Common use of Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others Clause in Contracts

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Section 2.6, the Administrator shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be 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) prepare and file such tax returns relating to the Trust (including a partnership information return, Form 1065, if applicable), and make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Trust's characterization as a partnership for federal income tax purposes, (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 5.2(b) with respect to income or distributions to Certificateholders. The Owner Trustee shall cooperate with the Administrator in making all elections pursuant to this Section 5.5 as directed in writing by the Administrator. The Trust shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables and shall elect under Section 171 of the Code to amortize any bond premium with respect to the Receivables. The Trust shall not make the election provided under Section 754 of the Code.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Section 2.6Sections [ ] and [ ] of the Master Servicing Agreement, the Administrator Initial Beneficial Holder shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be 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) prepare and file or cause to be filed such tax returns relating to the Trust (including a partnership information return, Form 1065, if applicable), and direct the Owner Trustee to make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Trust's ’s characterization as a partnership for federal income tax purposes, purposes and (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 5.2(b5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall cooperate with the Administrator in making make all elections pursuant to this Section 5.5 as directed in writing by the AdministratorInitial Beneficial Holder. The Trust Owner Trustee shall sign all tax information returns filed pursuant to this Section 5.5 and any other returns as may be required by law, and in doing so shall rely entirely upon, and shall have no liability for information provided by, or calculations provided by, the Initial Beneficial Holder. 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 and shall elect under Section 171 of the Code to amortize any bond premium with respect to the ReceivablesMortgage Loans. The Trust Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Article X of the Sale and Servicing Agreement and to Section 2.62.11 herein, the Administrator Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be 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, if applicable) to enable each Certificateholder the Certificateholders to prepare its federal their Federal and state income tax returns, (c) prepare and file or cause to be filed such tax returns relating to the Trust (including a partnership information return, Form 1065, if applicable), ) and make such elections as may from time to time be required or appropriate under any applicable state or federal Federal statute or rule or regulation thereunder so as to maintain the Trust's characterization as a disregarded entity if the Certificates are treated as held by a single person or as a partnership if the Certificates are treated as held by more than one person for federal Federal income tax purposes, purposes and (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 5.2(b5.2(e) with respect to income or distributions to Certificateholders. The Owner Trustee shall cooperate with the Administrator in making make all elections pursuant to this Section 5.5 as directed in writing by the Administrator"tax matters partner". The Trust Owner Trustee shall sign any tax information returns filed pursuant to this Section 5.6 and any other returns as may be required by law, and in doing so shall rely entirely upon, and shall have no liability for information provided by, or calculations provided by, the "tax matters partner". 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 and shall elect under Section 171 of the Code to amortize any bond premium with respect to the Receivables. The Trust Owner Trustee shall not make the election provided under Section 754 of the CodeCode only upon written request of the Holder of the Class R Certificate.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Section 2.6Sections 10.1(b)(iii) and 10.1(c) of the Sale and Servicing Agreement, the Administrator General Partner shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, (b) deliver (or cause to be 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 Federal and state income tax returns, (c) prepare and file or cause to be filed such tax returns relating to the Trust (including a partnership information return, Form 1065, if applicable), and direct the Owner Trustee to make such elections as may from time to time be required or appropriate under any applicable state or federal Federal statute or rule or regulation thereunder so as to maintain the Trust's characterization as a partnership for federal Federal income tax purposes, purposes and (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 5.2(b5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall cooperate with the Administrator in making make all elections pursuant to this Section 5.5 as directed in writing by the AdministratorGeneral Partner. The Trust Owner Trustee shall sign all tax information returns filed pursuant to this Section 5.6 and any other returns as may be required by law, and in doing so shall rely entirely upon, and shall have no liability for information provided by, or calculations provided by, the General Partner. 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 and shall elect under Section 171 of the Code to amortize any bond premium with respect to the Receivables. The Trust Owner Trustee shall not make the election provided under Section 754 of the Code.