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>-125 Not included in the Benchmark. All parties to the related Mortgage or the relatedRight-to-Use Agreement <strong>and</strong> the related ObligorNote had legal capacity to enter into such Mortgageor Right-to-Use Agreement <strong>and</strong> Obligor Note <strong>and</strong> toexecute <strong>and</strong> deliver such related Mortgage or therelated Right-to-Use Agreement <strong>and</strong> related ObligorNote, <strong>and</strong> such related Mortgage, related Right-to-Use Agreement <strong>and</strong> related Obligor Note have beenduly <strong>and</strong> 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 NoObligor Note has been satisfied, canceled,rescinded or subordinated, in whole or in part, <strong>and</strong>no 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 <strong>and</strong> marketable fee simple title to theTimeshare Property or Right-to-Use Agreementsecuring such Obligor Note, free <strong>and</strong> 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 <strong>and</strong> marketable fee simple title to theTimeshare Property or Right-to-Use Agreementsecuring such Obligor Note, free <strong>and</strong> 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 <strong>and</strong>enforceable provisions so as to render the rights<strong>and</strong> 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 <strong>and</strong> 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 © <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 6