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 Sections 10.1(b)(iii) and 10.1(c) of the Sale and Servicing Agreement, the Seller 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) file or cause to be filed such tax returns relating to the Trust (including a partnership information return, Form 1065), 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 characterization as a partnership for Federal income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by the 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 Home Equity Loans. The 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 Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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 Amended & Restated Trust Agreement) 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. Subject to Sections 10.1(b)(iii) and 10.1(c) of the Sale and Servicing AgreementSection 2.6, the Seller 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 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, (d) cause such tax returns to be signed in the manner required by law and (de) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.2(b) with respect to income or distributions to Certificateholders. The Owner Trustee shall make cooperate with the Administrator in making all elections pursuant to this Section 5.5 as directed in writing by the SellerAdministrator. 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 Trust 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 and shall elect under Section 171 of the Code to amortize any bond premium with respect to the Receivables. The Owner Trustee 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 Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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. (Nissan 2007-B Amended & Restated Trust Agreement)

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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. Subject to Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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. (Nissan ______ Amended and Restated Trust Agreement)

Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others. Subject to Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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 Amended and Restated Trust Agreement) 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. Subject to Sections 10.1(b)(iii) [ ] and 10.1(c) [ ] of the Sale and Master Servicing Agreement, the Seller 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 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, Form 1065), 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 ’s characterization as a partnership for Federal federal income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by the SellerInitial Beneficial Holder. The Owner Trustee shall sign all tax information returns filed pursuant to this Section 5.6 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 SellerInitial 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 Home Equity Mortgage Loans. The 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 Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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 (Nissan [200_- ] Amended & Restated Trust Agreement) 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. Subject to Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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 (Nissan 2005-C Amended and Restated Trust Agreement) 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. Subject to Sections 10.1(b)(iii) and 10.1(c) of the Sale and Servicing Agreement, the Seller 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 and state income tax returns, (c) file or cause to be filed such tax returns relating to the Trust (including a partnership information return, Form 1065), 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 characterization as a partnership for Federal income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by the SellerGeneral Partner. 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 SellerGeneral 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 Home Equity LoansReceivables. The 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 Sections 10.1(b)(iii) and 10.1(c) Article X of the Sale and Servicing AgreementAgreement and to Section 2.11 herein, the Seller 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 their 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, 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 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 income tax purposes and (d) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.2(e) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by the Seller"tax matters partner". The Owner Trustee shall sign all 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 Seller"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 Home Equity LoansReceivables. The 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 Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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 (Nissan 2006-B Amended & Restated Trust Agreement) 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. Subject to Sections 10.1(b)(iii) and 10.1(c) The Administrator on behalf of the Sale and Servicing Agreement, the Seller Trust shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or 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 excluding Schedule K-1) to enable each Certificateholder to prepare its Federal federal and state income tax returns, (c) file or cause to be filed such any tax returns and information returns, and fulfill any other reporting requirements, relating to the Trust Trust, as may be required by the Code and applicable Treasury Regulations (including a partnership information return, Form 1065Treasury Regulation Section 1.6049-7), and direct (d) for any period during which the Owner Trustee to 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 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 purposes, (e) cause such tax returns to be signed in the manner required by law, and (df) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c5.02(c) with respect to income or distributions to Certificateholders. The Owner Trustee shall make all elections pursuant to this Section as directed by Administrator on behalf of the 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 Trust 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 Owner Trustee 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.