Common use of Possession of Documents Clause in Contracts

Possession of Documents. The Facility Agent is not obliged to hold in its own possession any Security Document, title deed or other document in connection with any asset over which security is intended to be created by a Security Document.

Possession of Documents. The Facility Agent is not obliged to hold in its own possession any Security Document, title deed or other document in connection with any asset over which security Security Interest is intended to be created by a Security Document. Without prejudice to the above, the Facility Agent may allow any bank providing safe custody services or any professional adviser to the Facility Agent to retain any of those documents in its possession.