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>-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 <strong>and</strong>correct in all material respects as of the Cutoff Date, <strong>and</strong> 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 <strong>Trust</strong> <strong>and</strong> the related Mortgagehas been duly filed <strong>and</strong> recorded (or is in theprocess of being recorded) with all appropriategovernmental authorities in all jurisdictions in whichsuch Mortgage is required to be filed <strong>and</strong> recordedto create a valid, binding <strong>and</strong> 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 <strong>and</strong>the related Right-to-Use Agreement grants therelated Obligor the right to use <strong>and</strong> occupy suchUnit <strong>and</strong> the related Right-to-Use Agreement hasbeen duly filed <strong>and</strong> recorded with all governmentalauthorities in all jurisdictions in which the relatedRight-to-Use Agreement is required to be filed <strong>and</strong>recorded to enable the Seller <strong>and</strong> its assigns toenforce the revocation <strong>and</strong> 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, <strong>and</strong> each otherdocument in the related Timeshare Loan File isgenuine <strong>and</strong> the legal, valid <strong>and</strong> binding obligation ofthe maker thereof, enforceable in accordance withits terms (except as such enforceability may belimited by bankruptcy, insolvency, reorganization,<strong>and</strong> other similar laws affecting the enforcement ofcreditors’ rights generally <strong>and</strong> by general principlesof equity, regardless of whether such enforceabilityshall be considered in a proceeding in equity or atlaw), <strong>and</strong> is not subject to any dispute, right ofsetoff, recoupment, counterclaim, or defense of anykind, whether arising out of transactions concerningsuch Timeshare Loan or otherwise, <strong>and</strong> no suchright has been asserted with respect theretoCopyright © <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 5