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1 DEFINITIONS In this agreement, unless the context otherwise requires, the following words and expressions shall have the meanings assigned to them hereunder: 1.1 “effective date accounts” shall mean the financial statements of the Seller for the period ending on the day immediately preceding the effective date 1.1 "the Act" shall mean the Companies Act, No.61 of 1973, as amended 1.3 "the business" shall mean the business conducted by the Seller of at the premises as constituted by the sale assets and the leased assets 1.4 "closing date" shall mean the first business day after the fulfilment (or waiver) of the last of the conditions, or such other date as may be mutually agreed amongst all of the parties in writing 1.5 "condition" shall mean the suspensive condition to which this agreement is subject as set forth in clause 2 below 1.6 "debtors" shall mean the claims of the Seller against the debtors of the business as at the effective date 1 1.7 "effective date" shall mean the commencement of business on 1.8 "fixed assets" shall mean the fixtures and fittings, furniture, office equipment and motor vehicles of the business as set out in the schedule attached hereto as Annex "A" 1.9 "goodwill" shall mean the goodwill of the business 1.10 "leased assets" shall mean the assets held by the Seller, as at the effective date, in terms of lease, instalment, sale, rental or credit agreements and as set out in the schedule attached hereto marked Annex "B" 1.11 "marks" shall mean the trade marks, brands and designs owned by the Seller and whether registered or not and used in connection with the business, as set out in the schedule attached hereto as Annex "C", including the name/s 1.12 "names" shall mean 1.13 "premises" shall mean 1.14 "prime rate" shall mean the publicly quoted basic rate of interest per annum, at which commercial banks lend on overdraft to its ordinary clients compounded monthly in arrear and calculated on a three hundred and sixty five (365) day year (ir
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