Document:

Performance Guaranty dated as of June 16, 2006

 Exhibit 10.27 
 Execution Copy 
 PERFORMANCE GUARANTY 
 PERFORMANCE GUARANTY (this “Guaranty”) dated as of June 16, 2006 and effective as of the Effective Date as described herein, is
made by Wyndham Worldwide Corporation, a Delaware corporation (the “Performance Guarantor”), in favor of Sierra 2003-1 Receivables Funding Company, LLC, a Delaware limited liability company (the “Issuer”), Sierra
Deposit Company, LLC, a Delaware limited liability company (the “Depositor”), and U.S. Bank, National Association successor to Wachovia Bank, National Association, as trustee and as collateral agent (the “Trustee”
and the “Collateral Agent,” respectively) under the Indenture and Servicing Agreement referenced below for the benefit of holders of Notes issued pursuant to such Indenture and Servicing Agreement. 
 PRELIMINARY STATEMENTS 
 WHEREAS, the
Issuer, Wyndham Consumer Finance, Inc. (“Wyndham”) formerly known as Cendant Timeshare Resort Group - Consumer Finance, Inc., a Delaware corporation and previously known as Fairfield Acceptance Corporation – Nevada, a Delaware
corporation domiciled in Nevada, as servicer (in such capacity, the “Servicer”), the Trustee and the Collateral Agent have entered into that certain Indenture and Servicing Agreement dated as of March 31, 2003 (as amended and
supplemented by that First Supplement to Indenture and Servicing Agreement dated as of June 16, 2006 and as further amended and supplemented or otherwise modified from time to time, the “Indenture”); 
 WHEREAS, the Issuer has, under the terms of the Indenture, issued $302,600,000 of its Loan-Backed Notes, Series 2003-1 (the “Notes”);

 WHEREAS, the Notes are secured by and payable from a portfolio of Pledged Loans and related Pledged Assets described in the Indenture and
each of the Pledged Loans is a loan sold by either Wyndham or Trendwest Resorts, Inc. (“Trendwest”) to the Depositor and sold by the Depositor to the Issuer; 
 WHEREAS, Wyndham has sold Pledged Loans and related Pledged Assets to the Depositor under the terms of the Wyndham Purchase Agreement; 
 WHEREAS, Trendwest has sold Pledged Loans and related Pledged Assets to the Depositor under the terms of the Trendwest Purchase Agreement; 
 WHEREAS, Cendant Corporation, a Delaware corporation, has provided to the Depositor, a Performance Guaranty dated as of August 29, 2002 relating to
the obligations of Wyndham under the Wyndham Purchase Agreement and relating to the obligations of Trendwest under the Trendwest Purchase Agreement; 
  

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 WHEREAS, at the time of issuance of the Notes, Cendant provided to the Issuer, the Trustee and the
Collateral Agent a Performance Guaranty dated as of March 31, 2003 relating to the obligations of the Servicer under the Indenture and to certain obligations of the Issuer under the Indenture; 
 WHEREAS, prior to the Effective Date each of Wyndham, Trendwest, the Issuer and the Depositor is an indirect wholly-owned subsidiary of Cendant;

 WHEREAS, as of the Effective Date each of Wyndham, Trendwest, the Issuer and the Depositor will become an indirect wholly-owned subsidiary
of the Performance Guarantor and the Performance Guarantor is expected to receive substantial direct and indirect benefits from the transactions contemplated in the Indenture; and 
 WHEREAS, as an inducement for Cendant to transfer ownership of Wyndham, Trendwest, the Issuer and the Depositor to the Performance Guarantor, the
Performance Guarantor has agreed to enter into this Guaranty and undertake the obligations of the Performance Guarantor hereunder. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 
 NOW,
THEREFORE, the Performance Guarantor hereby agrees with the Issuer, the Depositor, the Trustee and the Collateral Agent, as follows: 
 EFFECTIVE DATE: As used in this Guaranty, “Effective Date” means the date on which Wyndham Worldwide and its subsidiaries cease to be subsidiaries of Cendant. 
 This Guaranty shall be effective on and after the Effective Date, and if the Effective Date does not occur, this Guaranty shall have no effect.

 SECTION 1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Indenture
as in effect on the Effective Date. As used herein, the following terms shall have the following meanings: 
 “Cendant”
means the Delaware corporation known on the date of this Guaranty as Cendant Corporation. 
 “Defective Loan Obligations”
means the obligation of the Issuer set forth in Section 5.4 of the Indenture to deposit the Release Price for any Pledged Loan that (a) is a Defective Loan under the terms of the Indenture, but (b) is not a Defective Loan under the
terms of the Wyndham Purchase Agreement or the Trendwest Purchase Agreement and required to be repurchased by Wyndham or Trendwest under the Wyndham Purchase Agreement or the Trendwest Purchase Agreement. 
 “First Guaranty” means the Performance Guaranty dated as of August 29, 2002 relating to the obligations of Wyndham under the
Wyndham Purchase Agreement and relating to the obligations of Trendwest under the Trendwest Purchase Agreement. 
  

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 “Guaranteed Party” means each of the Depositor, the Issuer, the Trustee and the
Collateral Agent on behalf of all holders of Notes. 
 “Obligations” means the Seller Obligations, the Servicer Obligations
and the Defective Loan Obligations. 
 “Purchase Agreements” mean, collectively, the Trendwest Purchase Agreement and the
Wyndham Purchase Agreement. 
 “Seller Obligations” means, collectively all covenants, agreements, terms, conditions and
other obligations to be performed and observed by each Seller under the applicable Purchase Agreement, and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by such Seller under the
applicable Purchase Agreement, whether in respect of fees, expenses (including counsel fees), indemnified amounts or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any
Insolvency Proceeding with respect to such Seller (in each case whether or not allowed as a claim in such Insolvency Proceeding). 
 “Series Guaranty” means the Performance Guaranty dated as of March 31, 2003 relating to the obligations of the Servicer under the Indenture and to certain obligations of the Issuer under the Indenture. 
 “Servicer Obligations” means, collectively, all covenants, agreements, terms, conditions and other obligations to be performed and
observed by Wyndham in its capacity as the Servicer under the Indenture, and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by the Servicer under the Indenture, whether in respect of
fees, expenses (including counsel fees), indemnified amounts or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any Insolvency Proceeding with respect to Wyndham (in each case
whether or not allowed as a claim in such Insolvency Proceeding). 
 “Trendwest Purchase Agreement” means the Master Loan
Purchase Agreement dated as of August 29, 2002, as amended and restated as of November 14, 2005 by and between Trendwest, as seller and the Depositor, as purchaser. 
 “Wyndham Purchase Agreement” means the Master Loan Purchase Agreement dated as of August 29, 2002, as amended and restated as of
November 14, 2005, by and between Wyndham, as seller, Fairfield Resorts, Inc., Fairfield Myrtle Beach, Inc., Kona Hawaiian Vacation Ownership, LLC, Shawnee Development, Inc., Sea Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts at
Star Island, Inc. Palm Vacation Group, Ocean Ranch Vacation Group and the Depositor, as purchaser. 
 SECTION 2. Guaranty of Sellers’
Obligations. The Performance Guarantor on and after the Effective Date hereby guarantees to the Depositor, the Issuer, the Trustee and the 

  

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Collateral Agent on behalf of all holders of Notes the full and punctual payment and performance of all of Wyndham’s Seller Obligations under the
Wyndham Purchase Agreement and all of Trendwest’s Seller Obligations under the Trendwest Purchase Agreement. 
 SECTION 3. Guaranty
of Servicer’s Obligations. The Performance Guarantor on and after the Effective Date hereby guarantees to the Issuer, the Trustee and the Collateral Agent on behalf of all holders of Notes the full and punctual payment and performance of
all of Wyndham’s Servicer Obligations. 
 SECTION 4. Guaranty of Issuer’s Obligations. The Performance Guarantor on and
after the Effective Date hereby guarantees to the Trustee and the Collateral Agent for the benefit of the holders of the Notes the full and punctual payment and performance of the Issuer’s Defective Loan Obligations. 
 SECTION 5. Order of Demands. The Performance Guarantor agrees and hereby instructs the Trustee and the Collateral Agent that upon: 
 (a) a failure of Wyndham to perform any of Wyndham’s Seller Obligations under the terms of the Wyndham Purchase Agreement; 
 (b) a failure of Trendwest to perform any of Trendwest’s Seller Obligations under the terms of the Trendwest Purchase Agreement; 
 (c) a failure of the Servicer to perform any of the Servicer Obligations under the Indenture; or 
 (d) a failure of the Issuer to perform the Defective Loan Obligations under the Indenture; 
 then, the Trustee shall first make demand upon the Performance Guarantor under the terms of this Guaranty to satisfy such Obligation and, only if the Performance Guarantor fails to satisfy the Obligations, will the
Trustee seek satisfaction of the Obligations by making demand on Cendant under the First Guaranty or under the Series Guaranty, as applicable. 
 SECTION 6. Performance Guarantor’s Further Agreements to Pay. The Performance Guarantor further agrees, as the principal obligor and not as a guarantor only, that on and after the Effective Date it will pay to each Guaranteed
Party, forthwith upon demand in funds immediately available to such Guaranteed Party, all reasonable costs and expenses (including court costs and reasonable legal expenses) incurred or expended by such Guaranteed Party in connection with the
enforcement of the Obligations and this Guaranty, together with interest on amounts recoverable under this Guaranty from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed based
on a 360 day year) equal to the rate of interest most recently published in The Wall Street Journal as the “Prime Rate” plus 2%. Changes in the rate payable hereunder shall be effective on each date on which a change in the
“Prime Rate” is published. 
  

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 SECTION 7. Guaranty Absolute. The Performance Guarantor, on and after the Effective Date
guarantees that the Obligations will be performed strictly in accordance with the terms of the Wyndham Purchase Agreement, the Trendwest Purchase Agreement and the Indenture regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms, provided, however, nothing herein shall be construed to require the Performance Guarantor to act in violation of any law, regulation or order. The obligations of the Performance Guarantor
under this Guaranty are independent of the Obligations, and a separate action or actions may be brought and prosecuted against the Performance Guarantor to enforce this Guaranty, irrespective of whether any action is brought against Wyndham,
Trendwest, the Servicer or the Issuer, or whether Wyndham, Trendwest, the Servicer or the Issuer is joined in any such action or actions. This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and
performance of all of the Obligations. The Performance Guarantor agrees that the validity and enforceability of this Guaranty shall not be impaired or affected by any of the following: 
 (i) any lack of validity or enforceability of any of the Transaction Documents; 
 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Obligations, or any other
amendment or waiver of or any consent to departure from any of the Transaction Documents; 
 (iii) any taking, exchange,
release or non-perfection of any collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Obligations; 
 (iv) any manner of application of collateral or proceeds thereof to all or any of the Obligations, or any manner of sale or other
disposition of any collateral for all or any of the Obligations or any other assets of Wyndham, Trendwest, the Servicer or the Issuer, as the case may be; 
 (v) any change, restructuring or termination of the corporate or other structure or existence of Wyndham, Trendwest, the Servicer or the Issuer; or 
 (vi) any other circumstance that might otherwise constitute a defense (other than payment and performance) available to, or a discharge of
Wyndham, Trendwest, the Servicer or the Issuer or its affiliates or a guarantor. 
 This Guaranty shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by the Trustee upon the insolvency, bankruptcy or reorganization of Wyndham, Trendwest, the Servicer or the Issuer or
otherwise, all as though such payment had not been made. 
 SECTION 8. Waiver by Performance Guarantor. The Performance Guarantor
waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations and this Guaranty and any requirement that the Trustee protect, secure, perfect or 

  

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insure any security interest or lien or any property subject thereto or exhaust any right or take any action against or any other person or entity or any
collateral. 
 SECTION 9. Indemnification for Failure to File Assignments. Under the terms of the Wyndham Purchase Agreement and the
Indenture, Wyndham as a Seller of Loans is not required to record collateral Assignments of Mortgages in the state of Florida so long as certain conditions set forth in the Indenture are satisfied. The Performance Guarantor on and after the
Effective Date hereby agrees to indemnify, defend and hold harmless the Noteholders and the Issuer against any and all costs, expenses, losses, damages, claims and liabilities which a Noteholder or the Issuer may incur as a result of the fact that
collateral Assignments of Mortgages are not filed or recorded in Florida. 
 SECTION 10. Subrogation. The Performance Guarantor will
not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all the Obligations and all other amounts payable under this Guaranty shall have been paid in full. If any
amount shall be paid to the Performance Guarantor on account of such subrogation rights at any time prior to the payment in full of the Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit
of the Guaranteed Parties and shall forthwith be paid to the Guaranteed Parties to be credited and applied upon the Guaranteed Parties Obligations, in accordance with the terms of the Transaction Documents. If (i) the Performance Guarantor
shall make payment to the Guaranteed Parties of all or any part of the Obligations and, (ii) all Obligations and all other amounts payable under this Guaranty shall be paid in full, the Guaranteed Parties will, at the Performance
Guarantor’s request, execute and deliver to the Performance Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Performance Guarantor of an interest
in the Obligations resulting from any such payment made by the Performance Guarantor hereunder. Notwithstanding the foregoing or any other provision of this agreement, Wyndham, Trendwest, the Issuer or the Servicer may enter into a reimbursement
agreement with the Guarantor under which the Wyndham, Trendwest, the Issuer or the Servicer agrees to reimburse the Guarantor for amounts the Guarantor may be obligated to pay under this agreement, as long as any such reimbursement shall be paid
only from amounts that are not subject to the Lien of the Indenture. 
 SECTION 11. Representations and Warranties. The Performance
Guarantor represents and warrants on the date hereof and on the Effective Date that: 
 (a) Organization and Good Standing. The
Performance Guarantor is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. 
 (b) No Conflict or Violation. The execution, delivery and performance by the Performance Guarantor of this Guaranty and the transactions contemplated hereby are within the Performance Guarantor’s corporate powers, have been duly
authorized by all requisite corporate action and do not contravene (i) any of the terms and provisions of the certificate of incorporation or by-laws of the Performance Guarantor, (ii) any law, rule or regulation applicable to the
Performance Guarantor the violation of which would have a material adverse 

  

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effect on the Performance Guarantor’s performance hereunder, (iii) any contractual restriction binding on or affecting the Performance Guarantor or
the Performance Guarantor’s properties the violation of which would have a material adverse effect on the Performance Guarantor’s performance hereunder or (iv) any order, writ, judgment, award, injunction or decree binding on or
affecting the Performance Guarantor or the Performance Guarantor’s properties the violation of which would have a material adverse effect on the Performance Guarantor’s performance hereunder. This Guaranty has been duly executed and
delivered by the Performance Guarantor. 
 (c) Power and Authority; Due Authorization. No authorization, approval or other action by,
and no notice to or filing with, any governmental authority or regulatory body or other person is required for the due execution, delivery and performance by the Performance Guarantor of this Guaranty. 
 (d) Binding Obligation. This Guaranty is the legal, valid and binding obligation of the Performance Guarantor, enforceable against the Performance
Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization and similar laws of general applicability relating to or affecting creditors’ rights generally
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e)
No Litigation. There is no action, suit or proceeding pending, or to the Performance Guarantor’s knowledge threatened, affecting the Performance Guarantor or its property before any court, governmental agency or arbitrator that
materially adversely affects the ability of the Performance Guarantor to perform its obligations under this Guaranty, or that purports to affect the legality, validity or enforceability of this Guaranty. 
 (f) Rank of Obligations. The Obligations of the Performance Guarantor under this Guaranty do rank and will rank at least pari passu in
priority of payment and in all other respects with all unsecured indebtedness of the Performance Guarantor. 
 SECTION 12. Payment Free
and Clear of Taxes, Etc. (a) Any and all payments made by the Performance Guarantor hereunder shall be made free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges or withholdings, and
all liabilities with respect thereto, excluding, in the case of the Trustee and the Collateral Agent (each an “Indemnified Party”), taxes imposed on its income and franchise taxes imposed on it by the jurisdiction under the laws of
which the Indemnified Party is organized (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities imposed on payments made by the Performance Guarantor hereunder being hereinafter referred to as
“Taxes”). If the Performance Guarantor shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Indemnified Party, (i) the sum payable shall be increased as may be necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 12) such Indemnified Party receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Performance Guarantor shall make such deductions, and (iii) the Performance Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
  

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 (b) In addition, the Performance Guarantor agrees to pay any present or future stamp or documentary taxes
or other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Guaranty (hereinafter referred to as “Other
Taxes”). 
 (c) The Performance Guarantor shall indemnify each Indemnified Party for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 12) paid by such Indemnified Party and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days from the date such Indemnified Party makes written demand therefor.

 (d) Within thirty (30) days after the date of any payment of Taxes, the Performance Guarantor shall furnish each Indemnified Party,
at its address referred to in Section 16, the original or a certified copy of a receipt evidencing payment thereof. 
 (e)
Without prejudice to the survival of any other agreement of the Performance Guarantor hereunder, the agreements and obligations of the Performance Guarantor contained in this Section 12 shall survive any termination of the Transaction
Documents. 
 SECTION 13. The Depositor’s Assignment. The Depositor by execution of this Guaranty hereby acknowledges, states and
agrees that at the time of issuance of the Notes, the Depositor sold and assigned to the Issuer all of the Depositor’s right, title and interest in the First Guaranty as it related to or relates to the Pledged Loans, Pledged Assets and other
Collateral and with respect to the Collateral under the Indenture, the Depositor has no remaining interest under the First Guaranty and the Depositor enters into this Guaranty for the purpose of selling and assigning to the Issuer and the Depositor
does hereby sell and assign to the Issuer without recourse any right, title or interest which the Depositor may have or acquire under this Guaranty. 
 SECTION 14. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE. THIS GUARANTY IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE PERFORMANCE GUARANTOR, THE DEPOSITOR, THE ISSUER, THE TRUSTEE AND THE COLLATERAL AGENT EACH HEREBY AGREES TO THE JURISDICTION OF ANY FEDERAL
COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
  

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 SECTION 15. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN
CONNECTION WITH THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 SECTION 16. Amendments, Etc. No amendment or waiver of any provision of this Guaranty or consent to any departure by the Performance Guarantor therefrom shall be effective unless the same shall be in writing
and signed by the Issuer, the Trustee and the Collateral Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 17. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including telex communication and communication by facsimile copy) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or at such other address as shall be
designated by such party in a written notice to the other parties hereto and notices to Standard & Poor’s Ratings Services shall be given at the address set forth below. All such notices and communications shall be effective, upon
receipt, or in the case of (a) notice by mail, five days after being deposited in the United States mail, first class postage prepaid, (b) notice by telex, when telexed against receipt of answerback, or (c) notice by facsimile copy,
when verbal communication of receipt is obtained. Notices sent to Standard & Poor’s Ratings Services shall be sent to: 
 Standard & Poor’s Ratings Services 
 55 Water Street 
 New York, New York 10041 
 Fax number:
212-438-2655 
 (or to such other address as may be furnished in writing to the Performance Guarantor, the Issuer and the Trustee).

 SECTION 18. No Waiver; Remedies. No failure on the part of any Guaranteed Party to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 19. Termination of Guaranty. The Performance Guarantor’s obligations
hereunder shall continue in full force and effect until the date that is one year and one day after the Termination Date, provided that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time
payment or other satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned in connection with any 

  

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Insolvency Proceeding with respect to Wyndham, Trendwest, the Servicer or the Issuer or any other Person or otherwise, as though such payment had not been
made or other satisfaction occurred, whether or not any Guaranteed Party is in possession of this Guaranty. To the extent permitted by law, no invalidity, irregularity or unenforceability by reason of the Bankruptcy Code or any insolvency or other
similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations shall impair, affect, be a defense to or claim against the obligations of the Performance Guarantor under this
Guaranty. 
 SECTION 20. Successors and Assigns. This Guaranty shall be binding upon the Performance Guarantor and its successors and
permitted assigns, and the Performance Guarantor shall not assign any of its rights or obligations hereunder without the prior written consent of the Guaranteed Parties. The benefits of this Guaranty shall inure to the benefit of, and be enforceable
by, the Guaranteed Parties, their respective successors, transferees and assigns and each holder of a Note issued under the Indenture. 
 SECTION 21. Effect of Bankruptcy. To the extent permitted by law, this Guaranty shall survive the occurrence of any Insolvency Proceeding with respect to the Servicer, the Issuer or any other Person. To the extent permitted by law,
no automatic stay under the Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which Wyndham, Trendwest, the Servicer or the Issuer is subject shall postpone the obligations of the
Performance Guarantor under this Guaranty. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 
  

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 IN WITNESS WHEREOF, the Performance Guarantor has caused this Guaranty to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 
  

			
	 WYNDHAM WORLDWIDE CORPORATION, as Performance Guarantor

		
	By:	 	 /s/ Virginia M. Wilson

		 	 Name: Virginia M. Wilson

		 	 Title: Executive Vice President and Chief      Financial Officer

					
			
		 	 Address:
	 	 1 Campus Drive

		 		 	 Parsippany, NJ 07054

			
		
		 	 Telephone: 973-496-2455
 Telecopier:
973-496-2456

 Acknowledged and accepted as of 
 this 16th day of June, 2006: 
  

			
	 SIERRA 2003-1 RECEIVABLES FUNDING COMPANY, LLC, 
 as Issuer

		
	By:	 	 /s/ Mark A. Johnson

		 	Name: Mark A. Johnson
		 	Title: President

  

			
		
	Address:	 	 10750 West Charleston Blvd.
 Suite 130, Mailstop 2045
 Las Vegas, Nevada 89135

 Telephone: 
 Telecopier: 702-304-4211 
 [Signature page to 2003-1 Wyndham Worldwide Guaranty] 

			
	 SIERRA DEPOSIT COMPANY, LLC,
as Depositor

		
	By:	 	 /s/ Mark A. Johnson

	 Name:
	 	 Mark A. Johnson

	 Title:
	 	 President

 Address: 10750 West Charleston Blvd. 
 Suite 130, Mailstop 2067 
 Las Vegas, Nevada 89135 
 Telephone: (702) 304-4216 
 Telecopier: (702) 304-4211 
  

			
	 U.S. BANK, NATIONAL ASSOCIATION, as successor to Wachovia Bank, National
Association,
     as Trustee and as Collateral Agent

		
	By:	 	 /s/ Patricia O’Neill

		 	 Name: Patricia O’Neill

		 	 Title: Authorized Representative

  

			
	 Address:
	 	 401 South Tryon Street
 NC-1179
 12th Floor
 Charlotte, NC 28288-1179
 Attention: Structured Finance Trust Services

 Telephone: (704) 383-9568 
 Telecopier: (704) 383-6039 
 [Second Signature page to 2003-1 Wyndham Worldwide Guaranty]Performance Guaranty dated as of June 16, 2006

 Exhibit 10.28 
 Execution Copy 
 PERFORMANCE GUARANTY 
 PERFORMANCE GUARANTY (this “Guaranty”) dated as of June 16, 2006 and effective as of the Effective Date as described herein, is
made by Wyndham Worldwide Corporation, a Delaware corporation (the “Performance Guarantor”), in favor of Sierra 2003-2 Receivables Funding Company, LLC, a Delaware limited liability company (the “Issuer”), Sierra
Deposit Company, LLC, a Delaware limited liability company (the “Depositor”), and U.S. Bank, National Association, successor to Wachovia Bank, National Association, as trustee and as collateral agent (the “Trustee”
and the “Collateral Agent,” respectively) under the Indenture and Servicing Agreement referenced below for the benefit of holders of Notes issued pursuant to such Indenture and Servicing Agreement. 
 PRELIMINARY STATEMENTS 
 WHEREAS, the
Issuer, Wyndham Consumer Finance, Inc. (“Wyndham”) formerly known as Cendant Timeshare Resort Group - Consumer Finance, Inc., a Delaware corporation and previously known as Fairfield Acceptance Corporation – Nevada, a Delaware
corporation domiciled in Nevada, as servicer (in such capacity, the “Servicer”), the Trustee and the Collateral Agent have entered into that certain Indenture and Servicing Agreement dated as of December 5, 2003 (as amended and
supplemented by that First Supplement to Indenture and Servicing Agreement dated as of June 16, 2006 and as further amended and supplemented or otherwise modified from time to time, the “Indenture”); 
 WHEREAS, the Issuer has, under the terms of the Indenture, issued $375,000,000 of its Loan-Backed Notes, Series 2003-2 (the “Notes”);

 WHEREAS, the Notes are secured by and payable from a portfolio of Pledged Loans and related Pledged Assets described in the Indenture and
each of the Pledged Loans is a loan sold by either Wyndham or Trendwest Resorts, Inc. (“Trendwest”) to the Depositor and sold by the Depositor to the Issuer; 
 WHEREAS, Wyndham has sold Pledged Loans and related Pledged Assets to the Depositor under the terms of the Wyndham Purchase Agreement; 
 WHEREAS, Trendwest has sold Pledged Loans and related Pledged Assets to the Depositor under the terms of the Trendwest Purchase Agreement; 
 WHEREAS, Cendant Corporation, a Delaware corporation, has provided to the Depositor, a Performance Guaranty dated as of August 29, 2002 relating to
the obligations of Wyndham under the Wyndham Purchase Agreement and relating to the obligations of Trendwest under the Trendwest Purchase Agreement; 
  

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 WHEREAS, at the time of issuance of the Notes, Cendant provided to the Issuer, the Trustee and the
Collateral Agent a Performance Guaranty dated as of December 5, 2003 relating to the obligations of the Servicer under the Indenture and to certain obligations of the Issuer under the Indenture; 
 WHEREAS, prior to the Effective Date each of Wyndham, Trendwest, the Issuer and the Depositor is an indirect wholly-owned subsidiary of Cendant;

 WHEREAS, as of the Effective Date each of Wyndham, Trendwest, the Issuer and the Depositor will become an indirect wholly-owned subsidiary
of the Performance Guarantor and the Performance Guarantor is expected to receive substantial direct and indirect benefits from the transactions contemplated in the Indenture; and 
 WHEREAS, as an inducement for Cendant to transfer ownership of Wyndham, Trendwest, the Issuer and the Depositor to the Performance Guarantor, the
Performance Guarantor has agreed to enter into this Guaranty and undertake the obligations of the Performance Guarantor hereunder. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 
 NOW,
THEREFORE, the Performance Guarantor hereby agrees with the Issuer, the Depositor, the Trustee and the Collateral Agent, as follows: 
 EFFECTIVE DATE: As used in this Guaranty, “Effective Date” means the date on which Wyndham Worldwide and its subsidiaries cease to be subsidiaries of Cendant. 
 This Guaranty shall be effective on and after the Effective Date, and if the Effective Date does not occur, this Guaranty shall have no effect.

 SECTION 1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Indenture
as in effect on the Effective Date. As used herein, the following terms shall have the following meanings: 
 “Cendant”
means the Delaware corporation known on the date of this Guaranty as Cendant Corporation. 
 “Defective Loan Obligations”
means the obligation of the Issuer set forth in Section 5.4 of the Indenture to deposit the Release Price for any Pledged Loan that (a) is a Defective Loan under the terms of the Indenture, but (b) is not a Defective Loan under the
terms of the Wyndham Purchase Agreement or the Trendwest Purchase Agreement and required to be repurchased by Wyndham or Trendwest under the Wyndham Purchase Agreement or the Trendwest Purchase Agreement. 
 “First Guaranty” means the Performance Guaranty dated as of August 29, 2002 relating to the obligations of Wyndham under the
Wyndham Purchase Agreement and relating to the obligations of Trendwest under the Trendwest Purchase Agreement. 
  

 2 

 “Guaranteed Party” means each of the Depositor, the Issuer, the Trustee and the
Collateral Agent on behalf of all holders of Notes. 
 “Obligations” means the Seller Obligations, the Servicer Obligations
and the Defective Loan Obligations. 
 “Purchase Agreements” mean, collectively, the Trendwest Purchase Agreement and the
Wyndham Purchase Agreement. 
 “Seller Obligations” means, collectively all covenants, agreements, terms, conditions and
other obligations to be performed and observed by each Seller under the applicable Purchase Agreement, and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by such Seller under the
applicable Purchase Agreement, whether in respect of fees, expenses (including counsel fees), indemnified amounts or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any
Insolvency Proceeding with respect to such Seller (in each case whether or not allowed as a claim in such Insolvency Proceeding). 
 “Series Guaranty” means the Performance Guaranty dated as of December 5, 2003 relating to the obligations of the Servicer under the Indenture and to certain obligations of the Issuer under the Indenture. 
 “Servicer Obligations” means, collectively, all covenants, agreements, terms, conditions and other obligations to be performed and
observed by Wyndham in its capacity as the Servicer under the Indenture, and shall include without limitation the due and punctual payment when due of all sums that are or may become owing by the Servicer under the Indenture, whether in respect of
fees, expenses (including counsel fees), indemnified amounts or otherwise, including without limitation any such fees, expenses and other amounts that accrue after the commencement of any Insolvency Proceeding with respect to Wyndham (in each case
whether or not allowed as a claim in such Insolvency Proceeding). 
 “Trendwest Purchase Agreement” means the Master Loan
Purchase Agreement dated as of August 29, 2002, as amended and restated as of November 14, 2005 by and between Trendwest, as seller and the Depositor, as purchaser. 
 “Wyndham Purchase Agreement” means the Master Loan Purchase Agreement dated as of August 29, 2002, as amended and restated as of
November 14, 2005, by and between Wyndham, as seller, Fairfield Resorts, Inc., Fairfield Myrtle Beach, Inc., Kona Hawaiian Vacation Ownership, LLC, Shawnee Development, Inc., Sea Gardens Beach and Tennis Resort, Inc., Vacation Break Resorts at
Star Island, Inc. Palm Vacation Group, Ocean Ranch Vacation Group and the Depositor, as purchaser. 
 SECTION 2. Guaranty of Sellers’
Obligations. The Performance Guarantor on and after the Effective Date hereby guarantees to the Depositor, the Issuer, the Trustee and the 

  

 3 

 
Collateral Agent on behalf of all holders of Notes the full and punctual payment and performance of all of Wyndham’s Seller Obligations under the
Wyndham Purchase Agreement and all of Trendwest’s Seller Obligations under the Trendwest Purchase Agreement. 
 SECTION 3. Guaranty
of Servicer’s Obligations. The Performance Guarantor on and after the Effective Date hereby guarantees to the Issuer, the Trustee and the Collateral Agent on behalf of all holders of Notes the full and punctual payment and performance of
all of Wyndham’s Servicer Obligations. 
 SECTION 4. Guaranty of Issuer’s Obligations. The Performance Guarantor on and
after the Effective Date hereby guarantees to the Trustee and the Collateral Agent for the benefit of the holders of the Notes the full and punctual payment and performance of the Issuer’s Defective Loan Obligations. 
 SECTION 5. Order of Demands. The Performance Guarantor agrees and hereby instructs the Trustee and the Collateral Agent that upon: 
 (a) a failure of Wyndham to perform any of Wyndham’s Seller Obligations under the terms of the Wyndham Purchase Agreement; 
 (b) a failure of Trendwest to perform any of Trendwest’s Seller Obligations under the terms of the Trendwest Purchase Agreement; 
 (c) a failure of the Servicer to perform any of the Servicer Obligations under the Indenture; or 
 (d) a failure of the Issuer to perform the Defective Loan Obligations under the Indenture; 
 then, the Trustee shall first make demand upon the Performance Guarantor under the terms of this Guaranty to satisfy such Obligation and, only if the Performance Guarantor fails to satisfy the Obligations, will the
Trustee seek satisfaction of the Obligations by making demand on Cendant under the First Guaranty or under the Series Guaranty, as applicable. 
 SECTION 6. Performance Guarantor’s Further Agreements to Pay. The Performance Guarantor further agrees, as the principal obligor and not as a guarantor only, that on and after the Effective Date it will pay to each Guaranteed
Party, forthwith upon demand in funds immediately available to such Guaranteed Party, all reasonable costs and expenses (including court costs and reasonable legal expenses) incurred or expended by such Guaranteed Party in connection with the
enforcement of the Obligations and this Guaranty, together with interest on amounts recoverable under this Guaranty from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed based
on a 360 day year) equal to the rate of interest most recently published in The Wall Street Journal as the “Prime Rate” plus 2%. Changes in the rate payable hereunder shall be effective on each date on which a change in the
“Prime Rate” is published. 
  

 4 

 SECTION 7. Guaranty Absolute. The Performance Guarantor, on and after the Effective Date
guarantees that the Obligations will be performed strictly in accordance with the terms of the Wyndham Purchase Agreement, the Trendwest Purchase Agreement and the Indenture regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms, provided, however, nothing herein shall be construed to require the Performance Guarantor to act in violation of any law, regulation or order. The obligations of the Performance Guarantor
under this Guaranty are independent of the Obligations, and a separate action or actions may be brought and prosecuted against the Performance Guarantor to enforce this Guaranty, irrespective of whether any action is brought against Wyndham,
Trendwest, the Servicer or the Issuer, or whether Wyndham, Trendwest, the Servicer or the Issuer is joined in any such action or actions. This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and
performance of all of the Obligations. The Performance Guarantor agrees that the validity and enforceability of this Guaranty shall not be impaired or affected by any of the following: 
 (i) any lack of validity or enforceability of any of the Transaction Documents; 
 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Obligations, or any other
amendment or waiver of or any consent to departure from any of the Transaction Documents; 
 (iii) any taking, exchange,
release or non-perfection of any collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Obligations; 
 (iv) any manner of application of collateral or proceeds thereof to all or any of the Obligations, or any manner of sale or other
disposition of any collateral for all or any of the Obligations or any other assets of Wyndham, Trendwest, the Servicer or the Issuer, as the case may be; 
 (v) any change, restructuring or termination of the corporate or other structure or existence of Wyndham, Trendwest, the Servicer or the Issuer; or 
 (vi) any other circumstance that might otherwise constitute a defense (other than payment and performance) available to, or a discharge of
Wyndham, Trendwest, the Servicer or the Issuer or its affiliates or a guarantor. 
 This Guaranty shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by the Trustee upon the insolvency, bankruptcy or reorganization of Wyndham, Trendwest, the Servicer or the Issuer or
otherwise, all as though such payment had not been made. 
 SECTION 8. Waiver by Performance Guarantor. The Performance Guarantor
waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations and this Guaranty and any requirement that the Trustee protect, secure, perfect or 

  

 5 

 
insure any security interest or lien or any property subject thereto or exhaust any right or take any action against or any other person or entity or any
collateral. 
 SECTION 9. Indemnification for Failure to File Assignments. Under the terms of the Wyndham Purchase Agreement and the
Indenture, Wyndham as a Seller of Loans is not required to record collateral Assignments of Mortgages in the state of Florida so long as certain conditions set forth in the Indenture are satisfied. The Performance Guarantor on and after the
Effective Date hereby agrees to indemnify, defend and hold harmless the Noteholders and the Issuer against any and all costs, expenses, losses, damages, claims and liabilities which a Noteholder or the Issuer may incur as a result of the fact that
collateral Assignments of Mortgages are not filed or recorded in Florida. 
 SECTION 10. Subrogation. The Performance Guarantor will
not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all the Obligations and all other amounts payable under this Guaranty shall have been paid in full. If any
amount shall be paid to the Performance Guarantor on account of such subrogation rights at any time prior to the payment in full of the Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit
of the Guaranteed Parties and shall forthwith be paid to the Guaranteed Parties to be credited and applied upon the Guaranteed Parties Obligations, in accordance with the terms of the Transaction Documents. If (i) the Performance Guarantor
shall make payment to the Guaranteed Parties of all or any part of the Obligations and, (ii) all Obligations and all other amounts payable under this Guaranty shall be paid in full, the Guaranteed Parties will, at the Performance
Guarantor’s request, execute and deliver to the Performance Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Performance Guarantor of an interest
in the Obligations resulting from any such payment made by the Performance Guarantor hereunder. Notwithstanding the foregoing or any other provision of this agreement, Wyndham, Trendwest, the Issuer or the Servicer may enter into a reimbursement
agreement with the Guarantor under which the Wyndham, Trendwest, the Issuer or the Servicer agrees to reimburse the Guarantor for amounts the Guarantor may be obligated to pay under this agreement, as long as any such reimbursement shall be paid
only from amounts that are not subject to the Lien of the Indenture. 
 SECTION 11. Representations and Warranties. The Performance
Guarantor represents and warrants on the date hereof and on the Effective Date that: 
 (a) Organization and Good Standing. The
Performance Guarantor is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. 
 (b) No Conflict or Violation. The execution, delivery and performance by the Performance Guarantor of this Guaranty and the transactions contemplated hereby are within the Performance Guarantor’s corporate powers, have been duly
authorized by all requisite corporate action and do not contravene (i) any of the terms and provisions of the certificate of incorporation or by-laws of the Performance Guarantor, (ii) any law, rule or regulation applicable to the
Performance Guarantor the violation of which would have a material adverse 

  

 6 

 
effect on the Performance Guarantor’s performance hereunder, (iii) any contractual restriction binding on or affecting the Performance Guarantor or
the Performance Guarantor’s properties the violation of which would have a material adverse effect on the Performance Guarantor’s performance hereunder or (iv) any order, writ, judgment, award, injunction or decree binding on or
affecting the Performance Guarantor or the Performance Guarantor’s properties the violation of which would have a material adverse effect on the Performance Guarantor’s performance hereunder. This Guaranty has been duly executed and
delivered by the Performance Guarantor. 
 (c) Power and Authority; Due Authorization. No authorization, approval or other action by,
and no notice to or filing with, any governmental authority or regulatory body or other person is required for the due execution, delivery and performance by the Performance Guarantor of this Guaranty. 
 (d) Binding Obligation. This Guaranty is the legal, valid and binding obligation of the Performance Guarantor, enforceable against the Performance
Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization and similar laws of general applicability relating to or affecting creditors’ rights generally
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e)
No Litigation. There is no action, suit or proceeding pending, or to the Performance Guarantor’s knowledge threatened, affecting the Performance Guarantor or its property before any court, governmental agency or arbitrator that
materially adversely affects the ability of the Performance Guarantor to perform its obligations under this Guaranty, or that purports to affect the legality, validity or enforceability of this Guaranty. 
 (f) Rank of Obligations. The Obligations of the Performance Guarantor under this Guaranty do rank and will rank at least pari passu in
priority of payment and in all other respects with all unsecured indebtedness of the Performance Guarantor. 
 SECTION 12. Payment Free
and Clear of Taxes, Etc. (a) Any and all payments made by the Performance Guarantor hereunder shall be made free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges or withholdings, and
all liabilities with respect thereto, excluding, in the case of the Trustee and the Collateral Agent (each an “Indemnified Party”), taxes imposed on its income and franchise taxes imposed on it by the jurisdiction under the laws of
which the Indemnified Party is organized (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities imposed on payments made by the Performance Guarantor hereunder being hereinafter referred to as
“Taxes”). If the Performance Guarantor shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Indemnified Party, (i) the sum payable shall be increased as may be necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 12) such Indemnified Party receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Performance Guarantor shall make such deductions, and (iii) the Performance Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
  

 7 

 (b) In addition, the Performance Guarantor agrees to pay any present or future stamp or documentary taxes
or other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Guaranty (hereinafter referred to as “Other
Taxes”). 
 (c) The Performance Guarantor shall indemnify each Indemnified Party for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 12) paid by such Indemnified Party and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days from the date such Indemnified Party makes written demand therefor.

 (d) Within thirty (30) days after the date of any payment of Taxes, the Performance Guarantor shall furnish each Indemnified Party,
at its address referred to in Section 16, the original or a certified copy of a receipt evidencing payment thereof. 
 (e)
Without prejudice to the survival of any other agreement of the Performance Guarantor hereunder, the agreements and obligations of the Performance Guarantor contained in this Section 12 shall survive any termination of the Transaction
Documents. 
 SECTION 13. The Depositor’s Assignment. The Depositor by execution of this Guaranty hereby acknowledges, states and
agrees that at the time of issuance of the Notes, the Depositor sold and assigned to the Issuer all of the Depositor’s right, title and interest in the First Guaranty as it related to or relates to the Pledged Loans, Pledged Assets and other
Collateral and with respect to the Collateral under the Indenture, the Depositor has no remaining interest under the First Guaranty and the Depositor enters into this Guaranty for the purpose of selling and assigning to the Issuer and the Depositor
does hereby sell and assign to the Issuer without recourse any right, title or interest which the Depositor may have or acquire under this Guaranty. 
 SECTION 14. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE. THIS GUARANTY IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE PERFORMANCE GUARANTOR, THE DEPOSITOR, THE ISSUER, THE TRUSTEE AND THE COLLATERAL AGENT EACH HEREBY AGREES TO THE JURISDICTION OF ANY FEDERAL
COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
  

 8 

 SECTION 15. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN
CONNECTION WITH THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 SECTION 16. Amendments, Etc. No amendment or waiver of any provision of this Guaranty or consent to any departure by the Performance Guarantor therefrom shall be effective unless the same shall be in writing
and signed by the Issuer, the Trustee and the Collateral Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 17. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including telex communication and communication by facsimile copy) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or at such other address as shall be
designated by such party in a written notice to the other parties hereto and notices to Standard & Poor’s Ratings Services shall be given at the address set forth below. All such notices and communications shall be effective, upon
receipt, or in the case of (a) notice by mail, five days after being deposited in the United States mail, first class postage prepaid, (b) notice by telex, when telexed against receipt of answerback, or (c) notice by facsimile copy,
when verbal communication of receipt is obtained. Notices sent to Standard & Poor’s Ratings Services shall be sent to: 
 Standard & Poor’s Ratings Services 
 55 Water Street 
 New York, New York 10041 
 Fax number:
212-438-2655 
 (or to such other address as may be furnished in writing to the Performance Guarantor, the Issuer and the Trustee).

 SECTION 18. No Waiver; Remedies. No failure on the part of any Guaranteed Party to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 19. Termination of Guaranty. The Performance Guarantor’s obligations
hereunder shall continue in full force and effect until the date that is one year and one day after the Termination Date, provided that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time
payment or other satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned in connection with any 

  

 9 

 
Insolvency Proceeding with respect to Wyndham, Trendwest, the Servicer or the Issuer or any other Person or otherwise, as though such payment had not been
made or other satisfaction occurred, whether or not any Guaranteed Party is in possession of this Guaranty. To the extent permitted by law, no invalidity, irregularity or unenforceability by reason of the Bankruptcy Code or any insolvency or other
similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations shall impair, affect, be a defense to or claim against the obligations of the Performance Guarantor under this
Guaranty. 
 SECTION 20. Successors and Assigns. This Guaranty shall be binding upon the Performance Guarantor and its successors and
permitted assigns, and the Performance Guarantor shall not assign any of its rights or obligations hereunder without the prior written consent of the Guaranteed Parties. The benefits of this Guaranty shall inure to the benefit of, and be enforceable
by, the Guaranteed Parties, their respective successors, transferees and assigns and each holder of a Note issued under the Indenture. 
 SECTION 21. Effect of Bankruptcy. To the extent permitted by law, this Guaranty shall survive the occurrence of any Insolvency Proceeding with respect to the Servicer, the Issuer or any other Person. To the extent permitted by law,
no automatic stay under the Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which Wyndham, Trendwest, the Servicer or the Issuer is subject shall postpone the obligations of the
Performance Guarantor under this Guaranty. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 
  

 10 

 IN WITNESS WHEREOF, the Performance Guarantor has caused this Guaranty to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written. 
  

							
	 WYNDHAM WORLDWIDE CORPORATION,
   as Performance Guarantor

		
	 By:
	 	 /s/ Virginia M. Wilson

		 	 Name:
	 	 Virginia M. Wilson

		 	 Title:
	 	Executive Vice President and Chief Financial Officer
			
		 	 Address:
	 	 1 Campus Drive
 Parsippany, NJ 07054

			
		 	 Telephone:
	 	 973-496-2455

		 	 Telecopier:
	 	 973-496-2456

  
 Acknowledged and accepted as of

 this 16th day of June,
2006: 
  

							
	 SIERRA 2003-2 RECEIVABLES FUNDING 
 COMPANY, LLC,
 as Issuer

		
	 By:
	 	 /s/ Mark A. Johnson

		 	 Name:
	 	 Mark A. Johnson

		 	 Title:
	 	 President

			
		 	 Address:
	 	 10750 West Charleston Blvd.
 Suite 130, Mailstop 2045
 Las Vegas, Nevada 89135

			
		 	 Telephone:
	 	 702-227-3194

		 	 Telecopier:
	 	 702-304-4211

  

 [Signature page to 2003-2 Wyndham Worldwide Guaranty] 

			
	 SIERRA DEPOSIT COMPANY, LLC,
 as Depositor

		
	 By:
	 	 /s/ Mark A. Johnson

	 Name:
	 	 Mark A. Johnson

	 Title:
	 	 President

 Address: 10750 West Charleston Blvd. 
 Suite 130, Mailstop 2067 
 Las Vegas, Nevada 89135 
 Telephone: (702) 304-4216 
 Telecopier: (702) 304-4211 
  

							
	 U.S. BANK, NATIONAL ASSOCIATION, as
 successor to Wachovia Bank, National Association,
 as Trustee and as Collateral Agent

		
	 By:
	 	 /s/ Patricia O’Neill

		 	 Name:
	 	 Patricia O’Neill

		 	 Title:
	 	 Authorized Representative

			
		 	 Address:
	 	 401 South Tryon Street
 NC-1179
 12th Floor
 Charlotte, NC 28288-1179
 Attention: Structured Finance Trust Services

			
		 	 Telephone:
	 	 (704) 383-9568

		 	 Telecopier:
	 	 (704) 383-6039

  

 [Signature page to 2003-2 Wyndham Worldwide Guaranty]

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