Common use of Funds Transfer Agreement Clause in Contracts

Funds Transfer Agreement. The Pledgor hereby acknowledges and agrees that pursuant to a Funds Transfer Agreement dated 10 March 2008 as amended by a Supplemental Funds Transfer Agreement as of the date of this Agreement (the “Funds Transfer Agreement”) entered into between the Beneficiary and ARCH Digital Holdings Limited (“ARCH”), (i) if the Beneficiary is entitled to exercise its rights under Section 5.2 of this Agreement (the “Beneficiary Rights”) and upon occurrence of an Event of Default under the Funds Transfer Agreement, ARCH shall be entitled to, at its absolute discretion and by delivering a written notice to the Beneficiary, request the Beneficiary to exercise the Beneficiary’s Rights and procure the transfer of all right, title and interest in the Pledged Interests to ARCH; and (ii) if the Beneficiary fails to exercise the Beneficiary’s Rights within 14 days from the date of ARCH’s written notice, the Beneficiary appoints ARCH to be its attorney (with full power of substitution) and in its name or otherwise on its behalf and as its act and deed to sign, seal, execute, deliver, perfect and do all deeds, instruments, acts and things which may be required or which ARCH shall think proper or expedient for carrying out any obligations imposed on the Beneficiary under the Funds Transfer Agreement.

Funds Transfer Agreement. The Pledgor hereby acknowledges and agrees that pursuant to a Funds Transfer Agreement dated 10 March 2008 as amended by a Supplemental Funds Transfer Agreement as of the date of this Agreement funds transfer agreement (the “Funds Transfer Agreement”) entered into between the Beneficiary and ARCH Digital Holdings Limited (“ARCH”)) as at the date hereof, (i) if the Beneficiary is entitled to exercise its rights under Section 5.2 of this Agreement (the “Beneficiary Rights”) and upon occurrence of an Event event of Default default under the Funds Transfer Agreement, ARCH shall be entitled to, at its absolute discretion and by delivering a written notice to the Beneficiary, request the Beneficiary to exercise the Beneficiary’s Rights and procure the transfer of all right, title and interest in the Pledged Interests to ARCH; and (ii) if the Beneficiary fails to exercise the Beneficiary’s Rights within 14 days from the date of ARCH’s written notice, the Beneficiary appoints ARCH to be its attorney (with full power of substitution) and in its name or otherwise on its behalf and as its act and deed to sign, seal, execute, deliver, perfect and do all deeds, instruments, acts and things which may be required or which ARCH shall think proper or expedient for carrying out any obligations imposed on the Beneficiary under the Funds Transfer Agreement.

Funds Transfer Agreement. The Pledgor hereby acknowledges and agrees that pursuant to a Funds Transfer Agreement dated 10 March 2008 as amended by a Supplemental Funds Transfer Agreement as of the date of this Agreement (the “Funds Transfer Agreement”) entered into between the Beneficiary and ARCH Digital Holdings Limited (“ARCH”), (i) if the Beneficiary is entitled to exercise its rights under Section 5.2 of this Agreement (the “Beneficiary Rights”) and upon occurrence of an Event event of Default default under the Funds Transfer Agreement, ARCH shall be entitled to, at its absolute discretion and by delivering a written notice to the Beneficiary, request the Beneficiary to exercise the Beneficiary’s Rights and procure the transfer of all right, title and interest in the Pledged Interests to ARCH; and (ii) if the Beneficiary fails to exercise the Beneficiary’s Rights within 14 days from the date of ARCH’s written notice, the Beneficiary appoints ARCH to be its attorney (with full power of substitution) and in its name or otherwise on its behalf and as its act and deed to sign, seal, execute, deliver, perfect and do all deeds, instruments, acts and things which may be required or which ARCH shall think proper or expedient for carrying out any obligations imposed on the Beneficiary under the Funds Transfer Agreement.