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 Eligible Lender 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 to each Certificateholder (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 (including Schedule K-1) to enable each such Certificateholder to prepare its Federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, Internal Revenue Service Form 1065), and 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, (d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.1(c) with respect to income or distributions to Certificateholders. The Administrator, on behalf of the 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 Financed Student Loans. Neither the Eligible Lender Trustee nor the Administrator on behalf of the Eligible Lender Trustee shall make the election provided under Section 754 of the Code.

ACCOUNTING AND REPORTS TO THE NOTEHOLDERS. CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator, on behalf of the Eligible Lender Trustee, 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 (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 (including Schedule K-1) to enable each such 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, Internal Revenue Service Form 1065), and 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, (d) cause such tax returns to be signed in the manner required by law and (e) collect (or cause to be collected collected) any withholding tax as described in and in accordance with Section 5.1(c) with respect to income or distributions to Certificateholders. The Administrator, on behalf of the Eligible Lender Trustee, Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Financed Trust Student Loans. Neither the Eligible Lender Trustee nor the Administrator on behalf of the The Eligible Lender Trustee shall not make the election provided under Section 754 of the Code. The Eligible Lender Trustee shall be entitled to hire an independent accounting firm to perform the functions described in this Section 5.4 the reasonable fees and expenses of which shall be paid by the Depositor.

ACCOUNTING AND REPORTS TO THE NOTEHOLDERS. CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS. The Administrator, on behalf of the Eligible Lender 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 to each Certificateholder (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 (including Schedule K-1) to enable each such Certificateholder to prepare its Federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, Internal Revenue Service Form 1065), 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, state and local income tax purposes, (d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.1(c) with respect to income or distributions to Certificateholders. The Administrator, on behalf of the 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 Financed Student Loans. Neither the Eligible Lender Trustee nor the Administrator on behalf of the Eligible Lender Trustee shall make the election provided under Section 754 of the Code.