On October 23, 2009, Wyndham Worldwide Corporation renewed its 364-day securitized timeshare receivables conduit facility through October 2010. The facility bears interest based on variable commercial paper rates plus a spread and has a capacity of $600 million.
Amendment No. 1, dated as of October 23, 2009, to the Indenture and Servicing Agreement, dated as of November 7, 2008, by and among Sierra Timeshare Conduit Receivables Funding II, 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 is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Certain of the participants in the facility, 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.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Item 1.01. is hereby incorporated by reference herein.

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

Exhibit No.                                  Description
Exhibit 10.1   Amendment No. 1, dated as of October 23, 2009, to the Indenture and
               Servicing Agreement, dated as of November 7, 2008, by and among Sierra
               Timeshare Conduit Receivables Funding II, 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.