New Timeshare Receivables Term Financing On May 28, 2009, Wyndham Worldwide Corporation's subsidiary Sierra Timeshare 2009-1 Receivables Funding LLC (the "Issuer") issued $225,000,000 aggregate principal amount of 9.79% Vacation Timeshare Loan Backed Notes, Series 2009-1, due 2025 (the "Notes") under the Indenture and Servicing Agreement, dated as of May 28, 2009, by and among the Issuer, Wyndham Consumer Finance, Inc., as Servicer, Wells Fargo Bank, National Association, as Trustee, and U.S. Bank National Association, as Collateral Agent (the "Indenture"). The notes are secured under the Indenture primarily by a pool of pledged loans, each relating to the financing of one or more vacation ownership interests by a consumer, and related pledged assets. A copy of the Indenture is attached hereto as Exhibit 10.1, and is incorporated by reference herein. Certain of the initial purchasers of the Notes, the Trustee and the Collateral Agent, and their respective affiliates, have performed and may in the future perform, various commercial banking, investment banking and other financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses. Certain of the initial purchasers are affiliates of one or more entities who also serve as investors, or as administrators of investors, with respect to asset-backed commercial paper conduits that hold certain Secured Variable Funding Notes, issued by our subsidiaries Sierra Timeshare Conduit Receivables Funding Company, LLC and Sierra Timeshare Conduit Receivables Funding Company II, LLC, which were partially or fully repaid with the proceeds from the sale of the Notes. Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is furnished with this report:

Exhibit No.                                 Description
Exhibit 10.1    Indenture and Servicing Agreement, dated as of May 28, 2009, by and
                among Sierra Timeshare 2009-1 Receivables Funding, LLC, as Issuer,
                Wyndham Consumer Finance, Inc., as Servicer, Wells Fargo Bank,
                National Association, as Trustee, and U.S. Bank National
                Association, as Collateral Agent.