Common use of Insurance and Condemnation Clause in Contracts

Insurance and Condemnation. (A) The Seller shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort, in each case (1) to maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction and (2) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (B) The Seller shall remit to the Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA Supplement.

Insurance and Condemnation. (Ai) The Seller Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort, in each case Resort to (1A) to maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers insurers, providing coverage in scope and amount that which (x) satisfy satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction jurisdiction; and (2B) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include include, in any case, voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA POAs in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (Bii) The Seller Issuer shall remit to the appropriate Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent that such proceeds relate to any of the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA SupplementTimeshare Properties.

Insurance and Condemnation. (A) The Seller shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort, in each case (1) to maintain one or more policies of “"all-risk” " property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction and (2) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (B) The Seller shall remit to the Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA Supplement.

Insurance and Condemnation. (A) The Seller FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, and (2) shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POAs POA's for each ResortDevelopment, in each case to (1A) to maintain one or more policies of “"all-risk” " property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that which (x) satisfy satisfies the requirements of the declarations Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies policies, and (y) are is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments (including, without limitation, timeshare developments) in the same jurisdiction jurisdiction; and (2B) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration Declaration (or any similar charter document) relating to each Timeshare Property VOI Regime. (B) The Seller Each of FAC and FCI shall remit to the Collection Account Account, the portion of any proceeds received pursuant to a condemnation of property in any Resort Development relating to any Timeshare Property to of the extent the Obligors are required to make such remittance under the terms of one VOIs or more Loans that have been sold to the Company hereunder and under the related PA SupplementLots.

Insurance and Condemnation. (A) The Seller FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, and (2) shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POAs POA's for each ResortDevelopment, in each case to (1A) to maintain one or more policies of “"all-risk” " property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that which (x) satisfy satisfies the requirements of the declarations Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies policies, and (y) are is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction jurisdiction; and (2B) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration Declaration (or any similar charter document) relating to each Timeshare Property VOI Regime. (B) The Seller Each of FAC and FCI shall remit to the Collection Account Account, the portion of any proceeds received pursuant to a condemnation of property in any Resort Development relating to any Timeshare Property to of the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA SupplementVOIs.

Insurance and Condemnation. (A) The Seller FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, and (2) shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POAs POA's for each ResortDevelopment, in each case to (1A) to maintain one or more policies of “"all-risk” " property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that which (x) satisfy satisfies the requirements of the declarations Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies policies, and (y) are is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction jurisdiction; and (2B) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration Declaration (or any similar charter document) relating to each Timeshare Property VOI Regime. (B) The Seller Each of FAC and FCI shall remit to the Collection Account Account, the portion of any proceeds received pursuant to a condemnation of property in any Resort Development relating to any Timeshare Property to of the extent the Obligors are required to make such remittance under the terms of one VOIs or more Loans that have been sold to the Company hereunder and under the related PA SupplementLots.

Insurance and Condemnation. (A) The Seller FRI (1) shall with respect to each Resort which it develops or which is developed by its subsidiaries (other than the Purchaser or the Issuer), cause the governing document of each such POA at the time of creation to contain covenants requiring insurance as described in this paragraph and (2) so long as FRI or an Affiliate (other than the Purchaser or the Issuer) maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to such Resort, FRI shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort to cause each of POA to maintain the POAs for each Resort, insurance described in each case this paragraph. The insurance referred to clauses in (1) to maintain one or more policies of and (2) above is “all-risk” property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction and (2) jurisdiction. So long as FRI or an Affiliate other than the Purchaser or the Issuer maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to the extent the Seller is the property manager of the such Resort and possesses the right to direct the application of insurance proceeds, to FRI shall use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (B) The Seller Each of CTRG-CF and FRI shall remit to the Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA Supplement.

Insurance and Condemnation. (Ai) The Seller Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort, in each case Resort to (1A) to maintain one or more policies of “"all-risk” " property and general liability insurance with financially sound and reputable insurers insurers, providing coverage in scope and amount that which (x) satisfy satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction jurisdiction; and (2B) to the extent the Seller is the property manager of the Resort and possesses the right to direct the application of insurance proceeds, to use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include include, in any case, voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA POAs in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (Bii) The Seller Issuer shall remit to the appropriate Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent that such proceeds relate to any of the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA SupplementTimeshare Properties.

Insurance and Condemnation. (A) The Seller FRI (1) shall with respect to each Resort which it develops or which is developed by its subsidiaries (other than the Purchaser or the Issuer), cause the governing document of each such POA at the time of creation to contain covenants requiring insurance as described in this paragraph and (2) so long as FRI or an Affiliate (other than the Purchaser or the Issuer) maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to such Resort, FRI shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort to cause each of POA to maintain the POAs for each Resort, insurance described in each case this paragraph. The insurance referred to clauses in (1) to maintain one or more policies of and (2) above is “all-risk” property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction and (2) jurisdiction. So long as FRI or an Affiliate other than the Purchaser or the Issuer maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to the extent the Seller is the property manager of the such Resort and possesses the right to direct the application of insurance proceeds, to FRI shall use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (B) The Each of the Seller and FRI shall remit to the Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA Supplement.

Insurance and Condemnation. (A) The Seller FRI (1) shall with respect to each Resort which it develops or which is developed by its subsidiaries (other than the Purchaser or the Issuer), cause the governing document of each such POA at the time of creation to contain covenants requiring insurance as described in this paragraph and (2) so long as FRI or an Affiliate (other than the Purchaser or the Issuer) maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to such Resort, FRI shall do or cause to be done all things that which it may accomplish with a reasonable amount of cost or effort to cause each of POA to maintain the POAs for each Resort, insurance described in each case this paragraph. The insurance referred to clauses in (1) to maintain one or more policies of “and (2) above is "all-risk” " property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction and (2) jurisdiction. So long as FRI or an Affiliate other than the Purchaser or the Issuer maintains primary or substantial responsibility for the management, administration or other services of a similar nature with respect to the extent the Seller is the property manager of the such Resort and possesses the right to direct the application of insurance proceeds, to FRI shall use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime. (B) The Seller Each of FAC and FRI shall remit to the Collection Account the portion of any proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company hereunder and under the related PA Supplement.