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) unless otherwise required under the Code, 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, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) file (or cause to be filed) such tax returns relating to the Trust (including a partnership information return, IRS Form 1065), if there is not more than one beneficial owner of an equity interest in the Trust for 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 either a disregarded entity or as a partnership for federal income tax purposes (as appropriate), (d) cause such tax returns to be signed in the manner required by law and (e) 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 shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables if so directed in writing by the Administrator. The Owner Trustee shall not make the election provided under Section 754 of the Code. The parties to this Agreement agree and acknowledge that the Administrator shall perform the duties and obligations of the Owner Trustee under this Section 5.05 in accordance with the Administration Agreement.