This excerpt taken from the WYN 10-K filed Feb 27, 2009.
Some of the Companys vacation ownership developments are supported by surety bonds provided by affiliates of certain insurance companies in order to meet regulatory requirements of certain states. In the ordinary course of the Companys business, it has assembled commitments from thirteen surety providers in the amount of $1.5 billion, of which the Company had $759 million outstanding as of December 31, 2008. The availability, terms and conditions, and pricing of such bonding capacity is dependent on, among other things, continued financial strength and stability of the insurance company affiliates providing such bonding capacity, the general availability of such capacity and the Companys corporate credit rating. If such bonding capacity is unavailable or, alternatively, the terms and conditions and pricing of such bonding capacity may be unacceptable to the Company, the cost of development of the Companys vacation ownership units could be negatively impacted.