Common use of Warehouse Receipts Clause in Contracts

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. 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 of the BorrowerAgent's receipt request and from time to time thereafter. If no Event of Default exists, the Agent agrees to promptly deliver to the Borrower any receipt so held by the Agent upon the such Borrower's ’s request in connection with such Borrower’s sale or other disposition of the underlying Inventoryinventory, if such disposition is in the ordinary course of the such Borrower's business.;

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 ’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 ’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 ’s business.

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: 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; Code and (ii) will deliver all such receipts to the Agent (or a Person designated by the Agent) within five (5) days after of the Borrower's receipt Agent’s or any Lender’s request and from time to time thereafter. If no Event of Material Default exists, the Agent agrees to deliver to the such Borrower any receipt so held by the Agent upon the such Borrower's ’s request in connection with such Borrower’s sale or other disposition of the underlying InventoryCollateral, if such disposition is in the ordinary course of the such Borrower's ’s business.