DBRS Confirms Liquidity Agreement Supporting Transaction MARLF within Mountcliff Funding LLC

DBRS, Inc. (DBRS) has confirmed the rating of AA (sf) on the following liquidity instrument, pursuant to the Liquidity Agreement supporting the MARLF transaction within Mountcliff Funding LLC. This confirmation is pursuant to the Omnibus Amendment No. 3 executed as of November 23, 2015, which extends the credit facility by 14 months. The liquidity instrument was also extended to match the credit facility.

The rating assumes that the Liquidity Agreement has been invoked and, as such, the liquidity institution is the investor of the notes. The rating addresses the timely distribution of scheduled monthly interest payments and the ultimate distribution of principal in accordance with the transaction documents.

Notes:
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are Asset-Backed Commercial Paper Criteria Report: U.S. ABCP Conduits and Rating U.S. Timeshare Loan Securitizations, which can be found on our website under Methodologies.