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>-1105 Acceleration of Maturity; Rescission <strong>and</strong> Annulment: (a)If an Event of Default occurs <strong>and</strong> is continuing, theIndenture <strong>Trust</strong>ee or the Noteholders of at least amajority of the Note Balance of the Controlling Classmay declare all of the Notes to be immediately due <strong>and</strong>payable, by notice to the Issuer (<strong>and</strong> to the Indenture<strong>Trust</strong>ee if given by the Noteholders). Upon any suchdeclaration, the unpaid Note Balance of the Notes,together with accrued <strong>and</strong> unpaid interest through thedate of acceleration, will become immediately due <strong>and</strong>payable. (b) the Noteholders of at least a majority of theNote Balance of the Controlling Class, by notice to theIssuer <strong>and</strong> the Indenture <strong>Trust</strong>ee, may rescind <strong>and</strong> annula declaration of acceleration of maturity <strong>and</strong> itsconsequences before a judgment or decree for paymentof the amount due has been obtained by the Indenture<strong>Trust</strong>ee as provided in this Article # if: (i) the Issuer haspaid or deposited with the Indenture <strong>Trust</strong>ee an amountsufficient to (A) pay all payments of principal of <strong>and</strong>interest on the Notes <strong>and</strong> all other amounts that wouldthen be due under this Indenture or upon the Notes if theEvent of Default giving rise to such acceleration had notoccurred, (B) pay all amounts owed to the Indenture<strong>Trust</strong>ee under Section #, <strong>and</strong> (C) pay all otheroutst<strong>and</strong>ing fees <strong>and</strong> expenses of the Issuer, <strong>and</strong> (ii) allEvents of Default, other than the non-payment of theprincipal of the Notes that has become due solely bysuch acceleration, have been cured or waived asprovided in Section #.106 Remedies; Priorities.(a) If the Notes have been accelerated under Section #,the Indenture <strong>Trust</strong>ee may do one or more of thefollowing (subject to Section #), <strong>and</strong> will upon directionby the Noteholders of a majority of the Note Balance ofthe Controlling Class:(i) institute a Proceeding in its own name <strong>and</strong> as trusteeof an express trust for the collection of all amounts thenpayable on the Notes or under this Indenture withrespect to the Notes, enforce any judgment obtained <strong>and</strong>collect from the Issuer monies adjudged due;(ii) institute a Proceeding for the complete or partialforeclosure of this Indenture with respect to theCollateral;(iii) exercise any remedies of a secured party under theUCC <strong>and</strong> take any other action to protect <strong>and</strong> enforcethe rights <strong>and</strong> remedies of the Indenture <strong>Trust</strong>ee <strong>and</strong> theNoteholders; <strong>and</strong>(iv) sell or otherwise liquidate all or any portion of theCollateral or rights or interest in the Collateral at one ormore public or private sales called <strong>and</strong> conducted in anymanner permitted by law.(b) Notwithst<strong>and</strong>ing Section #, the Indenture <strong>Trust</strong>ee isprohibited from selling or otherwise liquidating theCollateral unless: …The Event of Default is described in Section # <strong>and</strong>:(A) the Noteholders representing 100% of theOutst<strong>and</strong>ing Amount of the Notes consent to such saleIf an Event of Default of the kind specified in Section6.01(d) or Section 6.01(e) hereof occurs, each Classof Notes shall automatically become due <strong>and</strong> payableat the sum of its then Outst<strong>and</strong>ing Note Balance <strong>and</strong>unreimbursed Note Balance Write-Down Amounts, ifany, together with all accrued <strong>and</strong> unpaid interestthereon. If an Event of Default of the kind specified inSection 6.01(a) hereof occurs (other than as a resultof an Event of Default of the type described in Section6.01(d) or (e) hereof), the Indenture <strong>Trust</strong>ee shall,upon notice from Holders (other than MORI or anAffiliate thereof) representing at least 66-2/3% of thethen Outst<strong>and</strong>ing Note Balance of the Class A Notes(plus, if the payment of interest <strong>and</strong> principal on theClass A Notes is current, the consent of holders(other than MORI or an Affiliate thereof) representingat least a majority of the then Outst<strong>and</strong>ing NoteBalance of the Class B Notes to the extent suchClass has failed to receive one or more payments ofinterest or principal), declare each Class of Notes tobe immediately due <strong>and</strong> payable at the sum of itsthen Outst<strong>and</strong>ing Note Balance <strong>and</strong> unreimbursedNote Balance Write-Down Amounts, if any, plus allaccrued <strong>and</strong> unpaid interest thereon. If an Event ofDefault of the kind other than as specified in thepreceding two sentences occurs, the Indenture<strong>Trust</strong>ee shall, upon notice from Holders (other thanMORI or an Affiliate thereof) representing at least 66-2/3% of the then Outst<strong>and</strong>ing Note Balance of eachClass of Notes, declare each Class of Notes to beimmediately due <strong>and</strong> payable at the sum of its thenOutst<strong>and</strong>ing Note Balance <strong>and</strong> unreimbursed NoteBalance Write-Down Amounts, if any, plus accrued<strong>and</strong> unpaid interest thereon.(a) If an Event of Default withrespect to the Notes occurs <strong>and</strong> is continuing ofwhich a Responsible Officer of the Indenture<strong>Trust</strong>ee has actual knowledge, the Indenture<strong>Trust</strong>ee shall immediately give notice to eachNoteholder as set forth in Section 7.02 hereof <strong>and</strong>shall solicit such Noteholders for advice. TheIndenture <strong>Trust</strong>ee shall then take such action as sodirected by the Holders representing at least 66-2/3% of the then Outst<strong>and</strong>ing Note Balance of eachClass of Notes subject to the provisions of thisIndenture <strong>and</strong> Servicing Agreement.(b) Following any acceleration ofthe Notes, the Indenture <strong>Trust</strong>ee shall have all ofthe rights, powers <strong>and</strong> remedies with respect to the<strong>Trust</strong> Estate as are available to secured partiesunder the UCC or other applicable law, subject tosubsection (d) below. Such rights, powers <strong>and</strong>remedies may be exercised by the Indenture<strong>Trust</strong>ee in its own name as trustee of an expresstrust.(c) If an Event of Defaultspecified in Section 6.01(a) hereof occurs <strong>and</strong> iscontinuing, the Indenture <strong>Trust</strong>ee is authorized torecover judgment in its own name <strong>and</strong> as trustee ofCopyright © <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 26