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 Trust2012-174 Not included in the Benchmark. With respect to a Trust-Based Timeshare Loan, alltimeshare fee or other estates in MVC Units held bythe MVC Trustee (i) have been properly conveyed tothe MVC Trustee, (ii) are owned by the MVCTrustee with full legal and equitable title thereto, freeand clear of all liens and (iii) have a certificate ofoccupancy75 Not included in the Benchmark. With respect to a Trust-Based Timeshare Loan,none of Marriott Ownership Resorts Inc., MVC TrustOwners Association, Inc. or, to the best of theSeller’s knowledge, First American Trust FSB is indefault under the MVC Trust Agreement or hascaused the one-to-one right to use nightrequirement ratio to fail to be maintained withrespect to the Trust Property.76 Not included in the Benchmark. If the related Domestic Obligor has a FICO score,such Domestic Obligor’s FICO score is 600 orgreater.Copyright © 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 16