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

Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Certificate Registrar shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, and such books shall be maintained separately from those of any other entity and reflect the separate interest of the Trust, (b) deliver 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 such Certificateholder to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065), 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 required to be withheld (as certified by the Seller) with respect to income or distributions to Certificateholders. The Certificate Registrar shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Home Equity Loans. The Certificate Registrar shall not make the election provided under Section 754 of the Code.

Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Certificate Registrar 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, and such books shall be maintained separately from those of any other entity and reflect the separate interest of the Trust, (b) deliver 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 such Certificateholder to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065), 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 required to be withheld (as certified by the Seller) with respect to income or distributions to Certificateholders. The Certificate Registrar Owner Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Home Equity Mortgage Loans. The Certificate Registrar Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Certificate Registrar 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, and such books shall be maintained separately from those of any other entity and reflect the separate interest of the Trust, (b) deliver 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 such Certificateholder to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065), 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 required to be withheld (as certified by the Seller) with respect to income or distributions to Certificateholders. The Certificate Registrar Owner Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Home Equity Loans. The Certificate Registrar Owner Trustee shall not make the election provided under Section 754 of the Code.

Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Certificate Registrar shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, and such books shall be maintained separately from those of any other entity and reflect the separate interest of the Trust, (b) deliver 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 such Certificateholder to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065), 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 required to be withheld (as certified by the Seller) with respect to income or distributions to Certificateholders. The Certificate Registrar shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Home Equity LoansReceivables. The Certificate Registrar shall not make the election provided under Section 754 of the Code.