Common use of Assignments of Earnings and Insurances Clause in Contracts

Assignments of Earnings and Insurances. On the Initial Borrowing Date, each Credit Party which owns a Mortgaged Vessel on such date shall have duly authorized, executed and delivered an Assignment of Earnings substantially in the form of Exhibit G or otherwise acceptable to the Administrative Agent (as modified, supplemented or amended from time to time, the “Assignments of Earnings”) and an Assignment of Insurances substantially in the form of Exhibit H or otherwise acceptable to the Administrative Agent (as modified, supplemented or amended from time to time, the “Assignments of Insurances”), in each case with appropriate notices and consents relating thereto (as set forth on Schedule 5.14) and together covering all of such Credit Party’s present and future Earnings and Insurance Collateral, in each case together with: (a) proper Financing Statements (Form UCC-1) fully prepared for filing under the UCC or in other appropriate filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect the security interests purported to be created by the Assignment of Earnings and the Assignment of Insurances (as set forth on Schedule 5.14); and (b) certified copies of lien search results listing all effective financing statements that name any Credit Party as debtor and that are filed in Florida or the District of Columbia, together with Form UCC-3 Termination Statements (or such other termination statements as shall be required by local law) fully executed for filing if required by applicable laws for any financing statement which covers the Collateral except to the extent evidencing Permitted Liens.