Common use of Presentation of Securities Clause in Contracts

Presentation of Securities. Upon receipt of notice of the final Payment Date with respect to any Class, the Indenture Trustee will notify each affected Securityholder that the next Payment Date will be the final Payment Date. In the event that a Securityholder fails to deliver its Security(ies) for cancellation on the final Payment Date, by its purchase of a Security it agrees to indemnify the Depositor, the Master Servicer, the Indenture Trustee and the Issuer against all claims with respect to such Security arising following such Payment Date. Claims against the Trust for payment on such Security shall be void unless made within three years from the Termination Date.

Presentation of Securities. Upon receipt of notice of the final Payment Distribution Date with respect to any Class, the Indenture Trustee will notify each affected Securityholder that the next Payment Distribution Date will be the final Payment Distribution Date. In the event that a Securityholder fails to deliver its Security(ies) for cancellation on the final Payment Distribution Date, by its purchase of a Security it agrees to indemnify the Depositor, the Master Servicer, the Indenture Trustee and the Issuer against all claims with respect to such Security arising following such Payment Distribution Date. Claims against the Trust for payment on such Security shall be void unless made within three years from the Termination Date.