Common use of Earnings Collateral Clause in Contracts

Earnings Collateral. Each Assignor, jointly and severally, covenants and agrees with the Collateral Agent that from and after the date of this Agreement (or as of such later date as an Assignor shall execute a Supplement to this Agreement) until the date of termination in accordance with Section 8.04 that (i) it will have all the earnings and other moneys hereby assigned paid over promptly to such Concentration Accounts as the Collateral Agent may specify in writing from time to time; (ii) it will promptly notify in a writing substantially in the form of Exhibit A hereto, and deliver a duplicate copy of such notice to the Assignee, each of the Assignor’s agents and representatives into whose possession or control may come any earnings and moneys hereby assigned, informing each such Person of this Assignment and instructing such addressee to remit promptly to such Concentration Accounts all earnings and moneys hereby assigned which may come into such Person’s hands or control and to continue to make such remittances until such time as such Person may receive written notice or instructions to the contrary directly from the Assignee; and (iii) it will use commercially reasonable efforts to cause each such Person to acknowledge directly to the Assignee receipt of the Assignor’s written notification and the instructions.

Earnings Collateral. Each Assignor, jointly and severally, covenants and agrees with the Collateral Agent that from and after the date of this Agreement (or as of such later date as an Assignor shall execute a Supplement to this Agreement) until the date of termination in accordance with Section 8.04 that (i) it will have all the earnings Earnings (as defined in Exhibit A herein) and other moneys hereby assigned paid over promptly to such Concentration Earnings Accounts as the Collateral Agent may specify in writing from time to time; (ii) it will promptly notify in a writing substantially in the form of Exhibit A hereto, and deliver a duplicate copy of such notice to the Assignee, each person who becomes a party with the Assignor in respect of the Vessel to any charter or contract of affreightment with the Assignor in respect of the Vessel of 36 months or greater duration and each of the Assignor’s agents and representatives into whose possession or control may come any earnings Earnings and moneys hereby assigned, informing each such Person of this Assignment Agreement and instructing such addressee to remit promptly to such Concentration Earnings Accounts all earnings and moneys hereby assigned which may come into such Person’s hands or control and to continue to make such remittances until such time as such Person may receive written notice or instructions to the contrary directly from the Assignee; and (iii) it will use commercially reasonable efforts to cause each such Person to acknowledge directly to the Assignee receipt of the Assignor’s written notification and the instructionsinstructions and consent, if required pursuant to any such charter or contract of assignment or other contractual relationship with the Assignor.

Earnings Collateral. Each Assignor, jointly and severally, covenants and agrees with the Collateral Agent that from and after the date of this Agreement (or as of such later date as an Assignor shall execute a Supplement to this Agreement) until the date of termination in accordance with Section 8.04 that (i) it will have all the earnings Earnings (as defined in Exhibit A herein) and other moneys hereby assigned paid over promptly to such Concentration Earnings Accounts as the Collateral Agent may specify in writing from time to time; (ii) it will promptly notify in a writing substantially in the form of Exhibit A hereto, and deliver a duplicate copy of such notice to the Assignee, each person who becomes a party with the Assignor in respect of the Vessel to any charter or contract of affreightment with the Assignor in respect of the Vessel of 30 months or greater duration and each of the Assignor’s agents and representatives into whose possession or control may come any earnings Earnings and moneys hereby assigned, informing each such Person of this Assignment Agreement and instructing such addressee to remit promptly to such Concentration Earnings Accounts all earnings and moneys hereby assigned which may come into such Person’s hands or control and to continue to make such remittances until such time as such Person may receive written notice or instructions to the contrary directly from the Assignee; and (iii) it will use commercially reasonable efforts to cause each such Person to acknowledge directly to the Assignee receipt of the Assignor’s written notification and the instructionsinstructions and consent, if required pursuant to any such charter or contract of assignment or other contractual relationship with the Assignor.