Common use of Qualifying Income Clause in Contracts

Qualifying Income. The Servicer will assist the Issuer in meeting its responsibility under Section 2.4 of the Indenture and Section 2.11 of the Trust Agreement that at least 90% of the Issuer’s gross income for each taxable year of the Issuer will constitute “qualifying income” under Section 7704(d) of the Internal Revenue Code of 1986, as amended in the form of interest and gains from the receivables and other qualifying income.