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  Cendant Corporation 8-K dated November 14, 2005
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  <DIV><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
  STATES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
  D.C. 20549</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 15pt; FONT-FAMILY: Times New Roman"><STRONG>Form
  8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
  REPORT </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  Report (Date of earliest event reported)</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>November
  17, 2005 (November 14, 2005)</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 25pt; FONT-FAMILY: Times New Roman"><STRONG>Cendant
  Corporation </STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Exact
  name of Registrant as specified in its charter)</EM></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV align=left>
  <TABLE borderColor=#ffffff cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Delaware</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(State
        or other jurisdiction</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>of
        incorporation)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-10308</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Commission
        File No.)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>06-0918165</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(I.R.S.
        Employer</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Identification
        Number)</EM></FONT></DIV></TD></TR>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>9
        West 57</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP><STRONG>th</STRONG></SUP></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>
        Street</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>New
        York, NY</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Address
        of principal </EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>executive
        office)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>10019</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Zip
        Code)</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
  telephone number, including area code </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>(212)
  413-1800</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>None</STRONG></FONT></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="46%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address if changed since last
  report)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=center align=left width="86%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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:</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV>&nbsp;</DIV>
  <DIV>
  <HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=1>
  
  <HR style="MARGIN-TOP: -13px" color=#000000 noShade SIZE=4>
  </DIV>
  <DIV>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=justify><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        1.01 </STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Entry
        into a Material Definitive
  Agreement.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
  November 14, 2005, our Cendant Timeshare Conduit Receivables Funding, LLC
  subsidiary (the &#8220;Issuer&#8221;) amended and renewed its conduit facility (the
  &#8220;Facility&#8221;) pursuant to which it issued its secured Loan-Backed Variable Funding
  Notes, Series 2002-1 (the &#8220;Notes&#8221;), in an aggregate principal amount not to
  exceed $800,000,000 under the Series 2002-1 Supplement (the &#8220;Indenture
  Supplement&#8221;), dated as of August 29, 2002 and amended and restated as of
  November 14, 2005, among the Issuer, Cendant Timeshare Resort Group - Consumer
  Finance, Inc., as Master Servicer (the &#8220;Servicer&#8221;), and Wachovia Bank, National
  Association as Trustee and Collateral Agent, to the Master Indenture and
  Servicing Agreement (the &#8220;Indenture&#8221;), dated as of August 29, 2002 and amended
  and restated as of November 14, 2005, among the Issuer, the Servicer and
  Wachovia Bank, National Association, as Trustee and Collateral Agent. The
  Facility is available on a revolving basis. The Notes are secured under the
  Indenture and the Indenture Supplement primarily by a pool of pledged loans,
  each relating to the financing of one or more timeshare properties, or points
  that can be used to stay at timeshare properties, by a consumer, and related
  pledged assets. The commitment to fund under the Facility is expected to
  terminate on November 13, 2006, and the outstanding principal balance of the
  Notes is expected to be repaid or refinanced in full on or prior to November 13,
  2006. Copies of the Indenture and the Indenture Supplement are attached hereto
  as </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Exhibit
  10.1</U></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> and
  </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Exhibit
  10.2</U></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
  respectively, and are incorporated by reference herein. </FONT></DIV>
  <DIV></DIV></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
  of the purchasers of the Notes, the Trustee and the Collateral Agent, and their
  respective affiliates, have performed and may in the future perform, various
  commercial banking, investment banking and other financial advisory services for
  us and our subsidiaries for which they have received, and will receive,
  customary fees and expenses.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        2.03</STRONG></FONT></DIV></TD>
      <TD vAlign=top width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Creation
        of a Direct Financial Obligation or an Obligation under an Off-Balance
        Sheet Arrangement of a Registrant.
  </STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
  information described above under &#8220;Item&nbsp;1.01. Entry into a Material
  Definitive Agreement&#8221; is incorporated herein by reference. </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        9.01 </STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Financial
        Statements and Exhibits.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV>
  <DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="8%">&nbsp;
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&nbsp;Exhibits</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=top width="8%">&nbsp;</TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="69%">&nbsp;</TD></TR></TABLE></DIV><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></DIV></DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Indenture and Servicing Agreement, dated as of August 29, 2002 and Amended
        and Restated as of November 14, 2005, by and among Cendant Timeshare
        Conduit Receivables Funding, LLC, as Issuer, Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Master Servicer, and Wachovia Bank,
        National Association, as Trustee and Collateral Agent. </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt"
        align=justify><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Indenture and Servicing Agreement, dated
        as of August 29, 2002, among Cendant Timeshare Conduit Receivables
        Funding, LLC, as Issuer, Cendant Timeshare Resort Group - Consumer
        Finance, Inc., as Master Servicer, and Wachovia Bank, National
        Association, as Trustee and Collateral Agent.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
        Restated as of November 14, 2005, by and between Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Seller and Fairfield Resorts, Inc., as
        Co-Originator and Fairfield Myrtle Beach, Inc., as Co-Originator and Kona
        Hawaiian Vacation Ownership, LLC, as an Orginator and Shawnee Development,
        Inc., as an Originator and </FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sea
        Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts, Inc.,
        Vacation Break Resorts at Star Island, Inc., Palm Vacation Group and Ocean
        Ranch Vacation Group, each as a VB Subsidiary and Palm Vacation Group and
        Ocean Ranch Vacation Group, each as VB Partnership and Sierra Deposit
        Company, LLC</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.,
        as Purchaser.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left>&nbsp;</DIV></FONT></DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Loan Purchase Agreement, dated as of
        August 29, 2002, by and between Cendant Timeshare Resort Group-Consumer
        Finance, Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
        Fairfield Myrtle Beach, Inc., as Co-Originator, Kona Hawaiian Vacation
        Ownership, LLC, as an Originator, Shawnee Development, Inc., as an
        Originator, Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
        Resorts, Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
        Group and Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
        Vacation Group and Ocean Ranch Vacation Group, each as VB Partnership and
        Sierra Deposit Company, LLC, as Purchaser.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left>&nbsp;</DIV></FONT></DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Loan Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between Trendwest Resorts, Inc., as Seller
        and Sierra Deposit Company, LLC as Purchaser. </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left>&nbsp;</DIV></FONT></DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 to the Master Loan Purchase
        Agreement dated as of August 29, 2002, Amended and Restated as of November
        14, 2005, by and between Trendwest Resorts, Inc., as Seller and Sierra
        Deposit Company, LLC, as Purchaser.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%"><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</FONT></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Pool Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between, Sierra Deposit Company, LLC, as
        Depositor and Cendant Timeshare Conduit Receivables Funding, LLC, as
        Issuer.</FONT></DIV>
        <DIV><FONT size=2></FONT>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR>
  <DIV>&nbsp;</DIV></DIV>
  <DIV></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></STRONG></FONT></DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
        CORPORATION</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT id=TAB1 style="MARGIN-LEFT: 27pt"></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=right width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
        Eric J. Bock</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
        J. Bock</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
        Vice President, Law </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Corporate Secretary</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT id=TAB1 style="MARGIN-LEFT: 288pt"></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
  November 17, 2005</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 279pt">&nbsp;</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
  CORPORATION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
  REPORT ON FORM 8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Report
  Dated </STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>November
  17, 2005 (November 14, 2005)</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EXHIBIT
  INDEX</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>
  <DIV align=left>&nbsp;</DIV></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibit
        No.</STRONG></FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Description</STRONG></FONT></DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Indenture and Servicing Agreement, dated as of August 29, 2002 and Amended
        and Restated as of November 14, 2005, by and among Cendant Timeshare
        Conduit Receivables Funding, LLC, as Issuer, Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Master Servicer, and Wachovia Bank,
        National Association, as Trustee and Collateral Agent. </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt"
        align=justify><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Indenture and Servicing Agreement, dated
        as of August 29, 2002, among Cendant Timeshare Conduit Receivables
        Funding, LLC, as Issuer, Cendant Timeshare Resort Group - Consumer
        Finance, Inc., as Master Servicer, and Wachovia Bank, National
        Association, as Trustee and Collateral Agent.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
        Restated as of November 14, 2005, by and between Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Seller and Fairfield Resorts, Inc., as
        Co-Originator and Fairfield Myrtle Beach, Inc., as Co-Originator and Kona
        Hawaiian Vacation Ownership, LLC, as an Orginator and Shawnee Development,
        Inc., as an Originator and </FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sea
        Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts, Inc.,
        Vacation Break Resorts at Star Island, Inc., Palm Vacation Group and Ocean
        Ranch Vacation Group, each as a VB Subsidiary and Palm Vacation Group and
        Ocean Ranch Vacation Group, each as VB Partnership and Sierra Deposit
        Company, LLC</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.,
        as Purchaser.</FONT></DIV>
        <DIV></FONT><FONT size=2></FONT>&nbsp;</DIV></DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Loan Purchase Agreement, dated as of
        August 29, 2002, by and between Cendant Timeshare Resort Group-Consumer
        Finance, Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
        Fairfield Myrtle Beach, Inc., as Co-Originator, Kona Hawaiian Vacation
        Ownership, LLC, as an Originator, Shawnee Development, Inc., as an
        Originator, Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
        Resorts, Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
        Group and Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
        Vacation Group and Ocean Ranch Vacation Group, each as VB Partnership and
        Sierra Deposit Company, LLC, as Purchaser.</FONT></DIV>
        <DIV></FONT><FONT size=2></FONT>&nbsp;</DIV></DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
        Loan Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between Trendwest Resorts, Inc., as Seller
        and Sierra Deposit Company, LLC as Purchaser. </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#ffffff>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</FONT></DIV></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
        2002-1 Supplement, dated as of August 29, 2002 to the Master Loan Purchase
        Agreement dated as of August 29, 2002, Amended and Restated as of November
        14, 2005, by and between Trendwest Resorts, Inc., as Seller and Sierra
        Deposit Company, LLC, as Purchaser.</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT size=2></FONT>&nbsp;</DIV></TD></TR>
    <TR bgColor=#e2eef6>
      <TD vAlign=top align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</FONT></DIV>&nbsp;</TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top align=left width="72%" colSpan=2><FONT size=2>Master Pool
        Purchase Agreement, dated as of August 29, 2002, Amended and Restated as
        of November 14, 2005, by and between, Sierra Deposit Company, LLC, as
        Depositor and Cendant Timeshare Conduit Receivables Funding, LLC, as
        Issuer.</FONT>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV></DIV></DIV></BODY></HTML>
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metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "051212778"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Cendant Corporation 8-K dated November 14, 2005
  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)
  November
  17, 2005 (November 14, 2005)
  Cendant
  Corporation
  (Exact
  name of Registrant as specified in its charter)
  Delaware
  (State
        or other jurisdiction
  of
        incorporation)
  1-10308
  (Commission
        File No.)
  06-0918165
  (I.R.S.
        Employer
  Identification
        Number)
  9
        West 57
  th
  Street
  New
        York, NY
  (Address
        of principal
  executive
        office)
  10019
  (Zip
        Code)
  Registrant's
  telephone number, including area code
  (212)
  413-1800
  None
  (Former
        name or former address if changed since last
  report)
  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:
  [  ]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)
  [  ]
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
  [  ]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))
  [  ]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))
  Item
        1.01
  Entry
        into a Material Definitive
  Agreement.
  On
  November 14, 2005, our Cendant Timeshare Conduit Receivables Funding, LLC
  subsidiary (the "Issuer") amended and renewed its conduit facility (the
  "Facility") pursuant to which it issued its secured Loan-Backed Variable Funding
  Notes, Series 2002-1 (the "Notes"), in an aggregate principal amount not to
  exceed $800,000,000 under the Series 2002-1 Supplement (the "Indenture
  Supplement"), dated as of August 29, 2002 and amended and restated as of
  November 14, 2005, among the Issuer, Cendant Timeshare Resort Group - Consumer
  Finance, Inc., as Master Servicer (the "Servicer"), and Wachovia Bank, National
  Association as Trustee and Collateral Agent, to the Master Indenture and
  Servicing Agreement (the "Indenture"), dated as of August 29, 2002 and amended
  and restated as of November 14, 2005, among the Issuer, the Servicer and
  Wachovia Bank, National Association, as Trustee and Collateral Agent. The
  Facility is available on a revolving basis. The Notes are secured under the
  Indenture and the Indenture Supplement primarily by a pool of pledged loans,
  each relating to the financing of one or more timeshare properties, or points
  that can be used to stay at timeshare properties, by a consumer, and related
  pledged assets. The commitment to fund under the Facility is expected to
  terminate on November 13, 2006, and the outstanding principal balance of the
  Notes is expected to be repaid or refinanced in full on or prior to November 13,
  2006. Copies of the Indenture and the Indenture Supplement are attached hereto
  as
  Exhibit
  10.1
  and
  Exhibit
  10.2
  ,
  respectively, and are incorporated by reference herein.
  Certain
  of the purchasers of the Notes, the Trustee and the Collateral Agent, and their
  respective affiliates, have performed and may in the future perform, various
  commercial banking, investment banking and other financial advisory services for
  us and our subsidiaries for which they have received, and will receive,
  customary fees and expenses.
  Item
        2.03
  Creation
        of a Direct Financial Obligation or an Obligation under an Off-Balance
        Sheet Arrangement of a Registrant.
  The
  information described above under "Item 1.01. Entry into a Material
  Definitive Agreement" is incorporated herein by reference.
  Item
        9.01
  Financial
        Statements and Exhibits.
  (c) Exhibits
  10.1
  Master
        Indenture and Servicing Agreement, dated as of August 29, 2002 and Amended
        and Restated as of November 14, 2005, by and among Cendant Timeshare
        Conduit Receivables Funding, LLC, as Issuer, Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Master Servicer, and Wachovia Bank,
        National Association, as Trustee and Collateral Agent.
  10.2
  Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Indenture and Servicing Agreement, dated
        as of August 29, 2002, among Cendant Timeshare Conduit Receivables
        Funding, LLC, as Issuer, Cendant Timeshare Resort Group - Consumer
        Finance, Inc., as Master Servicer, and Wachovia Bank, National
        Association, as Trustee and Collateral Agent.
  10.3
  Master
        Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
        Restated as of November 14, 2005, by and between Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Seller and Fairfield Resorts, Inc., as
        Co-Originator and Fairfield Myrtle Beach, Inc., as Co-Originator and Kona
        Hawaiian Vacation Ownership, LLC, as an Orginator and Shawnee Development,
        Inc., as an Originator and
  Sea
        Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts, Inc.,
        Vacation Break Resorts at Star Island, Inc., Palm Vacation Group and Ocean
        Ranch Vacation Group, each as a VB Subsidiary and Palm Vacation Group and
        Ocean Ranch Vacation Group, each as VB Partnership and Sierra Deposit
        Company, LLC
  .,
        as Purchaser.
  10.4
  Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Loan Purchase Agreement, dated as of
        August 29, 2002, by and between Cendant Timeshare Resort Group-Consumer
        Finance, Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
        Fairfield Myrtle Beach, Inc., as Co-Originator, Kona Hawaiian Vacation
        Ownership, LLC, as an Originator, Shawnee Development, Inc., as an
        Originator, Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
        Resorts, Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
        Group and Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
        Vacation Group and Ocean Ranch Vacation Group, each as VB Partnership and
        Sierra Deposit Company, LLC, as Purchaser.
  10.5
  Master
        Loan Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between Trendwest Resorts, Inc., as Seller
        and Sierra Deposit Company, LLC as Purchaser.
  10.6
  Series
        2002-1 Supplement, dated as of August 29, 2002 to the Master Loan Purchase
        Agreement dated as of August 29, 2002, Amended and Restated as of November
        14, 2005, by and between Trendwest Resorts, Inc., as Seller and Sierra
        Deposit Company, LLC, as Purchaser.
  10.7
  Master
        Pool Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between, Sierra Deposit Company, LLC, as
        Depositor and Cendant Timeshare Conduit Receivables Funding, LLC, as
        Issuer.
  SIGNATURE
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  CENDANT
        CORPORATION
  By:
  /s/
        Eric J. Bock
  Eric
        J. Bock
  Executive
        Vice President, Law
  and
        Corporate Secretary
  Date:
  November 17, 2005
  CENDANT
  CORPORATION
  CURRENT
  REPORT ON FORM 8-K
  Report
  Dated
  November
  17, 2005 (November 14, 2005)
  EXHIBIT
  INDEX
  Exhibit
        No.
  Description
  10.1
  Master
        Indenture and Servicing Agreement, dated as of August 29, 2002 and Amended
        and Restated as of November 14, 2005, by and among Cendant Timeshare
        Conduit Receivables Funding, LLC, as Issuer, Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Master Servicer, and Wachovia Bank,
        National Association, as Trustee and Collateral Agent.
  10.2
  Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Indenture and Servicing Agreement, dated
        as of August 29, 2002, among Cendant Timeshare Conduit Receivables
        Funding, LLC, as Issuer, Cendant Timeshare Resort Group - Consumer
        Finance, Inc., as Master Servicer, and Wachovia Bank, National
        Association, as Trustee and Collateral Agent.
  10.3
  Master
        Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
        Restated as of November 14, 2005, by and between Cendant Timeshare Resort
        Group-Consumer Finance, Inc., as Seller and Fairfield Resorts, Inc., as
        Co-Originator and Fairfield Myrtle Beach, Inc., as Co-Originator and Kona
        Hawaiian Vacation Ownership, LLC, as an Orginator and Shawnee Development,
        Inc., as an Originator and
  Sea
        Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts, Inc.,
        Vacation Break Resorts at Star Island, Inc., Palm Vacation Group and Ocean
        Ranch Vacation Group, each as a VB Subsidiary and Palm Vacation Group and
        Ocean Ranch Vacation Group, each as VB Partnership and Sierra Deposit
        Company, LLC
  .,
        as Purchaser.
  10.4
  Series
        2002-1 Supplement, dated as of August 29, 2002 and Amended and Restated as
        of November 14, 2005, to Master Loan Purchase Agreement, dated as of
        August 29, 2002, by and between Cendant Timeshare Resort Group-Consumer
        Finance, Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
        Fairfield Myrtle Beach, Inc., as Co-Originator, Kona Hawaiian Vacation
        Ownership, LLC, as an Originator, Shawnee Development, Inc., as an
        Originator, Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
        Resorts, Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
        Group and Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
        Vacation Group and Ocean Ranch Vacation Group, each as VB Partnership and
        Sierra Deposit Company, LLC, as Purchaser.
  10.5
  Master
        Loan Purchase Agreement, dated as of August 29, 2002, Amended and Restated
        as of November 14, 2005, by and between Trendwest Resorts, Inc., as Seller
        and Sierra Deposit Company, LLC as Purchaser.
  10.6
  Series
        2002-1 Supplement, dated as of August 29, 2002 to the Master Loan Purchase
        Agreement dated as of August 29, 2002, Amended and Restated as of November
        14, 2005, by and between Trendwest Resorts, Inc., as Seller and Sierra
        Deposit Company, LLC, as Purchaser.
  10.7
  Master Pool
        Purchase Agreement, dated as of August 29, 2002, Amended and Restated as
        of November 14, 2005, by and between, Sierra Deposit Company, LLC, as
        Depositor and Cendant Timeshare Conduit Receivables Funding, LLC, as
        Issuer.