Common use of Each Receivable Clause in Contracts

Each Receivable. (a) is (or, in the case of any Receivable of which the Pledgor becomes the creditor after the date of this Deed, upon the Pledgor becoming its creditor will be) capable of being subject to the Pledge; and (b) is not (or, in the case of any Receivable of which the Pledgor becomes the creditor after the date of this Deed, upon the Pledgor becoming its creditor will not be) subject to any right of set-off or similar right.