Common use of Tax Accounting Clause in Contracts

Tax Accounting. The Servicer shall prepare any Federal tax returns of the Trust in accordance with the Code and any regulations (including, to the extent applicable by their terms, proposed regulations) thereunder. In no event shall the Trustee in its individual capacity be liable for any liabilities, costs or expenses of the Trust, the Certificateholders, the Seller or the Servicer arising under any tax law or regulation, including, without limitation, Federal, State or local income or excise taxes or any tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from any failure to comply therewith). Notwithstanding the foregoing, in no event shall the Trustee be liable hereunder for any liabilities, costs or expenses incurred from any information furnished to it by the Servicer or failure to furnish information by the Servicer in a timely manner.

Tax Accounting. The Servicer shall prepare any Federal federal tax returns of the Trust in accordance with the Code and any regulations (including, to the extent applicable by their terms, proposed regulations) thereunder. In no event shall the Trustee in its individual capacity be liable for any liabilities, costs or expenses of the Trust, the Certificateholders, the Depositor, the Seller or the Servicer arising under any tax law or regulation, including, without limitation, Federalfederal, State state or local income or excise taxes or any tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from any failure to comply therewith). Notwithstanding the foregoing, in no event shall the Trustee be liable hereunder for any liabilities, costs or expenses incurred from any information furnished to it by the Servicer or failure to furnish information by the Servicer in a timely manner.

Tax Accounting. The Servicer shall prepare any Federal federal tax returns of the Trust in accordance with the Code and any regulations (including, to the extent applicable by their terms, proposed regulations) thereunder. In no event shall the Trustee in its individual capacity be liable for any liabilities, costs or expenses of the Trust, the Certificateholders, the Seller Depositor, the Sponsor or the Servicer arising under any tax law or regulation, including, without limitation, Federalfederal, State state or local income or excise taxes or any tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from any failure to comply therewith). Notwithstanding the foregoing, in no event shall the Trustee be liable hereunder for any liabilities, costs or expenses incurred from any information furnished to it by the Servicer or failure to furnish information by the Servicer in a timely manner.