Common use of Statements to Owner Clause in Contracts

Statements to Owner. Not later than the date which is two Business Days prior to the Remittance Date, the Servicer shall furnish to the Owner a monthly remittance advice with all of the information required by Schedule 1 hereto, with a trial balance report attached thereto in the form of Exhibit 1 hereto in hard copy and electronic medium mutually acceptable to the parties as to the preceding remittance and the period ending on the preceding Determination Date. At a minimum, the trial balance report must contain the fields attached as Schedule 1 to Exhibit 1 hereto and Static Pool Information regarding the Mortgage Loans. In addition, not more than 60 days after the end of each calendar year, the Servicer shall furnish to each Person who was a Owner at any time during such calendar year an annual statement in accordance with the requirements of applicable federal income tax law as to the aggregate of remittances for the applicable portion of such year. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority or to the Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, the Servicer shall provide the Owner with such information concerning the Mortgage Loans as is necessary for the Owner to prepare its federal income tax return as the Owner may reasonably request from time to time.