Common use of ACCOUNTING AND REPORTS TO THE NOTEHOLDERS 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. CertificateholdersTHE CERTIFICATEHOLDER, the Internal Revenue Service and OthersTHE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator on behalf of the Trust Owner Trustee 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 to each the 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 the 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 Personperson, 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, 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 Certificateholdersthe Certificateholder. The Administrator on behalf of the Trust Owner Trustee 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 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. CertificateholdersCERTIFICATEHOLDERS, the Internal Revenue Service and OthersTHE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator on behalf of the Trust Owner Trustee 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 to each CertificateholderOwner, 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 Owner 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 Personperson, 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, 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 Owner Trustee 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 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. CertificateholdersCERTIFICATEHOLDERS, the Internal Revenue Service and OthersTHE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator on behalf of the Trust Eligible Lender Trustee 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 to each CertificateholderCertificateholder (and to each Person who was a Certificateholder at any time during the applicable calendar year), 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 such Certificateholder to prepare its federal Federal and state income tax returns, (c) file any 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, Internal Revenue Service Form 1065), (d) for any period during which the beneficial ownership interests in the Trust are held by more than one Person, and 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, (ed) cause such tax returns to be signed in the manner required by law, law and (fe) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c5.01(c) with respect to income or distributions to Certificateholders. The Administrator on behalf of the Trust Eligible Lender Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the ReceivablesFinanced Student Loans. The Administrator on behalf of the Trust Eligible Lender Trustee shall not make the election provided under Section 754 of the Code. Notwithstanding anything to the contrary stated herein, the Owner The Eligible Lender Trustee shall be exclusively responsible for entitled to hire an independent accounting firm to perform the mailing functions described in this Section 5.04, the reasonable fees and expenses of which shall be paid by the Schedule K-1's necessary to enable each Certificateholder to prepare its federal and state income returnsDepositor.