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What is "nightlatch" vs "holdback" for the Falcon Doromatic exit devices?

Nightlatch requires the rim cylinder for entry each time.  Turning the rim cylinder key retracts the latchbolt.  Upon removing the key, the devcie will relatch to the strike.  Hold back allows for the latchbolt to be held back upon the turn of the rim cylinder key.  The latch is held retracted until the key is turned back the other way re-engaging the bolt to the strike.  

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