Document:

First Supplement to Indenture and Servicing Agreement dated as of June 16, 2006

 Exhibit 10.18(a) 
 Execution Copy 
 First Supplement 
 to Indenture and Servicing Agreement 
 Supplement Dated as of June 16, 2006

 by and among 
 SIERRA
TIMESHARE 2004-1 RECEIVABLES FUNDING, LLC, 
 as Issuer, 
 WYNDHAM CONSUMER FINANCE, INC., 
 as Servicer, 
 U.S. BANK, NATIONAL ASSOCIATION, 
 as
Trustee 
 and 
 U.S. BANK,
NATIONAL ASSOCIATION, 
 as Collateral Agent 
 Amending and Supplementing 
 the 
 Indenture and Servicing Agreement 
 Dated as of May 27, 2004 

 FIRST SUPPLEMENT TO 
 INDENTURE AND SERVICING AGREEMENT 
 THIS FIRST SUPPLEMENT TO INDENTURE AND SERVICING AGREEMENT
is dated as of June 16, 2006 (this “Supplement”) and is effective as of the Effective Date as described herein and is by and among SIERRA TIMESHARE 2004-1 RECEIVABLES FUNDING, LLC (formerly known as Cendant Timeshare 2004-1
Receivables Funding, LLC), a limited liability company organized under the laws of the State of Delaware, as issuer, WYNDHAM CONSUMER FINANCE, INC. (formerly known as Cendant Timeshare Resort Group – Consumer Finance, Inc. and previously
known as Fairfield Acceptance Corporation – Nevada), a Delaware corporation, as servicer, and U.S. BANK, NATIONAL ASSOCIATION, a national banking association, successor to Wachovia Bank, National Association, as trustee and as collateral
agent. This Supplement supplements and amends the Indenture and Servicing Agreement dated as of May 27, 2004 among the same parties. 
 RECITALS 
 The Issuer, the Servicer, the Trustee and the Collateral Agent are parties to the Indenture and Servicing Agreement
dated as of May 27, 2004 (the “Agreement”) and by execution of this Supplement, each of the Issuer, the Servicer, the Trustee and the Collateral Agent hereby agree to supplement and amend and do supplement and amend such Agreement as
provided herein. 
 The Issuer, the Servicer, the Trustee and the Collateral Agent has each duly authorized the execution and delivery of
this Supplement and the performance of the Agreement as so amended and supplemented. 
 All covenants and agreements made by the Issuer
herein are for the benefit and security of the Noteholders, the Insurer and the Swap Counterparty. 
 The Issuer is entering into this
Supplement, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
 The Insurer and the Swap Counterparty have evidenced their consent to this Supplement and the amendments to the Indenture contained herein by execution of the consent forms attached to this Supplement. 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, each party agrees as follows: 

 ARTICLE I 
 EFFECTIVE DATE 
 Section 1.1 Effective Date 
 As used in this Supplement, “Effective Date” means the date on which Wyndham Worldwide and its subsidiaries cease to be
subsidiaries of Cendant. 
 This Supplement shall be effective on and after the Effective Date, and if the Effective Date does not occur,
this Supplement shall have no effect. 
 ARTICLE II 
 DEFINITIONS 
 Section 2.1 Addition of Definitions 
 Section 1.1 of the Agreement is hereby supplemented and amended by the addition of the following defined terms each to be added in the correct
alphabetical order: 
 “Additional Performance Guarantor” shall mean Wyndham Worldwide, a Delaware
corporation. 
 “Additional Performance Guaranty” shall mean the Performance Guaranty dated as of
June 16, 2006 pursuant to which the Additional Performance Guarantor guaranties the performance of FAC as Servicer under this Agreement, guaranties the Issuer’s performance of its obligations under Section 5.4 of the Agreement and
guaranties the performance of the Sellers’ obligations under the respective Master Loan Purchase Agreements. 
 “Wyndham Worldwide” shall mean Wyndham Worldwide Corporation or any successor thereof. 
 Section 2.2 Amendment
of Definitions 
 (a) The following defined terms included in Section 1.1 of the Agreement are each hereby amended and restated to
read in its entirety as follows: 
 “FAC” shall mean Wyndham Consumer Finance, Inc., 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 and a wholly-owned subsidiary of FRI. 
 “Trendwest” shall mean Trendwest Resorts, Inc., an Oregon corporation, and a wholly-owned indirect subsidiary of Wyndham
Worldwide and its successors and assigns. 
  

 2 

 (b) The first proviso contained in the definition of “Permitted Investments” included in
Section 1.1 of the Agreement is hereby amended to read in its entirety as follows: 
 “provided, however, that no
obligation of any Seller, the Depositor, the Performance Guarantor or the Additional Performance Guarantor shall constitute a Permitted Investment and” 
 Section 2.3 Other Definitional Provisions. 
 With respect to terms used in this Supplement and not
otherwise defined herein, such terms shall have the meanings ascribed to them in the Agreement. 
 ARTICLE III 
 DELIVERY OF ADDITIONAL AGREEMENTS 
 Section
3.1 Delivery of Additional Performance Guaranty. (a) The Issuer agrees that the Issuer will cause the Additional Performance Guarantor to execute the Additional Performance Guaranty and on the Effective Date will cause the Additional
Performance Guarantor to deliver the Additional Performance Guaranty to the Trustee for the benefit of the Noteholders, the Insurer and the Swap Counterparty. The Issuer and the Servicer hereby direct the Trustee to accept the Additional Performance
Guaranty and upon the occurrence of a failure of FAC, the Issuer or a Seller to perform an Obligation, as defined in the Additional Performance Guaranty, the Trustee is hereby directed to demand performance of such Obligation by the Additional
Performance Guarantor. Any funds received by the Trustee under the Additional Performance Guaranty shall, for purposes of the Agreement, be deemed to be, and shall be applied as, funds received under the Performance Guaranty. 
 (b) The parties to this Supplement and Wyndham Worldwide, by execution of the acknowledgement attached hereto, agree that the delivery of the Additional
Performance Guaranty shall not in any way affect the terms or the validity and enforceability of the First Guaranty Agreement or the Performance Guaranty or the obligations of the Performance Guarantor under such agreements; however, as provided in
the Additional Performance Guaranty, if the Servicer, the Issuer or one or more of the Sellers fails to perform any of the Obligations, as defined in the Additional Performance Guaranty, the Trustee shall first seek to enforce performance of such
Obligations against the Additional Performance Guarantor and only if the Additional Performance Guarantor fails to satisfy the performance of such Obligations will the Trustee seek satisfaction of the performance of such Obligations by making demand
on the Performance Guarantor under the First Guaranty Agreement or the Performance Guaranty, as applicable. 
 ARTICLE IV 
 AMENDMENT TO ARTICLE VI 
 Section 4.1
Amendment to Negative Covenants. Upon the occurrence of the Effective Date, subsection (f) of Section 6.2 of the Agreement shall be and hereby is amended and restated to read in its entirety as follows: 
 (f) No Change in Control. At any time fail to be (i) either a wholly owned member of the group of which Cendant is the common
parent or a wholly owned member of the group of which Wyndham Worldwide is the common parent and (ii) an entity wholly owned directly or indirectly by FAC. 
  

 3 

 ARTICLE V 
 AMENDMENT TO ARTICLE VII 
 Section 5.1 Section 7.11 Amendment. Upon the occurrence of the
Effective Date, subsection (n) of Section 7.11 shall be and hereby is amended and restated to read in its entirety as follows: 
 (n) Recordation of Collateral Assignments. The Servicer will cause the collateral Assignment of Mortgage to the Collateral Agent to be perfected as provided in the Fairfield Master Loan Purchase Agreement,
except that the Servicer shall not be required to file or cause the filing of such collateral Assignment of Mortgage to the extent the related Timeshare Property is located in the State of Florida and the Servicer shall have received an Opinion of
Counsel to the effect that no recordings or filings of the Assignment of Mortgage are necessary under the laws of the State of Florida to perfect the security interest of the Collateral Agent in the Mortgages incumbering Florida Timeshare
Properties. If the Servicer is unable to obtain the opinion described in the preceding sentence, then the Servicer will take or cause to be taken such action as is required to record the Assignment of Mortgage with respect to the Timeshare
Properties located in the State of Florida. 
 ARTICLE VI 
 SERVICER DEFAULTS 
 Section 6.1 Amendment to Servicer Default Provisions. Upon the occurrence of the
Effective Date, subsection (d) of Section 12.1 is hereby amended and restated to read in its entirety as follows: 
 (d) an Insolvency Event shall occur with respect to the Servicer, Cendant or Wyndham Worldwide; or 
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 Section 7.1
Counterparts. This Supplement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.

 Section 7.2 Third-Party Beneficiaries. Upon the occurrence of the Effective Date, this Supplement will inure to the benefit of and
be binding upon the parties hereto, the Insurer, the 

  

 4 

 
Swap Counterparty, the Noteholders and their respective successors and permitted assigns. No other person will have any right or obligation hereunder.

 Section 7.3 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
  

 5 

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Trustee and the Collateral Agent have caused this
Supplement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	 SIERRA TIMESHARE 2004-1 RECEIVABLES 
 FUNDING, LLC,
as Issuer

		
	By:	 	 /s/ Mark A. Johnson

		 	 Name: Mark A. Johnson

		 	 Title: President

	
	 WYNDHAM CONSUMER FINANCE, INC.,
as Servicer

		
	By:	 	 /s/ Mark A. Johnson

		 	 Name: Mark A. Johnson

		 	 Title: President

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

		
	 By:
	 	 /s/ Patricia O’ Neill

		 	 Name: Patricia O’ Neill

		 	 Title: Authorized Representative

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

		
	 By:
	 	 /s/ Cheryl Whitehead

		 	 Name: Cheryl Whitehead

		 	 Title: Authorized RepresentativeFirst Supplement to Indenture and Servicing Agreement dated as of June 16, 2006

 Exhibit 10.19(a) 
 Execution Copy 
 First Supplement 
 to Indenture and Servicing Agreement 
 Supplement Dated as of June 16, 2006

 by and among 
 SIERRA
TIMESHARE 2005-1 RECEIVABLES FUNDING, LLC, 
 as Issuer, 
 WYNDHAM CONSUMER FINANCE, INC., 
 as Servicer, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 and 
 U.S. BANK, NATIONAL ASSOCIATION, 
 as Collateral Agent 
 Amending and Supplementing 
 the 
 Indenture and Servicing Agreement 
 Dated as of August 11, 2005 

 FIRST SUPPLEMENT TO 
 INDENTURE AND SERVICING AGREEMENT 
 THIS FIRST SUPPLEMENT TO INDENTURE AND SERVICING AGREEMENT
is dated as of June 16, 2006 (this “Supplement”) and is effective as of the Effective Date as described herein and is by and among SIERRA TIMESHARE 2005-1 RECEIVABLES FUNDING, LLC, (formerly known as Cendant Timeshare 2005-1
Receivables Funding, LLC), a limited liability company organized under the laws of the State of Delaware, as issuer, WYNDHAM CONSUMER FINANCE, INC. (formerly known as Cendant Timeshare Resort Group – Consumer Finance, Inc. and previously
known as Fairfield Acceptance Corporation – Nevada), a Delaware corporation, as servicer, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, successor to Wachovia Bank, National Association, as collateral agent. This Supplement supplements and amends the Indenture and Servicing Agreement dated as of August 11, 2005 among the same parties. 
 RECITALS 
 The Issuer, the Servicer, the
Trustee and the Collateral Agent are parties to the Indenture and Servicing Agreement dated as of August 11, 2005 (the “Agreement”) and by execution of this Supplement, each of the Issuer, the Servicer, the Trustee and the Collateral
Agent hereby agree to supplement and amend and do supplement and amend such Agreement as provided herein. 
 The Issuer, the Servicer, the
Trustee and the Collateral Agent has each duly authorized the execution and delivery of this Supplement and the performance of the Agreement as so amended and supplemented. 
 All covenants and agreements made by the Issuer herein are for the benefit and security of the Noteholders, the Insurer and the Swap Counterparty.

 The Issuer is entering into this Supplement, and the Trustee is accepting the trusts created hereby, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged. 
 The Insurer and the Swap Counterparty have evidenced their consent to this
Supplement and the amendments to the Indenture contained herein by execution of the consent forms attached to this Supplement. 
 NOW
THEREFORE, in consideration of the mutual agreements herein contained, each party agrees as follows: 

 ARTICLE I 
 EFFECTIVE DATE 
 Section 1.1 Effective Date 
 As used in this Supplement, “Effective Date” means the date on which Wyndham Worldwide and its subsidiaries cease to be
subsidiaries of Cendant. 
 This Supplement shall be effective on and after the Effective Date, and if the Effective Date does not occur,
this Supplement shall have no effect. 
 ARTICLE II 
 DEFINITIONS 
 Section 2.1 Addition of Definitions 
 Section 1.1 of the Agreement is hereby supplemented and amended by the addition of the following defined terms each to be added in the correct
alphabetical order: 
 “Additional Performance Guarantor” shall mean Wyndham Worldwide, a Delaware
corporation. 
 “Additional Performance Guaranty” shall mean the Performance Guaranty dated as of
June 16, 2006 pursuant to which the Additional Performance Guarantor guaranties the performance of CTRG-CF as Servicer under this Agreement, guaranties the Issuer’s performance of its obligations under Section 5.4 of the Agreement and
guaranties the performance of the Sellers’ obligations under the respective Master Loan Purchase Agreements. 
 “Wyndham Worldwide” shall mean Wyndham Worldwide Corporation or any successor thereof. 
 Section 2.2 Amendment
of Definitions 
 (a) The following defined terms included in Section 1.1 of the Agreement are each hereby amended and restated to
read in its entirety as follows: 
 “CTRG-CF” shall mean Wyndham Consumer Finance, Inc., 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 and a wholly-owned subsidiary of FRI. 
  

 2 

 “Trendwest” shall mean Trendwest Resorts, Inc., an Oregon corporation,
and a wholly-owned indirect subsidiary of Wyndham Worldwide and its successors and assigns. 
 (b) The first proviso contained in the
definition of “Permitted Investments” included in Section 1.1 of the Agreement is hereby amended to read in its entirety as follows: 
 “provided, however, that no obligation of any Seller, the Depositor, the Performance Guarantor or the Additional Performance Guarantor shall constitute a Permitted Investment and” 
 Section 2.3 Other Definitional Provisions. 
 With respect to terms used in this Supplement and not otherwise defined herein, such terms shall have the meanings ascribed to them in the Agreement. 
 ARTICLE III 
 DELIVERY OF ADDITIONAL PERFORMANCE GUARANTY 
 Section 3.1 Delivery of Additional Performance Guaranty. (a) The Issuer agrees that the Issuer will cause the Additional Performance
Guarantor to execute the Additional Performance Guaranty and on the Effective Date will cause the Additional Performance Guarantor to deliver the Additional Performance Guaranty to the Trustee for the benefit of the Noteholders, the Insurer and the
Swap Counterparty. The Issuer and the Servicer hereby direct the Trustee to accept the Additional Performance Guaranty and upon the occurrence of a failure of CTRG-CF, the Issuer or a Seller to perform an Obligation, as defined in the Additional
Performance Guaranty, the Trustee is hereby directed to demand performance of such Obligation by the Additional Performance Guarantor. Any funds received by the Trustee under the Additional Performance Guaranty shall, for purposes of the Agreement,
be deemed to be, and shall be applied as, funds received under the Performance Guaranty. 
 (b) The parties to this Supplement and Wyndham
Worldwide, by execution of the acknowledgement attached hereto, agree that the delivery of the Additional Performance Guaranty shall not in any way affect the terms or the validity and enforceability of the First Guaranty Agreement or the
Performance Guaranty or the obligations of the Performance Guarantor under such agreements; however, as provided in the Additional Performance Guaranty, if the Servicer, the Issuer or one or more of the Sellers fails to perform any of the
Obligations, as defined in the Additional Performance Guaranty, the Trustee shall first seek to enforce performance of such Obligations against the Additional Performance Guarantor and only if the Additional Performance Guarantor fails to satisfy
the performance of such Obligations will the Trustee seek satisfaction of the performance of such Obligations by making demand on the Performance Guarantor under the First Guaranty Agreement or the Performance Guaranty, as applicable. 
  

 3 

 ARTICLE IV 
 AMENDMENT TO ARTICLE VI 
 Section 4.1 Amendment to Negative Covenants. Upon the occurrence of the
Effective Date, subsection (f) of Section 6.2 of the Agreement shall be and hereby is amended and restated to read in its entirety as follows: 
 (f) No Change in Control. At any time fail to be (i) either a wholly owned member of the group of which Cendant is the common parent or a wholly owned member of group of which Wyndham Worldwide is the
common parent and (ii) an entity wholly owned directly or indirectly by CTRG-CF. 
 ARTICLE V 
 AMENDMENT TO ARTICLE VII 
 Section 5.1
Section 7.11 Amendment. Upon the occurrence of the Effective Date, subsection (n) of Section 7.11 shall be and hereby is amended and restated to read in its entirety as follows: 
 (n) Recordation of Collateral Assignments. The Servicer will cause the collateral Assignment of Mortgage to the Collateral Agent to
be perfected as provided in the Fairfield Master Loan Purchase Agreement, except that the Servicer shall not be required to file or cause the filing of such collateral Assignment of Mortgage to the extent the related Timeshare Property is located in
the State of Florida and the Servicer shall have received an Opinion of Counsel to the effect that no recordings or filings of the Assignment of Mortgage are necessary under the laws of the State of Florida to perfect the security interest of the
Collateral Agent in the Mortgages incumbering Florida Timeshare Properties. If the Servicer is unable to obtain the opinion described in the preceding sentence, then the Servicer will take or cause to be taken such action as is required to record
the Assignment of Mortgage with respect to the Timeshare Properties located in the State of Florida. 
 ARTICLE VI 
 SERVICER DEFAULTS 
 Section 6.1 Amendment
to Servicer Default Provisions. Upon the occurrence of the Effective Date, subsection (d) of Section 12.1 is hereby amended and restated to read in its entirety as follows: 
 (d) an Insolvency Event shall occur with respect to the Servicer, Cendant or Wyndham Worldwide; or 
  

 4 

 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 Section 7.1 Counterparts. This Supplement may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 
 Section 7.2 Third-Party Beneficiaries. Upon the occurrence of the Effective Date, this Supplement will inure to the benefit of and be binding upon
the parties hereto, the Insurer, the Swap Counterparty, the Noteholders and their respective successors and permitted assigns. No other person will have any right or obligation hereunder. 
 Section 7.3 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any
provision hereof. 
  

 5 

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Trustee and the Collateral Agent have caused this
Supplement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	 SIERRA TIMESHARE 2005-1 RECEIVABLES 
 FUNDING, LLC,
as Issuer

		
	By:	 	 /s/ Mark A. Johnson

		 	 Name: Mark A. Johnson

		 	 Title: President

	
	 WYNDHAM CONSUMER FINANCE, INC.,
as Servicer

		
	By:	 	 /s/ Mark A. Johnson

		 	 Name: Mark A. Johnson

		 	 Title: President

	
	 WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
as Trustee

		
	By:	 	 /s/ Jennifer C. Davis

		 	 Name: Jennifer C. Davis

		 	 Title: Assistant Vice President

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

		
	By:	 	 /s/ Cheryl Whitehead

		 	 Name: Cheryl Whitehead

		 	 Title: Authorized Representative

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