Warehouse Receipts Non-Negotiable. Debtor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt is issued in respect of any of the Collateral, such warehouse receipt or receipt in the nature thereof shall not be "negotiable" (as such term is used in Section 7.104 of the UCC) unless such warehouse receipt or receipt in the nature thereof is delivered to Secured Party; provided, however, that Debtor shall not be required to deliver any warehouse receipt pursuant to this Section 4.12 unless the fair market value of such warehouse receipt exceeds $100,000; provided, further, however, the aggregate fair market value of all warehouse receipts which have not been delivered to Secured Party pursuant to this Section 4.12 shall not at any time exceed $250,000.
Appears in 5 contracts
Samples: Security Agreement (Savvis Communications Corp), Security Agreement (Savvis Communications Corp), Security Agreement (Savvis Communications Corp)
