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CARZ |
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During the past couple of years, Cendant has improved its credit profile by reducing total debt, increasing cash flow and profits, eliminating complex convertible debt instruments (CODES, CARZ, and Upper DECS), and divesting noncore (Jackson Hewitt, Wright Express, Fleet Leasing, and Marketing Services) and complex (PHH mortgage) businesses. Visible gold has been observed in one location within the CARZ. At September 30, 2004, the aggregate value of the outstanding CARZ was approximately $655 million. |
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