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 Trust2012-1Manager to do business, (B) have a materialadverse impact on the financial condition of suchMVC Resort Association, the MVC Trust Associationor MORI Affiliated Manager, or (C) constitutegrounds for the revocation of any license, charter,permit or registration which is material to theconduct of the business of such MVC ResortAssociation, the MVC Trust Association or MORIAffiliated Manager, (ii) neither any MVC Resort northe present use thereof violates 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 suchMVC Resort or the performance by the related MVCResort Association or MVC Trust Association, asapplicable, 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, concerningany MVC 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 MVC Resort or thefinancial condition or business operations of therelated MVC Resort Association, the MVC TrustAssociation or the value of such Timeshare Loan.59 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loan,the related Resort has made all filings and holds allmaterial licenses, permits and registrations whichare required under the laws of each jurisdiction inwhich the nature of its activities make such filings,licenses, permits or registrations necessary60 Not included in the Benchmark. With respect to a Trust-Based Timeshare Loan, theMVC Resorts have made all filings and holds allmaterial licenses, permits and registrations whichare required under the laws of each jurisdiction inwhich the nature of its activities make such filings,licenses, permits or registrations necessary61 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loan,the capital reserves and maintenance fee levels ofthe Resort Association related to the related Resortare adequate in light of the operating requirementsof such Resort Association62 Not included in the Benchmark. With respect to a Trust-Based Timeshare Loan, thecapital reserves and maintenance fee levels of theMVC Resort Associations are adequate in light ofthe operating requirements thereof63 Not included in the Benchmark. Each of the assignments of Mortgage and eachCopyright © 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 13