Common use of Notes as Debt Clause in Contracts

Notes as Debt. For federal, State and local income tax purposes, each of the Contributor and the Depositor, its shareholders and stockholders and the Issuer shall treat the Receivables and the Deposited Assets as owned by the Issuer, shall include in the computation of the Depositor’s gross income for such purposes the income from the Receivables and the Deposited Assets, shall treat the Notes as debt of the Depositor and its consolidated subsidiaries for such purposes, and shall cause the Contributor and its consolidated subsidiaries to deduct the interest paid or accrued with respect to the Notes in accordance with its applicable method of accounting for such purposes.

Notes as Debt. For federal, State and local income tax purposes, each of the Contributor and the Depositor, its shareholders and stockholders and the Issuer shall treat the Receivables and the Deposited Assets as owned by the Issuer, shall include in the computation of the Depositor’s 's gross income for such purposes the income from the Receivables and the Deposited Assets, shall treat the Notes as debt of the Depositor and its consolidated subsidiaries for such purposes, and shall cause the Contributor and its consolidated subsidiaries to deduct the interest paid or accrued with respect to the Notes in accordance with its applicable method of accounting for such purposes.