Common use of Power of Attorney-Collection Clause in Contracts

Power of Attorney-Collection. The Mortgagee is hereby irrevocably appointed attorney-in-fact of the Shipowner upon the occurrence of any Event of Default, in the name of the Shipowner to demand, collect, receive, compromise and xxx for, so far as may be permitted by law, all freight, hire, earnings, issues, revenues, income and profits of the Rig 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, and all other sums due or to become due at the time of the occurrence of any Event of Default hereof in respect of the Rig, or in respect of any insurance thereon, from any person whomsoever, and to make, give and execute in the name of the Shipowner acquaintances, receipts, releases or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the Shipowner all checks, notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing. The exercise of such power shall be conclusive evidence of the Mortgagee’s right to exercise it and no person dealing with the Mortgagee shall need to enquire whether the Power of Attorney contained herein has become exercisable. The Shipowner ratifies and confirms whatever the attorney does or purports to do under this Section.

Power of Attorney-Collection. The Mortgagee is hereby irrevocably appointed attorney-in-fact of the Shipowner upon the occurrence and during the continuance of any Event of Default, in the name of the Shipowner to demand, collect, receive, compromise and xxx for, so far as may be permitted by law, all freight, hire, earnings, issues, revenues, income and profits of the Rig 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, and all other sums due or to become due at the time of the occurrence of any Event of Default hereof in respect of the Rig, or in respect of any insurance thereon, from any person whomsoever, and to make, give and execute in the name of the Shipowner acquaintances, receipts, releases or other discharges for the same, whether under seal or otherwise, and to endorse and accept in the name of the Shipowner all checks, notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing. The exercise of such power shall be conclusive evidence of the Mortgagee’s right to exercise it and no person dealing with the Mortgagee shall need to enquire whether the Power of Attorney contained herein has become exercisable. The Shipowner ratifies and confirms whatever the attorney does or purports to do under this Section.