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

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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 NoObligor Note has been satisfied, canceled,rescinded or subordinated, in whole or in part, andno instrument has been executed that would effectany such satisfaction, release, cancellation,subordination or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
U.S. Equipment Loans and Leases ABS Standard & Poor's Ratings Services 17g-7 Disclosure Report: Marriott Vacation Club Owner Trust2012-1Obligor is located, if other than the United States29 Not included in the Benchmark. The related Obligor Note is not and has not beensecured by any collateral except the Lien of therelated Mortgage or rights and remedies in therelated Right-to-Use Agreement, as the case maybe.30 Not included in the Benchmark. The related Mortgage or Right-to-Use Agreement,as applicable, for (A) each jurisdiction in which aResort is located, and (B) the jurisdiction underwhich the Beneficial Interests are issued and therelated Obligor Note for (A) each jurisdiction inwhich a Resort is located and (B) each jurisdiction inwhich Beneficial Interests are sold, are substantiallyin the respective forms set forth as Exhibit B hereto31 Not included in the Benchmark. All entries with respect to such Timeshare Loan(including if it is a Qualified Substitute TimeshareLoan) as set forth on the related Schedule ofTimeshare Loans are true and correct32 Not included in the Benchmark. All of the related Timeshare Loan Servicing Files forsuch Timeshare Loan have been, on or prior to theClosing Date (or the related Substitution Date)obtained by the Servicer and all the relatedTimeshare Loan Files are complete (as required inthe definition of “Timeshare Loan Files”) in allmaterial respects and are in the possession of theCustodian33 Not included in the Benchmark. The Mortgage, if any, is covered by a form oflender’s title insurance policy issued by a title insurerqualified to do business in the jurisdiction where therelated Timeshare Property or, with respect to aBeneficial Interest, the MVC Trust, is located,insuring the Seller and its successors and assigns,as to the first priority perfected Lien of the Mortgage,subject only to Permitted Liens, in an amount equalto or greater than the Loan Balance of such ObligorNote on the Closing Date or Substitution Date, asthe case may be. Such lender’s title insurancepolicy is in full force and effect. No claims havebeen made under such lender’s title insurancepolicy, and no prior holder of such Mortgage,including the Seller, has done or omitted to doanything which would impair the coverage of suchlender’s title insurance policy34 Not included in the Benchmark. The Seller has not taken (or omitted to take), andhas no notice that the related Obligor has taken (oromitted to take), any action that would impair orinvalidate the coverage provided by any hazard, titleor other insurance policy, if any, relating to suchObligor Note or the related Timeshare Property35 Not included in the Benchmark. The related Obligor Note evidences a fullyamortizing debt obligation which bears a fixed rateof interest, provides for substantially level monthlypayments of principal and interest (other than 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 7
Page 1 and 2: June 28, 2012SEC Rule 17g-7SEC Rule
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