Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...
Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...
Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...
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U.S. Equipment Loans <strong>and</strong> Leases ABS <strong>St<strong>and</strong>ard</strong> & <strong>Poor's</strong> Ratings Services 17g-7 Disclosure Report: <strong>Marriott</strong> <strong>Vacation</strong> <strong>Club</strong> <strong>Owner</strong> <strong>Trust</strong><strong>2012</strong>-1Manager to do business, (B) have a materialadverse impact on the financial condition of suchMVC Resort Association, the MVC <strong>Trust</strong> 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 <strong>Trust</strong> 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 <strong>Trust</strong> Association, asapplicable, of its obligations pursuant to <strong>and</strong> ascontemplated by the terms <strong>and</strong> provisions of therelated Declaration, (iii) there is no conditionpresently existing <strong>and</strong> 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 <strong>and</strong> adverselyaffect the present use of such MVC Resort or thefinancial condition or business operations of therelated MVC Resort Association, the MVC <strong>Trust</strong>Association 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 <strong>and</strong> holds allmaterial licenses, permits <strong>and</strong> 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 <strong>Trust</strong>-Based Timeshare Loan, theMVC Resorts have made all filings <strong>and</strong> holds allmaterial licenses, permits <strong>and</strong> 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 <strong>and</strong> 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 <strong>Trust</strong>-Based Timeshare Loan, thecapital reserves <strong>and</strong> 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 <strong>and</strong> eachCopyright © <strong>2012</strong> by <strong>St<strong>and</strong>ard</strong> & <strong>Poor's</strong> Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P’s permission.See Disclaimer on the last page. Page 13