THE DEBTS Sample Clauses

THE DEBTS. 11.1 The Buyer agrees that it will if so requested by the Sellers act as agent for the Sellers and use all reasonable endeavours at the Sellers' expense to collect the Debts. The Buyer will hold any payments which it receives in respect of the Debts upon trust for the relevant Seller and for the first 120 days after Completion will account to the Sellers for the same on a fortnightly basis (without any deduction or set off), failing which any sums collected but not delivered to the Sellers will bear interest at the Specified Rate from the date upon which the Buyer should have accounted to the Sellers to the date of payment in full to the Sellers. After that time the Buyer will account to the Sellers on a quarterly basis in arrears for any Debts which it receives. 11.2 Payments of debts made by a customer who owes money in connection with either of the Businesses both to the Sellers and to the Buyer shall (in the absence of manifest error) be attributable to those debts in respect of which he expressly apportions his payment at or before the time of payment or, if he makes no such apportionment to the debt first in time inccurred by him which remains outstanding. 11.3 The Buyer shall not be required to institute or threaten any legal proceedings or terminate any supplies or to take any steps for the recovery of the Debts which are not at present part of the normal routine of the Sellers in the collection of debts. 11.4 During the period of 120 days immediately following Completion, the Sellers will not themselves take any steps to collect the Debts (including, without limitation, instituting or threatening to institute any legal proceedings) and will not do anything to hinder their collection by the Buyer. If the Sellers should receive any communication or payment in respect of such a Debt it will immediately give details of it to the Buyer in writing and the Buyer will be under no further obligation or liability in respect thereof. 11.5 Following expiry of the period of 120 days following Completion the Sellers alone shall be responsible for the collection of any Debts and the Buyer will have no further obligations or liabilities in respect thereof.
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THE DEBTS the benefit (subject to the burden) of the Contracts;
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THE DEBTS. 16 15. licences.............................................................16
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THE DEBTS. 14.1 If the Purchaser shall receive any payment in respect of any of the Debts or any other sum due to the Company, the Administrators or (as the case may be) GMAC it shall promptly notify the Administrators and such money shall be paid promptly to the Company, the Administrators or GMAC (as the case may be) without counterclaim, lien, set-off or deduction and until such money is so paid it shall be kept separate from the Purchaser's own money and held in trust for the Company or the Administrators or GMAC (as the case may be). The Purchaser shall without charge give to the Administrators on behalf of the Company a detailed account showing the names of the payers and the amount each has paid together with such other documentation as the Company or the Administrators may reasonably require to be satisfied that the Purchaser is complying in all respects with the provisions of this clause. 14.2 Where any debtor owes money to both the Company (or the Administrators or GMAC) and the Purchaser it shall be assumed, in the absence of evidence to the contrary, that any money received by the Purchaser from such a debtor is paid first in respect of the Debts or any other sum due to the Company (or the Administrators or GMAC) and the Purchaser shall account to the Company or the Administrators or GMAC (as the case may be) as provided for in clause 14.1 above. 14.3 The Purchaser shall not without the prior written consent of the Administrators issue any credit note on behalf of the Company in relation to any of the Debts. 14.4 The Purchaser shall mark all invoices raised by it during the course of xxx trade of the Business so that they are clearly distinguishable from all invoices of the Company raised either before or after the Date of the Administration Order.
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THE DEBTS. 16 14. WARRANTIES................................................16
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THE DEBTS. 13.1. It is recorded that the debts are not included in the assets being acquired by the purchaser from the seller in terms of this agreement. 13.2. The seller shall be entirely responsible for the recovery of all such debts. In the event that any of the debts is paid to the purchaser, the purchaser shall promptly pay such amount over to the seller. 13.3. In the event of the seller receiving any payments of any amount due to the business in respect of any products delivered on or after the effective date, the seller shall promptly pay such amount over to the purchaser.
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THE DEBTS. 23.1 If Completion occurs, the Purchaser will be entitled to collect the Debts for its own account and the Vendor will give to the Purchaser all such reasonable assistance as the Purchaser may require to enable the Purchaser to collect in the Debts. Save as aforesaid the Vendor will take no other action in relation to the Debts. 23.2 If Completion occurs and subject always to Clause 10.4, any sums received by the Vendor or any other member of the Filtronic Group after the Transfer Date in relation to any of the Debts will belong to the Purchaser and the Vendor will pay the same in full to the Purchaser as soon as practicable and in any event within 5 Business Days of receipt by the Vendor and pending payment of such monies will hold them on trust for the Purchaser. The Vendor shall not be permitted to withhold (and will procure that no other member of the Filtronic Group will withhold) any deduction from such monies or set off any sums against such monies.
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Related to THE DEBTS

  • Debts Each party agrees to be separately liable for his or her debts incurred prior to the marriage. During the course of the marriage, both parties shall be responsible for any expenses incurred for the basic necessities of life, such as food, basic clothing needs, shelter, and medical care. With respect to credit card accounts, each party shall retain separate credit card accounts for his or her respective use, if desired.

  • Other Debts Not to have outstanding or incur any direct or contingent liabilities or lease obligations (other than those to the Bank), or become liable for the liabilities of others, without the Bank's written consent. This does not prohibit: (a) Acquiring goods, supplies, or merchandise on normal trade credit. (b) Endorsing negotiable instruments received in the usual course of business. (c) Obtaining surety bonds in the usual course of business. (d) Liabilities, lines of credit and leases in existence on the date of this Agreement disclosed in writing to the Bank.

  • Discharged Liabilities Paid, discharged or satisfied any claim, obligation or liability in excess of US $10,000 in the aggregate, except for liabilities incurred prior to the date of this Agreement in the ordinary course of business;

  • Liabilities If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party except as provided in Section 4 hereof, and provided further that Sections 1, 6, 7 and 8 shall survive such termination and remain in full force and effect.

  • Payment of Debts Contractor must pay all amounts shown as due to the City on the City’s accounts, even if a dispute exists as to the debt’s validity or enforceability.

  • Contingent Liabilities Assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor against loss), for or on account of the obligation of any person or entity, except by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Company’s business.

  • Solvency, Payment of Debts Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement.

  • Solvent The Borrower is, and the Borrower and its Subsidiaries are on a consolidated basis, Solvent.

  • No Bankrupt Obligors As of the Cutoff Date, no Receivable was due from an Obligor that was the subject of a proceeding under the Bankruptcy Code of the United States or was bankrupt.

  • Subordination of All Guarantor Claims As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon the occurrence of an Event of Default or the occurrence of an event which would, with the giving of notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other party any amount upon the Guarantor Claims.

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