Warehouse Receipts. If any warehouse receipt or receipts in the nature of a warehouse receipt is issued in respect of any portion of the Collateral, then the Borrower: (i) will not permit such warehouse receipt or receipts in the nature thereof to be “negotiable” as such term is used in Article 7 of the Uniform Commercial Code; and (ii) will deliver all such receipts to the Lender (or a Person designated by the Lender) within five (5) days of the Lender’s request and from time to time thereafter. If no Event of Default exists, the Lender agrees to deliver to such Borrower any receipt so held by the Lender upon such Borrower’s request in connection with such sale or other disposition of the underlying inventory, if such disposition is in ordinary course of such Borrower’s business;
Warehouse Receipts. (a) The Debtor has delivered or will deliver to the Secured Party (or the agent or designee of the Secured Party), any and all documents, instruments and writings in any way relating to the Warehouse Receipts or in any way relating to the property evidenced thereby. As long as this Agreement remains in effect, the Debtor shall immediately deliver to the Secured Party any and all future documents, instruments, or other writings applicable or in any way relating to the foregoing in the Debtor’s possession. In the event that the Debtor is unable to deliver original Warehouse Receipts, and such other documents, to the Secured Party at the time this Agreement is executed, as required above, the Debtor agrees to deliver immediately such Warehouse Receipts to the Secured Party upon issuance of the same.
(b) The Debtor further agrees that the Secured Party shall have the right at any time, and from time to time, whether or not one or more Events of Default exist under the Loan Agreement, to demand that the Debtor immediately deliver to the Secured Party any and all Warehouse Receipts held in the Debtor’s possession or control for or representing all or any part of the Collateral that is then or may thereafter be issued in the name of the Debtor. The Debtor unconditionally agrees to deliver such Warehouse Receipts to the Secured Party on demand.
(c) In addition to Warehouse Receipts, the Secured Party may require the Debtor from time to time, one or more times, to deliver to the Secured Party such lists, descriptions and designations of any applicable Collateral not represented by Warehouse Receipts as the Secured Party may require to identify the nature, extent and location of the same.
(d) The Debtor represents and warrants to the Secured Party that all of the Debtor’s grain at any time, and from time to time, represented by Warehouse Receipts or included in any list, description or designation referred to above, will at all times be owned by the Debtor free and clear of all liens, encumbrances and security interests of any kind whatsoever, excepting only the security interest of the Secured Party pursuant hereto.
(e) As long as no Event of Default exists, the Debtor may sell or use in its operations the property released by the Secured Party from or under Warehouse Receipts, as well as the Debtor’s property not represented by Warehouse Receipts, in carrying on the Debtor’s business in the ordinary course, substantially in the same manner as now conducted; but a ...
Warehouse Receipts. A. General
1. Issuance - The Warehouse Operator agrees to (each of the following):
a. issue warehouse receipts for any cotton received or stored in a warehouse at the request of a depositor or lawful owner,
b. replace lost or destroyed warehouse receipts in accordance with 7 CFR Part 735, and
c. not issue a warehouse receipt when another warehouse receipt representing the same specific cotton is outstanding. For warehouse receipts issued under this license, no two receipts issued by the Warehouse Operator may have the same receipt number.
2. Persons Authorized to Sign Warehouse Receipts The Warehouse Operator must (do each of the following):
a. file with XXXX, the name and genuine, facsimile, or electronic signature of the person authorized to sign warehouse receipts for the Warehouse Operator,
b. promptly notify DACO of any changes as to persons authorized to sign, file the genuine, facsimile, or electronic signature of such person, and will be bound by such signatures the same as if the Warehouse Operator had personally signed the receipt, and
c. agree that file signatures legally bind the Warehouse Operator.
3. Return of Warehouse Receipts Prior to Delivery The Warehouse Operator agrees to deliver cotton (under each of the following conditions):
a. for which they have issued a negotiable receipt only after the receipt has been returned and canceled before the close of the next business day, and
b. which they have issued a non-negotiable receipt only after the receipt has been returned.
B. Paper Warehouse Receipts
1. Single Bale Warehouse Receipts The Warehouse Operator agrees that (each of the following apply):
a. every single bale warehouse receipt, whether negotiable or non-negotiable, issued for cotton stored in a licensed warehouse must, in addition to complying with the requirements of Section 11 of the Act, embody within its written or printed terms or data fields, each of the following:
i. the name of the Warehouse Operator and the designation, if any, of the warehouse,
ii. the location of the warehouse (city and state) in which the cotton is stored,
iii. the Warehouse Operator’s license number, iv. the CCC CSA code number, if applicable,
Warehouse Receipts. If any warehouse receipt or receipts in the nature of a warehouse receipt is issued in respect of any portion of the Collateral, then the Borrower: (i) will not permit such warehouse receipt or receipts in the nature thereof to be "negotiable" as such term is used in Article 7 of the UCC; and (ii) will deliver all such receipts to the Agent (or a Person designated by the Agent) within five (5) days after the Borrower's receipt and from time to time thereafter. If no Event of Default exists, the Agent agrees to deliver to the Borrower any receipt so held by the Agent upon the Borrower's request in connection with such sale or other disposition of the underlying Inventory, if such disposition is in the ordinary course of the Borrower's business.
Warehouse Receipts. The Parties agree that OHL, for the convenience of CLIENT and OHL, may not issue warehouse receipts. This shall not be construed as a failure to comply with the receipt provision in Section 7 of the Uniform Commercial Code and OHL shall not suffer any liability for such failure. The Parties agree that the terms of this Agreement shall override any conflicting provisions of the Uniform Commercial Code in this regard. OHL agrees that (i) CLIENT may file informational financing statements with regard to inventory and (ii) OHL shall keep CLIENT’s inventory and operations clearly segregated from the inventory and operations of other OHL clients.
Warehouse Receipts. 15 A. General ................................................................................................................................................. 15 1. Issuance.................................................................................................................................. 15
Warehouse Receipts. Each Grantor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt is issued with respect to any of its Inventory, such warehouse receipt or receipt in the nature thereof shall not be “negotiable” (as such term is used in Section 7-104 of the Uniform Commercial Code as in effect in any relevant jurisdiction or under other relevant Law).
Warehouse Receipts. 1. The warehouse operator when choosing the option to issue Electronic Warehouse Receipts (EWRs) instead of paper warehouse receipts for the agricultural product(s) stored in their warehouse agrees to:
a. Only issue EWRs through a provider whom FSA has approved.
b. Receive written authorization from FSA at least 30 calendar days before changing providers. Upon authorization a warehouse operator may request their current provider to transfer their EWR data from its Central Filing System (CFS) to the CFS of the approved provider whom they select. Warehouse operators must notify all holders of EWRs by inclusion in the CFS at least 30 calendar days before changing providers, unless otherwise required or allowed by the Agency. Warehouse operators may only change providers once a year.
c. Cancel EWRs only when they are the holder of the receipt(s).
d. Correct information on the EWR only with written notification to the provider.
e. Before issuing EWRs, request and receive from FSA a range of consecutive warehouse receipt numbers which the warehouse operator will use consecutively for issuing their EWRs.
f. Issue warehouse receipts initially as EWRs.
g. Allows a holder the option to authorize any other user of a provider to act on their behalf with respect to their activities with their provider. This authorization must be in writing, acknowledged, and retained by the provider.
h. Provisions of §735.300(c) will be applicable to lost or destroyed EWRs.
i. Only the current EWR holder may request a paper warehouse receipt in lieu of a EWR with respect to an agricultural product.
2. The warehouse operator will ensure that an issued EWR establishes the same rights and obligations with respect to an agricultural product as a paper warehouse receipt, and possess the following attributes that:
a. The person identified as the holder of a EWR will be entitled to the same rights and privileges as the holder of a paper warehouse receipt.
b. Only the current holder of the EWR may transfer the EWR to a new holder.
c. The identity of the holder must be included as additional information for every EWR.
d. An EWR will only designate one entity as a holder at any one time.
e. An EWR will not be issued for a specific identity preserved or a commingled agricultural product lot if another receipt, whether paper or electronic, representing the same specific identity preserved or commingled lot of agricultural product is outstanding. No two warehouse receipts issued by a warehouse oper...
Warehouse Receipts. If any warehouse receipt or receipts in the nature of a warehouse receipt is issued in respect of any portion of the Collateral, then GPO: (i) will not permit such warehouse receipt or receipts in the nature thereof to be “negotiable” as such term is used in Article 7 of the UCC; and (ii) will deliver all such receipts to the Agent (or a Person designated by the Agent) within five (5) days after GPO’s receipt and from time to time thereafter. If no Event of Default exists, the Agent agrees to deliver to GPO any receipt so held by the Agent upon GPO’s request in connection with such sale or other disposition of the underlying Inventory, if such disposition is in the ordinary course of GPO’s business.
Warehouse Receipts. Upon the occurrence and during the continuation of an Event of Default hereunder, deliver to Lender warehouse receipts covering any portion of the Collateral located in warehouses and for which warehouse receipts are issued;
