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>-1138 Not included in the Benchmark. Within 30 days of its appointment as successorServicer, Wells Fargo shall deliver to the Issuer<strong>and</strong> to the Indenture <strong>Trust</strong>ee a copy of the thencurrent Credit <strong>and</strong> Collection Policy that will beused in servicing the Timeshare Loans.139 Not included in the Benchmark. The Back-Up Servicer shall, until it is appointedas successor Servicer, be entitled to the sameprotections afforded the Indenture <strong>Trust</strong>ee inSections 7.03 [(other than 7.03(f))] <strong>and</strong> 7.04hereof.The language in <strong>St<strong>and</strong>ard</strong> & Poor’s Ratings Services’ 17g-7 Benchmark reflects representations, warranties <strong>and</strong> enforcementmechanisms available to investors that commonly appear in the transaction documents for a specific type of security. In orderto make the benchmarks generic, we made the following modifications. Specific article or section numbers have beenreplaced by a number symbol (Example: ‘Section 5’ now reads as ‘Section #’). Proper nouns have been replaced with thebracketed name of the role the entity plays in the transaction (Example: ‘ABC Corp’ now reads as [Seller]). Numbers oramounts specific to a deal have been replaced with a number symbol (Example: ‘more than 30%’ now reads as ‘more than#%’). Non-numerical characteristics have been replaced by a generic description (Example: ‘financing of agricultural <strong>and</strong>construction equipment’ now reads as ‘financing of [type of] equipment’).This <strong>St<strong>and</strong>ard</strong> & <strong>Poor's</strong> Ratings Services 17g-7 Disclosure Report is not intended to be, <strong>and</strong> may not be relied upon as, legaladvice.Copyright © <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 40
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>-1DisclaimerCopyright © <strong>2012</strong> by <strong>St<strong>and</strong>ard</strong> & Poor’s Financial Services LLC. All rights reserved.No content (including ratings, credit-related analyses <strong>and</strong> data, model, software or other application or outputtherefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any formby any means, or stored in a database or retrieval system, without the prior written permission of <strong>St<strong>and</strong>ard</strong> & Poor’sFinancial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful orunauthorized purposes. 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