BORROWER TRANSFERS POWERS OF ATTORNEY TO GOVERNMENT Sample Clauses

BORROWER TRANSFERS POWERS OF ATTORNEY TO GOVERNMENT. (a) The BORROWER does hereby irrevocably appoint the GOVERNMENT the true and lawful attorney of the BORROWER, in its name and stead to make all necessary transfers of the vessel pursuant to the terms of this Mortgage and any other documents executed by the BORROWER, and for that purpose it shall execute all necessary instruments of assignment and transfer, and BORROWER hereby ratifying and confirming all that its said attorney shall lawfully do by virtue hereof. Nevertheless, the BORROWER, shall, if so requested by the GOVERNMENT, ratify and confirm such sale by executing and delivering to the purchaser of the vessel such proper xxxx of sale, conveyance, instrument of transfer, and release as may be designated in such request. (b) The BORROWER hereby irrevocably appoints the GOVERNMENT the true and lawful attorney of the BORROWER so long as an Event of Default shall have occurred and shall not have been waived in accordance with SECTION 3 hereof, in the name of the BORROWER, to demand, collect, receive, compromise, and xxx for, so far as may be permitted by law, all hire, earnings, issues, revenues, income, and profits of the vessel and all amounts due from underwriters under any insurance thereon as payment of losses or as return premiums or otherwise, salvage awards and recoveries, recoveries in general average or otherwise, any right of action against the designer, builder, surveyor, or other material party for any fault, negligence, or deficiency in design, construction or survey of the vessel, and all other sums, due or to become due, at or after the time of the happening of any Event of Default, in respect of the vessel or in respect of any insurance thereon from any person whomsoever, and to make, give and execute in the name of the BORROWER, acquittances, receipts, releases, or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the BORROWER all checks, notes, drafts, warrants, agreements, and all other instruments in writing with respect to the foregoing.
Sample 1
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BORROWER TRANSFERS POWERS OF ATTORNEY TO GOVERNMENT 
Sample 1

Related to BORROWER TRANSFERS POWERS OF ATTORNEY TO GOVERNMENT

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