Common use of Contributor’s Receivables Clause in Contracts

Contributor’s Receivables. Following the Closing, NewCo shall accept payment of Contributor’s accounts receivable and Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 90 days. NewCo shall turn over to Contributor on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during the previous calendar month. NewCo is not obligated to accept payments of such accounts receivable after such 90-day period, but if NewCo does so then NewCo will promptly pay the same over to Contributor. NewCo is only obligated to accept payment during such period, not to attempt to enforce payment.

Contributor’s Receivables. Following the Closing, NewCo NewCos shall accept payment of Contributor’s Contributors’ accounts receivable and Manufacturer warranty payments arising out of the operation of the Dealership Dealerships prior to Closing for a period of 90 days. NewCo NewCos shall turn over to Contributor Contributors on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during the previous calendar month. NewCo NewCos is not obligated to accept payments of such accounts receivable after such 90-day period, but if NewCo NewCos does so then NewCo NewCos will promptly pay the same over to ContributorContributors. NewCo NewCos is only obligated to accept payment during such period, not to attempt to enforce payment.