the Series 2013-2 Supplement and the Series 2013-3 Supplement, respectively. Unless the revolving periods of the Series 2013-2 Notes and the Series 2013-3 Notes are otherwise extended, upon expiry, the Series 2013-2 Notes and the Series 2013-3 Notes will amortize in accordance with their respective terms and noteholders will be repaid as lease payments are received over the lease term of the vehicle leases and related assets that collateralize such notes.
The Series 2013-2 Notes and the Series 2013-3 Notes bear interest at variable rates payable monthly. The Series 2013-2 Supplement and the Series 2013-3 Supplement each incorporate by reference from the A&R Base Indenture certain customary covenants that limit Chesapeake's ability, among other things, to incur additional indebtedness, pay dividends on or redeem or repurchase its own equity interests, make certain investments, expand into unrelated businesses and create liens. Chesapeake has the option to redeem in full the Series 2013-2 Notes and the Series 2013-3 Notes upon notice at a redemption price equal to the aggregate outstanding principal balance plus accrued and unpaid interest on such balance.
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Item 8.01.
Other Events
.
Renewal of RBS $500 Million Mortgage Warehouse Financing Facility
On June 21, 2013, PHH Mortgage Corporation ("PHH Mortgage"), a wholly owned subsidiary of the Company, entered into certain amendments with The Royal Bank of Scotland plc ("RBS") to, among other things, (i) extend the term of PHH Mortgage's $500 million mortgage warehouse financing facility with RBS for an additional 364 days (the "RBS Facility"), (ii) reduce the committed mortgage warehouse financing capacity under the facility to $250 million from $500 million in an effort to reduce the commitment and non-usage fees payable by PHH Mortgage under the RBS Facility and (iii) maintain $250 million of uncommitted mortgage warehouse financing capacity in addition to the $250 million of committed mortgage warehouse financing capacity under the RBS Facility.  As a result of the amendments, the RBS Facility is scheduled to terminate on June 20, 2014, unless terminated earlier in accordance with its terms.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHH CORPORATION
By:
/s/   William F. Brown
Name:   William F. Brown
Title:   Senior Vice President, General Counsel & Secretary
Dated:  July 16, 2013
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