Common use of Transfer of Business Contracts Clause in Contracts

Transfer of Business Contracts. 5.1.1 The Transferor shall make its best efforts to cause the Business Contracts to be transferred to the Transferee as soon as possible before the Closing Date, and also cause related acceptance reports to be issued after the written warranties of the related parties of the Business Contracts are accepted. Business Contracts may be transferred in any of the following ways: 5.1.1.1 The Parties sign tripartite agreements with the related parties of the Business Contracts by which to transfer to the Transferee all the rights and obligations of the Transferor under related Business Contracts; 5.1.1.2 The Transferor terminates the related Business Contracts whose term does not expire with the related parties of such Business Contracts, and the Transferee signs the new contracts in the form and contents identical or close to those of original Business Contracts with the related parties of such Business Contracts; or 5.1.1.3 The Parties agree in writing that, in order to ensure the development of the Business and the stability of the Customers, all the income from all the Business Contracts not transferred to the Transferee as from the Closing Date is incorporated into and belongs to the Affiliates designated by the Transferee. 5.1.2 Where the Transferor fails to transfer related Business Contracts in the way as above or the transfer of any Business Contract constitutes a default, the Transferee shall be exempt from any responsibility at any time.