Banks Confirm Availability of Cendant's $3.5 Billion of Credit Lines

STAMFORD, Conn.  and PARSIPPANY, N.J. --(BUSINESS WIRE)-- April 17, 1998--

Funding for American Bankers and National Parking Corp.  Also Confirmed

Cendant  Corporation  (NYSE:  CD - news) today reported that The Chase Manhattan
Bank, the administrative agent under its committed bank facilities, has received
waivers from Cendant's syndicate banks relating to its $2.0 billion of committed
bank  facilities.  The Company also has an additional  $1.5 billion of committed
bank lines available under separate facilities.

The  waivers  were  technically   necessary  in  light  of  Cendant's  April  15
announcement that, as a result of its expected restatement of past earnings,  it
must prepare revised  financial  statements.  Having now received these waivers,
Cendant's  committed  bank  facilities  remain fully  available for, among other
purposes,  the funding of the  Company's  previously  announced  acquisition  of
National Parking Corporation Limited.

In addition to the above-mentioned facilities, the Company has a commitment from
The  Chase  Manhattan  Bank for $1.5  billion  to fund the cash  portion  of the
American Bankers transaction.

Henry R.  Silverman,  President and Chief  Executive  Officer of Cendant,  said:
"While the  requirement to obtain these waivers was largely a formality,  we are
nevertheless  pleased to have  received  such  prompt  support  from our banking
syndicate.  Cendant remains a financially  strong and liquid company and remains
committed to completing all of its pending transactions."

Cendant is the  world's  premier  provider of consumer  and  business  services.
Cendant operates in three principal  segments:  Alliance  Marketing,  Travel and
Real Estate Services. In Alliance Marketing,  Cendant provides access to travel,
shopping,  auto,  dining  and other  services  through  more  than 66.5  million
memberships worldwide. In Travel Services,  Cendant is the leading franchisor of
hotels and rental car  agencies  worldwide,  the  premier  provider  of vacation
exchange  services and the second  largest  fleet  management  company.  In Real
Estate Services,  Cendant is the world's largest  franchisor of residential real
estate brokerage offices, a major provider of mortgage services to consumers and
a global leader in corporate employee relocation.  Headquartered in Stamford, CT
and Parsippany, NJ, the company has more than 34,000 employees, operates in over
100 countries and makes approximately 100 million customer contacts annually.