Wyndham Worldwide Corporation (NYSE:WYN) Files An 8-K Entry into a Material Definitive AgreementItem 2.03. Entry into a Material Definitive Agreement.
On October5, 2017, Sierra Timeshare Conduit Receivables Funding III, LLC (the “Issuer”), an indirect, wholly-owned subsidiary of Wyndham Worldwide Corporation, entered into a timeshare loan-backed variable funding note purchase facility, Series2017-A (the “Facility”). The terms of the Facility are governed by an Indenture and Servicing Agreement, dated as of October5, 2017, 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”).
Under the Indenture, the Issuer can issue, from time to time, timeshare loan-backed variable funding notes in a maximum principal amount of $750million. The facility bears interest based on variable commercial paper rates plus a spread or the LIBOR rate plus a spread. The Facility provides for a 15 month commitment period followed by a 12 month amortization period.
Certain of the participants in the Facility, 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.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 2.03 is incorporated herein by reference.