Common use of Perfection by Possession Clause in Contracts

Perfection by Possession. The Issuer has given the Indenture Trustee a copy of a written acknowledgment from the applicable custodian that the custodian is holding executed copies of the promissory notes and master promissory notes that constitute or evidence the Financed Student Loans, and that such custodian is holding such notes solely on behalf and for the benefit of the Indenture Trustee.

Perfection by Possession. The Issuer has given the Indenture Trustee a copy of a written acknowledgment from the applicable custodian that the such custodian is holding executed copies of the promissory notes and master promissory notes that constitute or evidence the Financed Student Loans, and that such custodian is holding such notes solely on behalf and for the benefit of the Indenture Trustee.

Perfection by Possession. The Issuer has given the Indenture Trustee a copy of a written acknowledgment from the applicable custodian that the such custodian is holding executed copies of the promissory notes and master promissory notes credit agreements that constitute or evidence the Financed Student Loans, and that such custodian is holding such notes solely on behalf and for the benefit of the Indenture Trustee.