Common use of Powers of the Mortgagee Clause in Contracts

Powers of the Mortgagee. Subject to the provisions of Article ----------------------- III, Section (2)(g) hereof, the Mortgagee is hereby appointed as attorney-in- fact of the Shipowner, during the continuance of any Indenture Event of Default, and upon compliance with the terms of the Indenture, in the name of the Shipowner to demand, collect, receive, compromise and xxx for, so far as may be permitted by law, all freights, hire, earnings, issues, revenues, compensation, 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, and to make, give and execute in the name of the Shipowner acquittances, 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 all other instruments in writing with respect to the foregoing.

Powers of the Mortgagee. Subject to the provisions of Article ----------------------- III, Section (2)(g) hereof, the The Mortgagee is hereby appointed as ----------------------- attorney-in- in-fact of the Shipowner, during the continuance of any Indenture Event of Default, and upon compliance with the terms of the Indenture, in the name of the Shipowner to demand, collect, receive, compromise and xxx for, so far as may be permitted by law, all freights, hire, earnings, issues, revenues, compensation, income and profits of the Vessel, and all amounts (to the extent assigned under the Indenture) 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 to make, give and execute in the name of the Shipowner acquittances, 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 all other instruments in writing with respect to the foregoing.

Powers of the Mortgagee. Subject to the provisions of Article ----------------------- III, Section (2)(g) hereof, the Mortgagee is hereby appointed as attorney-in- in-fact of the Shipowner, during the continuance of any Indenture Event of Default, and upon compliance with the terms of the Indenture, in the name of the Shipowner to demand, collect, receive, compromise and xxx for, so far as may be permitted by law, all freights, hire, earnings, issues, revenues, compensation, 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, and to make, give and execute in the name of the Shipowner acquittances, 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 all other instruments in writing with respect to the foregoing.. (7)