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 Trust2012-1endorsement of the related Obligor Note constitutesa duly executed, legal, valid, binding andenforceable assignment or endorsement, as thecase may be, of such related Mortgage and relatedObligor Note, and all monies due or to become duethereunder, and all proceeds thereof.64 Not included in the Benchmark. The related Mortgage is and will be prior to any Lienon, or other interests relating to, the relatedTimeshare Property (other than the Permitted Liens)65 Not included in the Benchmark. The Timeshare Loan and the related Obligor Note (i)is not in default due to the Obligor's failure to havetimely made one or more payments owed on theObligor Note, (ii) is not guaranteed by the Seller orany Affiliate thereof, (iii) does not contain a provisionthat permits the Obligor Note to be converted into,or exchanged for, any legal or beneficial ownershipinterest in any asset, or has a provision under whichone or more payments thereunder are determined inreference or are contingent upon the value of anyasset, (iv) does not have the timing or amount ofpayments under the Obligor Note determined byreference to, or is contingent on, the timing oramount of payments made on debt issued by theSeller or any affiliate thereof, (v) is not a partialinterest in a debt instrument (such as a strippedbond or a stripped coupon) and (vi) is not traded onan established securities market.66 Not included in the Benchmark. As of the related Cut-Off Date, the relatedObligor has a Current Equity Percentage of atleast 10% of the Purchase Price for the relatedTimeshare Property securing such TimeshareLoan67 Not included in the Benchmark. With respect to a Weeks-Based Timeshare Loanrelating to the Aruba Surf Club or the Aruba OceanClub, a notice has been delivered or will bedelivered within 45 days of the Closing Date orSubstitution Date, as applicable, to the relatedObligor indicating that such Weeks-BasedTimeshare Loan has been transferred to the Issuerand the Trustee.68 Not included in the Benchmark. No broker is, or will be, entitled to any commissionor compensation in connection with the transfer ofthe Timeshare Loan69 Not included in the Benchmark. If such Timeshare Loan is an Initial Timeshare Loan,the Timeshare Loan does not, when aggregatedwith all other Initial Timeshare Loans on the ClosingDate, and if such Timeshare Loan is a QualifiedSubstitute Timeshare Loan will not, whenCopyright © 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 14