Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...

U.S. Equipment Loans and Leases ABS Standard & Poor's Ratings Services 17g-7 Disclosure Report: Marriott Vacation Club Owner Trust2012-1requires the related Obligor to pay all taxes,insurance premiums and maintenance costs withrespect to the related Timeshare and shall notviolate the terms and provisions of any declarationor other document recorded in the real estaterecords where the related Resort is located forpurposes of creating and governing the rights ofowners of Timeshare Properties related thereto, asmay be in effect from time to time (each, as“Declaration”) and any rules and regulationspromulgated in connection therewith. If suchTimeshare Loan is a Right-to-Use Loan, it requiresthe related Obligor to pay all maintenance costs withrespect to the related Timeshare Property. Thereare no delinquent taxes, ground rents, watercharges, sewer rents, assessments outstanding withrespect to the related Timeshare Property, and thereare no other material outstanding Liens affecting therelated Timeshare Property, other than PermittedLiens52 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loan,the related Timeshare Property and related Resortare free of material damage and waste and there isno proceeding pending or, to the best knowledge ofthe Seller, threatened for the total or partialcondemnation or taking of such Timeshare Propertyor Resort by eminent domain.53 Not included in the Benchmark. The MVC Resorts are, in the aggregate, free ofmaterial damage and waste and there is noproceeding pending or, to the best knowledge of theSeller, threatened for the total or partialcondemnation or taking of any MVC Resort byeminent domain.54 Not included in the Benchmark. No consent, approval, order or authorization of, andno filing with or notice to, any court or GovernmentalAuthority in respect of the related Obligor is requiredwhich has not been obtained in connection with thetransfer of such Timeshare Loan to the Issuer55 Not included in the Benchmark. The Timeshare Loan was not selected usingselection procedures reasonably believed by theSeller to be adverse to the Issuer56 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loan, (i)the Unit related to the Timeshare Loan has beencompleted in all material respects as required byapplicable federal, state and local laws, free of alldefects that could give rise to any claimsthereunder; (ii) to the extent required by applicablelaw, valid certificates of occupancy for such Unit hasbeen issued and are currently outstanding; and (iii)the Seller and its commonly controlled Affiliateshave complied in all material respects with allobligations and duties incumbent upon theCopyright © 2012 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P’s permission.See Disclaimer on the last page. Page 11