Common use of Negotiable Documents Clause in Contracts

Negotiable Documents. Except as set forth on Schedule 6, no portion of the Petroleum Inventory that has a fair market value greater than $500,000 is in the possession of an issuer of a warehouse receipt, ▇▇▇▇ of lading or other document of title which is a negotiable document under Section 7-104 of the New York UCC (each such document, a “Negotiable Document”) therefor or otherwise in the possession of any bailee or warehouseman.