Income Tax Indemnification. (a) Lessee acknowledges that Lessor is the owner of the Equipment for state law and Federal income tax purposes and that the most accelerated depreciation or cost recovery deductions on the full amount of the Equipment cost will be available to Lessor. Lessee acknowledges that Lessor intends to claim and take the depreciation deductions ("Depreciation Deductions") with respect to the Equipment in accordance with Section 168 of the Internal Revenue Code of 1986, as amended (the "Code").
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Samples: Master Lease Agreement (Video Update Inc), Master Lease Agreement (Ibis Technology Corp), Master Lease Agreement (Tuboscope Vetco International Corp)
Income Tax Indemnification. (a) Lessee acknowledges that Lessor is the owner of the Equipment for state law and Federal income tax purposes and that the most accelerated depreciation or cost recovery deductions on the full amount of the Equipment cost will be available to Lessor. Lessee acknowledges that Lessor intends to claim and take the depreciation deductions ("Depreciation Deductions") with respect to the Equipment in accordance with Section 168 of the Internal Revenue Code of 1986, as amended (the "Code").
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Income Tax Indemnification. (a) Each Lessee acknowledges acknowledges, represents and warrants that Lessor is the owner of the Equipment for state law and Federal income tax purposes and that the most accelerated depreciation or cost recovery deductions on the full amount of the Equipment cost Cost will be available to Lessor. Each Lessee acknowledges that Lessor intends to claim and take the depreciation deductions ("Depreciation Deductions") with respect to the Equipment in accordance with Section 168 of the Internal Revenue Code of 1986, as amended (the "Code").
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