Common use of Producer’s Power of Attorney Clause in Contracts

Producer’s Power of Attorney. Concurrently with the execution hereof, Producer shall deliver to Completion Guarantor a power of attorney (“Producer’s Power of Attorney”) in the form attached hereto as Exhibit “C”, duly signed by an authorized signatory before a notary public, according to which Completion Guarantor shall be appointed as Producer’s attorney-in-fact, in the name of Producer or otherwise, to take any of the actions permitted thereby if, in Completion Guarantor’s reasonable opinion, there is the occurrence of any default or an Event of Default, Completion Guarantor has advanced any Completion Sums or incurred any liability under any of the Completion Documents or there is a likelihood that Completion Guarantor will need to do so. Producer acknowledges and agrees that such appointment shall be coupled with an interest and is irrevocable but shall terminate upon the completion of Production and Delivery according to the terms of the Completion Guaranty and the satisfaction of Completion Guarantor’s obligations thereunder. Upon Producer’s written request, Completion Guarantor shall provide Producer with copies of all documents executed in Producer’s name according to the Producer’s Power of Attorney (provided that a failure to do so shall not be a breach hereof).

Producer’s Power of Attorney. Concurrently with the execution hereof, Producer shall deliver to Completion Guarantor a power of attorney (“Producer’s Power of Attorney”) in the form attached hereto as Exhibit “C”, duly signed by an authorized signatory before a notary public, according pursuant to which Completion Guarantor shall be appointed as Producer’s attorney-in-fact, in the name of Producer or otherwise, to take any of the actions permitted thereby if, in Completion Guarantor’s reasonable opinion, there is the occurrence of any default or an Event of Default, Completion Guarantor has advanced any Completion Sums or incurred any liability under any of the Completion Documents or there is a likelihood that Completion Guarantor will need to do so. Producer acknowledges and agrees that such appointment shall be coupled with an interest and is irrevocable but shall terminate upon the completion of Production and Delivery according to in accordance with the terms of the Completion Guaranty and the full satisfaction of Completion Guarantor’s obligations thereunder. Upon Producer’s written request, Completion Guarantor shall provide Producer with copies of all documents executed in Producer’s name according pursuant to the Producer’s Power of Attorney (provided that a failure to do so shall not be a breach hereof).