Document:

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                                                                  Exhibit 10.2

                                                                EXECUTION COPY

                                FOURTH AMENDMENT

                                       TO

                    MASTER INDENTURE AND SERVICING AGREEMENT

                            SERIES 2002-1 SUPPLEMENT

                  This FOURTH AMENDMENT TO THE SERIES 2002-1 SUPPLEMENT TO
MASTER INDENTURE AND SERVICING AGREEMENT (this "AMENDMENT"), dated as of October
14, 2003, is among SIERRA RECEIVABLES FUNDING COMPANY, LLC, a limited liability
company formed under the laws of the State of Delaware, as Issuer, FAIRFIELD
ACCEPTANCE CORPORATION - NEVADA, a Delaware corporation, as Master Servicer,
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, not in its
individual capacity, but solely as Trustee under the Master Indenture and
Servicing Agreement, dated as of August 29, 2002 and as subsequently amended
(the "AGREEMENT"), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as Collateral Agent.

                  WHEREAS the Issuer, the Servicer, the Trustee and the
Collateral Agent have executed that certain Series 2002-1 Supplement to Master
Indenture and Servicing Agreement, dated as of August 29, 2002, the First
Amendment thereto dated as of March 11, 2003, the Second Amendment thereto dated
as of March 26, 2003 and the Third Amendment thereto dated as of July 17, 2003
(together, the "INDENTURE SUPPLEMENT") and capitalized terms used in this
Amendment and not otherwise defined shall have the meanings assigned to such
terms in the Indenture Supplement;

                  WHEREAS, the Issuer, the Master Servicer, the Trustee and the
Collateral Agent wish to amend the Indenture Supplement in accordance with
subsection 13.1(b) of the Agreement;

                  NOW THEREFORE, in consideration of the premises and the
agreements contained herein, the parties hereto agree as follows:

                                   ARTICLE I

                                   AMENDMENTS

                   Section 1.01. AMENDMENTS RELATING TO NEW DEFINITIONS. Section
2.01 of the Indenture Supplement is hereby amended to add the following
definitions each of which shall read in its entirety as follows and be added in
the correct alphabetical order:

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                   "BUSINESS DAY," for purposes of this Supplement, shall mean
any day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in New York, New York, Las Vegas, Nevada, Chicago, Illinois,
Charlotte, North Carolina, or the city in which the Corporate Trust Office of
the Trustee is located, are authorized or obligated by law or executive order to
be closed or (iii) a day on which banks in London are closed.

                  "NOTEHOLDER'S LETTER" shall mean a letter substantially in the
form of Exhibit G.

                   Section 1.02. AMENDMENT RELATING TO TRANSFER RESTRICTIONS.

                   (a) AMENDMENT OF SUBSECTION 4.11(B). Subsection 4.11(b) of
         the Indenture Supplement shall be and hereby is amended by adding the
         following provision at the end of such subsection:

                  In addition, no transfer of the Series 2002-1 Notes or any
                  interest therein (including without limitation by pledge or
                  hypothecation) may be made in any manner that would result in
                  the outstanding securities (other than short-term paper) being
                  beneficially owned by more than 100 persons. For the purpose
                  of monitoring compliance with the foregoing restrictions and
                  determining whether after such transfer or resale the
                  outstanding securities (other than short-term paper) of the
                  Issuer would be beneficially owned by more than 100 persons
                  calculated in accordance with Section 3(c)(1) of the
                  Investment Company Act, the following provisions shall apply:

                           (1) As stated in Section 4.01, one Note and only one
                  Note shall be issued for each Class and such Note shall be
                  registered in the name of the Class Agent for that Class.

                           (2) No more than eight Notes, each of which shall be
                  issued to a single Class, shall be issued and outstanding at
                  any time.

                           (3) With respect to each Class and the Note issued
                  for that Class, the Class Agent shall deliver to the Issuer
                  and the Trustee a Noteholder's Letter in the form attached
                  hereto as Exhibit G together with the supporting certificates
                  from each member of the Class, also as included in Exhibit G.

                           (4) No Note or any interest therein may be
                  transferred (including without limitation by pledge or
                  hypothecation) unless the entire Note is transferred to a
                  Class and as a condition to the transfer of the Note to such
                  Class the Class Agent for the transferee Class delivers a
                  Noteholder's Letter to the Issuer and the Trustee; provided,
                  however, that such provision shall not restrict the ability of
                  any Conduit (as defined in the Note Purchase Agreement), under
                  the terms of its Liquidity Agreement or the Note Purchase
                  Agreement, to sell or grant to one or more Liquidity Providers
                  party to the Liquidity Agreement or one or more Alternate
                  Investors party to the Note Purchase Agreement, participating
                  interests or security interests in the Series 2002-1 Notes
                  provided that each Liquidity Provider or Alternate Investor is
                  a member of the Class of which the

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                  Conduit is a member and has been included as a member covered
                  in a Noteholders Letter delivered to the Trustee and Issuer.

                           (5) Each Class, as evidenced by the Noteholder's
                  Letter, shall include not more than four persons within the
                  meaning of Section 3(c)(1) of the Investment Company Act
                  unless the Issuer delivers an express written consent to a
                  larger number of persons.

                           (6) The Issuer may from time to time request that,
                  with respect to any Class or to all Classes, the respective
                  Class Agent or Class Agents deliver to the Issuer either a new
                  Noteholders Letter or a written statement that the information
                  in the Noteholder's Letter most recently delivered to the
                  Issuer has not changed.

                  (b) AMENDMENT OF SUBSECTION 4.11(C). Subsection 4.11(c) of the
         Indenture Supplement shall be and hereby is amended by adding the
         following provisions after clause (vii) and before the final paragraph
         of that subsection:

                           (viii) It understands that the Issuer is not
                  registered as an investment company under the Investment
                  Company Act of 1940, as amended (the "Investment Company
                  Act"), but that the Issuer has an exception from registration
                  as such by virtue of Section 3(c)(1) of the Investment Company
                  Act, which in general excludes from the definition of an
                  investment company any issuer whose outstanding securities
                  (other than short-term paper) are beneficially owned by not
                  more that 100 persons and which has not made and does not
                  propose to make a public offering of its securities.

                           (ix) It is acquiring the Note or an interest in a
                  Note as a member of a Class and such Class is not permitted to
                  be composed of more than four persons within the meaning of
                  Section 3(c)(1) of the Investment Company Act unless the
                  Issuer has given its express written consent to a larger
                  number of persons.

                  Section 1.03. AMENDMENT TO EXHIBIT B. The following additional
legend is hereby added to the form of the Note included as Exhibit B to the
Indenture Supplement. The additional legend shall be added immediately after the
first legend and shall read in its entirety as follows:

                           THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED
                  STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
                  "INVESTMENT COMPANY ACT"). EACH HOLDER OF THIS NOTE AGREES
                  THAT THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE
                  WITH THE RESTRICTIONS IN THE SERIES 2002-1 SUPPLEMENT WHICH
                  LIMIT TRANSFERS ONLY TO ANOTHER CLASS AND REQUIRE THAT NO
                  CLASS INCLUDE MORE THAN FOUR PERSONS FOR PURPOSES OF SECTION
                  3(C)(1) OF THE INVESTMENT COMPANY ACT UNLESS THE ISSUER HAS
                  GIVEN ITS EXPRESS WRITTEN CONSENT TO A LARGER NUMBER OF
                  PERSONS AND AFTER ANY SUCH TRANSFER,

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                  THERE WILL BE NO MORE THAN 100 BENEFICIAL OWNERS OF THE NOTES.
                  FOR SUCH PURPOSES, THE NUMBER OF BENEFICIAL OWNERS OF THE
                  NOTES WILL BE CALCULATED IN ACCORDANCE WITH SECTION 3(C)(1) OF
                  THE INVESTMENT COMPANY ACT.

                  On or before the effective date of this Amendment, the Issuer
shall for each Class execute a replacement Note which shall include the above
referenced legend and deliver the replacement Notes to the Trustee for
authentication and exchange for the Notes outstanding immediately prior to the
date of this Amendment. With respect to each Class, upon surrender by the
respective Class Agent of the Note previously issued to that Class, the Trustee
shall authenticate the replacement Note for such Class, register the replacement
Note as provided in Exhibit C to the Supplement as amended by this Amendment and
deliver it as provided in Exhibit C to the Supplement as amended by this
Amendment. Upon authentication and delivery of the replacement Notes in exchange
for the previous Notes, the Trustee shall cancel and dispose of the previous
Notes in a manner satisfactory to the Trustee.

                  Section 1.04. AMENDMENT TO EXHIBIT C. Exhibit C to the
Indenture Supplement, setting forth information with respect to each Note and
the registration information shall be and hereby is amended to read in its
entirety as set forth in Schedule I attached to this Amendment.

                  Section 1.05. AMENDMENT TO ADD EXHIBIT G. Exhibit G to the
Indenture Supplement shall be and hereby is added to read in its entirety as set
forth in Schedule II attached to this Amendment.

                  Section 1.06. AMENDMENT TO INDEX OF EXHIBITS. The index of
Exhibits immediately following the Table of Contents in the Indenture Supplement
is hereby amended so that the reference to Exhibit G reads as follows:

                  EXHIBIT G    Form of Noteholder's Letter..................G-1

                                   ARTICLE II

                           EFFECTIVENESS OF AMENDMENT

                  Section 2.01. CONDITIONS TO EFFECTIVENESS OF AMENDMENT. This
Amendment shall become effective upon the execution of this Amendment by each of
the parties hereto and the consent of all Holders as evidenced by the execution
of the Consents attached hereto and by the delivery by each Class Agent to the
Issuer and the Trustee of a Noteholder's Letter accompanied by the supporting
certificates of the Members.

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                                  ARTICLE III

                            MISCELLANEOUS PROVISIONS

                  Section 3.01. SUPPLEMENT IN FULL FORCE AND EFFECT AS AMENDED.
Except as specifically stated herein, all of the terms and conditions of the
Master Indenture and the Indenture Supplement, as previously amended, shall
remain in full force and effect. All references to the Indenture Supplement in
any other document or instrument shall be deemed to mean the Indenture
Supplement, as amended and supplemented by this Amendment. This Amendment shall
not constitute a novation of the Master Indenture or the Indenture Supplement,
but shall constitute an amendment thereto. The parties hereto agree to be bound
by the terms and obligations of the Indenture Supplement, as amended by this
Amendment, as though the terms and obligations of the Indenture Supplement were
set forth herein.

                  Section 3.02. COUNTERPARTS. This Amendment may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

                  Section 3.03. GOVERNING LAW. THIS AMENDMENT IS GOVERNED BY AND
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

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                  IN WITNESS WHEREOF, the Issuer, the Master Servicer, the
Trustee and the Collateral Agent have caused this Amendment to be duly executed
by their respective officers thereunto duly authorized, all as of the day and
year first above written.

                                  SIERRA RECEIVABLES FUNDING COMPANY, LLC,
                                  as Issuer

                                  By:    /s/ JOHN P. COLE
                                         --------------------------------------
                                         Name:  John P. Cole
                                         Title: President and Treasurer

                                  FAIRFIELD ACCEPTANCE CORPORATION-NEVADA,
                                  as Master Servicer

                                  By:    /s/ JOHN P. COLE
                                         --------------------------------------
                                         Name:  John P. Cole
                                         Title: President and Treasurer

                                  WACHOVIA BANK, NATIONAL ASSOCIATION,
                                  as Trustee

                                  By:    /s/ CHERYL WHITEHEAD
                                         -------------------------------------
                                         Name:  Cheryl Whitehead
                                         Title: Vice President

                                  WACHOVIA BANK, NATIONAL ASSOCIATION,
                                  as Collateral Agent

                                  By:    /s/ CHERYL WHITEHEAD
                                         --------------------------------------
                                         Name:  Cheryl Whitehead
                                         Title: Vice President<Page>

                                                                    Exhibit 10.3

                                                                  CONFORMED COPY

          SECOND AMENDMENT (this "AMENDMENT"), dated as of October 29, 2003, to
the THREE YEAR COMPETITIVE ADVANCE AND REVOLVING CREDIT AGREEMENT dated as of
December 10, 2002 (as amended, supplemented or otherwise modified from time to
time, the "CREDIT AGREEMENT"), among CENDANT CORPORATION, a Delaware corporation
(the "BORROWER"), the financial institutions parties thereto (the "LENDERS"),
JPMORGAN CHASE BANK, a New York banking corporation, as administrative agent for
the Lenders (in such capacity, the "ADMINISTRATIVE AGENT"), Bank of America,
N.A. as Syndication Agent and The Bank of Nova Scotia, Citibank N.A. and
Barclays Bank PLC as Co-Documentation Agents.

                              W I T N E S S E T H:

          WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to
make, and have made, certain loans and other extensions of credit to the
Borrower;

          WHEREAS, the Borrower has requested that certain provisions of the
Credit Agreement be amended as set forth herein; and

          WHEREAS, the Lenders are willing to agree to such amendment on the
terms set forth herein;

          NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein, the undersigned hereby agree as follows:

          I.   DEFINED TERMS. Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

          II.  AMENDMENTS TO THE CREDIT AGREEMENT.

               2.1 SECTION 1. Section 1 of the Credit Agreement is hereby
amended as follows:

                      (a) by inserting the words "or issue a Competitive Letter
          of Credit pursuant to Section 2.4A, as applicable," after the words
          "Section 2.4" in the definition of "Competitive Bid".

                      (b) by inserting the words "or 2.4A(d), as applicable,"
          after the words "Section 2.4(d)" in the definition of "Competitive Bid
          Accept/Reject Letter".

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                      (c) by inserting the following new definitions in their
          appropriate alphabetical positions:

          "COMPETITIVE BID COMMISSION" shall mean as to any Competitive Bid for
a Competitive Letter of Credit the fixed letter of credit commission (expressed
as a percentage rate per annum in the form of a decimal to four places) offered
by the Lender making such Competitive Bid as specified in the Competitive Bid
relating to such Competitive Letter of Credit.

          "COMPETITIVE L/C EXPOSURE" shall mean, at any time, L/C Exposure
attributable to Competitive Letters of Credit.

          "COMPETITIVE LETTER OF CREDIT" shall mean a letter of credit issued by
a Lender for the account of the Borrower pursuant to the bidding procedure
described in Section 2.4A.

          "REVOLVING L/C EXPOSURE" shall mean, at any time, L/C Exposure
attributable to Letters of Credit.

                      (d) by deleting the definition of "Competitive Bid Rate"
          in its entirety and substituting in lieu thereof the following:

          "COMPETITIVE BID RATE" shall mean (i) as to any Competitive Bid for a
Competitive Loan made by a Lender pursuant to Section 2.4(b), (a) in the case of
a LIBOR Loan, the Margin and (b) in the case of a Fixed Rate Loan, the fixed
rate of interest offered by the Lender making such Competitive Bid and (ii) as
to any Competitive Bid for a Competitive Letter of Credit made by a Lender
pursuant to Section 2.4A(b), the Competitive Bid Commission.

                      (e) by inserting the words "or Section 2.4A(d), as
          applicable," after the words "Section 2.4" in the definition of
          "Competitive Bid Request".

                      (f) by inserting the words "(i) in the case of Letters of
          Credit," after the words "shall mean" in the first line of the
          definition of "Issuing Lender" and by adding the following at the end
          of such definition:

          "and (ii) in the case of Competitive Letters of Credit, the respective
Lenders which have issued such Competitive Letters of Credit."

                      (g) by inserting the words "and Competitive Letters of
          Credit" after each of the two references to "Letters of Credit" in the
          definition of "L/C Exposure".

                      (h) by inserting the words "and Competitive Letters of
          Credit" after the words "Letters of Credit" in the definition of
          "Obligations".

                      (i) by adding the words "or Competitive Letters of Credit"
          after the words "Letters of Credit" in the definition of "Other
          Taxes".

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               2.2 SECTION 2.1(a). Section 2.1(a) of the Credit Agreement is
hereby amended by:

                      (a) inserting the word "Revolving" after the word
          "current" and before the words "L/C Exposure; and

                      (b) inserting the words "and Competitive L/C Exposure"
          after the words "Competitive Loans".

               2.3 SECTION 2.4. Section 2.4 of the Credit Agreement is hereby
amended by:

                      (a) adding "-Competitive Loans" after "Competitive Bid
          Procedure" in the heading of Section 2.4;

                      (b) inserting the words "for Competitive Loans" after the
          words "Competitive Bids" in subsection (a) thereof;

                      (c) inserting the words "for Competitive Loans" after the
          words "Competitive Bids" in the second line of subsection (b) thereof;

                      (d) inserting the words "for a Competitive Loan" after
          each occurrence of the words "Competitive Bid" in subsection (b)
          thereof; and

                      (e) inserting the words "for a Competitive Loan" after the
          words "Competitive Bids" in the eighth line of subsection (b) thereof.

               2.4 SECTION 2.4A. The Credit Agreement is hereby amended by
inserting the following new Section 2.4A after Section 2.4 thereof:

          SECTION 2.4A. COMPETITIVE BID PROCEDURE - COMPETITIVE LETTERS OF
CREDIT.

          (a) In order to request Competitive Bids for Competitive Letters of
Credit, the Borrower shall hand deliver or telecopy to the Administrative Agent
a duly completed Competitive Bid Request for a Competitive Letter of Credit in
the form of Exhibit E-1, to be received by the Administrative Agent not later
than 10:00 a.m., New York City time, four Business Days before the proposed
issuance date for such Competitive Letter of Credit. A Competitive Bid Request
for a Competitive Letter of Credit that does not conform substantially to the
format of Exhibit E-1 may be rejected in the Administrative Agent's sole
discretion, and the Administrative Agent shall promptly notify the Borrower of
such rejection by telecopier. Such request for a Competitive Letter of Credit
shall in each case refer to this Agreement and specify (i) the proposed date of
issuance of such Competitive Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof, which shall be in a minimum principal amount of
$5,000,000 (or if less, an aggregate principal amount equal to the remaining
balance of the available Total Commitment); (iii) a brief description of the
purpose of such Competitive Letter of Credit and the underlying transaction
requiring the issuance of such Competitive Letter of Credit; (iv) the expiration
date of such Competitive Letter of Credit (which shall not be longer than the
tenor set forth for Letters of Credit in Section 2.23(a)(i)); (v) the name and
address of

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the beneficiary; and (vi) such other information as shall be necessary to
prepare, amend, renew or extend such Competitive Letter of Credit. Promptly
after its receipt of a Competitive Bid Request for a Competitive Letter of
Credit that is not rejected as aforesaid, the Administrative Agent shall invite
by telecopier (in the form set forth in Exhibit E-2) the Lenders to bid, on the
terms and subject to the conditions of this Agreement, to issue a Competitive
Letter of Credit pursuant to the Competitive Bid Request for such Competitive
Letter of Credit.

          (b) Each Lender may, in its sole discretion, make one Competitive Bid
for a Competitive Letter of Credit to the Borrower responsive to a Competitive
Bid Request. Each Competitive Bid for a Competitive Letter of Credit by a Lender
must be received by the Administrative Agent via telecopier, in the form of
Exhibit E-3A, not later than 9:30 a.m., New York City time, three Business Days
before a proposed issuance of a Competitive Letter of Credit. Competitive Bids
for Competitive Letters of Credit that do not conform substantially to the
format of Exhibit E-3A may be rejected by the Administrative Agent after
conferring with, and upon the instruction of, the Borrower, and the
Administrative Agent shall notify the Lender making such nonconforming bid of
such rejection as soon as practicable. Each Competitive Bid shall refer to this
Agreement and specify: (i) that such Lender is willing to issue such Letter of
Credit substantially in the form requested in such Competitive Bid Request and
(ii) the Competitive Bid Commission at which the Lender is prepared to issue
such Competitive Letter of Credit. If any Lender shall elect not to make a
Competitive Bid, such Lender shall so notify the Administrative Agent via
telecopier not later than 9:30 a.m., New York City time, three Business Days
before the proposed issuance date for such Competitive Letter of Credit;
PROVIDED, HOWEVER, that failure by any Lender to give such notice shall not
cause such Lender to be obligated to issue any Competitive Letter of Credit. A
Competitive Bid submitted by a Lender pursuant to this paragraph (b) shall be
irrevocable.

          (c) The Administrative Agent shall promptly notify the Borrower by
telecopier of all the Competitive Bids made and the Competitive Bid Commission
in respect of which a Competitive Bid was made and the identity of the Lender
that made each bid. The Administrative Agent shall send a copy of all
Competitive Bids to the Borrower for its records as soon as practicable after
completion of the bidding process set forth in this Section 2.4A.

          (d) The Borrower may in its sole and absolute discretion, subject only
to the provisions of this paragraph (d), accept or reject any Competitive Bid
referred to in paragraph (c) above. The Borrower shall notify the Administrative
Agent by telephone, promptly confirmed by telecopier in the form of a
Competitive Bid Accept/Reject Letter whether and to what extent it has decided
to accept or reject any or all of the bids referred to in paragraph (c) above,
not later than 10:30 a.m., New York City time, one Business Day before a
proposed issuance of a Competitive Letter of Credit; PROVIDED, HOWEVER, that (A)
the failure by the Borrower to give such notice shall be deemed to be a
rejection of all the bids referred to in paragraph (c) above, (B) the Borrower
shall not accept a bid made at a particular Competitive Bid Commission if the
Borrower has decided to reject a bid made at a lower Competitive Bid Commission,
(C) the Borrower may accept only one bid for each Competitive Bid Request for a
Competitive Letter of Credit and (D) if there are multiple bids at a particular
Competitive Bid Commission, the Borrower may select any one such bid in its
discretion. A notice given by the Borrower pursuant to this paragraph (d) shall
be irrevocable.

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          (e) The Administrative Agent shall promptly notify the bidding Lender
whose Competitive Bid has been accepted by telecopy sent by the Administrative
Agent, and such successful bidder will thereupon become bound, subject to the
other applicable conditions hereof, to issue the Competitive Letter of Credit in
respect of which its bid has been accepted. If requested by such successful
bidding Lender, the Borrower also shall submit a letter of credit application on
such bidding Lender's standard form in connection with any request for a
Competitive Letter of Credit, which form shall be furnished in accordance with
Section 9.1. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the Borrower to, or entered into by
the Borrower with, any Lender relating to any Competitive Letter of Credit, the
terms and conditions of this Agreement shall control. Concurrently with the
giving of notice by the Administrative Agent to such bidding Lender pursuant to
this paragraph (e), the Borrower shall deliver to such bidding Lender a precise
description of the documents and the verbatim text of any certificate to be
presented by the beneficiary of such Competitive Letter of Credit which, if
presented by such beneficiary prior to the expiration date of the Competitive
Letter of Credit, would require the applicable issuing Lender to make payment
under the Competitive Letter of Credit; PROVIDED that the applicable Issuing
Lender, in its reasonable discretion, may require customary changes in any such
documents and certificates. Upon issuance of any Competitive Letter of Credit,
the applicable Issuing Lender shall notify the Administrative Agent of the
issuance of such Competitive Letter of Credit. Promptly after receipt of such
notice, the Administrative Agent shall notify each Lender of the issuance and
the amount of such Competitive Letter of Credit.

          (f) Sections 2.4(g), (h) and (i) are incorporated in this Section 2.4A
by reference, MUTATIS MUTANDIS.

          (g) Notwithstanding any other provision of this Agreement to the
contrary:

               (i) each Competitive Letter of Credit shall be issued solely for
     the risk of the Lender which has issued such Competitive Letter of Credit,
     and no other Lender shall have a participating interest in such Letter of
     Credit;

               (ii) each Competitive Letter of Credit shall be subject to the
     terms of clauses (A) and (B) of the proviso in Section 2.23(a)(i), Sections
     2.23(a)(iii) and 2.23(a)(iv), Section 2.23(c), Section 2.23(f)(i)(A)
     (excluding the proviso thereto) and (B), Section 2.23(f)(iv), Section
     2.23(g), Section 2.23(h), Section 2.23(i), Section 2.23(j) and Section
     2.23(k), which are hereby made applicable to such Competitive Letter of
     Credit, MUTATIS MUTANDIS, except that references in such clauses and
     Sections to the Issuing Lender, the Required Lenders and the Lenders shall
     be deemed to be references to the Issuing Lender which issued such
     Competitive Letter of Credit;

               (iii) if any Issuing Lender shall be requested to make payment on
     any draft under a Competitive Letter of Credit, such Issuing Lender shall
     give written notice of such request for payment to the Borrower and to the
     Administrative Agent prior to making such payment;

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               (iv) if any drawing is made under a Competitive Letter of Credit,
     the Borrower will, upon demand of the Administrative Agent or the
     applicable Issuing Lender, pay to the applicable Issuing Lender, in
     immediately available funds, the full amount of such drawing; PROVIDED that
     the Borrower may make a Borrowing to pay such amount, and PROVIDED that the
     conditions specified in Section 4.2 are then satisfied, then
     notwithstanding the limitations as to the aggregate principal amount of ABR
     Loans set forth in Section 2.2(a), as to the time of funding of a Borrowing
     set forth in Section 2.2(c) and as to the time of notice of a proposed
     Borrowing set forth in Section 2.5, payment by the applicable Issuing
     Lender of such draft shall constitute an ABR Loan hereunder, and interest
     shall accrue from the date the applicable Issuing Lender makes such
     payment. If any draft is presented under a Competitive Letter of Credit and
     (i) the conditions specified in Section 4.2 are not satisfied or (ii) if
     the Commitments have been terminated, then the Borrower will, upon demand
     by the Administrative Agent or the applicable Issuing Lender, pay to the
     applicable Issuing Lender, in immediately available funds, the full amount
     of such draft;

               (v) the Borrower shall pay to the Administrative Agent for
     distribution to the applicable Issuing Lender in respect of each
     Competitive Letter of Credit outstanding, a commission on the maximum
     amount available from time to time to be drawn under such outstanding
     Competitive Letter of Credit calculated at a rate per annum equal to the
     applicable Competitive Bid Commission from time to time in effect
     hereunder. Such commission shall be payable in arrears on and through the
     last day of each fiscal quarter of the Borrower and on the later of the
     Maturity Date and the expiration of such Competitive Letter of Credit;

               (vi) the Borrower shall not be entitled to request a Competitive
     Letter of Credit if the aggregate L/C Exposure after giving effect to the
     issuance of such Competitive Letter of Credit would exceed $1,750,000,000;

               (vii) each Competitive Letter of Credit shall be issued in
     Dollars;

               (viii) each Issuing Lender in respect of a Competitive Letter of
     Credit shall notify the Administrative Agent (A) of the drawable amount of
     such Competitive Letter of Credit, (B) of any drawing made on such
     Competitive Letter of Credit and (C) of any amendment or extension of such
     Competitive Letter of Credit, upon request by the Administrative Agent and,
     in the case of events described in clauses (B) and (C), promptly following
     the occurrence thereof; and

               (ix) any Lender shall be prohibited from issuing Competitive
     Letters of Credit hereunder upon the occurrence and during the continuance
     of an Event of Default (PROVIDED that such Lender shall have received
     notice of such Event of Default pursuant to Section 8.4 hereof and PROVIDED
     FURTHER that such notice shall be received at least 24 hours prior to the
     date on which any Competitive Letter of Credit is to be issued).

          (h) The Borrower shall pay to the Administrative Agent a fee in the
amount of $1,500 in connection with each Competitive Bid Request made pursuant
to Sections 2.4 and

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2.4A; PROVIDED that no fee shall be due and payable with respect to the first
two Competitive Bid Requests made after October 29, 2003.

          The Administrative Agent will, upon request of any Lender that has
issued or is making a Competitive Bid for a Competitive Letter of Credit,
confirm the total amount of L/C Exposure and the aggregate outstanding Loans to
such Lender.

               2.5 SECTION 2.12. Section 2.12 of the Credit Agreement is hereby
amended by deleting the reference to "the earlier of (a)" in such subsection and
deleting the words "and (b) December 11, 2002 if the Closing Date has not
occurred on or prior to such date".

               2.6 SECTION 2.15. Section 2.15 of the Credit Agreement is hereby
amended by:

                      (a) inserting the words "or maintain Competitive Letters
          of Credit" after the words "to participate in Letters of Credit" in
          subsection (e) thereof;

                      (b) deleting the word "or" and inserting the words ",
          Letters of Credit or Competitive" after each of the three references
          to "such Loans" in subsection (e) thereof; and

                      (c) deleting the words "and any participations in Letters
          of Credit" in each of the two places where such words appear in
          subsection (f) thereof, and substituting in lieu thereof ", any
          participations in Letters of Credit and any Competitive Letters of
          Credit".

               2.7 SECTION 2.18. Section 2.18 of the Credit Agreement is hereby
amended by:

                      (a) inserting the following sentence after the third
          sentence thereof:

          "Each payment of reimbursement obligations, commission, interest or
other amounts in respect of a Competitive Letter of Credit shall be allocated to
the Issuing Lender of such Competitive Letter of Credit.";

                      (b) inserting the words "and the Competitive L/C Exposure"
          after the phrase "each outstanding Competitive Borrowing" in the
          fourth sentence thereof; and

                      (c) inserting the words "and Lenders that shall not have
          issued Competitive Letters of Credit" after the words "such
          Competitive Borrowing" in the parenthetical of the fourth sentence
          thereof.

                                                                               7
<Page>

               2.8 SECTION 3. Section 3 of the Credit Agreement is hereby
amended by adding the words "and Competitive Letters of Credit" at the end of
the opening paragraph thereof.

               2.9 SECTION 3.14. Section 3.14 of the Credit Agreement is hereby
amended by deleting each reference to "$200,000,000" and substituting in lieu
thereof "$300,000,000".

               2.10 SECTION 4.2. Section 4.2 of the Credit Agreement is hereby
amended by:

                      (a) inserting the words "or Competitive Letter of Credit"
          after the words "Letter of Credit" in the opening paragraph thereof;

                      (b) deleting subsection (a) thereof in its entirety and
          substituting in lieu thereof:

          (a)  NOTICE. The Administrative Agent shall have received a notice
with respect to such Borrowing, Letter of Credit or Competitive Letter of Credit
as required by this Agreement.

                      (c) inserting the words "or Competitive Letter of Credit"
          after the words "Letter of Credit" in subsection (b) thereof; and

                      (d) inserting the words "or Competitive Letter of Credit"
          after the words "Letter of Credit" in the last paragraph thereof.

               2.11 SECTION 7. Section 7 of the Credit Agreement is hereby
amended by inserting the words "Competitive Letters of Credit," after each of
the two occurrences of the words "Letters of Credit," in subsection (b) thereof.

               2.12 SECTION 8.3. Section 8.3 of the Credit Agreement is hereby
amended by:

                      (a) inserting the words "Revolving Credit" before each
          reference to "Loans"; and

                      (b) inserting the word "Revolving" before each reference
          to "L/C Exposure".

               2.13 SECTION 8.6. Section 8.6 of the Credit Agreement is hereby
amended by inserting the following parenthetical after the words "Issuing
Lenders" in clause (iii) thereof:

          "(other than in respect of Competitive Letters of Credit)".

               2.14 SECTION 9.3. Section 9.3 of the Credit Agreement is hereby
amended by:

                                                                               8
<Page>

                      (a) inserting the words "Revolving Credit" before the
          words "Loans" and "Notes", respectively, in clause (i) of the first
          proviso of subsection (b) thereof;

                      (b) inserting the word "Revolving" before the phrase "L/C
          Exposure" in clauses (i) and (ii)(A) of the first proviso of
          subsection (b) thereof;

                      (c) inserting the following before the parenthetical "(a
          "NON-RATABLE ASSIGNMENT")" in clause (ii)(B) of the first proviso of
          subsection (b) thereof:

          "or the Competitive Letters of Credit at the time issued by it
(including, without limitation, in the case of Competitive Letters of Credit,
any unpaid reimbursement obligations)";

                      (d) deleting the words "or Competitive Loans" in clause
          (3) of the second proviso of subsection (b) thereof and substituting
          in lieu thereof ", Competitive Loans or Competitive Letters of Credit
          "; and

                      (e) deleting the words "and 2.21" after "2.17" in clause
          (iv) of the first proviso of subsection (g) thereof and substituting
          in lieu thereof ", 2.21 and 2.23".

               2.15 SECTION 9.4. Section 9.4 of the Credit Agreement is hereby
amended by:

                      (a) inserting "LLP" after "Simpson Thacher & Bartlett" in
          the fifth line thereof;

                      (b) deleting the words "or the Notes or the Letters of
          Credit" after the words "this Agreement," in the seventh line thereof
          and substituting in lieu thereof "the Notes, the Letters of Credit or
          the Competitive Letters of Credit"; and

                      (c) inserting the words "and Competitive Letters of
          Credit" after the words "Letters of Credit" and before the period of
          the last sentence thereof.

               2.16 SECTION 9.5. Section 9.5 of the Credit Agreement is hereby
amended by inserting the words "and Competitive Letters of Credit" after the
words "Letters of Credit" and before the period of the last sentence thereof.

               2.17 SECTION 9.7. Section 9.7 of the Credit Agreement is hereby
amended by inserting the words "or Competitive Letters of Credit" after the
words "Letters of Credit" in the third line thereof.

               2.18 SECTION 9.9. Section 9.9 of the Credit Agreement is hereby
amended by inserting the words "or Competitive Letter of Credit" after the words
"Letter of Credit" in the parenthetical of clause (y) of the first proviso
thereof.

                                                                               9
<Page>

               2.19 SECTION 9.15. Section 9.15 of the Credit Agreement is hereby
amended by adding the following new sentence at the end thereof:

          "Notwithstanding anything herein to the contrary, any party subject to
          confidentiality obligations hereunder or under any other related
          document (and any employee, representative or other agent of such
          party) may disclose to any and all persons, without limitation of any
          kind, such party's U.S. federal income tax treatment and the U.S.
          federal income tax structure of the transactions contemplated by this
          Agreement relating to such party and all materials of any kind
          (including opinions or other tax analyses) that are provided to it
          relating to such tax treatment and tax structure. However, no such
          party shall disclose any information that is not relevant to an
          understanding of the U.S. federal income tax treatment of the
          transactions contemplated by this Agreement (including the identity of
          any party to this Agreement and any information that could lead
          another to determine the identity of any such party) or to the extent
          such disclosure could reasonably result in a violation of any
          applicable securities law."

               2.20 EXHIBITS. The Exhibits to the Credit Agreement are hereby
amended as follows:

          (a) Exhibits E-1, E-2 and E-4 to the Credit Agreement are hereby
deleted in their entirety and new Exhibits E-1, E-2 and E-4, attached hereto as
Annex A, shall be substituted in lieu thereof.

          (b) New Exhibit E-3A, attached hereto as Annex B, shall be inserted
after Exhibit E-3.

          III. EFFECTIVE DATE. This Amendment shall become effective on the
date (the "Effective Date") on which the Borrower, the Administrative Agent and
the Required Lenders under the Credit Agreement shall have duly executed and
delivered to the Administrative Agent this Amendment.

          IV.  REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents
and warrants that (a) each of the representations and warranties in Section 3 of
the Credit Agreement shall be, after giving effect to this Amendment, true and
correct in all material respects as if made on and as of the Effective Date
(unless such representations and warranties are stated to relate to a specific
earlier date, in which case such representations and warranties shall be true
and correct in all material respects as of such earlier date) and (b) after
giving effect to this Amendment, no Default or Event of Default shall have
occurred and be continuing.

          V.   NO OTHER AMENDMENTS; CONFIRMATION. Except as expressly amended
hereby, the provisions of the Credit Agreement are and shall remain in full
force and effect.

          VI.  GOVERNING LAW. This Amendment and the rights and obligations of
the parties hereto shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York.

                                                                              10
<Page>

          VII. COUNTERPARTS. This Amendment may be executed by one or more of
the parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. This Amendment may be delivered by facsimile transmission of the
relevant signature pages hereof.

                                                                              11
<Page>

          IN WITNESS WHEREOF, the undersigned have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date first
above written.

                                         CENDANT CORPORATION

                                         By: /s/ Ronald L. Nelson
                                             --------------------
                                         Name: Ronald L. Nelson
                                         Title: Chief Financial Officer

                                         JPMORGAN CHASE BANK, as
                                         Administrative Agent and as a Lender

                                         By: /s/ Randolph Cates
                                             ------------------
                                         Name: Randolph Cates
                                         Title: Vice President

                                                                              12
<Page>

                                         BANK OF AMERICA, N.A.

                                         By: /s/ Brad Lustig
                                             ---------------
                                         Name: Brad Lustig
                                         Title: Managing Director

                                                                              13
<Page>

                                         CITIBANK N.A.

                                         By: /s/ Hugo Arias
                                             --------------
                                         Name: Hugo Arias
                                         Title: Vice President

                                                                              14
<Page>

                                         THE BANK OF NOVA SCOTIA

                                         By: /s/ Todd S. Meller
                                             ------------------
                                         Name: Todd S. Meller
                                         Title: Managing Director

                                                                              15
<Page>

                                         BARCLAYS BANK PLC

                                         By: /s/ John Giannone
                                             -----------------
                                         Name: John Giannone
                                         Title: Director

                                                                              16
<Page>

                                         BANK ONE, NA

                                         By: /s/ Michael M. Tolentino
                                             ------------------------
                                         Name: Michael M. Tolentino
                                         Title: Director

                                                                              17
<Page>

                                         CREDIT LYONNAIS NEW YORK BRANCH

                                         By: /s/ Rod Hurst
                                             -------------
                                         Name: Rod Hurst
                                         Title: Vice President

                                                                              18
<Page>

                                         WESTLB AG, NEW YORK BRANCH

                                         By: /s/ Duncan Robertson
                                             --------------------
                                         Name: Duncan Robertson
                                         Title: Executive Director

                                         WESTLB AG, NEW YORK BRANCH

                                         By: /s/ Christian Brune
                                             -------------------
                                         Name: Christian Brune
                                         Title: Director

                                                                              19
<Page>

                                         THE BANK OF TOKYO-MITSUBISHI, LTD.,
                                         NEW YORK BRANCH

                                         By: /s/ Linda Tam
                                             -------------
                                         Name: Linda Tam
                                         Title: Authorized Signatory

                                                                              20
<Page>

                                         SUMITOMO MITSUI BANKING
                                         CORPORATION

                                         By: /s/ Peter R.C. Knight
                                             ---------------------
                                         Name: Peter R.C. Knight
                                         Title: Joint General Manager

                                                                              21
<Page>

                                         CREDIT SUISSE FIRST BOSTON, Cayman
                                         Islands Branch

                                         By: /s/ Bill O'Daly
                                             ---------------
                                         Name: Bill O'Daly
                                         Title: Director

                                         CREDIT SUISSE FIRST BOSTON, Cayman
                                         Islands Branch

                                         By: /s/ Cassandra Droogan
                                             ---------------------
                                         Name: Cassandra Droogan
                                         Title: Associate

                                                                              22
<Page>

                                         WELLS FARGO BANK

                                         By: /s/ Lauren Downum
                                             -----------------
                                         Name: Lauren Downum
                                         Title: Vice President

                                                                              23
<Page>

                                         BMO NESBITT BURNS FINANCING, INC.

                                         By: /s/ Brian L. Banke
                                             ------------------
                                         Name: Brian L. Banke
                                         Title: Managing Director

                                                                              24
<Page>

                                                                         ANNEX A

                                                                     EXHIBIT E-1

                         FORM OF COMPETITIVE BID REQUEST

JPMORGAN CHASE BANK, as Administrative Agent
 for the Lenders referred to below
270 Park Avenue
New York, NY  10017 2070

Attention:  ______________________                                        [Date]

Ladies and Gentlemen:

          The undersigned, CENDANT CORPORATION (the "BORROWER"), refers to the
Three Year Competitive Advance and Revolving Credit Agreement dated as of
December 10, 2002 (as the same may be amended, supplemented or otherwise
modified, renewed or replaced from time to time, the "CREDIT AGREEMENT"), among
the Borrower, the Lenders referred to therein, the Co-Documentation Agents and
Syndication Agent named therein and JPMorgan Chase Bank, as Administrative
Agent. Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement. The Borrower hereby
gives you notice pursuant to Section [2.4(a)][2.4A(a)] of the Credit Agreement
that it requests a [Competitive Borrowing] [Competitive Letter of Credit] under
the Credit Agreement, and in that connection, sets forth below the terms on
which such [Competitive Borrowing] [Competitive Letter of Credit] is requested
to be made:

[(A) Date of the Competitive Borrowing (which
     is a Business Day)                                             ____________

(B)  Principal Amount of the Competitive
     Borrowing(1)                                                   $___________

(C)  Interest Rate Type(2) of the Competitive
     Borrowing                                                      ____________

(D)  Interest Period with respect to the
     Competitive Borrowing and the last day of
     such Interest Period(3)                                        ___________]

----------
(1)  Shall not be less than $10,000,000 (and must be in an integral multiple of
     $5,000,000) nor greater than the Total Commitment then available.

(2)  LIBOR Loan or Fixed Rate Loan.

(3)  Shall be subject to the definition of "Interest Period" and shall not end
     later than the Maturity Date.

<Page>

[(A) Date of Issuance of the Competitive Letter
     of Credit (which is a Business Day)                            ____________

(B)  Face Amount of the Competitive Letter of
     Credit(4)                                                      ____________

(C)  Purpose of the Competitive Letter of Credit                    ____________

(D)  Expiration Date of the Competitive Letter of
     Credit                                                         ____________

(E)  Name and Address of Beneficiary                                ___________]

----------
(4)  Shall not be less than $5,000,000 or, if less, an aggregate principal
     amount equal to the remaining balance of the Total Commitment then
     available.

                                                                               2
<Page>

          Upon acceptance of any or all of the [Competitive Loans] [Competitive
Letters of Credit] offered by the Lenders in response to this request, the
Borrower shall be deemed to have represented and warranted that the conditions
to each Loan specified in Sections 4.2(b) and 4.2(c) of the Credit Agreement
have been satisfied.

                                         Very truly yours,

                                         CENDANT CORPORATION

                                         By:
                                            ---------------------------
                                         Name:
                                         Title:

                                                                               3
<Page>

                                                                     EXHIBIT E-2

                       FORM OF COMPETITIVE BID INVITATION

[Name of Lender]
[Address]

Attention:                                                                [Date]

Ladies and Gentlemen:

          Reference is hereby made to the Three Year Competitive Advance and
Revolving Credit Agreement dated as of December 10, 2002 (as the same may be
amended, supplemented or otherwise modified, renewed or replaced from time to
time, the "CREDIT AGREEMENT"), among CENDANT CORPORATION (the "BORROWER"), the
Lenders referred to therein, the Co-Documentation Agents and Syndication Agent
named therein and JPMorgan Chase Bank, as Administrative Agent. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement. The Borrower made a Competitive
Bid Request on _____, 200_, pursuant to Section [2.4(a)][2.4A(a)] of the Credit
Agreement, and in that connection you are invited to submit a Competitive Bid
[for a Competitive Letter of Credit] by [Date]/[Time].(1) Your Competitive Bid
must comply with Section [2.4(b)][2.4A(b)] of the Credit Agreement and the terms
set forth below on which the Competitive Bid Request was made:

[(A) Date of the Competitive Borrowing                              ____________

(B)  Principal Amount of the Competitive
     Borrowing                                                      $___________

(C)  Interest Rate Type of the Competitive
     Borrowing                                                      ____________

(D)  Interest Period with respect to the
     Competitive Borrowing and the last day of
     such Interest Period                                           ___________]

----------
(1)  The Competitive Bid must be received by the Administrative Agent via
     telecopier (i) in the case of a request for a LIBOR Competitive Borrowing,
     not later than 9:30 a.m., New York City time, three Business Days before a
     proposed Competitive Borrowing and (ii) in the case of a request for a
     Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the
     Business Day of the proposed Competitive Borrowing.

<Page>

[(A) Date of Issuance of the Competitive Letter
     of Credit (which is a Business Day)                            ____________

(B)  Face Amount of the Competitive Letter of
     Credit(2)                                                      ____________

(C)  Purpose of the Competitive Letter of Credit                    ____________

(D)  Expiration Date of the Competitive Letter of
     Credit                                                         ____________

(E)  Name and Address of Beneficiary                                ____________

(F)  Competitive Bid Commission                                     ___________]

----------
(2)  Shall not be less than $5,000,000 or, if less, an aggregate principal
     amount equal to the remaining balance of the Total Commitment then
     available.

                                                                               2
<Page>

                                         Very truly yours,

                                         JPMORGAN CHASE BANK,
                                         as Administrative Agent

                                         By:
                                            ---------------------------
                                            Name:
                                            Title:

                                                                               3
<Page>

                                                                     EXHIBIT E-4

                  FORM OF COMPETITIVE BID ACCEPT/REJECT LETTER

                                                                          [Date]

JPMorgan Chase Bank, as Administrative Agent
 for the Lenders referred to below
270 Park Avenue
New York, NY  10017-2070

Attention:  _____________________________

Ladies and Gentlemen:

          The undersigned, Cendant Corporation ("WE" or the "BORROWER"), refers
to the Three Year Competitive Advance and Revolving Credit Agreement dated as of
December 10, 2002 (as the same may be amended, supplemented or otherwise
modified, renewed or replaced from time to time, the "CREDIT AGREEMENT"), among
the Borrower, the Lenders referred to therein, the Co-Documentation Agents and
Syndication Agent named therein and JPMorgan Chase Bank, as Administrative
Agent. Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement.

          In accordance with Section [2.4(c)][2.4A(c)] of the Credit Agreement,
we have been notified of the Competitive Bids made in connection with our
Competitive Bid Request dated ______, 200_ and in accordance with Section
[2.4(d)][2.4A(d)] of the Credit Agreement, we hereby accept the following bids
for [Competitive Loans(s)] [Competitive Letters of Credit] with a maturity on
[date]:

                                 Competitive Bid Rate (i.e.
[Principal Amount                Fixed Rate/Margin)                 Lender

$                                [%]/[+/-.   %]
$

Total $_______]

[Face Amount                     Competitive Bid Commission         Lender]

<Page>

We hereby reject the following bids:

                                 Competitive Bid Rate (i.e.
[Principal Amount                Fixed Rate/Margin)                 Lender

$                                [%]/[+/-.   %]
$

Total $_______]

[Face Amount                     Competitive Bid Commission         Lender]

          The total amount of the bids accepted ($_____) should be deposited on
[date] in account number _______, maintained at JPMorgan Chase Bank.

                                         Very truly yours,

                                         CENDANT CORPORATION

                                         By:
                                            ---------------------------
                                            Name:
                                            Title:

                                                                               2
<Page>

                                                                         ANNEX B

                                                                    EXHIBIT E-3A

                             FORM OF COMPETITIVE BID

JPMorgan Chase Bank, as Administrative Agent
 for the Lenders referred to below
270 Park Avenue
New York, NY  10017-2070

Attention:  ______________________                                        [Date]

Ladies and Gentlemen:

          The undersigned, [Name of Lender], refers to the Three Year
Competitive Advance and Revolving Credit Agreement dated as of December 10, 2002
(as the same may be amended, supplemented or otherwise modified, renewed or
replaced from time to time, the "CREDIT AGREEMENT"), among Cendant Corporation
(the "BORROWER"), the Lenders referred to therein, the Co-Documentation Agents
and Syndication Agent named therein and JPMorgan Chase Bank, as Administrative
Agent. Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement. The undersigned
hereby makes a Competitive Bid pursuant to Section 2.4A(b) of the Credit
Agreement in response to the Competitive Bid Request made by the Borrower on
_______, 200_, and in that connection sets forth below the terms on which such
Competitive Bid is made:

(A)  The undersigned Lender is willing to issue a
     Competitive Letter of Credit substantially in
     the form requested in the Competitive Bid
     Request, dated as of [____].

(B)  The Competitive Bid Commission with
     respect to such Competitive Letter of Credit
     is [_____].

          The undersigned hereby confirms that it shall, subject to the terms
and conditions set forth in the Credit Agreement, issue a competitive Letter of
Credit upon acceptance by the Borrower of this bid in accordance with Section
2.4A(d) of the Credit Agreement.

                                         Very truly yours,

                                         [NAME OF LENDER]

<Page>

                                         By:
                                            ---------------------------
                                            Name:
                                            Title:

                                                                               2

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