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This excerpt taken from the WYN 10-K filed Feb 27, 2009. Surety
Bonds
Some of the Company’s 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 Company’s
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 Company’s
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 Company’s vacation ownership units could
be negatively impacted.
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