This excerpt taken from the WYN 8-K filed Jul 19, 2006.
RETAINED INTERESTS FROM SECURITIZATIONS
The retained interests from the Companys securitizations of vacation ownership contract receivables are classified as trading securities and recorded within other non-current assets on the Companys Combined Balance Sheets. Such amounts were $13 million and $40 million as of December 31, 2005 and 2004, respectively. The Company estimates fair value of retained interests based upon the present value of expected future cash flows, which is subject to the prepayment risks, expected credit losses and interest rate risks of the sold financial assets. See Note 7Vacation Ownership Contract Receivables for more information regarding these retained interests which relate to the securitization of vacation ownership contract receivables prior to September 1, 2003.