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        Cendant Corporation 8-K dated March 27, 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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        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>
      <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">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="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">____________</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"><u>March
        27, 2006 (March 21, 2006)</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="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>
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                  or Other Jurisdiction</font></div>
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                  Incorporation)</font></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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                  Employer</font></div>
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                  Code)</font></div>
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        413-1800</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"><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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        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>
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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>
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        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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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>
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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>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 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>Modifications
        to Certain Equity Incentive Awards</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        March
        23, 2006, the Compensation Committee of our Board of Directors approved a
        modification to our previously disclosed accelerated vesting schedule of long
        term equity incentive awards in connection with the proposed separation of
        Cendant into four independent, publicly-traded pure play companies. Subject
        to
        the commencement of the proposed separation, and subject to necessary consents,
        all such awards will become vested upon the 30</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">
        day
        following our second completed spin-off transaction; provided, however, that
        any
        awards which vest upon the attainment of above-target performance goals will
        automatically terminate. The foregoing will apply to current employees as of
        the
        date of the proposed vesting, as well as employees whose employment terminates
        in connection with the separation transactions. The foregoing will apply to
        awards which were originally granted in the form of Cendant equity, and which
        will be converted into the form of equity of our separated entities. In light
        of
        our decision to separate such entities in a series of spin-off transactions,
        rather than in a single transaction, the foregoing modifies our intended vesting
        schedule of such awards, which was previously disclosed in our Current Report
        on
        Form 8-K filed with the Securities and Exchange Commission on October 27, 2005.
        Our Chairman and Chief Executive Officer, Mr. Silverman, will not benefit from
        our plan to accelerate equity incentive awards. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">On
        March
        23, 2006, the Compensation Committee of our Board of Directors also approved
        modifications to certain outstanding options to purchase shares of our common
        stock held by certain of our current employees and directors. Subject to the
        commencement of the proposed separation of Cendant, in the event a current
        employee is involuntarily terminated from employment by us or one of our
        separated companies, or is constructively discharged, or a director is separated
        from service from us or one of our separated entities, then the post-service
        exercise period relating to such person's stock options will be three years,
        but
        not beyond the original expiration date of such stock options. The foregoing
        applies only to stock options held by current employees and directors which
        were
        already vested as of December 31, 2004, and which were granted pursuant to
        a
        stock option plan that provides our Compensation Committee with such
        authority.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#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: 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>Amendment
        to Cendant Credit Facility</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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        connection with the previously disclosed financings by Cendant's vehicle rental
        business and the proposed separation of Cendant, we entered into the First
        Amendment, dated as of March 9, 2006, to the Five Year Competitive Advance
        and
        Revolving Credit Agreement dated as of November 22, 2004, among Cendant
        Corporation, as Borrower, certain subsidiaries of the Borrower from time to
        time
        party thereto, the lenders referred to therein and JPMorgan Chase Bank, N.A.,
        as
        administrative agent. Such amendment became effective on March 23, 2006. A
        copy
        of this amendment 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">Certain
        of the lenders party to the credit agreement, 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="justify">&#160;</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">&#160;</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"><strong>Amendment
        to AESOP Conduit Facility</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="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        March
        21, 2006, our Cendant Rental Car Funding (AESOP) LLC subsidiary (i) increased
        the maximum available amount under the Series 2002-2 Notes by $400,000,000,
        for
        a total of $1,000,000,000 of availability, (ii) extended the expiration date
        of
        the Series 2002-2 Notes to March 20, 2007, (iii) updated the methodology for
        calculating enhancement for the 2002-2 Notes in accordance with new rating
        agency criteria and (iv) terminated the Series 2004-4 Notes, which previously
        provided capacity of $200 million. As a result, the capacity of our vehicle
        rental program asset-back funding arrangement was increased by $200 million,
        subject to maintaining sufficient assets to collateralize the debt. A copy
        of
        the Seventh Amendment to the Amended and Restated Series 2002-2 Supplement
        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 herein by reference.</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">Certain
        of the conduit purchasers of the Series 2002-2 Notes and the trustee, 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">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</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="center">&#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">&#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>
              <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">First
                  Amendment, dated as of March 9, 2006, to the Five Year Competitive
                  Advance
                  and Revolving Credit Agreement dated as of November 22, 2004, among
                  Cendant Corporation, as Borrower, certain subsidiaries of the Borrower
                  from time to time party thereto, the lenders referred to therein,
                  and
                  JPMorgan Chase Bank, N.A., as administrative agent. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <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">Seventh
                  Amendment, dated as of March 21, 2006, to the Amended and Restated
                  Series
                  2002-2 Supplement dated as of November 22, 2002, among Cendant Rental
                  Car
                  Funding (AESOP) LLC (formerly known as AESOP Funding II L.L.C.),
                  as
                  Issuer, Cendant Car Rental Group, LLC (formerly known as Cendant
                  Car
                  Rental Group, Inc.), as Administrator, certain CP Conduit Purchasers,
                  certain APA Banks and the Funding Agents named therein and The Bank
                  of New
                  York, as Trustee and Series 2002-2 Agent, to the Second Amended and
                  Restated Base Indenture, dated as of June 3, 2004, between Cendant
                  Rental
                  Car Funding (AESOP) LLC, as Issuer, and The Bank of New York, as
                  Trustee.
                  </font></div>
              </td>
            </tr>
  
        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </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: 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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="top" width="17%">&#160;</td>
                <td align="left" valign="top" width="17%">&#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">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">By:</font></div>
                </td>
                <td align="left" valign="top" width="34%" 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>CENDANT
                    CORPORATION</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">/s/
                    Eric J. Bock</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="17%">&#160;</td>
                <td align="left" valign="top" width="17%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="34%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; 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: 0pt; TEXT-INDENT: 9pt; 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: 0pt; TEXT-INDENT: 9pt; 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>
      <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: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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:
        March 27, 2006</font></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">
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          <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">
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          </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>March
        27, 2006 (March 21, 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>
              <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>
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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">&#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">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">&#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">First
                  Amendment, dated as of March 9, 2006, to the Five Year Competitive
                  Advance
                  and Revolving Credit Agreement dated as of November 22, 2004, among
                  Cendant Corporation, as Borrower, certain subsidiaries of the Borrower
                  from time to time party thereto, the lenders referred to therein,
                  and
                  JPMorgan Chase Bank, N.A., as administrative agent. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">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">Seventh
                  Amendment, dated as of March 21, 2006, to the Amended and Restated
                  Series
                  2002-2 Supplement dated as of November 22, 2002, among Cendant Rental
                  Car
                  Funding (AESOP) LLC (formerly known as AESOP Funding II L.L.C.),
                  as
                  Issuer, Cendant Car Rental Group, LLC (formerly known as Cendant
                  Car
                  Rental Group, Inc.), as Administrator, certain CP Conduit Purchasers,
                  certain APA Banks and the Funding Agents named therein and The Bank
                  of New
                  York, as Trustee and Series 2002-2 Agent, to the Second Amended and
                  Restated Base Indenture, dated as of June 3, 2004, between Cendant
                  Rental
                  Car Funding (AESOP) LLC, as Issuer, and The Bank of New York, as
                  Trustee.</font></div>
              </td>
            </tr>
  
        </table>
      </div>
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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": "06712486"}, "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 March 27, 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)
  March
        27, 2006 (March 21, 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
  Modifications
        to Certain Equity Incentive Awards
  On
        March
        23, 2006, the Compensation Committee of our Board of Directors approved a
        modification to our previously disclosed accelerated vesting schedule of long
        term equity incentive awards in connection with the proposed separation of
        Cendant into four independent, publicly-traded pure play companies. Subject
        to
        the commencement of the proposed separation, and subject to necessary consents,
        all such awards will become vested upon the 30
  th
  day
        following our second completed spin-off transaction; provided, however, that
        any
        awards which vest upon the attainment of above-target performance goals will
        automatically terminate. The foregoing will apply to current employees as of
        the
        date of the proposed vesting, as well as employees whose employment terminates
        in connection with the separation transactions. The foregoing will apply to
        awards which were originally granted in the form of Cendant equity, and which
        will be converted into the form of equity of our separated entities. In light
        of
        our decision to separate such entities in a series of spin-off transactions,
        rather than in a single transaction, the foregoing modifies our intended vesting
        schedule of such awards, which was previously disclosed in our Current Report
        on
        Form 8-K filed with the Securities and Exchange Commission on October 27, 2005.
        Our Chairman and Chief Executive Officer, Mr. Silverman, will not benefit from
        our plan to accelerate equity incentive awards.
  On
        March
        23, 2006, the Compensation Committee of our Board of Directors also approved
        modifications to certain outstanding options to purchase shares of our common
        stock held by certain of our current employees and directors. Subject to the
        commencement of the proposed separation of Cendant, in the event a current
        employee is involuntarily terminated from employment by us or one of our
        separated companies, or is constructively discharged, or a director is separated
        from service from us or one of our separated entities, then the post-service
        exercise period relating to such person's stock options will be three years,
        but
        not beyond the original expiration date of such stock options. The foregoing
        applies only to stock options held by current employees and directors which
        were
        already vested as of December 31, 2004, and which were granted pursuant to
        a
        stock option plan that provides our Compensation Committee with such
        authority.
  Amendment
        to Cendant Credit Facility
  In
        connection with the previously disclosed financings by Cendant's vehicle rental
        business and the proposed separation of Cendant, we entered into the First
        Amendment, dated as of March 9, 2006, to the Five Year Competitive Advance
        and
        Revolving Credit Agreement dated as of November 22, 2004, among Cendant
        Corporation, as Borrower, certain subsidiaries of the Borrower from time to
        time
        party thereto, the lenders referred to therein and JPMorgan Chase Bank, N.A.,
        as
        administrative agent. Such amendment became effective on March 23, 2006. A
        copy
        of this amendment is attached hereto as
  Exhibit
        10.1
  and is
        incorporated by reference herein.
  Certain
        of the lenders party to the credit agreement, 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.
  Amendment
        to AESOP Conduit Facility
  On
        March
        21, 2006, our Cendant Rental Car Funding (AESOP) LLC subsidiary (i) increased
        the maximum available amount under the Series 2002-2 Notes by $400,000,000,
        for
        a total of $1,000,000,000 of availability, (ii) extended the expiration date
        of
        the Series 2002-2 Notes to March 20, 2007, (iii) updated the methodology for
        calculating enhancement for the 2002-2 Notes in accordance with new rating
        agency criteria and (iv) terminated the Series 2004-4 Notes, which previously
        provided capacity of $200 million. As a result, the capacity of our vehicle
        rental program asset-back funding arrangement was increased by $200 million,
        subject to maintaining sufficient assets to collateralize the debt. A copy
        of
        the Seventh Amendment to the Amended and Restated Series 2002-2 Supplement
        is
        attached hereto as
  Exhibit
        10.2
  and is
        incorporated herein by reference.
  Certain
        of the conduit purchasers of the Series 2002-2 Notes and the trustee, 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 9.01
  Financial
                  Statements and Exhibits.
  (d)
        Exhibits.
  10.1
  First
                  Amendment, dated as of March 9, 2006, to the Five Year Competitive
                  Advance
                  and Revolving Credit Agreement dated as of November 22, 2004, among
                  Cendant Corporation, as Borrower, certain subsidiaries of the Borrower
                  from time to time party thereto, the lenders referred to therein,
                  and
                  JPMorgan Chase Bank, N.A., as administrative agent.
  10.2
  Seventh
                  Amendment, dated as of March 21, 2006, to the Amended and Restated
                  Series
                  2002-2 Supplement dated as of November 22, 2002, among Cendant Rental
                  Car
                  Funding (AESOP) LLC (formerly known as AESOP Funding II L.L.C.),
                  as
                  Issuer, Cendant Car Rental Group, LLC (formerly known as Cendant
                  Car
                  Rental Group, Inc.), as Administrator, certain CP Conduit Purchasers,
                  certain APA Banks and the Funding Agents named therein and The Bank
                  of New
                  York, as Trustee and Series 2002-2 Agent, to the Second Amended and
                  Restated Base Indenture, dated as of June 3, 2004, between Cendant
                  Rental
                  Car Funding (AESOP) LLC, as Issuer, and The Bank of New York, as
                  Trustee.
  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.
  By:
  CENDANT
                    CORPORATION
  /s/
                    Eric J. Bock
  Eric
                    J. Bock
  Executive
                    Vice President, Law
  and
                    Corporate Secretary
  Date:
        March 27, 2006
  CENDANT
        CORPORATION
  CURRENT
        REPORT ON FORM 8-K
  Report
        Dated
  March
        27, 2006 (March 21, 2006)
  EXHIBIT
        INDEX
  Exhibit
                  No.
  Description
  10.1
  First
                  Amendment, dated as of March 9, 2006, to the Five Year Competitive
                  Advance
                  and Revolving Credit Agreement dated as of November 22, 2004, among
                  Cendant Corporation, as Borrower, certain subsidiaries of the Borrower
                  from time to time party thereto, the lenders referred to therein,
                  and
                  JPMorgan Chase Bank, N.A., as administrative agent.
  10.2
  Seventh
                  Amendment, dated as of March 21, 2006, to the Amended and Restated
                  Series
                  2002-2 Supplement dated as of November 22, 2002, among Cendant Rental
                  Car
                  Funding (AESOP) LLC (formerly known as AESOP Funding II L.L.C.),
                  as
                  Issuer, Cendant Car Rental Group, LLC (formerly known as Cendant
                  Car
                  Rental Group, Inc.), as Administrator, certain CP Conduit Purchasers,
                  certain APA Banks and the Funding Agents named therein and The Bank
                  of New
                  York, as Trustee and Series 2002-2 Agent, to the Second Amended and
                  Restated Base Indenture, dated as of June 3, 2004, between Cendant
                  Rental
                  Car Funding (AESOP) LLC, as Issuer, and The Bank of New York, as
                  Trustee.