Note 10. Securitized Vacation Ownership Debt

As discussed in Note 6, our VIEs associated with the securitization of our VOI notes receivable are consolidated in our financial statements. Long-term and short-term securitized vacation ownership debt consisted of the following (in millions):


	September 30, 2013			December 31, 2012
2005 securitization, terminated 2013	$	—		$	22
2006 securitization, interest rates ranging from 5.28% to 5.85%, maturing 2018		13			18
2009 securitization, interest rate at 5.81%, maturing 2015		42			63
2010 securitization, interest rates ranging from 3.65% to 4.75%, maturing 2021		109			138
2011 securitization, interest rates ranging from 3.67% to 4.82%, maturing 2025		112			137
2012 securitization, interest rates ranging from 2.00% to 2.76%, maturing 2023		121			155

		397			533
Less current maturities		(106	)		(150	)

Long-term securitized debt	$	291		$	383

During the nine months ended September 30, 2013, we terminated a securitization we completed in 2005 (the “2005 Securitization”), including pay-down of all outstanding principal and interest due. The termination required a cash settlement of $21 million, $18 million of which was received and designated as pre-funding from the proceeds of a securitization we completed in 2012 (the “2012 Securitization”). Upon termination, $19 million of receivables previously related to the 2005 Securitization were transferred to the 2012 Securitization. In connection with this transaction, we wrote-off certain deferred financing costs associated with the 2005 Securitization to interest expense, the impact of which was de minimis.