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 Trust2012-125 Not included in the Benchmark. All parties to the related Mortgage or the relatedRight-to-Use Agreement and the related ObligorNote had legal capacity to enter into such Mortgageor Right-to-Use Agreement and Obligor Note and toexecute and deliver such related Mortgage or therelated Right-to-Use Agreement and related ObligorNote, and such related Mortgage, related Right-to-Use Agreement and related Obligor Note have beenduly and properly executed by such parties. Noamendments to such related Mortgage or therelated Right-to-Use Agreement, related ObligorNote or any other document in the relatedTimeshare Loan File were required as a result ofany mergers involving the Seller or its predecessorsto maintain the rights of the Seller or itspredecessors thereunder as a mortgagee or party toa Right-to-Use Agreement. The related Obligor hasnot been released, in whole or in part, from any of itsobligations in respect of the Timeshare Loan. NoObligor Note has been satisfied, canceled,rescinded or subordinated, in whole or in part, andno instrument has been executed that would effectany such satisfaction, release, cancellation,subordination or rescission.26 Not included in the Benchmark. At the time the originator made the related ObligorNote secured by a Mortgage or a Right-to-UseAgreement to the related Obligor, such Obligor hadgood and marketable fee simple title to theTimeshare Property or Right-to-Use Agreementsecuring such Obligor Note, free and clear of allLiens, except for Permitted Liens.27 Not included in the Benchmark. At the time the originator made the related ObligorNote secured by a Mortgage or a Right-to-UseAgreement to the related Obligor, such Obligor hadgood and marketable fee simple title to theTimeshare Property or Right-to-Use Agreementsecuring such Obligor Note, free and clear of allLiens, except for Permitted Liens.28 Not included in the Benchmark. The related Mortgage or Right-to-Use Agreement,as the case may be, contains customary andenforceable provisions so as to render the rightsand remedies of the holder thereof adequate for thepractical realization against the related TimeshareProperty of the benefits of the security interests orother remedies intended to be provided thereby,including by judicial foreclosure or other applicableremedies. There is no exemption available to therelated Obligor which would interfere with themortgagee’s right to foreclose such relatedMortgage, if applicable, or the Issuer’s or Servicer’sright to enforce the revocation and termination rightsin the related Right-to-Use Agreement, other thanthat which may be available under applicablebankruptcy, debt relief, homestead statutes or theServicemembers Civil Relief Act of 2003, or asimilar, applicable law of the country in which theCopyright © 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 6