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 Trust2012-1(i) to file and prove a claimfor the whole amount of principal andinterest owing and unpaid in respect of theNotes and to file such other papers ordocuments as may be necessary oradvisable in order to have the claims of theIndenture Trustee and any predecessorIndenture Trustee (including any claim forthe reasonable compensation, expenses,disbursements and advances of theIndenture Trustee and any predecessorIndenture Trustee, their agents and counsel)and of the Noteholders allowed in suchjudicial proceeding;(ii) to collect and receive anymoneys or other property payable ordeliverable on any such claims and todistribute the same; and(iii) to participate as amember, voting or otherwise, of any officialcommittee of creditors appointed in suchmatter;and any custodian, receiver, liquidator, assignee,trustee, sequestrator or other similar official in anysuch judicial proceeding is hereby authorized by eachNoteholder to make such payments to the IndentureTrustee and to pay to the Indenture Trustee anyamount due it for the reasonable compensation,expenses, disbursements and advances of theIndenture Trustee and any predecessor IndentureTrustee, their agents and counsel, and any otheramounts due the Indenture Trustee and anypredecessor Indenture Trustee under Section 7.06108 Not included in the Benchmark. Indenture Trustee May Enforce Claims WithoutPossession of Notes.All rights of action and claims under this Indentureand Servicing Agreement, the Notes, the TimeshareLoans or the other assets constituting the TrustEstate may be prosecuted and enforced by theIndenture Trustee without the possession of any ofthe Notes or the production thereof in any proceedingrelating thereto, and any such proceeding institutedby the Indenture Trustee shall be brought in its ownname as trustee of an express trust, and any recoveryof judgment shall, after provisions for the payment ofreasonable compensation, expenses, disbursementsand advances of the Indenture Trustee and anypredecessor Indenture Trustee, their agents andcounsel, be for the benefit of the Noteholders inrespect of which such judgment has been recovered,and distributed pursuant to the priorities contemplatedby Section 3.04 hereof and Section 6.06 hereofCopyright © 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 28