Warehouse Receipts Non-Negotiable. The Steam Lessee 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 drawn in such a manner as to 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).
Appears in 2 contracts
Sources: Security Agreement (Panda Interfunding Corp), Steam Lessee Security Agreement (Panda Interfunding Corp)