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        Cendant Corporation 8-K dated July 25, 2006
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      <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: 10pt; 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>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>July
        25, 2006 </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: 18pt; 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>
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              <td align="left" valign="top" width="3%" style="border-bottom: white thin solid;">&#160;</td>
              <td valign="top" width="23%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                <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 valign="top" width="28%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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 valign="top" width="24%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                <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>
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            <tr>
              <td align="left" valign="top" width="3%" style="border-bottom: white thin solid;">&#160;</td>
              <td valign="top" width="23%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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 valign="top" width="28%" style="border-bottom: white thin solid;">&#160;</td>
              <td valign="top" width="24%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">&#160;</div>
              </td>
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      <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>&#160;</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>
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                <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>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Written communications pursuant to Rule 425 under the Securities
                  Act (17
                  CFR 230.425)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
                  (17 CFR
                  240.14a-12)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  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: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Pre-commencement communications pursuant to Rule 13e-4(c) under the
                  Exchange Act (17 CFR
                  240.13e-4(c))</font></div>
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                <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
                  7.01</strong></font></div>
              </td>
              <td align="justify" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font>FD
                  Disclosure.
                  </strong></font></div>
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      <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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cendant
        intends to post in the &#8220;Investor Center&#8221; section of its website at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>www.cendant.com</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        additional supplemental information related to Avis Budget Car Rental, LLC
        and
        its subsidiaries, the companies that make up Cendant's vehicle rental business.
        The information includes estimated financial information of Avis Budget Car
        Rental and its subsidiaries for the remainder of 2006. The vehicle rental
        business will continue to be owned by Cendant following the completion of the
        separation of Cendant into four separate companies. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
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                  <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
                    8.01</strong></font></div>
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                <td align="justify" valign="top" width="69%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Regulation
                    Other Events. </strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        connection with Cendant&#8217;s previously announced proposed sale of its travel
        distribution services subsidiary, Travelport, Cendant&#8217;s Travelport business will
        be classified as &#8220;Held for Sale&#8221; under generally accepted accounting principles
        (&#8220;GAAP&#8221;) within Cendant&#8217;s balance sheet for second quarter 2006. Additionally,
        the Travelport business will be classified as Discontinued Operations within
        Cendant&#8217;s income statements. In connection with classifying Travelport as &#8220;Held
        for Sale, &#8221; Cendant expects to record a non-cash impairment charge under GAAP in
        an amount estimated to be in excess of $1 billion during second quarter 2006.
        The charge is expected to result from the difference between the sale price
        for
        Travelport of $4.3 billion (which is subject to certain adjustments) pursuant
        to
        the definitive sale agreement, and the historical carrying value of the
        Travelport net assets. Cendant is still in the process of calculating the
        impairment; therefore, the estimated charge provided above is subject to change
        as the carrying value of the Travelport assets and liabilities is still being
        evaluated. Furthermore, Cendant may incur an additional loss upon the completion
        of a sale of Travelport </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
        connection with certain transaction-specific costs that Cendant may not
        recognize until the sale is consummated.</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="justify">&#160;</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"><em>Certain
        statements in this Current Report on Form 8-K constitute "forward-looking
        statements" within the meaning of the Private Securities Litigation Reform
        Act
        of 1995. Such forward-looking statements involve known and unknown risks,
        uncertainties and other factors which may cause the actual results, performance
        or achievements of Cendant to be materially different from any future results,
        performance or achievements expressed or implied by such forward-looking
        statements. Statements preceded by, followed by or that otherwise include the
        words "believes", "expects", "anticipates", "intends", "projects", "estimates",
        "plans", "may increase", "may fluctuate" and similar expressions or future
        or
        conditional verbs such as "will", "should", "would", "may" and "could" are
        generally forward-looking in nature and not historical facts. Any statements
        that refer to expectations or other characterizations of future events,
        circumstances or results are forward-looking statements. Cendant cannot provide
        any assurances that the separation or any of the proposed transactions related
        thereto (including the proposed sale of the Travelport) will be completed,
        nor
        can it give assurances as to the terms on which such transactions will be
        consummated. These transactions are subject to certain conditions precedent.
        </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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"><em>Various
        risks that could cause future results to differ from those expressed by the
        forward-looking statements included in this Current Report on Form 8-K include,
        but are not limited to risks inherent in the contemplated separation and related
        transactions (including the proposed sale of Travelport). In light of these
        risks, uncertainties, assumptions and factors, the forward-looking events
        discussed in this Current Report on Form 8-K may not occur. You are cautioned
        not to place undue reliance on these forward-looking statements, which speak
        only as of the date </em></font></div>
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        or if no date is stated, as of the date of this Current Report on Form 8-K.
        Important assumptions and other important factors that could cause actual
        results to differ materially from those in the forward looking statements are
        specified in Cendant's 10-K for the year ended December 31, 2005 and Cendant&#8217;s
        Form 10-Q for the three months ended March 31, 2006, including under headings
        such as "Forward-Looking Statements", "Risk Factors" and "Management's
        Discussion and Analysis of Financial Condition and Results of Operations."
        Except for our ongoing obligations to disclose material information under the
        federal securities laws, we undertake no obligation to release any revisions
        to
        any forward-looking statements, to report events or to report the occurrence
        of
        unanticipated events unless required by law.</em></font></div>
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        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>
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                  CORPORATION</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                <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/
                  Virginia M. Wilson </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="40%">&#160;</td>
              <td align="justify" valign="top" width="40%">
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                  M. Wilson </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 and Chief Accounting
                  Officer</font></div>
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      <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:
        July 25, 2006</font></div>
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text: Cendant Corporation 8-K dated July 25, 2006
  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
        25, 2006
  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
                  7.01
  FD
                  Disclosure.
  Cendant
        intends to post in the "Investor Center" section of its website at
  www.cendant.com
  additional supplemental information related to Avis Budget Car Rental, LLC
        and
        its subsidiaries, the companies that make up Cendant's vehicle rental business.
        The information includes estimated financial information of Avis Budget Car
        Rental and its subsidiaries for the remainder of 2006. The vehicle rental
        business will continue to be owned by Cendant following the completion of the
        separation of Cendant into four separate companies.
  Item
                    8.01
  Regulation
                    Other Events.
  In
        connection with Cendant's previously announced proposed sale of its travel
        distribution services subsidiary, Travelport, Cendant's Travelport business will
        be classified as "Held for Sale" under generally accepted accounting principles
        ("GAAP") within Cendant's balance sheet for second quarter 2006. Additionally,
        the Travelport business will be classified as Discontinued Operations within
        Cendant's income statements. In connection with classifying Travelport as "Held
        for Sale, " Cendant expects to record a non-cash impairment charge under GAAP in
        an amount estimated to be in excess of $1 billion during second quarter 2006.
        The charge is expected to result from the difference between the sale price
        for
        Travelport of $4.3 billion (which is subject to certain adjustments) pursuant
        to
        the definitive sale agreement, and the historical carrying value of the
        Travelport net assets. Cendant is still in the process of calculating the
        impairment; therefore, the estimated charge provided above is subject to change
        as the carrying value of the Travelport assets and liabilities is still being
        evaluated. Furthermore, Cendant may incur an additional loss upon the completion
        of a sale of Travelport
  in
        connection with certain transaction-specific costs that Cendant may not
        recognize until the sale is consummated.
  Certain
        statements in this Current Report on Form 8-K constitute "forward-looking
        statements" within the meaning of the Private Securities Litigation Reform
        Act
        of 1995. Such forward-looking statements involve known and unknown risks,
        uncertainties and other factors which may cause the actual results, performance
        or achievements of Cendant to be materially different from any future results,
        performance or achievements expressed or implied by such forward-looking
        statements. Statements preceded by, followed by or that otherwise include the
        words "believes", "expects", "anticipates", "intends", "projects", "estimates",
        "plans", "may increase", "may fluctuate" and similar expressions or future
        or
        conditional verbs such as "will", "should", "would", "may" and "could" are
        generally forward-looking in nature and not historical facts. Any statements
        that refer to expectations or other characterizations of future events,
        circumstances or results are forward-looking statements. Cendant cannot provide
        any assurances that the separation or any of the proposed transactions related
        thereto (including the proposed sale of the Travelport) will be completed,
        nor
        can it give assurances as to the terms on which such transactions will be
        consummated. These transactions are subject to certain conditions precedent.
  Various
        risks that could cause future results to differ from those expressed by the
        forward-looking statements included in this Current Report on Form 8-K include,
        but are not limited to risks inherent in the contemplated separation and related
        transactions (including the proposed sale of Travelport). In light of these
        risks, uncertainties, assumptions and factors, the forward-looking events
        discussed in this Current Report on Form 8-K may not occur. You are cautioned
        not to place undue reliance on these forward-looking statements, which speak
        only as of the date
  stated,
        or if no date is stated, as of the date of this Current Report on Form 8-K.
        Important assumptions and other important factors that could cause actual
        results to differ materially from those in the forward looking statements are
        specified in Cendant's 10-K for the year ended December 31, 2005 and Cendant's
        Form 10-Q for the three months ended March 31, 2006, including under headings
        such as "Forward-Looking Statements", "Risk Factors" and "Management's
        Discussion and Analysis of Financial Condition and Results of Operations."
        Except for our ongoing obligations to disclose material information under the
        federal securities laws, we undertake no obligation to release any revisions
        to
        any forward-looking statements, to report events or to report the occurrence
        of
        unanticipated events unless required by law.
  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/
                  Virginia M. Wilson
  Virginia
                  M. Wilson
  Executive
                  Vice President and Chief Accounting
                  Officer
  Date:
        July 25, 2006