Common use of Accounting and Reports to Certificateholders Clause in Contracts

Accounting and Reports to Certificateholders. the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Servicer Report delivered to the Owner Trustee pursuant to Section 4.10(b) of the Sale and Servicing Agreement, (c) deliver (or cause to delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including providing a Schedule K-1 to each partner if the Trust is required to be treated as a partnership for federal income tax purposes) to enable each Certificateholder to prepare its federal and state income tax returns, (d) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust (including a partnership information return, IRS Form 1065 if the Trust is required to be treated as a partnership for federal income tax purposes) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Trust's characterization, (e) cause such tax returns to be signed in the manner required by law and (f) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee or the tax matters partner shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the

Accounting and Reports to Certificateholders. the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Servicer Monthly Noteholder Report delivered to the Owner Trustee pursuant to Section 4.10(b) 4.7 of the Sale and Servicing Agreement, (c) deliver (or cause to delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including providing a Schedule K-1 to each partner if the Trust Issuer is required to be treated as a partnership for federal income tax purposes) to enable each Certificateholder to prepare its federal and state income tax returns, (d) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust Issuer (including a partnership information return, IRS Form 1065 if the Trust Issuer is required to be treated as a partnership for federal income tax purposes) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the TrustIssuer's characterization, (e) cause such tax returns to be signed in the manner required by law and (f) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee or the tax matters partner shall elect under 14 Amended and Restated Trust Agreement 2007-1 Section 1278 of the Code to include in income currently any market discount that accrues with respect to thethe Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to Certificateholders. the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Servicer Monthly Report delivered to the Owner Trustee pursuant to Section 4.10(b) 4.7 of the Sale and Servicing Agreement, (c) deliver (or cause to delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including providing a Schedule K-1 to each partner if the Trust Issuer is required to be treated as a partnership for federal income tax purposes) to enable each Certificateholder to prepare its federal and state income tax returns, (d) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust Issuer (including a partnership information return, IRS Form 1065 if the Trust Issuer is required to be treated as a partnership for federal income tax purposes) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the TrustIssuer's characterization, (e) cause such tax returns to be signed in the manner required by law and (f) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee or the tax matters partner shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to thethe Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to Certificateholders. the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Servicer Report delivered to the Owner Trustee pursuant to Section 4.10(b) of the Sale and Servicing Agreement, (c) deliver (or cause to delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including providing a Schedule K-1 to each partner if the Trust is required to be treated as a partnership for federal income tax purposes) to enable each Certificateholder to prepare its federal and state income tax returns, (d) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust (including a partnership information return, IRS Form 1065 if the Trust is required to be treated as a partnership for federal income tax purposes) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Trust's characterization, (e) cause such tax returns to be signed in the manner required by law and (f) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee or the tax matters partner shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to thethe Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to Certificateholders. the ------------------------------------------------- Internal Revenue Service and Others. The Owner Trustee shall (a) maintain ----------------------------------- (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Servicer Report delivered to the Owner Trustee pursuant to Section 4.10(b) of the Sale and Servicing Agreement, (c) deliver (or cause to delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including providing a Schedule K-1 to each partner if the Trust is required to be treated as a partnership for federal income tax purposesK-1) to enable each Certificateholder to prepare its federal and state income tax returns, (dc) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust (including a partnership information return, IRS Form 1065 if the Trust is required to be treated as a partnership for federal income tax purposes1065) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Trust's characterizationcharacterization as a partnership for federal income tax purposes, (ed) cause such tax returns to be signed in the manner required by law and (fe) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee or the tax matters partner shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to thethe Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.