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 Trust2012-1final payment thereon), and is payable in UnitedStates dollars36 Not included in the Benchmark. The related Obligor Note has an original term tostated maturity of twenty years or less37 Not included in the Benchmark. A minimum of one payment due under theTimeshare Loan has been made on the relatedObligor Note prior to the related Cut-Off Date38 Not included in the Benchmark. Such Timeshare Loan is not more than 30 daysdelinquent on any payment of principal or interest asof the Initial Cut-Off Date. If such Timeshare Loanis a Qualified Substitute Timeshare Loan, it is notmore than 30 days delinquent on any payment ofprincipal or interest as of the related SubstitutionDate39 Not included in the Benchmark. All applicable intangible taxes, documentary stamptaxes and state and local taxes were paid in respectof such Timeshare Loan40 Not included in the Benchmark. The proceeds of the Timeshare Loan has been fullydisbursed and no additional performance by theSeller is required41 Not included in the Benchmark. The terms of the related Mortgage, Right-to-UseAgreement, if applicable, and Obligor Note have notbeen modified in any material respect (unless by awriting contained in the related Timeshare LoanFiles or as required by the Servicemembers’ CivilRelief Act) and in no event to avoid delinquency ordefault42 Not included in the Benchmark. The related Obligor Note, if secured by a Mortgage,is principally and directly secured by an interest inreal property43 Not included in the Benchmark. The related Obligor Note was originated by MORI orone of its subsidiaries or Affiliates in the ordinarycourse of its, its subsidiary’s or its Affiliate’sbusiness in connection with the initial sale or resaleof a timeshare estate or the right to use and occupya Timeshare Property, all in accordance with theCredit and Collection Policy in effect at such time oforigination44 Not included in the Benchmark. The related Timeshare Property, or the right to useand occupy the related Timeshare Property, or theshares of a Resort Association or the MVC TrustAssociation, as applicable, granting the right to useand occupy the related Timeshare Property, areassignable upon liquidation of the Obligor Note towhich it relates without the consent of the relatedResort Association or the MVC Trust Association, asapplicable, or any other Person and there are noother restrictions on resale thereof, except that as toa Resort Association that is a cooperativeassociation, such right of assignment may beexercisable by the Seller or any Affiliate of the Selleras agent of the Resort AssociationCopyright © 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 8