Common use of Warehouse Receipts Non-Negotiable Clause in Contracts

Warehouse Receipts Non-Negotiable. To the extent practicable, each Assignor 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 Assignor shall notify the Collateral Agent of the existence of such receipt within 30 days of the issuance thereof and upon the occurrence and continuation of a Specified Collateral Event or an Event of Default, upon the request of the Collateral Agent, such Assignor shall request that 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).