The LM393 is an open collector part, so when the output transistor is off R21,24 will pull the output up to ground, and when on it will be pulled down to -5V.
This makes sense as the signals are used to switch a pair of jfets (TR4,5) in a kind of phase sensitive demodulator arrangement.
Not too sure what U107B is doing, looks like a low battery detector, but I would expect an LED somewhere to warn you.
Regards, Dan.