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 GPO: (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 GPO’s receipt and from time to time thereafter. If no Event of Default exists, the Agent agrees to deliver to GPO any receipt so held by the Agent upon GPO’s request in connection with such sale or other disposition of the underlying Inventory, if such disposition is in the ordinary course of GPO’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 GPOGPCC: (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 GPOGPCC’s receipt and from time to time thereafter. If no Event of Default exists, the Agent agrees to deliver to GPO GPCC any receipt so held by the Agent upon GPOGPCC’s request in connection with such sale or other disposition of the underlying Inventory, if such disposition is in the ordinary course of GPOGPCC’s business.