THE DEBTS Sample Clauses

THE DEBTS the benefit (subject to the burden) of the Contracts;

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 ▇▇▇ 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.

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.

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.

THE DEBTS. 16 15. licences.............................................................16

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.