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        Cendant Corporation 8-K dated April 21, 2006
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        AND EXCHANGE COMMISSION</strong></font></div>
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        D.C. 20549</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: 12pt; FONT-FAMILY: Times New Roman"><strong>Form
        8-K</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">CURRENT
        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="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>
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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">____________</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="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><u>April
        21, 2006 (April 17, 2006)</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></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"><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="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="justify">&#160;</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">(Exact
        name of Registrant as specified in Charter)</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="center"><br></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">(State
                  or Other Jurisdiction</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">of
                  Incorporation)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                  West 57</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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                  of principal</font></div>
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                  office)</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">(Commission
                  File No.)</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">(I.R.S.
                  Employer</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">Identification
                  Number)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">10019</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">(Zip
                  Code)</font></div>
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        telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(212)
        413-1800</u></font></div>
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        Name or Former Address, if Changed Since Last Report)</font></div>
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        appropriate box below if the Form 8-K filing is intended to simultaneously
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        provisions:</font></div>
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  Written
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        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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9633;
        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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        (17 CFR 240.14d-2(b))</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&#160;1.01</strong></font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="67%">
                <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><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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      </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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Travel
        Distribution Services CEO and President</strong></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        April
        18, 2006, Cendant announced the appointment of Mr. Jeff Clarke as Chief
        Executive Officer and President of its Travel Distribution Services Division.
        A
        copy of the employment agreement between Travelport Inc. (formerly, Cendant
        Travel Distribution Services Group, Inc.) and Mr. Clarke is 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 is
        incorporated by reference herein. A copy of the press release announcing Mr.
        Clarke&#8217;s appointment is attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        99.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Avis
        Budget Financings</strong></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        April
        19, 2006, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC entered
        into
        a $2.375 billion Credit Agreement (the &#8220;Credit Agreement&#8221;) with</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        JPMorgan
        Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., as
        Syndication Agent, Bank of America, N.A., Calyon New York Branch and Citicorp
        USA, Inc., as Documentation Agents, Wachovia Bank, National Association, as
        Co-Documentation Agent, and a syndicate of lenders, consisting of (i) a $1.5
        billion 5-year revolving credit facility and (ii) an $875 million 6-year term
        loan. A copy of the Credit Agreement is attached hereto as </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">
        and is
        incorporated by reference herein.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        facilities are guaranteed by Avis Budget Holdings, LLC, the direct parent
        company of Avis Budget Car Rental, LLC, and certain subsidiaries of Avis Budget
        Car Rental, LLC. The facilities also are secured by a first perfected priority
        lien in substantially all of Avis Budget Car Rental, LLC&#8217;s intellectual property
        and all of the capital stock of certain of its direct and indirect subsidiaries.
        A copy of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guarantee
        and Collateral Agreement is attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        10.3</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrowings
        under the revolving credit facility bear interest at a variable rate which
        is
        currently LIBOR plus a margin of 150 basis points, and borrowings under the
        term
        loan bear interest at LIBOR plus a margin of 125 basis points. In addition,
        under the revolving credit facility, Avis Budget Car Rental, LLC is required
        to
        pay a per annum facility fee of 35 basis points. In the event that the credit
        ratings assigned to Avis Budget Car Rental, LLC by nationally recognized debt
        rating agencies are downgraded as set forth in the Credit Agreement, the
        interest rate and facility fees relating to the borrowings under the revolving
        credit facility are subject to incremental upward adjustments. This Credit
        Agreement also provides the committed capacity to issue $1.5 billion in letters
        of credit. The Credit Agreement requires Avis Budget Car Rental, LLC to maintain
        a consolidated leverage ratio (as defined in the Credit Agreement) of less
        than
        5.5 to 1.00, decreasing over time to 4.00 to 1.00, and a consolidated interest
        coverage ratio (as defined in the Credit Agreement) of more than 2.25 to 1.00,
        increasing over time to 3.00 to 1.00. </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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        April
        19, 2006, Avis Budget Car Rental, LLC issued $1.0 billion aggregate principal
        amount of its senior notes (the &#8220;Notes&#8221;), consisting of (i) $375 million in
        aggregate principal amount of its 7.625% senior notes due 2014, (ii) $375
        million in aggregate principal amount of its 7.75% senior notes due 2016 and
        (iii) $250 million in aggregate principal amount of its floating rate senior
        notes due 2014. The Notes are unsecured and are guaranteed by Avis Budget
        Holdings, LLC and certain subsidiaries of Avis Budget Car Rental, LLC, but
        not
        by Cendant Corporation. Avis Budget Car Rental, LLC and Avis Budget Finance,
        Inc. entered into an Indenture (the &#8220;Indenture&#8221;), dated as of April 19, 2006,
        with The Bank of Nova Scotia Trust Company of New </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">York,
        as
        Trustee, under which the Notes were issued. A copy of the Indenture is attached
        hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        10.4</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></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">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </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
        Credit Agreement and Indenture contain covenants that, among other things,
        restrict the ability of Avis Budget Car Rental, LLC and the ability of certain
        of its subsidiaries to: incur, assume or guarantee additional indebtedness;
        pay
        dividends or redeem or repurchase capital stock; make other restricted payments;
        incur liens; redeem debt that is junior in right of payment to the Notes; sell
        or otherwise dispose of assets, including capital stock of subsidiaries; enter
        into mergers or consolidations; enter into transactions with affiliates; and
        enter into new lines of businesses. These covenants are subject to a number
        of
        important exceptions and qualifications. In addition, in certain circumstances,
        if Avis Budget Car Rental, LLC sells assets or experiences changes of control,
        it must offer to purchase the Notes. Certain of such changes of control would
        constitute an event of default under the Credit Agreement.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        of the lenders party to the Credit Agreement and the Trustee under the
        Indenture, and their respective affiliates, have performed, and may in the
        future perform, various commercial banking, investment banking and other
        financial advisory services for Cendant, Avis Budget Car Rental, LLC and their
        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>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="10%">
                <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&#160;2.03</strong></font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="67%">
                <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>Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a Registrant.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</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"><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 1.01. Entry into a Material Definitive
        Agreement&#8221; related to the Avis Budget financings is incorporated by reference
        herein.</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 cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="10%">
                <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&#160;9.01</strong></font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="67%">
                <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"><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">&#160;&#160;&#160;&#160;&#160;(d)
        Exhibits. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr bgcolor="#e2eef6">
              <td valign="top" width="12%">
                <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">10.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Employment
                  Agreement, dated as of April 17, 2006, by and between Cendant Travel
                  Distribution Services Group, Inc. and Jeff Clarke.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="12%">
                <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">10.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Credit
                  Agreement, dated as of April 19, 2006, among Avis Budget Holdings,
                  LLC and
                  Avis Budget Car Rental, LLC, as Borrower, the lenders referred to
                  therein,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank
                  Securities Inc., as Syndication Agent, Bank of America, N.A., Calyon
                  New
                  York Branch and Citicorp USA, Inc., as Documentation Agents, and
                  Wachovia
                  Bank, National Association, as Co-Documentation Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td valign="top" width="12%">
                <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">10.3</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Guarantee
                  and Collateral Agreement, dated as of April 19, 2006, made by Avis
                  Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC and certain of its Subsidiaries
                  in favor of JPMorgan Chase Bank, N.A., as Administrative
                  Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="12%">
                <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">10.4</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Indenture,
                  dated as of April 19, 2006, between Avis Budget Car Rental, LLC and
                  Avis
                  Budget Finance, Inc., as Issuers, the Guarantors from time to time
                  parties
                  thereto, and The Bank of Nova Scotia Trust Company of New York, as
                  Trustee.</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td valign="top" width="12%">
                <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">99.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Press
                  Release dated April 18, 2006.</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"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <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>SIGNATURE</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></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: 36pt; 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: 36pt; 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>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="36%">
                <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>CENDANT
                  CORPORATION</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="5%">
                <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">By:</font></div>
              </td>
              <td align="left" valign="top" width="36%" style="border-bottom: black thin solid;">
                <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">/s/
                  Eric J. Bock</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="20%">&#160;</td>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
                  J. Bock</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                  Vice President, Law</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><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="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        April 21, 2006</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <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"><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>Report
        Dated </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>April
        21, 2006 (April 17, 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: 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="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr bgcolor="#e2eef6">
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">
                <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>Exhibit
                  No.</strong></font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%" style="border-bottom: black thin solid;">
                <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>Description</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="12%">
                <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">10.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Employment
                  Agreement, dated as of April 17, 2006, by and between Cendant Travel
                  Distribution Services Group, Inc. and Jeff Clarke.</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td valign="top" width="12%">
                <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">10.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Credit
                  Agreement, dated as of April 19, 2006, among Avis Budget Holdings,
                  LLC and
                  Avis Budget Car Rental, LLC, as Borrower, the lenders referred to
                  therein,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank
                  Securities Inc., as Syndication Agent, Bank of America, N.A., Calyon
                  New
                  York Branch and Citicorp USA, Inc., as Documentation Agents, and
                  Wachovia
                  Bank, National Association, as Co-Documentation Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="12%">
                <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">10.3</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Guarantee
                  and Collateral Agreement, dated as of April 19, 2006, made by Avis
                  Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC and certain of its Subsidiaries
                  in favor of JPMorgan Chase Bank, N.A., as Administrative
                  Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td valign="top" width="12%">
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              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="66%">
                <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">Indenture,
                  dated as of April 19, 2006, between Avis Budget Car Rental, LLC and
                  Avis
                  Budget Finance, Inc., as Issuers, the Guarantors from time to time
                  parties
                  thereto, and The Bank of Nova Scotia Trust Company of New York, as
                  Trustee.</font></div>
              </td>
            </tr>
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              <td valign="top" width="12%">
                <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">99.1</font></div>
              </td>
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                  Release dated April 18, 2006.</font></div>
              </td>
            </tr>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cendantcorporation.htm", "description": "CENDANT CORPORATION 8-K DATED APRIL 21, 2006", "secsgml_size_bytes": 49857}]
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": "06772883"}, "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 April 21, 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)
  April
        21, 2006 (April 17, 2006)
  Cendant
        Corporation
  (Exact
        name of Registrant as specified in Charter)
  Delaware
  (State
                  or Other Jurisdiction
  of
                  Incorporation)
  9
                  West 57
  th
  Street
  New
                  York, NY
  (Address
                  of principal
  executive
                  office)
  1-10308
  (Commission
                  File No.)
  06-0918165
  (I.R.S.
                  Employer
  Identification
                  Number)
  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
  Travel
        Distribution Services CEO and President
  On
        April
        18, 2006, Cendant announced the appointment of Mr. Jeff Clarke as Chief
        Executive Officer and President of its Travel Distribution Services Division.
        A
        copy of the employment agreement between Travelport Inc. (formerly, Cendant
        Travel Distribution Services Group, Inc.) and Mr. Clarke is attached hereto
        as
  Exhibit
        10.1
  and is
        incorporated by reference herein. A copy of the press release announcing Mr.
        Clarke's appointment is attached hereto as
  Exhibit
        99.1
  and is
        incorporated by reference herein.
  Avis
        Budget Financings
  On
        April
        19, 2006, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC entered
        into
        a $2.375 billion Credit Agreement (the "Credit Agreement") with
  JPMorgan
        Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., as
        Syndication Agent, Bank of America, N.A., Calyon New York Branch and Citicorp
        USA, Inc., as Documentation Agents, Wachovia Bank, National Association, as
        Co-Documentation Agent, and a syndicate of lenders, consisting of (i) a $1.5
        billion 5-year revolving credit facility and (ii) an $875 million 6-year term
        loan. A copy of the Credit Agreement is attached hereto as
  Exhibit
        10.2
  and is
        incorporated by reference herein.
  The
        facilities are guaranteed by Avis Budget Holdings, LLC, the direct parent
        company of Avis Budget Car Rental, LLC, and certain subsidiaries of Avis Budget
        Car Rental, LLC. The facilities also are secured by a first perfected priority
        lien in substantially all of Avis Budget Car Rental, LLC's intellectual property
        and all of the capital stock of certain of its direct and indirect subsidiaries.
        A copy of the
  Guarantee
        and Collateral Agreement is attached hereto as
  Exhibit
        10.3
  and is
        incorporated by reference herein.
  Borrowings
        under the revolving credit facility bear interest at a variable rate which
        is
        currently LIBOR plus a margin of 150 basis points, and borrowings under the
        term
        loan bear interest at LIBOR plus a margin of 125 basis points. In addition,
        under the revolving credit facility, Avis Budget Car Rental, LLC is required
        to
        pay a per annum facility fee of 35 basis points. In the event that the credit
        ratings assigned to Avis Budget Car Rental, LLC by nationally recognized debt
        rating agencies are downgraded as set forth in the Credit Agreement, the
        interest rate and facility fees relating to the borrowings under the revolving
        credit facility are subject to incremental upward adjustments. This Credit
        Agreement also provides the committed capacity to issue $1.5 billion in letters
        of credit. The Credit Agreement requires Avis Budget Car Rental, LLC to maintain
        a consolidated leverage ratio (as defined in the Credit Agreement) of less
        than
        5.5 to 1.00, decreasing over time to 4.00 to 1.00, and a consolidated interest
        coverage ratio (as defined in the Credit Agreement) of more than 2.25 to 1.00,
        increasing over time to 3.00 to 1.00.
  On
        April
        19, 2006, Avis Budget Car Rental, LLC issued $1.0 billion aggregate principal
        amount of its senior notes (the "Notes"), consisting of (i) $375 million in
        aggregate principal amount of its 7.625% senior notes due 2014, (ii) $375
        million in aggregate principal amount of its 7.75% senior notes due 2016 and
        (iii) $250 million in aggregate principal amount of its floating rate senior
        notes due 2014. The Notes are unsecured and are guaranteed by Avis Budget
        Holdings, LLC and certain subsidiaries of Avis Budget Car Rental, LLC, but
        not
        by Cendant Corporation. Avis Budget Car Rental, LLC and Avis Budget Finance,
        Inc. entered into an Indenture (the "Indenture"), dated as of April 19, 2006,
        with The Bank of Nova Scotia Trust Company of New
  York,
        as
        Trustee, under which the Notes were issued. A copy of the Indenture is attached
        hereto as
  Exhibit
        10.4
  and is
        incorporated by reference herein.
  The
        Credit Agreement and Indenture contain covenants that, among other things,
        restrict the ability of Avis Budget Car Rental, LLC and the ability of certain
        of its subsidiaries to: incur, assume or guarantee additional indebtedness;
        pay
        dividends or redeem or repurchase capital stock; make other restricted payments;
        incur liens; redeem debt that is junior in right of payment to the Notes; sell
        or otherwise dispose of assets, including capital stock of subsidiaries; enter
        into mergers or consolidations; enter into transactions with affiliates; and
        enter into new lines of businesses. These covenants are subject to a number
        of
        important exceptions and qualifications. In addition, in certain circumstances,
        if Avis Budget Car Rental, LLC sells assets or experiences changes of control,
        it must offer to purchase the Notes. Certain of such changes of control would
        constitute an event of default under the Credit Agreement.
  Certain
        of the lenders party to the Credit Agreement and the Trustee under the
        Indenture, and their respective affiliates, have performed, and may in the
        future perform, various commercial banking, investment banking and other
        financial advisory services for Cendant, Avis Budget Car Rental, LLC and their
        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" related to the Avis Budget financings is incorporated by reference
        herein.
  Item 9.01
  Financial
                  Statements and Exhibits.
  (d)
        Exhibits.
  10.1
  Employment
                  Agreement, dated as of April 17, 2006, by and between Cendant Travel
                  Distribution Services Group, Inc. and Jeff Clarke.
  10.2
  Credit
                  Agreement, dated as of April 19, 2006, among Avis Budget Holdings,
                  LLC and
                  Avis Budget Car Rental, LLC, as Borrower, the lenders referred to
                  therein,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank
                  Securities Inc., as Syndication Agent, Bank of America, N.A., Calyon
                  New
                  York Branch and Citicorp USA, Inc., as Documentation Agents, and
                  Wachovia
                  Bank, National Association, as Co-Documentation Agent.
  10.3
  Guarantee
                  and Collateral Agreement, dated as of April 19, 2006, made by Avis
                  Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC and certain of its Subsidiaries
                  in favor of JPMorgan Chase Bank, N.A., as Administrative
                  Agent.
  10.4
  Indenture,
                  dated as of April 19, 2006, between Avis Budget Car Rental, LLC and
                  Avis
                  Budget Finance, Inc., as Issuers, the Guarantors from time to time
                  parties
                  thereto, and The Bank of Nova Scotia Trust Company of New York, as
                  Trustee.
  99.1
  Press
                  Release dated April 18, 2006.
  SIGNATURE
  Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
  CENDANT
                  CORPORATION
  By:
  /s/
                  Eric J. Bock
  Eric
                  J. Bock
  Executive
                  Vice President, Law
  and
                  Corporate Secretary
  Date:
        April 21, 2006
  CENDANT
        CORPORATION
  CURRENT
        REPORT ON FORM 8-K
  Report
        Dated
  April
        21, 2006 (April 17, 2006)
  EXHIBIT
        INDEX
  Exhibit
                  No.
  Description
  10.1
  Employment
                  Agreement, dated as of April 17, 2006, by and between Cendant Travel
                  Distribution Services Group, Inc. and Jeff Clarke.
  10.2
  Credit
                  Agreement, dated as of April 19, 2006, among Avis Budget Holdings,
                  LLC and
                  Avis Budget Car Rental, LLC, as Borrower, the lenders referred to
                  therein,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank
                  Securities Inc., as Syndication Agent, Bank of America, N.A., Calyon
                  New
                  York Branch and Citicorp USA, Inc., as Documentation Agents, and
                  Wachovia
                  Bank, National Association, as Co-Documentation Agent.
  10.3
  Guarantee
                  and Collateral Agreement, dated as of April 19, 2006, made by Avis
                  Budget
                  Holdings, LLC, Avis Budget Car Rental, LLC and certain of its Subsidiaries
                  in favor of JPMorgan Chase Bank, N.A., as Administrative
                  Agent.
  10.4
  Indenture,
                  dated as of April 19, 2006, between Avis Budget Car Rental, LLC and
                  Avis
                  Budget Finance, Inc., as Issuers, the Guarantors from time to time
                  parties
                  thereto, and The Bank of Nova Scotia Trust Company of New York, as
                  Trustee.
  99.1
  Press
                  Release dated April 18, 2006.