Settlement for Notes tendered after the Consent Expiration Date, but on or prior to the Offer Expiration Date, is expected to occur promptly following the Offer Expiration Date. The Company intends to accept for purchase at least 66.67% of Notes tendered after the Consent Expiration Date, and, subject to the Maximum Tender Amount and the proration procedures described above, any remaining Notes tendered on or prior to the Consent Expiration Date but not previously accepted for purchase. With respect to Notes validly tendered on or prior to the Consent Expiration Date, but not previously accepted for purchase on the Initial Settlement Date, holders of such Notes, if any such Notes are accepted for purchase on the Final Settlement Date, will receive the Total Consideration for such Notes, plus accrued and unpaid interest to, but not including, the Final Settlement Date.The Company's acceptance of and payment for the Notes tendered is not conditioned upon any minimum level of participation.
PHH Corporation Commences Tender Offer And Consent Solicitation For 9¼% Senior Notes Due 2016
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