Common use of Residual Clause in Contracts

Residual. 5.11.1 Upon this Scheme becoming effective, the Transferee Company shall be entitled to operate all bank accounts, cash and deposits relating to the Financing Undertaking, realise all monies and complete and enforce all pending contracts and transactions in respect of the Financing Undertaking in the name of the Transferor Company to the extent necessary. 5.11.2 Upon this Scheme becoming effective, the Transferee Company shall be entitled to occupy and use all premises, whether owned, leased or licensed, relating to the Financing Undertaking until the transfer of the rights and obligations of the Transferor Company pertaining to the Financing Undertaking to the Transferee Company under this Scheme is formally accepted by the parties concerned.