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. The Administrator on behalf of the Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Trust are held by more than one Person, 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, (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 Administrator on behalf of 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. The Administrator on behalf of the Trust shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be exclusively responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder to prepare its federal and state income returns.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Administrator on behalf Subject to Sections 10.1(b)(iii) and 10.1(c) of the Trust Sale and Servicing Agreement, the Seller shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal calendar year basis or a calendar 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 (excluding including Schedule K-1) to enable each Certificateholder to prepare its federal Federal and state income tax returns, (c) file any or cause to be filed such tax and information returns, and fulfill any other reporting requirements, returns relating to the Trust, as may be required by the Code and applicable Treasury Regulations Trust (including Treasury Regulation Section 1.6049-7a partnership information return, Form 1065), (d) for any period during which and direct the beneficial ownership interests in the Trust are held by more than one Person, 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 's characterization as a partnership for federal Federal income tax purposes, (e) cause such tax returns to be signed in the manner required by law, purposes and (fd) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c5.2(c) with respect to income or distributions to Certificateholders. The Administrator on behalf of Owner Trustee shall make all elections pursuant to this Section as directed by the Trust Seller. The 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 Seller. 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 ReceivablesHome Equity Loans. The Administrator on behalf of the Trust Owner Trustee shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be exclusively responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder to prepare its federal and state income returns.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Administrator on behalf of the Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Trust are held by more than one Person, 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, (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 Administrator on behalf of 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. The Administrator on behalf of the Trust shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be exclusively responsible for the mailing of the Schedule K-1’s 's necessary to enable each Certificateholder to prepare its federal and state income returns.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Administrator on behalf Subject to Sections [ ] and [ ] of the Trust Master Servicing Agreement, the Initial Beneficial Holder shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal calendar year basis or a calendar 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 (excluding including Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any or cause to be filed such tax and information returns, and fulfill any other reporting requirements, returns relating to the Trust, as may be required by the Code and applicable Treasury Regulations Trust (including Treasury Regulation Section 1.6049-7a partnership information return, Form 1065), (d) for any period during which and direct the beneficial ownership interests in the Trust are held by more than one Person, 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 characterization as a partnership for federal income tax purposes, (e) cause such tax returns to be signed in the manner required by law, purposes and (fd) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c5.2(c) with respect to income or distributions to Certificateholders. The Administrator on behalf of Owner Trustee shall make all elections pursuant to this Section as directed by the Trust Initial Beneficial Holder. The 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 ReceivablesMortgage Loans. The Administrator on behalf of the Trust Owner Trustee shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be exclusively responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder to prepare its federal and state income returns.

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. The Administrator on behalf of the Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (excluding Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), (d) for any period during which the beneficial ownership interests in the Trust are held by more than one Person, 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, (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 Administrator on behalf of 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. The Administrator on behalf of the Trust shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner Trustee shall be exclusively 17 (Nissan 2006-A responsible for the mailing of the Schedule K-1’s necessary to enable each Certificateholder to prepare its federal and state income returns.