Common use of PRESENTATION FOR PAYMENT Clause in Contracts

PRESENTATION FOR PAYMENT. Custodian shall present for payment all coupons and other income items held by Custodian which call for payment upon presentation, all maturing Securities and those called for redemption, and deposit cash received upon such payments in the applicable Cash Account; provided, however, that in the case of Securities which are called for redemption or otherwise become payable prior to their stated maturity, Custodian shall be considered to have acted timely hereunder if Custodian presents the same for payment promptly upon obtaining actual knowledge thereof or when Custodian, in the exercise of the standard of care described by Section 8.1, should have obtained knowledge thereof.

PRESENTATION FOR PAYMENT. Custodian shall present for payment all coupons and other income items held by Custodian which call for payment upon presentation, all maturing Securities and those called for redemption, and deposit cash received upon such payments in the applicable Cash Account; provided, however, that in the case of Securities which are called for redemption or otherwise become payable prior to their stated maturity, Custodian shall be considered to have acted timely hereunder if Custodian presents the die same for payment promptly upon obtaining actual knowledge thereof or when Custodian, in the exercise of the standard of care described by Section 8.1, should have obtained knowledge thereof.