Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...

More documents

Recommendations

Info

U.S. Equipment Loans and Leases ABS Standard & Poor's Ratings Services 17g-7 Disclosure Report: Marriott Vacation Club Owner Trust2012-1security interest in, and/or the right of revocationand termination provided in the related Right-to-UseAgreement with respect to, the related Obligor Notehas been created or assigned in favor of the Issuer12 All Filings Made. As of the Closing Date, all filings(including UCC filings) necessary in any jurisdiction toprovide third parties with notice of transfer and assignmentherein contemplated, to perfect the sale of the Receivablesfrom the Seller to the Purchaser and from the Purchaser tothe Issuer and to give the Indenture Trustee a first priorityperfected security interest in the Receivables shall havebeen made.Not included in the Transaction.13 Chattel Paper. Each Receivable constitutes “chattel paper”that is in the form of either “tangible chattel paper” or“electronic chattel paper” as such term is defined in theUCC.Not included in the Transaction.14 No Default; No Repossession. Except for paymentdelinquencies that, as of the Cutoff Date, have beencontinuing for a period of not more than 29 days, no default,breach, violation, or event permitting acceleration under theterms of any Receivable shall have occurred as of theCutoff Date; no continuing condition that with notice or thelapse of time would constitute a default, breach, violation orevent permitting acceleration under the terms of anyReceivable shall have arisen; the Seller shall not havewaived any of the foregoing; and no Financed Vehicle hasbeen repossessed without reinstatement as of the CutoffDateNot included in the Transaction.15 Receivables in Force. No Receivable has been satisfied,subordinated or rescinded, nor has any Financed Vehiclebeen released from the Lien granted by the relatedReceivable in whole or in part.Not included in the Transaction.16 No Material Amendments or Modifications. No materialprovision of a Receivable has been affirmatively amended,except amendments and modifications that are contained inthe Receivables Files. No Receivable has been amended orrewritten to extend the due date for any payment date otherthan in connection with a change of the monthly due date inaccordance with the Credit and Collection Policy.Not included in the Transaction.17 No Defenses. To the Sponsor’s knowledge, no right ofrescission, setoff, counterclaim or defense has beenasserted or threatened with respect to any Receivable.Not included in the Transaction.18 One Original. there is only one original executed copy ofeach ReceivableNot included in the Transaction.19 No Payment Default. Except for payments that are notmore than 30 days Delinquent as of the Cutoff Date, noNot included in the Transaction.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 4
U.S. Equipment Loans and Leases ABS Standard & Poor's Ratings Services 17g-7 Disclosure Report: Marriott Vacation Club Owner Trust2012-1payment defaults exist.20 Maturity of Receivables. Each receivable has an originalmaturity date of not greater than # months.Not included in the Transaction.21 Scheduled Payments. Each Receivable has a firstscheduled due date not later than 30 days after the CutoffDate.Not included in the Transaction.22 Schedule of Receivables; Selection Procedures. theinformation in the Schedule of Receivables is true andcorrect in all material respects as of the Cutoff Date, and noselection procedures believed to be adverse to the Noteholders have been utilized in selecting the Receivables fromother receivables of the Sponsor that meet the criteriaspecified.Not included in the Transaction.23 Not included in the Benchmark. If the Timeshare Loan is a Mortgage Loan, theTimeshare Property constitutes a fee interest in realproperty at one of the Resorts or a real propertyinterest in the MVC Trust and the related Mortgagehas been duly filed and recorded (or is in theprocess of being recorded) with all appropriategovernmental authorities in all jurisdictions in whichsuch Mortgage is required to be filed and recordedto create a valid, binding and enforceable firstpriority perfected security interest on the relatedTimeshare Property subject only to Permitted Liens.If the Timeshare Loan is a Right-to-Use Loan, therelated Timeshare Property is a Unit at a Resort andthe related Right-to-Use Agreement grants therelated Obligor the right to use and occupy suchUnit and the related Right-to-Use Agreement hasbeen duly filed and recorded with all governmentalauthorities in all jurisdictions in which the relatedRight-to-Use Agreement is required to be filed andrecorded to enable the Seller and its assigns toenforce the revocation and termination rightsgranted in the Right-to-Use Agreement24 Not included in the Benchmark. Each of the related Mortgage, related Right-to-UseAgreement, related Obligor Note, and each otherdocument in the related Timeshare Loan File isgenuine and the legal, valid and binding obligation ofthe maker thereof, enforceable in accordance withits terms (except as such enforceability may belimited by bankruptcy, insolvency, reorganization,and other similar laws affecting the enforcement ofcreditors’ rights generally and by general principlesof equity, regardless of whether such enforceabilityshall be considered in a proceeding in equity or atlaw), and is not subject to any dispute, right ofsetoff, recoupment, counterclaim, or defense of anykind, whether arising out of transactions concerningsuch Timeshare Loan or otherwise, and no suchright has been asserted with respect theretoCopyright © 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 5
Page 1 and 2: June 28, 2012SEC Rule 17g-7SEC Rule
Page 3: U.S. Equipment Loans and Leases ABS
Page 7 and 8: U.S. Equipment Loans and Leases ABS
Page 9: U.S. Equipment Loans and Leases ABS

Marriott Vacation Club Owner Trust 2012-1 - Standard and Poor's ...

Create successful ePaper yourself

Delete template?

Save as template?