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>-1Enforcement mechanism(s)132 Not included in the Benchmark. A “Servicer Event of Default” means theoccurrence <strong>and</strong> continuance of any of thefollowing events:Failure by the Servicer to make anyrequired payment, transfer or depositwhen due hereunder <strong>and</strong> thecontinuance of such default for a periodof three Business Days;Failure by the Servicer to provide anyrequired report within five Business Daysof when such report is required to bedelivered hereunder;Any failure by the Servicer to observe orperform in any material respect anycovenant or agreement of the Servicercontained in this Indenture <strong>and</strong> ServicingAgreement or any other TransactionDocument which failure has a materialadverse effect on the Noteholders;Any representation or warranty made bythe Servicer in this Indenture <strong>and</strong>Servicing Agreement or any otherTransaction Document shall prove to beincorrect in any material respect as ofthe time when the same shall have beenmade, <strong>and</strong> such breach is not remediedwithin 30 days (or, if the Servicer shallprovide evidence satisfactory to theIndenture <strong>Trust</strong>ee that such covenantcannot be cured in the 30 day period <strong>and</strong>that it is diligently pursuing a cure, 60days) after the earlier of (x) the Servicerfirst acquiring knowledge thereof, <strong>and</strong> (y)the Indenture <strong>Trust</strong>ee’s giving writtennotice thereof to the Servicer;The entry by a court having jurisdiction inthe premises of (A) a decree or order forrelief in respect of the Servicer in aninvoluntary case or proceeding underany applicable federal or statebankruptcy, insolvency, reorganization,or other similar law or (B) a decree ororder adjudging the Servicer a bankruptor insolvent, or approving as properlyfiled a petition seeking reorganization,arrangement, adjustment, orcomposition of or in respect of theServicer under any applicable federal orstate law, or appointing a custodian,receiver, liquidator, assignee, trustee,sequestrator, or other similar official ofthe Servicer, or of any substantial part ofits property, or ordering the winding upor liquidation of its affairs, <strong>and</strong> thecontinuance of any such decree or orderfor relief or any such other decree ororder unstayed <strong>and</strong> in effect for a periodof 60 consecutive days; orThe commencement by the Servicer of avoluntary case or proceeding under anyCopyright © <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 36