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 Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Monthly Noteholder Report delivered to the Owner Trustee pursuant to Section 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 Schedule K-1 if the Issuer is 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 Issuer (including a partnership information return, IRS Form 1065 if the Issuer is 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 Issuer'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 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 the 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 Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Monthly Noteholder Report delivered to the Owner Trustee pursuant to Section 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 Schedule K-1 if the Issuer is 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 Issuer (including a partnership information return, IRS Form 1065 if the Issuer is 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 Issuer'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 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 the 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 Issuer Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Monthly Noteholder Servicer Report delivered to the Owner Trustee pursuant to Section 4.7 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 Schedule K-1 if the Issuer Trust is 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 Issuer Trust (including a partnership information return, IRS Form 1065 if the Issuer Trust is 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 IssuerTrust'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 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 the 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 Issuer Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to delivered) to each Certificateholder each Monthly Noteholder Servicer Report delivered to the Owner Trustee pursuant to Section 4.7 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 Issuer 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 Issuer Trust (including a partnership information return, IRS Form 1065 if the Issuer 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 IssuerTrust'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 the Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.the