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        Cendant Corporation 8-K dated July 13, 2006
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      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
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        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Form
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
        REPORT </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
        TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>July
        13, 2006 (July 7, 2006)</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>Cendant
        Corporation </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Exact
        name of Registrant as specified in its charter)</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="3%" style="border-bottom: white thin solid;">&#160;</td>
              <td valign="top" width="23%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(State
                  or other jurisdiction</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>of
                  incorporation)</em></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Commission
                  File No.)</em></font></div>
              </td>
              <td valign="top" width="24%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                  Employer</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Identification
                  Number)</em></font></div>
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              <td valign="top" width="23%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9
                  West 57</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup><strong>th</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                  Street</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
                  York, NY</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Address
                  of principal </em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>executive
                  office)</em></font></div>
              </td>
              <td valign="top" width="28%" style="border-bottom: white thin solid;">&#160;</td>
              <td valign="top" width="24%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10019</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Zip
                  Code)</em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
        telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>(212)
        413-1800</u></strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>None</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                  name or former address if changed since last
                  report)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
                  the appropriate box below if the Form 8-K filing is intended to
                  simultaneously satisfy the filing obligation of the registrant under
                  any
                  of the following provisions:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Written communications pursuant to Rule 425 under the Securities
                  Act (17
                  CFR 230.425)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
                  (17 CFR
                  240.14a-12)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Pre-commencement communications pursuant to Rule 14d-2(b) under the
                  Exchange Act (17 CFR 240.14d-2(b))</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
                  Pre-commencement communications pursuant to Rule 13e-4(c) under the
                  Exchange Act (17 CFR 240.13e-4(c))</font></div>
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      <div><br>&#160;</div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
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              <td align="left" valign="top" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                  1.01 </strong></font></div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
                  into a Material Definitive
                  Agreement.</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>New
        Wyndham Worldwide Credit Facility</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July&#160;7, 2006, our Wyndham Worldwide Corporation (&#8220;Wyndham Worldwide&#8221;)
        subsidiary entered into a new $1,200 million credit facility, consisting of
        a
        $900 million five-year revolving credit facility and a $300 million five-year
        term loan facility (the agreement pursuant to which such facility was entered
        into is referred to herein as the &#8220;Credit Agreement&#8221;). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
        or
        prior to the previously announced separation of Wyndham Worldwide from Cendant,
        we expect that Wyndham will draw the entire amount of the term loan facility
        and
        $260 million of the revolving credit facility. The proceeds of the term loan
        facility and the $260 million drawn from the revolving credit facility will
        be
        transferred to Cendant solely for the purpose of repaying certain of Cendant&#8217;s
        indebtedness (including its existing asset-linked facility relating to certain
        of the assets of Cendant&#8217;s Hospitality Services (including Timeshare Resorts)
        businesses). The remaining availability under the revolving credit facility
        will
        be used to provide liquidity for ongoing working capital needs, letters of
        credit issuances and other general corporate needs, in each case of Wyndham
        Worldwide. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        new
        facility includes affirmative covenants, including the maintenance of specific
        financial ratios. These financial covenants consist of a minimum interest
        coverage ratio of at least 3.0 times as of the measurement date and a maximum
        leverage ratio not to exceed 3.5 times on the measurement date. Negative
        covenants in the new credit facility include limitations on indebtedness of
        material subsidiaries; liens; mergers, consolidations, liquidations,
        dissolutions and sales of substantially all assets; and sale and leasebacks.
        Events of default in the new credit facility include nonpayment of principal
        when due; nonpayment of interest, fees or other amounts; violation of covenants;
        cross payment default and cross acceleration (in each case, to indebtedness
        (excluding securitization indebtedness) in excess of $50 million); and a change
        of control (the definition of which will permit Wyndham Worldwide&#8217;s separation
        from Cendant). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July&#160;7, 2006, Cendant entered into a guaranty of Wyndham Worldwide&#8217;s
        obligations under the Credit Agreement (the &#8220;Credit Agreement Guaranty&#8221;);
        however, upon the distribution of all of the capital stock of Wyndham Worldwide
        by Cendant to its shareholders, such Credit Agreement Guaranty and all
        obligations of Cendant thereunder shall unconditionally terminate. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>New
        Wyndham Worldwide Interim Loan Facility </u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July&#160;7, 2006, Wyndham Worldwide also entered into a $800 million interim
        loan facility (the agreement pursuant to which such facility was entered into
        is
        referred to herein as the &#8220;Interim Loan Agreement&#8221;) the proceeds of which,
        together with the proceeds of the borrowings described above, will be used
        to
        fund the expected transfer of $1,360 million to Cendant prior to the separation.
        The interim loan facility is unsecured and contains terms substantially similar
        to those contained in the Credit Agreement. The interim loan facility includes
        a
        mandatory prepayment provision requiring the repayment of the facility in full
        upon the entering into of permanent financing to replace such facility.
  </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July&#160;7, 2006, Cendant entered into a guaranty of Wyndham Worldwide&#8217;s
        obligations under the Interim Loan Agreement (the &#8220;Interim Loan Agreement
        Guaranty&#8221;); however, upon the distribution of all of the capital stock of
        Wyndham Worldwide by Cendant to its shareholders, such Interim Loan Agreement
        Guaranty and all obligations of Cendant thereunder shall unconditionally
        terminate. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        copy of
        the Credit Agreement Guaranty, the Interim Loan Agreement Guaranty, the Credit
        Agreement and the Interim Loan Agreement are attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits
        10.1, 10.2, 10.3 and 10.4</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        respectively, and are incorporated by reference herein. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        of the lenders party to the Credit Agreement Guaranty, the Interim Loan
        Agreement Guaranty, the Credit Agreement and the Interim Loan Agreement and
        their respective affiliates, have performed, and </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">may
        in
        the future perform, various commercial banking, investment banking and other
        financial advisory services for Cendant, Wyndham Worldwide and their
        subsidiaries for which they have received, and will receive, customary fees
        and
        expenses. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amendments
        to Timeshare Conduit Facility</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        7, 2006, our Sierra Timeshare Conduit Receivables Funding, LLC subsidiary
        amended its conduit facility pursuant to which it issued its secured Loan-Backed
        Variable Funding Notes, Series 2002-1 (the &#8220;Notes&#8221;), in an aggregate principal
        amount not to exceed $800,000,000 to, among other things, allow for the
        separation of Wyndham Worldwide from Cendant. In addition, effective as of
        the
        date of Wyndham Worldwide&#8217;s separation from Cendant, the performance guarantee
        provided by Cendant with respect to the variable funding notes will be replaced
        by a performance guarantee provided by Wyndham Worldwide.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies
        of
        the operative documents underlying the Notes are attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        10.5</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        through
  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        10.11</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and are
        incorporated by reference herein. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        of the 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>New
        Timeshare Term Financing</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        11, 2006, our Sierra Timeshare 2006-1 Receivables Funding, LLC subsidiary (the
        "Issuer") issued $325,000,0000 aggregate principal amount of 5.84% Vacation
        Timeshare Loan Backed Notes, Series 2006-1, Class A-1, due 2018 and $225,000,000
        aggregate principal amount of Floating Rate Vacation Timeshare Loan Backed
        Notes, Series 2006-1, Class A-2, due 2018 bearing interest at one-month LIBOR
        plus 0.15% per annum (collectively, the "Series 2006-1 Notes") under the
        Indenture and Servicing Agreement, dated as of July 11, 2006, 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 Series 2006-1 Notes are secured under the Indenture
        primarily by a pool of pledged loans, each relating to the financing of one
        or
        more timeshare properties by a consumer, and related pledged assets. In
        addition, the payment of interest on, and principal of, the Series 2006-1 Notes
        are insured by a financial guaranty insurance policy issued by MBIA Insurance
        Corporation. A copy of the Indenture is attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        10.12</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        of the initial purchasers of the 2006-1 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 Sierra
        Timeshare Conduit Receivables Funding Company, LLC subsidiary, which were
        partially or fully repaid with the proceeds from the sale of the Series 2006-1
        Notes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                  2.03</strong></font></div>
              </td>
              <td align="justify" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a Registrant.
  </strong></font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information described above under &#8220;Item&#160;1.01. Entry into a Material
        Definitive Agreement&#8221; is incorporated herein by reference. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                  8.01</strong></font></div>
              </td>
              <td align="justify" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
                  Events. </strong></font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        10, 2006, Cendant Corporation announced that, in connection with its previously
        announced tender offers for its outstanding 6.250% Senior Notes due 2008, 6.25%
        Senior Notes due 2010, 7.375% Senior Notes due 2013 and 7.125% Senior Notes
        due
        2015, it is extending the expiration time of the tender offers to 5:00 p.m.,
        New
        York City time, on July 27, 2006. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        copy of
        the press release is attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        99.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and is
        incorporated by reference herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="left" valign="top" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                  9.01 </strong></font></div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                  Statements and Exhibits.</strong></font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
  
            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="left">
          <table border="0" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="#e2eef6">
                <td valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="justify" valign="top" width="71%" style="border-bottom: #e2eef6 thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty,
                    dated as of July 7, 2006, made by Cendant Corporation in favor
                    of JPMorgan
                    Chase Bank, N.A., as Administrative Agent (in such capacity, the
                    &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Administrative
                    Agent</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                    for the banks and other financial institutions or entities (the
                    &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lenders</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                    from time to time parties to the Credit Agreement, dated as of
                    July 7,
                    2006 among Wyndham Worldwide Corporation, the Subsidiary Borrowers
                    from
                    time to time parties to the Credit Agreement, Citicorp USA, Inc.,
                    as
                    Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                    and The
                    Royal Bank of Scotland plc, as Documentation Agents, Credit Suisse,
                    Cayman
                    Islands Branch, as Co-Documentation Agent, the Lenders and the
                    Administrative Agent.</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%" style="border-bottom: white thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty,
                    dated as of July 7, 2006, made by Cendant Corporation in favor
                    of JPMorgan
                    Chase Bank, N.A., as Administrative Agent (in such capacity, the
                    &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Administrative
                    Agent</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                    for the banks and other financial institutions or entities (the
                    &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lenders</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                    from time to time parties to the Interim Term Loan Agreement, dated
                    as of
                    July 7, 2006 among Wyndham Worldwide Corporation, The Royal Bank
                    of
                    Scotland plc and The Bank of Nova Scotia, as Syndication Agents,
                    Bank of
                    America, N.A. and Credit Suisse, Cayman Islands Branch, as Documentation
                    Agents, the Lenders and the Administrative Agent.</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
                    Agreement, dated as of July&#160;7, 2006, among Wyndham Worldwide
                    Corporation, as Borrower, certain financial institutions as lenders,
                    JPMorgan Chase Bank, N.A., as Administrative Agent, Citicorp USA,
                    Inc., as
                    Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                    and The
                    Royal Bank of Scotland PLC, as Documentation Agents, and Credit
                    Suisse,
                    Cayman Islands Branch, as Co-Documentation Agent (Incorporated
                    by
                    reference to Exhibit 10.31 to the Registration Statement on Form
                    10 of
                    Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                    12,
                    2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interim
                    Term Loan Agreement, dated as of July&#160;7, 2006, among Wyndham
                    Worldwide Corporation, as Borrower, certain financial institutions
                    as
                    lenders, JPMorgan Chase Bank, N.A., as&#160;Administrative Agent, The
                    Royal Bank of Scotland PLC and The Bank of Nova Scotia, as Syndication
                    Agents, and Bank of America, N.A., and Credit Suisse, Cayman Islands
                    Branch, as Documentation Agents (Incorporated by reference to Exhibit
                    10.32 to the Registration Statement on Form 10 of Wyndham Worldwide
                    Corporation (File No. 001- 32876) filed on July 12,
                    2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                    Indenture and Servicing Agreement, dated as of August&#160;29, 2002 and
                    Amended and Restated as of July&#160;7, 2006, by and among Sierra
                    Timeshare Conduit Receivables Funding, LLC, as Issuer, Wyndham
                    Consumer
                    Finance, Inc., as Master Servicer, and U.S. Bank, National Association,
                    as
                    successor to Wachovia Bank, National Association, as Trustee and
                    Collateral Agent (Incorporated by reference to Exhibit 10.9 to
                    the
                    Registration Statement on Form 10 of Wyndham Worldwide Corporation
                    (File
                    No. 001- 32876) filed on July 12,
                    2006).</font></div>
                </td>
              </tr>
  
          </table>
        </div>
        <div align="left">&#160;</div>
        <div align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div>
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div><br>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">
  
                  <tr>
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                        2002-1 Supplement, dated as of August&#160;29, 2002 and Amended and
                        Restated as of July&#160;7, 2006, to Master Indenture and Servicing
                        Agreement, dated as of August&#160;29, 2002, by and among Sierra Timeshare
                        Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer
                        Finance,
                        Inc., as Master Servicer, and U.S. Bank, National Association,
                        successor
                        to Wachovia Bank, National Association, as Trustee and Collateral
                        Agent
                        (Incorporated by reference to Exhibit 10.10 to the Registration
                        Statement
                        on Form 10 of Wyndham Worldwide Corporation (File No. 001-
                        32876) filed on
                        July 12, 2006).</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e2eef6">
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                        Loan Purchase Agreement, dated as of August&#160;29, 2002 and Amended and
                        Restated as of July&#160;7, 2006, by and between Wyndham Consumer Finance,
                        Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
                        and Fairfield
                        Myrtle Beach, Inc., as Co-Originator and Kona Hawaiian Vacation
                        Ownership,
                        LLC, as an Originator, and Shawnee Development, Inc., as an
                        Originator,
                        and Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
                        Resorts,
                        Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
                        Group and
                        Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
                        Vacation
                        Group and Ocean Ranch Vacation Group, each as a VB Partnership
                        and Sierra
                        Deposit Company, LLC, as Purchaser (Incorporated by reference
                        to Exhibit
                        10.11 to the Registration Statement on Form 10 of Wyndham Worldwide
                        Corporation (File No. 001- 32876) filed on July 12,
                        2006).</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.8</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                        2002-1 Supplement, dated as of August&#160;29, 2002 and Amended and
                        Restated as of July 7, 2006, to Master Loan Purchase Agreement,
                        dated as
                        of August&#160;29, 2002, by and between Wyndham Consumer Finance, Inc., as
                        Seller, Fairfield Resorts, Inc., as Co-Originator, Fairfield
                        Myrtle Beach,
                        Inc., as Co-Originator, Kona Hawaiian Vacation Ownership, LLC,
                        as an
                        Originator, Shawnee Development, Inc., as an Originator, Sea
                        Gardens Beach
                        and Tennis Resort, Inc., Vacation Break Resorts, Inc., Vacation
                        Break
                        Resorts at Star Island, Inc., Palm Vacation Group and Ocean
                        Ranch Vacation
                        Group, each as a VB subsidiary, and Palm Vacation Group and
                        Ocean Ranch
                        Vacation Group, each as a VB Partnership, and Sierra Deposit
                        Company, LLC,
                        as Purchaser (Incorporated by reference to Exhibit 10.12 to
                        the
                        Registration Statement on Form 10 of Wyndham Worldwide Corporation
                        (File
                        No. 001- 32876) filed on July 12, 2006).</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e2eef6">
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.9</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                        Loan Purchase Agreement, dated as of August&#160;29, 2002, and Amended and
                        Restated as of July 7, 2006, by and between Trendwest Resorts,
                        Inc., as
                        Seller, and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                        by
                        reference to Exhibit 10.13 to the Registration Statement on
                        Form 10 of
                        Wyndham Worldwide Corporation (File No. 001- 32876) filed on
                        July 12,
                        2006).</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.10</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                        2002-1 Supplement, dated as of August&#160;29, 2002 and Amended as of
                        July&#160;7, 2006 to the Master Loan Purchase Agreement dated as of
                        August&#160;29, 2002, by and between Trendwest Resorts, Inc., as Seller,
                        and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                        by reference
                        to Exhibit 10.14 to the Registration Statement on Form 10 of
                        Wyndham
                        Worldwide Corporation (File No. 001- 32876) filed on July 12,
                        2006).</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e2eef6">
                    <td align="justify" valign="top" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.11</font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                    <td align="left" valign="top" width="71%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                        Pool Purchase Agreement, dated as of August&#160;29, 2002, Amended and
                        Restated as of July&#160;7, 2006, by and between Sierra Deposit Company,
                        LLC, as Depositor, and Sierra Timeshare Conduit Receivables
                        Funding, LLC,
                        as Issuer (Incorporated by reference to Exhibit 10.15 to the
                        Registration
                        Statement on Form 10 of Wyndham Worldwide Corporation (File
                        No. 001-
                        32876) filed on July 12,
                        2006).</font></div>
                    </td>
                  </tr>
  
              </table>
            </div>
          </div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.12</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indenture
                    and Servicing Agreement, dated as of July 11, 2006, by and among
                    Sierra
                    Timeshare 2006-1 Receivables Funding, LLC, as Issuer, and Wyndham
                    Consumer
                    Finance, Inc., as Servicer, and Wells Fargo Bank, National Association,
                    as
                    Trustee, and U.S. Bank National Association, as Collateral Agent
                    (Incorporated by reference to Exhibit 10.34 to the Registration
                    Statement
                    on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                    filed on
                    July 12, 2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                    Release dated July 10,
                    2006.</font></div>
                </td>
              </tr>
  
          </table>
        </div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="justify" valign="top" width="40%">&#160;</td>
              <td align="justify" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CENDANT
                  CORPORATION</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="justify" valign="top" width="40%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Eric J. Bock</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="40%">&#160;</td>
              <td align="justify" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
                  J. Bock</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                  Vice President, Law </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  Corporate Secretary</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        July 13, 2006</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 279pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CENDANT
        CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT ON FORM 8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Report
        Dated </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>July
        13, 2006 (July 7, 2006)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        INDEX</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">
  
            <tr bgcolor="#e2eef6">
              <td valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="justify" valign="top" width="71%" style="border-bottom: #e2eef6 thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.4pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty,
                  dated as of July 7, 2006, made by Cendant Corporation in favor of
                  JPMorgan
                  Chase Bank, N.A., as Administrative Agent (in such capacity, the
                  &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Administrative
                  Agent</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                  for the banks and other financial institutions or entities (the
                  &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lenders</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                  from time to time parties to the Credit Agreement, dated as of July
                  7,
                  2006 among Wyndham Worldwide Corporation, the Subsidiary Borrowers
                  from
                  time to time parties to the Credit Agreement, Citicorp USA, Inc.,
                  as
                  Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                  and The
                  Royal Bank of Scotland plc, as Documentation Agents, Credit Suisse,
                  Cayman
                  Islands Branch, as Co-Documentation Agent, the Lenders and the
                  Administrative Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="71%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty,
                  dated as of July 7, 2006, made by Cendant Corporation in favor of
                  JPMorgan
                  Chase Bank, N.A., as Administrative Agent (in such capacity, the
                  &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Administrative
                  Agent</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                  for the banks and other financial institutions or entities (the
                  &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lenders</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
                  from time to time parties to the Interim Term Loan Agreement, dated
                  as of
                  July 7, 2006 among Wyndham Worldwide Corporation, The Royal Bank
                  of
                  Scotland plc and The Bank of Nova Scotia, as Syndication Agents,
                  Bank of
                  America, N.A. and Credit Suisse, Cayman Islands Branch, as Documentation
                  Agents, the Lenders and the Administrative Agent.</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td align="justify" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="71%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
                  Agreement, dated as of July&#160;7, 2006, among Wyndham Worldwide
                  Corporation, as Borrower, certain financial institutions as lenders,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Citicorp USA,
                  Inc., as
                  Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                  and The
                  Royal Bank of Scotland PLC, as Documentation Agents, and Credit Suisse,
                  Cayman Islands Branch, as Co-Documentation Agent (Incorporated by
                  reference to Exhibit 10.31 to the Registration Statement on Form
                  10 of
                  Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                  12,
                  2006).</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="71%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interim
                  Term Loan Agreement, dated as of July&#160;7, 2006, among Wyndham
                  Worldwide Corporation, as Borrower, certain financial institutions
                  as
                  lenders, JPMorgan Chase Bank, N.A., as&#160;Administrative Agent, The
                  Royal Bank of Scotland PLC and The Bank of Nova Scotia, as Syndication
                  Agents, and Bank of America, N.A., and Credit Suisse, Cayman Islands
                  Branch, as Documentation Agents (Incorporated by reference to Exhibit
                  10.32 to the Registration Statement on Form 10 of Wyndham Worldwide
                  Corporation (File No. 001- 32876) filed on July 12,
                  2006).</font></div>
              </td>
            </tr>
            <tr bgcolor="#e2eef6">
              <td align="justify" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="71%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                  Indenture and Servicing Agreement, dated as of August&#160;29, 2002 and
                  Amended and Restated as of July&#160;7, 2006, by and among Sierra
                  Timeshare Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer
                  Finance, Inc., as Master Servicer, and U.S. Bank, National Association,
                  as
                  successor to Wachovia Bank, National Association, as Trustee and
                  Collateral Agent (Incorporated by reference to Exhibit 10.9 to the
                  Registration Statement on Form 10 of Wyndham Worldwide Corporation
                  (File
                  No. 001- 32876) filed on July 12,
                  2006).</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
  
            <tr>
              <td align="justify" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
              </td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="71%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                  2002-1 Supplement, dated as of August&#160;29, 2002 and Amended and
                  Restated as of July&#160;7, 2006, to Master Indenture and Servicing
                  Agreement, dated as of August&#160;29, 2002, by and among Sierra Timeshare
                  Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer Finance,
                  Inc., as Master Servicer, and U.S. Bank, National Association, successor
                  to Wachovia Bank, National Association, as Trustee and Collateral
                  Agent
                  (Incorporated by reference to Exhibit 10.10 to the Registration Statement
                  on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                  filed on
                  July 12, 2006).</font></div>
              </td>
            </tr>
  
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                    Loan Purchase Agreement, dated as of August&#160;29, 2002 and Amended and
                    Restated as of July&#160;7, 2006, by and between Wyndham Consumer Finance,
                    Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator, and
                    Fairfield
                    Myrtle Beach, Inc., as Co-Originator and Kona Hawaiian Vacation
                    Ownership,
                    LLC, as an Originator, and Shawnee Development, Inc., as an Originator,
                    and Sea Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts,
                    Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
                    Group and
                    Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm Vacation
                    Group and Ocean Ranch Vacation Group, each as a VB Partnership
                    and Sierra
                    Deposit Company, LLC, as Purchaser (Incorporated by reference to
                    Exhibit
                    10.11 to the Registration Statement on Form 10 of Wyndham Worldwide
                    Corporation (File No. 001- 32876) filed on July 12,
                    2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.8</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                    2002-1 Supplement, dated as of August&#160;29, 2002 and Amended and
                    Restated as of July 7, 2006, to Master Loan Purchase Agreement,
                    dated as
                    of August&#160;29, 2002, by and between Wyndham Consumer Finance, Inc., as
                    Seller, Fairfield Resorts, Inc., as Co-Originator, Fairfield Myrtle
                    Beach,
                    Inc., as Co-Originator, Kona Hawaiian Vacation Ownership, LLC,
                    as an
                    Originator, Shawnee Development, Inc., as an Originator, Sea Gardens
                    Beach
                    and Tennis Resort, Inc., Vacation Break Resorts, Inc., Vacation
                    Break
                    Resorts at Star Island, Inc., Palm Vacation Group and Ocean Ranch
                    Vacation
                    Group, each as a VB subsidiary, and Palm Vacation Group and Ocean
                    Ranch
                    Vacation Group, each as a VB Partnership, and Sierra Deposit Company,
                    LLC,
                    as Purchaser (Incorporated by reference to Exhibit 10.12 to the
                    Registration Statement on Form 10 of Wyndham Worldwide Corporation
                    (File
                    No. 001- 32876) filed on July 12, 2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.9</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                    Loan Purchase Agreement, dated as of August&#160;29, 2002, and Amended and
                    Restated as of July 7, 2006, by and between Trendwest Resorts,
                    Inc., as
                    Seller, and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                    by
                    reference to Exhibit 10.13 to the Registration Statement on Form
                    10 of
                    Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                    12,
                    2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.10</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
                    2002-1 Supplement, dated as of August&#160;29, 2002 and Amended as of
                    July&#160;7, 2006 to the Master Loan Purchase Agreement dated as of
                    August&#160;29, 2002, by and between Trendwest Resorts, Inc., as Seller,
                    and Sierra Deposit Company, LLC, as Purchaser (Incorporated by
                    reference
                    to Exhibit 10.14 to the Registration Statement on Form 10 of Wyndham
                    Worldwide Corporation (File No. 001- 32876) filed on July 12,
                    2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.11</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Master
                    Pool Purchase Agreement, dated as of August&#160;29, 2002, Amended and
                    Restated as of July&#160;7, 2006, by and between Sierra Deposit Company,
                    LLC, as Depositor, and Sierra Timeshare Conduit Receivables Funding,
                    LLC,
                    as Issuer (Incorporated by reference to Exhibit 10.15 to the Registration
                    Statement on Form 10 of Wyndham Worldwide Corporation (File No.
                    001-
                    32876) filed on July 12, 2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.12</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indenture
                    and Servicing Agreement, dated as of July 11, 2006, by and among
                    Sierra
                    Timeshare 2006-1 Receivables Funding, LLC, as Issuer, and Wyndham
                    Consumer
                    Finance, Inc., as Servicer, and Wells Fargo Bank, National Association,
                    as
                    Trustee, and U.S. Bank National Association, as Collateral Agent
                    (Incorporated by reference to Exhibit 10.34 to the Registration
                    Statement
                    on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                    filed on
                    July 12, 2006).</font></div>
                </td>
              </tr>
              <tr bgcolor="#e2eef6">
                <td align="justify" valign="top" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
                </td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="left" valign="top" width="71%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                    Release dated July 10, 2006.</font></div>
                </td>
              </tr>
  
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        </div>
      </div>
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      <div>&#160;</div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cendantcorporation8k.htm", "description": "CENDANT CORPORATION 8-K DATED JULY 13, 2006", "secsgml_size_bytes": 91048}]
metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "06960791"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Cendant Corporation 8-K dated July 13, 2006
  UNITED
        STATES
  SECURITIES
        AND EXCHANGE COMMISSION
  WASHINGTON,
        D.C. 20549
  ____________
  Form
        8-K
  CURRENT
        REPORT
  PURSUANT
        TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  ____________
  Date
        of
        Report (Date of earliest event reported)
  July
        13, 2006 (July 7, 2006)
  Cendant
        Corporation
  (Exact
        name of Registrant as specified in its charter)
  Delaware
  (State
                  or other jurisdiction
  of
                  incorporation)
  1-10308
  (Commission
                  File No.)
  06-0918165
  (I.R.S.
                  Employer
  Identification
                  Number)
  9
                  West 57
  th
  Street
  New
                  York, NY
  (Address
                  of principal
  executive
                  office)
  10019
  (Zip
                  Code)
  Registrant's
        telephone number, including area code
  (212)
        413-1800
  None
  (Former
                  name or former address if changed since last
                  report)
  Check
                  the appropriate box below if the Form 8-K filing is intended to
                  simultaneously satisfy the filing obligation of the registrant under
                  any
                  of the following provisions:
  [  ]
                  Written communications pursuant to Rule 425 under the Securities
                  Act (17
                  CFR 230.425)
  [  ]
                  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
                  (17 CFR
                  240.14a-12)
  [  ]
                  Pre-commencement communications pursuant to Rule 14d-2(b) under the
                  Exchange Act (17 CFR 240.14d-2(b))
  [  ]
                  Pre-commencement communications pursuant to Rule 13e-4(c) under the
                  Exchange Act (17 CFR 240.13e-4(c))
  Item
                  1.01
  Entry
                  into a Material Definitive
                  Agreement.
  New
        Wyndham Worldwide Credit Facility
  On
        July 7, 2006, our Wyndham Worldwide Corporation ("Wyndham Worldwide")
        subsidiary entered into a new $1,200 million credit facility, consisting of
        a
        $900 million five-year revolving credit facility and a $300 million five-year
        term loan facility (the agreement pursuant to which such facility was entered
        into is referred to herein as the "Credit Agreement").
  At
        or
        prior to the previously announced separation of Wyndham Worldwide from Cendant,
        we expect that Wyndham will draw the entire amount of the term loan facility
        and
        $260 million of the revolving credit facility. The proceeds of the term loan
        facility and the $260 million drawn from the revolving credit facility will
        be
        transferred to Cendant solely for the purpose of repaying certain of Cendant's
        indebtedness (including its existing asset-linked facility relating to certain
        of the assets of Cendant's Hospitality Services (including Timeshare Resorts)
        businesses). The remaining availability under the revolving credit facility
        will
        be used to provide liquidity for ongoing working capital needs, letters of
        credit issuances and other general corporate needs, in each case of Wyndham
        Worldwide.
  The
        new
        facility includes affirmative covenants, including the maintenance of specific
        financial ratios. These financial covenants consist of a minimum interest
        coverage ratio of at least 3.0 times as of the measurement date and a maximum
        leverage ratio not to exceed 3.5 times on the measurement date. Negative
        covenants in the new credit facility include limitations on indebtedness of
        material subsidiaries; liens; mergers, consolidations, liquidations,
        dissolutions and sales of substantially all assets; and sale and leasebacks.
        Events of default in the new credit facility include nonpayment of principal
        when due; nonpayment of interest, fees or other amounts; violation of covenants;
        cross payment default and cross acceleration (in each case, to indebtedness
        (excluding securitization indebtedness) in excess of $50 million); and a change
        of control (the definition of which will permit Wyndham Worldwide's separation
        from Cendant).
  On
        July 7, 2006, Cendant entered into a guaranty of Wyndham Worldwide's
        obligations under the Credit Agreement (the "Credit Agreement Guaranty");
        however, upon the distribution of all of the capital stock of Wyndham Worldwide
        by Cendant to its shareholders, such Credit Agreement Guaranty and all
        obligations of Cendant thereunder shall unconditionally terminate.
  New
        Wyndham Worldwide Interim Loan Facility
  On
        July 7, 2006, Wyndham Worldwide also entered into a $800 million interim
        loan facility (the agreement pursuant to which such facility was entered into
        is
        referred to herein as the "Interim Loan Agreement") the proceeds of which,
        together with the proceeds of the borrowings described above, will be used
        to
        fund the expected transfer of $1,360 million to Cendant prior to the separation.
        The interim loan facility is unsecured and contains terms substantially similar
        to those contained in the Credit Agreement. The interim loan facility includes
        a
        mandatory prepayment provision requiring the repayment of the facility in full
        upon the entering into of permanent financing to replace such facility.
  On
        July 7, 2006, Cendant entered into a guaranty of Wyndham Worldwide's
        obligations under the Interim Loan Agreement (the "Interim Loan Agreement
        Guaranty"); however, upon the distribution of all of the capital stock of
        Wyndham Worldwide by Cendant to its shareholders, such Interim Loan Agreement
        Guaranty and all obligations of Cendant thereunder shall unconditionally
        terminate.
  A
        copy of
        the Credit Agreement Guaranty, the Interim Loan Agreement Guaranty, the Credit
        Agreement and the Interim Loan Agreement are attached hereto as
  Exhibits
        10.1, 10.2, 10.3 and 10.4
  ,
        respectively, and are incorporated by reference herein.
  Certain
        of the lenders party to the Credit Agreement Guaranty, the Interim Loan
        Agreement Guaranty, the Credit Agreement and the Interim Loan Agreement and
        their respective affiliates, have performed, and
  may
        in
        the future perform, various commercial banking, investment banking and other
        financial advisory services for Cendant, Wyndham Worldwide and their
        subsidiaries for which they have received, and will receive, customary fees
        and
        expenses.
  Amendments
        to Timeshare Conduit Facility
  On
        July
        7, 2006, our Sierra Timeshare Conduit Receivables Funding, LLC subsidiary
        amended its conduit facility pursuant to which it issued its secured Loan-Backed
        Variable Funding Notes, Series 2002-1 (the "Notes"), in an aggregate principal
        amount not to exceed $800,000,000 to, among other things, allow for the
        separation of Wyndham Worldwide from Cendant. In addition, effective as of
        the
        date of Wyndham Worldwide's separation from Cendant, the performance guarantee
        provided by Cendant with respect to the variable funding notes will be replaced
        by a performance guarantee provided by Wyndham Worldwide.
  Copies
        of
        the operative documents underlying the Notes are attached hereto as
  Exhibit
        10.5
  through
  Exhibit
        10.11
  and are
        incorporated by reference herein.
  Certain
        of the 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.
  New
        Timeshare Term Financing
  On
        July
        11, 2006, our Sierra Timeshare 2006-1 Receivables Funding, LLC subsidiary (the
        "Issuer") issued $325,000,0000 aggregate principal amount of 5.84% Vacation
        Timeshare Loan Backed Notes, Series 2006-1, Class A-1, due 2018 and $225,000,000
        aggregate principal amount of Floating Rate Vacation Timeshare Loan Backed
        Notes, Series 2006-1, Class A-2, due 2018 bearing interest at one-month LIBOR
        plus 0.15% per annum (collectively, the "Series 2006-1 Notes") under the
        Indenture and Servicing Agreement, dated as of July 11, 2006, 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 Series 2006-1 Notes are secured under the Indenture
        primarily by a pool of pledged loans, each relating to the financing of one
        or
        more timeshare properties by a consumer, and related pledged assets. In
        addition, the payment of interest on, and principal of, the Series 2006-1 Notes
        are insured by a financial guaranty insurance policy issued by MBIA Insurance
        Corporation. A copy of the Indenture is attached hereto as
  Exhibit
        10.12
  and is
        incorporated by reference herein.
  Certain
        of the initial purchasers of the 2006-1 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 Sierra
        Timeshare Conduit Receivables Funding Company, LLC subsidiary, which were
        partially or fully repaid with the proceeds from the sale of the Series 2006-1
        Notes.
  Item
                  2.03
  Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a Registrant.
  The
        information described above under "Item 1.01. Entry into a Material
        Definitive Agreement" is incorporated herein by reference.
  Item
                  8.01
  Other
                  Events.
  On
        July
        10, 2006, Cendant Corporation announced that, in connection with its previously
        announced tender offers for its outstanding 6.250% Senior Notes due 2008, 6.25%
        Senior Notes due 2010, 7.375% Senior Notes due 2013 and 7.125% Senior Notes
        due
        2015, it is extending the expiration time of the tender offers to 5:00 p.m.,
        New
        York City time, on July 27, 2006.
  A
        copy of
        the press release is attached hereto as
  Exhibit
        99.1
  and is
        incorporated by reference herein.
  Item
                  9.01
  Financial
                  Statements and Exhibits.
  (c)
  Exhibits
  10.1
  Guaranty,
                    dated as of July 7, 2006, made by Cendant Corporation in favor
                    of JPMorgan
                    Chase Bank, N.A., as Administrative Agent (in such capacity, the
                    "
  Administrative
                    Agent
  ")
                    for the banks and other financial institutions or entities (the
                    "
  Lenders
  ")
                    from time to time parties to the Credit Agreement, dated as of
                    July 7,
                    2006 among Wyndham Worldwide Corporation, the Subsidiary Borrowers
                    from
                    time to time parties to the Credit Agreement, Citicorp USA, Inc.,
                    as
                    Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                    and The
                    Royal Bank of Scotland plc, as Documentation Agents, Credit Suisse,
                    Cayman
                    Islands Branch, as Co-Documentation Agent, the Lenders and the
                    Administrative Agent.
  10.2
  Guaranty,
                    dated as of July 7, 2006, made by Cendant Corporation in favor
                    of JPMorgan
                    Chase Bank, N.A., as Administrative Agent (in such capacity, the
                    "
  Administrative
                    Agent
  ")
                    for the banks and other financial institutions or entities (the
                    "
  Lenders
  ")
                    from time to time parties to the Interim Term Loan Agreement, dated
                    as of
                    July 7, 2006 among Wyndham Worldwide Corporation, The Royal Bank
                    of
                    Scotland plc and The Bank of Nova Scotia, as Syndication Agents,
                    Bank of
                    America, N.A. and Credit Suisse, Cayman Islands Branch, as Documentation
                    Agents, the Lenders and the Administrative Agent.
  10.3
  Credit
                    Agreement, dated as of July 7, 2006, among Wyndham Worldwide
                    Corporation, as Borrower, certain financial institutions as lenders,
                    JPMorgan Chase Bank, N.A., as Administrative Agent, Citicorp USA,
                    Inc., as
                    Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                    and The
                    Royal Bank of Scotland PLC, as Documentation Agents, and Credit
                    Suisse,
                    Cayman Islands Branch, as Co-Documentation Agent (Incorporated
                    by
                    reference to Exhibit 10.31 to the Registration Statement on Form
                    10 of
                    Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                    12,
                    2006).
  10.4
  Interim
                    Term Loan Agreement, dated as of July 7, 2006, among Wyndham
                    Worldwide Corporation, as Borrower, certain financial institutions
                    as
                    lenders, JPMorgan Chase Bank, N.A., as Administrative Agent, The
                    Royal Bank of Scotland PLC and The Bank of Nova Scotia, as Syndication
                    Agents, and Bank of America, N.A., and Credit Suisse, Cayman Islands
                    Branch, as Documentation Agents (Incorporated by reference to Exhibit
                    10.32 to the Registration Statement on Form 10 of Wyndham Worldwide
                    Corporation (File No. 001- 32876) filed on July 12,
                    2006).
  10.5
  Master
                    Indenture and Servicing Agreement, dated as of August 29, 2002 and
                    Amended and Restated as of July 7, 2006, by and among Sierra
                    Timeshare Conduit Receivables Funding, LLC, as Issuer, Wyndham
                    Consumer
                    Finance, Inc., as Master Servicer, and U.S. Bank, National Association,
                    as
                    successor to Wachovia Bank, National Association, as Trustee and
                    Collateral Agent (Incorporated by reference to Exhibit 10.9 to
                    the
                    Registration Statement on Form 10 of Wyndham Worldwide Corporation
                    (File
                    No. 001- 32876) filed on July 12,
                    2006).
  10.6
  Series
                        2002-1 Supplement, dated as of August 29, 2002 and Amended and
                        Restated as of July 7, 2006, to Master Indenture and Servicing
                        Agreement, dated as of August 29, 2002, by and among Sierra Timeshare
                        Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer
                        Finance,
                        Inc., as Master Servicer, and U.S. Bank, National Association,
                        successor
                        to Wachovia Bank, National Association, as Trustee and Collateral
                        Agent
                        (Incorporated by reference to Exhibit 10.10 to the Registration
                        Statement
                        on Form 10 of Wyndham Worldwide Corporation (File No. 001-
                        32876) filed on
                        July 12, 2006).
  10.7
  Master
                        Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
                        Restated as of July 7, 2006, by and between Wyndham Consumer Finance,
                        Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator,
                        and Fairfield
                        Myrtle Beach, Inc., as Co-Originator and Kona Hawaiian Vacation
                        Ownership,
                        LLC, as an Originator, and Shawnee Development, Inc., as an
                        Originator,
                        and Sea Gardens Beach and Tennis Resort, Inc., Vacation Break
                        Resorts,
                        Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
                        Group and
                        Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm
                        Vacation
                        Group and Ocean Ranch Vacation Group, each as a VB Partnership
                        and Sierra
                        Deposit Company, LLC, as Purchaser (Incorporated by reference
                        to Exhibit
                        10.11 to the Registration Statement on Form 10 of Wyndham Worldwide
                        Corporation (File No. 001- 32876) filed on July 12,
                        2006).
  10.8
  Series
                        2002-1 Supplement, dated as of August 29, 2002 and Amended and
                        Restated as of July 7, 2006, to Master Loan Purchase Agreement,
                        dated as
                        of August 29, 2002, by and between Wyndham Consumer Finance, Inc., as
                        Seller, Fairfield Resorts, Inc., as Co-Originator, Fairfield
                        Myrtle Beach,
                        Inc., as Co-Originator, Kona Hawaiian Vacation Ownership, LLC,
                        as an
                        Originator, Shawnee Development, Inc., as an Originator, Sea
                        Gardens Beach
                        and Tennis Resort, Inc., Vacation Break Resorts, Inc., Vacation
                        Break
                        Resorts at Star Island, Inc., Palm Vacation Group and Ocean
                        Ranch Vacation
                        Group, each as a VB subsidiary, and Palm Vacation Group and
                        Ocean Ranch
                        Vacation Group, each as a VB Partnership, and Sierra Deposit
                        Company, LLC,
                        as Purchaser (Incorporated by reference to Exhibit 10.12 to
                        the
                        Registration Statement on Form 10 of Wyndham Worldwide Corporation
                        (File
                        No. 001- 32876) filed on July 12, 2006).
  10.9
  Master
                        Loan Purchase Agreement, dated as of August 29, 2002, and Amended and
                        Restated as of July 7, 2006, by and between Trendwest Resorts,
                        Inc., as
                        Seller, and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                        by
                        reference to Exhibit 10.13 to the Registration Statement on
                        Form 10 of
                        Wyndham Worldwide Corporation (File No. 001- 32876) filed on
                        July 12,
                        2006).
  10.10
  Series
                        2002-1 Supplement, dated as of August 29, 2002 and Amended as of
                        July 7, 2006 to the Master Loan Purchase Agreement dated as of
                        August 29, 2002, by and between Trendwest Resorts, Inc., as Seller,
                        and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                        by reference
                        to Exhibit 10.14 to the Registration Statement on Form 10 of
                        Wyndham
                        Worldwide Corporation (File No. 001- 32876) filed on July 12,
                        2006).
  10.11
  Master
                        Pool Purchase Agreement, dated as of August 29, 2002, Amended and
                        Restated as of July 7, 2006, by and between Sierra Deposit Company,
                        LLC, as Depositor, and Sierra Timeshare Conduit Receivables
                        Funding, LLC,
                        as Issuer (Incorporated by reference to Exhibit 10.15 to the
                        Registration
                        Statement on Form 10 of Wyndham Worldwide Corporation (File
                        No. 001-
                        32876) filed on July 12,
                        2006).
  10.12
  Indenture
                    and Servicing Agreement, dated as of July 11, 2006, by and among
                    Sierra
                    Timeshare 2006-1 Receivables Funding, LLC, as Issuer, and Wyndham
                    Consumer
                    Finance, Inc., as Servicer, and Wells Fargo Bank, National Association,
                    as
                    Trustee, and U.S. Bank National Association, as Collateral Agent
                    (Incorporated by reference to Exhibit 10.34 to the Registration
                    Statement
                    on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                    filed on
                    July 12, 2006).
  99.1
  Press
                    Release dated July 10,
                    2006.
  SIGNATURE
  Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized.
  CENDANT
                  CORPORATION
  By:
  /s/
                  Eric J. Bock
  Eric
                  J. Bock
  Executive
                  Vice President, Law
  and
                  Corporate Secretary
  Date:
        July 13, 2006
  CENDANT
        CORPORATION
  CURRENT
        REPORT ON FORM 8-K
  Report
        Dated
  July
        13, 2006 (July 7, 2006)
  EXHIBIT
        INDEX
  10.1
  Guaranty,
                  dated as of July 7, 2006, made by Cendant Corporation in favor of
                  JPMorgan
                  Chase Bank, N.A., as Administrative Agent (in such capacity, the
                  "
  Administrative
                  Agent
  ")
                  for the banks and other financial institutions or entities (the
                  "
  Lenders
  ")
                  from time to time parties to the Credit Agreement, dated as of July
                  7,
                  2006 among Wyndham Worldwide Corporation, the Subsidiary Borrowers
                  from
                  time to time parties to the Credit Agreement, Citicorp USA, Inc.,
                  as
                  Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                  and The
                  Royal Bank of Scotland plc, as Documentation Agents, Credit Suisse,
                  Cayman
                  Islands Branch, as Co-Documentation Agent, the Lenders and the
                  Administrative Agent.
  10.2
  Guaranty,
                  dated as of July 7, 2006, made by Cendant Corporation in favor of
                  JPMorgan
                  Chase Bank, N.A., as Administrative Agent (in such capacity, the
                  "
  Administrative
                  Agent
  ")
                  for the banks and other financial institutions or entities (the
                  "
  Lenders
  ")
                  from time to time parties to the Interim Term Loan Agreement, dated
                  as of
                  July 7, 2006 among Wyndham Worldwide Corporation, The Royal Bank
                  of
                  Scotland plc and The Bank of Nova Scotia, as Syndication Agents,
                  Bank of
                  America, N.A. and Credit Suisse, Cayman Islands Branch, as Documentation
                  Agents, the Lenders and the Administrative Agent.
  10.3
  Credit
                  Agreement, dated as of July 7, 2006, among Wyndham Worldwide
                  Corporation, as Borrower, certain financial institutions as lenders,
                  JPMorgan Chase Bank, N.A., as Administrative Agent, Citicorp USA,
                  Inc., as
                  Syndication Agent, Bank of America, N.A., The Bank of Nova Scotia
                  and The
                  Royal Bank of Scotland PLC, as Documentation Agents, and Credit Suisse,
                  Cayman Islands Branch, as Co-Documentation Agent (Incorporated by
                  reference to Exhibit 10.31 to the Registration Statement on Form
                  10 of
                  Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                  12,
                  2006).
  10.4
  Interim
                  Term Loan Agreement, dated as of July 7, 2006, among Wyndham
                  Worldwide Corporation, as Borrower, certain financial institutions
                  as
                  lenders, JPMorgan Chase Bank, N.A., as Administrative Agent, The
                  Royal Bank of Scotland PLC and The Bank of Nova Scotia, as Syndication
                  Agents, and Bank of America, N.A., and Credit Suisse, Cayman Islands
                  Branch, as Documentation Agents (Incorporated by reference to Exhibit
                  10.32 to the Registration Statement on Form 10 of Wyndham Worldwide
                  Corporation (File No. 001- 32876) filed on July 12,
                  2006).
  10.5
  Master
                  Indenture and Servicing Agreement, dated as of August 29, 2002 and
                  Amended and Restated as of July 7, 2006, by and among Sierra
                  Timeshare Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer
                  Finance, Inc., as Master Servicer, and U.S. Bank, National Association,
                  as
                  successor to Wachovia Bank, National Association, as Trustee and
                  Collateral Agent (Incorporated by reference to Exhibit 10.9 to the
                  Registration Statement on Form 10 of Wyndham Worldwide Corporation
                  (File
                  No. 001- 32876) filed on July 12,
                  2006).
  10.6
  Series
                  2002-1 Supplement, dated as of August 29, 2002 and Amended and
                  Restated as of July 7, 2006, to Master Indenture and Servicing
                  Agreement, dated as of August 29, 2002, by and among Sierra Timeshare
                  Conduit Receivables Funding, LLC, as Issuer, Wyndham Consumer Finance,
                  Inc., as Master Servicer, and U.S. Bank, National Association, successor
                  to Wachovia Bank, National Association, as Trustee and Collateral
                  Agent
                  (Incorporated by reference to Exhibit 10.10 to the Registration Statement
                  on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                  filed on
                  July 12, 2006).
  10.7
  Master
                    Loan Purchase Agreement, dated as of August 29, 2002 and Amended and
                    Restated as of July 7, 2006, by and between Wyndham Consumer Finance,
                    Inc., as Seller, Fairfield Resorts, Inc., as Co-Originator, and
                    Fairfield
                    Myrtle Beach, Inc., as Co-Originator and Kona Hawaiian Vacation
                    Ownership,
                    LLC, as an Originator, and Shawnee Development, Inc., as an Originator,
                    and Sea Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts,
                    Inc., Vacation Break Resorts at Star Island, Inc., Palm Vacation
                    Group and
                    Ocean Ranch Vacation Group, each as a VB Subsidiary, and Palm Vacation
                    Group and Ocean Ranch Vacation Group, each as a VB Partnership
                    and Sierra
                    Deposit Company, LLC, as Purchaser (Incorporated by reference to
                    Exhibit
                    10.11 to the Registration Statement on Form 10 of Wyndham Worldwide
                    Corporation (File No. 001- 32876) filed on July 12,
                    2006).
  10.8
  Series
                    2002-1 Supplement, dated as of August 29, 2002 and Amended and
                    Restated as of July 7, 2006, to Master Loan Purchase Agreement,
                    dated as
                    of August 29, 2002, by and between Wyndham Consumer Finance, Inc., as
                    Seller, Fairfield Resorts, Inc., as Co-Originator, Fairfield Myrtle
                    Beach,
                    Inc., as Co-Originator, Kona Hawaiian Vacation Ownership, LLC,
                    as an
                    Originator, Shawnee Development, Inc., as an Originator, Sea Gardens
                    Beach
                    and Tennis Resort, Inc., Vacation Break Resorts, Inc., Vacation
                    Break
                    Resorts at Star Island, Inc., Palm Vacation Group and Ocean Ranch
                    Vacation
                    Group, each as a VB subsidiary, and Palm Vacation Group and Ocean
                    Ranch
                    Vacation Group, each as a VB Partnership, and Sierra Deposit Company,
                    LLC,
                    as Purchaser (Incorporated by reference to Exhibit 10.12 to the
                    Registration Statement on Form 10 of Wyndham Worldwide Corporation
                    (File
                    No. 001- 32876) filed on July 12, 2006).
  10.9
  Master
                    Loan Purchase Agreement, dated as of August 29, 2002, and Amended and
                    Restated as of July 7, 2006, by and between Trendwest Resorts,
                    Inc., as
                    Seller, and Sierra Deposit Company, LLC, as Purchaser (Incorporated
                    by
                    reference to Exhibit 10.13 to the Registration Statement on Form
                    10 of
                    Wyndham Worldwide Corporation (File No. 001- 32876) filed on July
                    12,
                    2006).
  10.10
  Series
                    2002-1 Supplement, dated as of August 29, 2002 and Amended as of
                    July 7, 2006 to the Master Loan Purchase Agreement dated as of
                    August 29, 2002, by and between Trendwest Resorts, Inc., as Seller,
                    and Sierra Deposit Company, LLC, as Purchaser (Incorporated by
                    reference
                    to Exhibit 10.14 to the Registration Statement on Form 10 of Wyndham
                    Worldwide Corporation (File No. 001- 32876) filed on July 12,
                    2006).
  10.11
  Master
                    Pool Purchase Agreement, dated as of August 29, 2002, Amended and
                    Restated as of July 7, 2006, by and between Sierra Deposit Company,
                    LLC, as Depositor, and Sierra Timeshare Conduit Receivables Funding,
                    LLC,
                    as Issuer (Incorporated by reference to Exhibit 10.15 to the Registration
                    Statement on Form 10 of Wyndham Worldwide Corporation (File No.
                    001-
                    32876) filed on July 12, 2006).
  10.12
  Indenture
                    and Servicing Agreement, dated as of July 11, 2006, by and among
                    Sierra
                    Timeshare 2006-1 Receivables Funding, LLC, as Issuer, and Wyndham
                    Consumer
                    Finance, Inc., as Servicer, and Wells Fargo Bank, National Association,
                    as
                    Trustee, and U.S. Bank National Association, as Collateral Agent
                    (Incorporated by reference to Exhibit 10.34 to the Registration
                    Statement
                    on Form 10 of Wyndham Worldwide Corporation (File No. 001- 32876)
                    filed on
                    July 12, 2006).
  99.1
  Press
                    Release dated July 10, 2006.