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 Trust2012-1developers of the related Resort including therelated Declarations and similar applicabledocuments for the related Resort.57 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loan, (i)no practice, procedure or policy employed by therelated Resort Association in the conduct of itsbusiness violates any law, regulation, judgment oragreement, including, without limitation, thoserelating to zoning, building, use and occupancy, fire,health, sanitation, air pollution, ecological,environmental and toxic wastes, applicable to suchResort Association or MORI Affiliated Managerwhich, if enforced, would reasonably be expected to(A) have a material adverse impact on such ResortAssociation or the ability of such Resort Associationor MORI Affiliated Manager to do business, (B) havea material adverse impact on the financial conditionof such Resort Association or MORI AffiliatedManager, or (C) constitute grounds for therevocation of any license, charter, permit orregistration which is material to the conduct of thebusiness of the Resort Association or MORIAffiliated Manager, (ii) the related Resort and thepresent use thereof does not violate any applicableenvironmental, zoning or building laws, ordinances,rules or regulations of any governmental authority,or any covenants or restrictions of record, so as tomaterially adversely affect the value or use of suchResort or the performance by the related ResortAssociation of its obligations pursuant to and ascontemplated by the terms and provisions of therelated Declaration, (iii) there is no conditionpresently existing and no event has occurred orfailed to occur prior to the date hereof, concerningthe related Resort relating to any hazardous or toxicmaterials or condition, asbestos or otherenvironmental or similar matters which wouldreasonably be expected to materially and adverselyaffect the present use of such Resort or the financialcondition or business operations of the relatedResort Association, or the value of such TimeshareLoan58 Not included in the Benchmark. With respect to a Trust-Based Timeshare Loan, (i)no practice, procedure or policy employed by anyMVC Resort Association or the MVC TrustAssociation in the conduct of its business violatesany law, regulation, judgment or agreement,including, without limitation, those relating to zoning,building, use and occupancy, fire, health, sanitation,air pollution, ecological, environmental and toxicwastes, applicable to such MVC Resort Association,the MVC Trust Association or MORI AffiliatedManager, which, if enforced, would reasonably beexpected to (A) have a material adverse impact onsuch Resort Association or the MVC TrustAssociation, as applicable, or the ability of suchMVC Resort Association or the MVC TrustAssociation, as applicable, or MORI AffiliatedCopyright © 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 12