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        cendantcorporation8k
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      <div>&#160;</div>
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      <div>&#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: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        DC 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_________________</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: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_________________</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>CURRENT
        REPORT</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">Pursuant
        to Section 13 or 15(d) of the </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">Securities
        Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of Earliest Event Reported): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>July
        17, 2006 (July 13, 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>_________________</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: 12pt; 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">(Exact
        Name of Registrant as Specified in its Charter)</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>_________________</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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div align="left">
        <table border="0" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">
  
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
              </td>
              <td valign="top" width="26%" style="border-bottom: white thin solid;">
                <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>1-10308</strong></font></div>
              </td>
              <td valign="top" width="26%" style="border-bottom: white thin solid;">
                <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>06-0918165</strong></font></div>
              </td>
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              <td valign="top" width="26%">
                <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>
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              <td valign="top" width="26%">
                <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 </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">Number)</font></div>
              </td>
              <td valign="top" width="26%">
                <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">(IRS
                  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
                  No.)</font></div>
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      <div>
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              <td valign="top" width="37%">
                <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>9
                  West 57th Street</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>New
                  York, NY</strong></font></div>
              </td>
              <td valign="middle" width="37%">
                <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>10019</strong></font></div>
              </td>
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              <td valign="top" width="37%">
                <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">(Address
                  of Principal Executive Offices)</font></div>
              </td>
              <td valign="top" width="37%">
                <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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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
        413-1800</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Registrant's
        telephone number, including area code)</em></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">&#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">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></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">[
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</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">[
        ]
  </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">[
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 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">[
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font><br></div>
      <div>&#160;</div>
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      <div><br>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
        into a Material Definitive Agreement.</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">On
        July
        13, 2006, the Board of Directors (the "Board") of Cendant Corporation, a
        Delaware corporation (the "Company"), authorized and declared a dividend
        distribution of one right (a "Right") for each outstanding share of Cendant
        Corporation - CD Common Stock, par value $0.01 per share (the "Common Stock"),
        to stockholders of record at the close of business on July 21, 2006 (the "Record
        Date"). Each Right entitles the registered holder to purchase from the Company
        a
        unit consisting of one one-thousandth of a share (a "Unit") of Series A Junior
        Participating Preferred Stock, par value $0.01 per share (the "Preferred
        Stock"), at a purchase price of $80 per Unit, subject to adjustment (the
        "Purchase Price"). The description and terms of the Rights are set forth in
        a
        Rights Agreement (the "Rights Agreement"), dated as of July 13, 2006, between
        the Company and Mellon Investor Services LLC as Rights Agent.</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">Initially,
        the Rights will be attached to all Common Stock certificates representing shares
        then outstanding, and no separate rights certificates ("Rights Certificates")
        will be distributed. Subject to certain exceptions specified in the Rights
        Agreement, the Rights will separate from the Common Stock and a distribution
        date (a "Distribution Date") will occur upon the earlier of (i) 10 business
        days
  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(or
        such
        later date as the Board shall determine) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">following
        a public announcement that a person or group of affiliated or associated persons
        (an "Acquiring Person") has acquired beneficial ownership of fifteen percent
        (15%) or more of the outstanding shares of Common Stock (the "Stock Acquisition
        Date"), other than as a result of repurchases of stock by the Company or certain
        inadvertent actions by institutional or certain other stockholders or (ii)
        10
        business days (or such later date as the Board shall determine) following the
        commencement of a tender offer or exchange offer that would result in a person
        or group becoming an Acquiring Person. </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">Until
        the
        Distribution Date, (i) the Rights will be evidenced by the Common Stock
        certificates and will be transferred with and only with such Common Stock
        certificates, (ii) new Common Stock certificates issued after the Record Date
        will contain a notation incorporating the Rights Agreement by reference and
        (iii) the surrender for transfer of any certificates for Common Stock
        outstanding will also constitute the transfer of the Rights associated with
        the
        Common Stock represented by such certificates. Pursuant to the Rights Agreement,
        the Company reserves the right to require prior to the occurrence of a
        Triggering Event (as defined below) that, upon any exercise of Rights, a number
        of Rights be exercised so that only whole shares of Preferred Stock will be
        issued.</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">The
        Rights are not exercisable until the Distribution Date and will expire on the
        earlier of (i) 5:00 P.M., New York City time, on the date that the votes of
        the
        Company's stockholders, with respect to the Company's 2008 annual meeting of
        stockholders, are certified, unless the continuation of the Rights is approved
        by the stockholders of the Company by a vote of the majority of the shares
        present and entitled to vote at a stockholders meeting at the Company's 2008
        annual meeting of stockholders (in which case clause (ii) shall govern) or
        (ii)
        5:00 P.M., New York City time on July 13, 2016, in each case, unless the Rights
        are previously redeemed, exchanged or terminated.</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">As
        soon
        as practicable after the Distribution Date, Rights Certificates will be mailed
        to holders of record of the Common Stock as of the close of business on the
        Distribution Date and, thereafter, the separate Rights Certificates alone will
        represent the Rights.</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">In
        the
        event that a person or group of affiliated or associated persons becomes an
        Acquiring Person, each holder of a Right will thereafter have the right to
        receive, upon exercise, Common Stock (or, in certain circumstances, cash,
        property or other securities of the Company) having a value equal to two times
        the exercise price of the Right. Notwithstanding any of the foregoing, following
        the occurrence of the event set forth in this paragraph, all Rights that are,
        or
        (under certain circumstances specified in the </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">Rights
        Agreement) were, beneficially owned by any Acquiring Person will be null and
        void. However, Rights are not exercisable following the occurrence of the event
        set forth above until such time as the Rights are no longer redeemable by the
        Company as set forth below.</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">For
        example, at an exercise price of $80 per Right, each Right not owned by an
        Acquiring Person (or by certain related parties) following the event set forth
        in the preceding paragraph would entitle its holder to purchase $160 worth
        of
        Common Stock (or other consideration, as noted above) for $80. Assuming that
        the
        Common Stock had a per share value of $16 at such time, the holder of each
        valid
        Right would be entitled to purchase ten shares of Common Stock for
        $80.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        the
        event that, at any time following the Stock Acquisition Date, (i) the Company
        engages in a merger or other business combination transaction in which the
        Company is not the surviving corporation, (ii) the Company engages in a merger
        or other business combination transaction in which the Company is the surviving
        corporation and the Common Stock of the Company is changed or exchanged, or
        (iii) other than pursuant to a pro rata dividend and/or distribution to all
        of
        the then current holders of Common Stock, 50% or more of the Company's assets,
        cash flow or earning power is sold or transferred, each holder of a Right
        (except Rights which have previously been voided as set forth above) shall
        thereafter have the right to receive, upon exercise, common stock of the
        acquiring company having a value equal to two times the exercise price of the
        Right. The events set forth in this paragraph and in the second preceding
        paragraph are referred to as the "Triggering Events."</font></div>
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      <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">At
        any
        time after a person becomes an Acquiring Person and prior to the acquisition
        by
        such person or group of 50% or more of the outstanding Common Stock, the Board
        may exchange the Rights (other than Rights owned by such person or group which
        have become void), in whole or in part, for Common Stock or Preferred Stock
        at
        an exchange ratio of one share of Common Stock, or one one-thousandth of a
        share
        of Preferred Stock (or of a share of a class or series of the Company's
        preferred stock having equivalent rights, preferences and privileges), per
        Right
        (subject to adjustment).</font></div>
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      <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">The
        Purchase Price payable, and the number of Units of Preferred Stock or other
        securities or property issuable, upon exercise of the Rights are subject to
        adjustment from time to time to prevent dilution (i) in the event of a stock
        dividend on, or a subdivision, combination or reclassification of, the Preferred
        Stock, (ii) if holders of the Preferred Stock are granted certain rights or
        warrants to subscribe for Preferred Stock or convertible securities at less
        than
        the current market price of the Preferred Stock, or (iii) upon the distribution
        to holders of the Preferred Stock of evidences of indebtedness or assets
        (excluding regular quarterly cash dividends) or of subscription rights or
        warrants (other than those referred to above).</font></div>
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      <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">With
        certain exceptions, no adjustment in the Purchase Price will be required until
        cumulative adjustments amount to at least 1% of the Purchase Price. No
        fractional Units will be issued and, in lieu thereof, an adjustment in cash
        will
        be made based on the market price of the Preferred Stock on the last trading
        date prior to the date of exercise.</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">At
        any
        time until ten business days following the Stock Acquisition Date, the Company
        may redeem the Rights in whole, but not in part, at a price of $0.001 per Right
        (payable in cash, Common Stock or other consideration deemed appropriate by
        the
        Board of Directors) or amend the Rights Agreement to change the Final Expiration
        Date to another date, including without limitation an earlier date. Immediately
        upon the action of the Board of Directors ordering redemption of the Rights,
        the
        Rights will terminate and the only right of the holders of Rights will be to
        receive the $0.001 redemption price.</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">Until
        a
        Right is exercised, the holder thereof, as such, will have no separate rights
        as
        a stockholder of the Company, including, without limitation, the right to vote
        or to receive dividends in respect of Rights. While the distribution of the
        Rights will not be taxable to stockholders or to the </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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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">
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
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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">Company,
        stockholders may, depending upon the circumstances, recognize taxable income
        in
        the event that the Rights become exercisable for Common Stock (or other
        consideration) of the Company or for common stock of the acquiring company
        or in
        the event of the redemption of the Rights as set forth above.</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">Any
        of
        the provisions of the Rights Agreement may be amended by the Board of Directors
        of the Company prior to the Distribution Date. After the Distribution Date,
        the
        provisions of the Rights Agreement may be amended by the Board in order to
        cure
        any ambiguity, to make changes which do not adversely affect the interests
        of
        holders of Rights, or to shorten or lengthen any time period under the Rights
        Agreement. The foregoing notwithstanding, no amendment may be made at such
        time
        as the Rights are not redeemable.</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">The
        Rights may have certain anti-takeover effects. The Rights may cause substantial
        dilution to any person or group that attempts to acquire the Company without
        the
        approval of the Board. As a result, the overall effect of the Rights may be
        to
        make more difficult a merger, tender offer or other business combination
        involving the Company that is not supported by the Board.</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">The
        Rights Agreement specifying the terms of the Rights is attached as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        4.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein. This summary description of the Rights
        Agreement does not purport to be complete and is qualified in its entirety
        by
        reference to such exhibit.</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: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.03</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Material
        Modification to Rights of Security Holders</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.</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">The
        information included in Item 1.01 is incorporated by reference into this item.
        The Rights Agreement, dated as of July 13, 2006 between the Company and Mellon
        Investor Services LLC as Rights Agent, specifying the terms of the Rights is
        attached as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        4.1</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="justify">&#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: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.03</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amendments
        to Articles of Incorporation or By-Laws; Change in Fiscal
        Year</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.</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">In
        connection with the Rights Agreement referenced in Item 1.01 and Item 3.03,
        on
        July 13, 2006, we filed with the Delaware Secretary of State a Certificate
        of
        Designation of Preferred Stock setting forth the terms of the Preferred Stock
        and issuable upon exercise of the Rights (if the Rights become exercisable)
        as
        disclosed under Item 1.01 of. A copy of the Certificate of Designation relating
        to the Preferred Stock is attached as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        3.1</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="justify">&#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: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        8.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
        </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Events.</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
        July
        13, 2006, Cendant Corporation issued a press release announcing that its Board
        of Directors has formally approved the spin-offs of its real estate services
        and
        hospitality services (including timeshare resorts) businesses through the
        distribution of 100% of the common stock of its Realogy Corporation and Wyndham
        Worldwide Corporation subsidiaries to stockholders of Cendant.&#160; The
        distributions are expected to occur after the close of business on July 31,
        2006
        to Cendant stockholders of record as of the close of business on July 21,
        2006.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Such
        press release also announced the adoption of the Rights Agreement. A copy of
        the
        press release is attached 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
        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="WIDTH: 100%; TEXT-ALIGN: center">
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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
        9.01. </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
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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: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(d)</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits.
        </strong></font></div>
      <div>&#160;</div>
      <div><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="bottom" width="11%" 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">Exhibit
                    No.</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
                <td align="left" valign="bottom" width="65%" 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">Description</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    3.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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">Certificate
                    of Designation of Series A Junior Participating Preferred Stock.
                    (Incorporated by reference to Exhibit 4.2 to Cendant&#8217;s Registration
                    Statement on Form 8-A dated July 13, 2006.)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    4.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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">Rights
                    Agreement, dated as of July 13, 2006, by and between Cendant Corporation
                    and Mellon Investor Services, LLC, as Rights Agent, including the
                    form of
                    Rights Certificate as Exhibit B thereto and the form of Summary
                    of Rights
                    as Exhibit C thereto. (Incorporated by reference to Exhibit 4.1
                    to
                    Cendant&#8217;s Registration Statement on Form 8-A dated July 13,
                    2006.)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    99.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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 as of July 13,
                    2006.</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="left">&#160;</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">
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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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 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>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="left" valign="bottom" width="6%">&#160;</td>
                <td align="left" valign="bottom" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CENDANT
                    CORPORATION</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">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="11%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                    </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="left" valign="bottom" width="27%" 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>
                <td align="left" valign="bottom" width="11%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="left" valign="top" width="15%">&#160;</td>
                <td align="left" valign="bottom" width="6%">&#160;</td>
                <td align="left" valign="bottom" width="27%">
                  <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">Eric
                    J. Bock</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">Executive
                    Vice President, Law and Corporate Secretary</font></div>
                </td>
                <td align="left" valign="bottom" width="11%">&#160;</td>
              </tr>
  
          </table>
        </div>
      </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:
        July 17, 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">
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          </div>
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          </div>
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          </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">CENDANT
        CORPORATION</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">CURRENT
        REPORT ON FORM 8-K</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">Report
        dated <u>July 17, 2006 (July 13, 2006)</u></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"><strong>EXHIBIT
        INDEX</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="bottom" width="11%" 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">Exhibit
                    No.</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
                <td align="left" valign="bottom" width="65%" 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">Description</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    3.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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">Certificate
                    of Designation of Series A Junior Participating Preferred Stock.
                    (Incorporated by reference to Exhibit 4.2 to Cendant&#8217;s Registration
                    Statement on Form 8-A dated July 13, 2006.)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    4.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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">Rights
                    Agreement, dated as of July 13, 2006, by and between Cendant Corporation
                    and Mellon Investor Services, LLC, as Rights Agent, including the
                    form of
                    Rights Certificate as Exhibit B thereto and the form of Summary
                    of Rights
                    as Exhibit C thereto. (Incorporated by reference to Exhibit 4.1
                    to
                    Cendant&#8217;s Registration Statement on Form 8-A dated July 13,
                    2006.)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    99.1</font></div>
                </td>
                <td align="left" valign="top" width="3%">&#160;</td>
                <td align="left" valign="top" width="65%">
                  <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 as of July 13,
                    2006.</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="left">&#160;</div>
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text: cendantcorporation8k
  UNITED
        STATES
  SECURITIES
        AND EXCHANGE COMMISSION
  WASHINGTON,
        DC 20549
  _________________
  FORM
        8-K
  _________________
  CURRENT
        REPORT
  Pursuant
        to Section 13 or 15(d) of the
  Securities
        Exchange Act of 1934
  Date
        of
        Report (Date of Earliest Event Reported):
  July
        17, 2006 (July 13, 2006)
  _________________
  Cendant
        Corporation
  (Exact
        Name of Registrant as Specified in its Charter)
  _________________
  Delaware
  1-10308
  06-0918165
  (State
                  or Other Jurisdiction
  of
                  Incorporation)
  (Commission
                  File
  Number)
  (IRS
                  Employer
  Identification
                  No.)
  9
                  West 57th Street
  New
                  York, NY
  10019
  (Address
                  of Principal Executive Offices)
  (Zip
                  Code)
  (212)
        413-1800
  (Registrant's
        telephone number, including area code)
  Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
  [
        ]
  Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
  [
        ]
  Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
  [
        ]
  Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
  [
        ]
  Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
  Item
        1.01
  Entry
        into a Material Definitive Agreement.
  On
        July
        13, 2006, the Board of Directors (the "Board") of Cendant Corporation, a
        Delaware corporation (the "Company"), authorized and declared a dividend
        distribution of one right (a "Right") for each outstanding share of Cendant
        Corporation - CD Common Stock, par value $0.01 per share (the "Common Stock"),
        to stockholders of record at the close of business on July 21, 2006 (the "Record
        Date"). Each Right entitles the registered holder to purchase from the Company
        a
        unit consisting of one one-thousandth of a share (a "Unit") of Series A Junior
        Participating Preferred Stock, par value $0.01 per share (the "Preferred
        Stock"), at a purchase price of $80 per Unit, subject to adjustment (the
        "Purchase Price"). The description and terms of the Rights are set forth in
        a
        Rights Agreement (the "Rights Agreement"), dated as of July 13, 2006, between
        the Company and Mellon Investor Services LLC as Rights Agent.
  Initially,
        the Rights will be attached to all Common Stock certificates representing shares
        then outstanding, and no separate rights certificates ("Rights Certificates")
        will be distributed. Subject to certain exceptions specified in the Rights
        Agreement, the Rights will separate from the Common Stock and a distribution
        date (a "Distribution Date") will occur upon the earlier of (i) 10 business
        days
  (or
        such
        later date as the Board shall determine)
  following
        a public announcement that a person or group of affiliated or associated persons
        (an "Acquiring Person") has acquired beneficial ownership of fifteen percent
        (15%) or more of the outstanding shares of Common Stock (the "Stock Acquisition
        Date"), other than as a result of repurchases of stock by the Company or certain
        inadvertent actions by institutional or certain other stockholders or (ii)
        10
        business days (or such later date as the Board shall determine) following the
        commencement of a tender offer or exchange offer that would result in a person
        or group becoming an Acquiring Person.
  Until
        the
        Distribution Date, (i) the Rights will be evidenced by the Common Stock
        certificates and will be transferred with and only with such Common Stock
        certificates, (ii) new Common Stock certificates issued after the Record Date
        will contain a notation incorporating the Rights Agreement by reference and
        (iii) the surrender for transfer of any certificates for Common Stock
        outstanding will also constitute the transfer of the Rights associated with
        the
        Common Stock represented by such certificates. Pursuant to the Rights Agreement,
        the Company reserves the right to require prior to the occurrence of a
        Triggering Event (as defined below) that, upon any exercise of Rights, a number
        of Rights be exercised so that only whole shares of Preferred Stock will be
        issued.
  The
        Rights are not exercisable until the Distribution Date and will expire on the
        earlier of (i) 5:00 P.M., New York City time, on the date that the votes of
        the
        Company's stockholders, with respect to the Company's 2008 annual meeting of
        stockholders, are certified, unless the continuation of the Rights is approved
        by the stockholders of the Company by a vote of the majority of the shares
        present and entitled to vote at a stockholders meeting at the Company's 2008
        annual meeting of stockholders (in which case clause (ii) shall govern) or
        (ii)
        5:00 P.M., New York City time on July 13, 2016, in each case, unless the Rights
        are previously redeemed, exchanged or terminated.
  As
        soon
        as practicable after the Distribution Date, Rights Certificates will be mailed
        to holders of record of the Common Stock as of the close of business on the
        Distribution Date and, thereafter, the separate Rights Certificates alone will
        represent the Rights.
  In
        the
        event that a person or group of affiliated or associated persons becomes an
        Acquiring Person, each holder of a Right will thereafter have the right to
        receive, upon exercise, Common Stock (or, in certain circumstances, cash,
        property or other securities of the Company) having a value equal to two times
        the exercise price of the Right. Notwithstanding any of the foregoing, following
        the occurrence of the event set forth in this paragraph, all Rights that are,
        or
        (under certain circumstances specified in the
  Rights
        Agreement) were, beneficially owned by any Acquiring Person will be null and
        void. However, Rights are not exercisable following the occurrence of the event
        set forth above until such time as the Rights are no longer redeemable by the
        Company as set forth below.
  For
        example, at an exercise price of $80 per Right, each Right not owned by an
        Acquiring Person (or by certain related parties) following the event set forth
        in the preceding paragraph would entitle its holder to purchase $160 worth
        of
        Common Stock (or other consideration, as noted above) for $80. Assuming that
        the
        Common Stock had a per share value of $16 at such time, the holder of each
        valid
        Right would be entitled to purchase ten shares of Common Stock for
        $80.
  In
        the
        event that, at any time following the Stock Acquisition Date, (i) the Company
        engages in a merger or other business combination transaction in which the
        Company is not the surviving corporation, (ii) the Company engages in a merger
        or other business combination transaction in which the Company is the surviving
        corporation and the Common Stock of the Company is changed or exchanged, or
        (iii) other than pursuant to a pro rata dividend and/or distribution to all
        of
        the then current holders of Common Stock, 50% or more of the Company's assets,
        cash flow or earning power is sold or transferred, each holder of a Right
        (except Rights which have previously been voided as set forth above) shall
        thereafter have the right to receive, upon exercise, common stock of the
        acquiring company having a value equal to two times the exercise price of the
        Right. The events set forth in this paragraph and in the second preceding
        paragraph are referred to as the "Triggering Events."
  At
        any
        time after a person becomes an Acquiring Person and prior to the acquisition
        by
        such person or group of 50% or more of the outstanding Common Stock, the Board
        may exchange the Rights (other than Rights owned by such person or group which
        have become void), in whole or in part, for Common Stock or Preferred Stock
        at
        an exchange ratio of one share of Common Stock, or one one-thousandth of a
        share
        of Preferred Stock (or of a share of a class or series of the Company's
        preferred stock having equivalent rights, preferences and privileges), per
        Right
        (subject to adjustment).
  The
        Purchase Price payable, and the number of Units of Preferred Stock or other
        securities or property issuable, upon exercise of the Rights are subject to
        adjustment from time to time to prevent dilution (i) in the event of a stock
        dividend on, or a subdivision, combination or reclassification of, the Preferred
        Stock, (ii) if holders of the Preferred Stock are granted certain rights or
        warrants to subscribe for Preferred Stock or convertible securities at less
        than
        the current market price of the Preferred Stock, or (iii) upon the distribution
        to holders of the Preferred Stock of evidences of indebtedness or assets
        (excluding regular quarterly cash dividends) or of subscription rights or
        warrants (other than those referred to above).
  With
        certain exceptions, no adjustment in the Purchase Price will be required until
        cumulative adjustments amount to at least 1% of the Purchase Price. No
        fractional Units will be issued and, in lieu thereof, an adjustment in cash
        will
        be made based on the market price of the Preferred Stock on the last trading
        date prior to the date of exercise.
  At
        any
        time until ten business days following the Stock Acquisition Date, the Company
        may redeem the Rights in whole, but not in part, at a price of $0.001 per Right
        (payable in cash, Common Stock or other consideration deemed appropriate by
        the
        Board of Directors) or amend the Rights Agreement to change the Final Expiration
        Date to another date, including without limitation an earlier date. Immediately
        upon the action of the Board of Directors ordering redemption of the Rights,
        the
        Rights will terminate and the only right of the holders of Rights will be to
        receive the $0.001 redemption price.
  Until
        a
        Right is exercised, the holder thereof, as such, will have no separate rights
        as
        a stockholder of the Company, including, without limitation, the right to vote
        or to receive dividends in respect of Rights. While the distribution of the
        Rights will not be taxable to stockholders or to the
  Company,
        stockholders may, depending upon the circumstances, recognize taxable income
        in
        the event that the Rights become exercisable for Common Stock (or other
        consideration) of the Company or for common stock of the acquiring company
        or in
        the event of the redemption of the Rights as set forth above.
  Any
        of
        the provisions of the Rights Agreement may be amended by the Board of Directors
        of the Company prior to the Distribution Date. After the Distribution Date,
        the
        provisions of the Rights Agreement may be amended by the Board in order to
        cure
        any ambiguity, to make changes which do not adversely affect the interests
        of
        holders of Rights, or to shorten or lengthen any time period under the Rights
        Agreement. The foregoing notwithstanding, no amendment may be made at such
        time
        as the Rights are not redeemable.
  The
        Rights may have certain anti-takeover effects. The Rights may cause substantial
        dilution to any person or group that attempts to acquire the Company without
        the
        approval of the Board. As a result, the overall effect of the Rights may be
        to
        make more difficult a merger, tender offer or other business combination
        involving the Company that is not supported by the Board.
  The
        Rights Agreement specifying the terms of the Rights is attached as
  Exhibit
        4.1
  and is
        incorporated by reference herein. This summary description of the Rights
        Agreement does not purport to be complete and is qualified in its entirety
        by
        reference to such exhibit.
  Item
        3.03
  Material
        Modification to Rights of Security Holders
  .
  The
        information included in Item 1.01 is incorporated by reference into this item.
        The Rights Agreement, dated as of July 13, 2006 between the Company and Mellon
        Investor Services LLC as Rights Agent, specifying the terms of the Rights is
        attached as
  Exhibit
        4.1
  and is
        incorporated by reference herein.
  Item
        5.03
  Amendments
        to Articles of Incorporation or By-Laws; Change in Fiscal
        Year
  .
  In
        connection with the Rights Agreement referenced in Item 1.01 and Item 3.03,
        on
        July 13, 2006, we filed with the Delaware Secretary of State a Certificate
        of
        Designation of Preferred Stock setting forth the terms of the Preferred Stock
        and issuable upon exercise of the Rights (if the Rights become exercisable)
        as
        disclosed under Item 1.01 of. A copy of the Certificate of Designation relating
        to the Preferred Stock is attached as
  Exhibit
        3.1
  and is
        incorporated by reference herein.
  Item
        8.01
  Other
  Events.
  On
        July
        13, 2006, Cendant Corporation issued a press release announcing that its Board
        of Directors has formally approved the spin-offs of its real estate services
        and
        hospitality services (including timeshare resorts) businesses through the
        distribution of 100% of the common stock of its Realogy Corporation and Wyndham
        Worldwide Corporation subsidiaries to stockholders of Cendant.  The
        distributions are expected to occur after the close of business on July 31,
        2006
        to Cendant stockholders of record as of the close of business on July 21,
        2006.
  Such
        press release also announced the adoption of the Rights Agreement. A copy of
        the
        press release is attached as
  Exhibit
        99.1
  and
        incorporated by reference herein.
  Item
        9.01.
  Financial
        Statements and Exhibits.
  (d)
  Exhibits.
  Exhibit
                    No.
  Description
  Exhibit
                    3.1
  Certificate
                    of Designation of Series A Junior Participating Preferred Stock.
                    (Incorporated by reference to Exhibit 4.2 to Cendant's Registration
                    Statement on Form 8-A dated July 13, 2006.)
  Exhibit
                    4.1
  Rights
                    Agreement, dated as of July 13, 2006, by and between Cendant Corporation
                    and Mellon Investor Services, LLC, as Rights Agent, including the
                    form of
                    Rights Certificate as Exhibit B thereto and the form of Summary
                    of Rights
                    as Exhibit C thereto. (Incorporated by reference to Exhibit 4.1
                    to
                    Cendant's Registration Statement on Form 8-A dated July 13,
                    2006.)
  Exhibit
                    99.1
  Press
                    Release, dated as of July 13,
                    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:
        July 17, 2006
  CENDANT
        CORPORATION
  CURRENT
        REPORT ON FORM 8-K
  Report
        dated
  July 17, 2006 (July 13, 2006)
  EXHIBIT
        INDEX
  Exhibit
                    No.
  Description
  Exhibit
                    3.1
  Certificate
                    of Designation of Series A Junior Participating Preferred Stock.
                    (Incorporated by reference to Exhibit 4.2 to Cendant's Registration
                    Statement on Form 8-A dated July 13, 2006.)
  Exhibit
                    4.1
  Rights
                    Agreement, dated as of July 13, 2006, by and between Cendant Corporation
                    and Mellon Investor Services, LLC, as Rights Agent, including the
                    form of
                    Rights Certificate as Exhibit B thereto and the form of Summary
                    of Rights
                    as Exhibit C thereto. (Incorporated by reference to Exhibit 4.1
                    to
                    Cendant's Registration Statement on Form 8-A dated July 13,
                    2006.)
  Exhibit
                    99.1
  Press
                    Release, dated as of July 13,
                    2006.