This excerpt taken from the WYN 10-Q filed Nov 10, 2008.
Securitized Conduit Facility
On November 10, 2008, the Company closed on a 364-day, $943 million, non-recourse, securitized vacation ownership bank conduit facility with a term through November 2009. This facility bears interest at variable commercial paper rates plus a spread. The $943 million facility with an advance rate for new borrowings of approximately 50% represents a decrease from the $1.2 billion capacity of the Companys prior conduit facility with an advance rate of approximately 80%. In conjunction with closing the new conduit facility, the Company drew approximately $215 million on its revolving credit facility to bring the Companys prior conduit facility in line with the lower advance rate. At the time of closing on November 10, 2008, the new $943 million bank conduit facility had available capacity of approximately $550 million. The prior conduit facility ceased operating as a revolving facility as of October 29, 2008 and will amortize in accordance with its terms, which is expected to be approximately three years.