Common use of Ownership of the Property Clause in Contracts

Ownership of the Property. (a) The parties hereto intend that (i) for financial accounting purposes with respect to the Lessee, the Lessor will be treated as the owner and the lessor of the Properties and the Lessee will be treated as the lessee of the Properties and (ii) for all other purposes, including federal and all state and local income tax purposes, state real estate and commercial law and bankruptcy purposes, (A) the Lease will be treated as a financing arrangement, (B) the Lessor and the Lenders will be deemed lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amount and the outstanding principal amount of the Loans, which loans are secured by the Properties and (C) the Lessee will be treated as the owner of the Properties and will be entitled to all tax benefits ordinarily available to an owner of properties like the Properties for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that neither the Lessor nor any of the Lenders has made any representations or warranties to the Lessee concerning the tax, accounting or legal characteristics of the Operative Documents and that the Lessee has obtained and relied upon such tax, accounting and legal advice concerning the Operative Documents as it deems appropriate.

Ownership of the Property. (a) The parties hereto Lessor and Lessee intend that (i) for financial accounting purposes with respect to the LesseeLessee (A) this Lease will be treated as an "operating lease" pursuant to Statement of Financial Accounting Standards (SFAS) No. 13, the as LEASE amended, (B) Lessor will be treated as the owner and the lessor of the Properties and the (C) Lessee will be treated as the lessee of the Properties and Properties, but (ii) for all other purposesfederal, including federal and all state and local income tax purposes, state real estate and commercial law and bankruptcy purposes, all other purposes (A) the this Lease will be treated as a financing arrangement, (B) the Lessor and the Lenders will be deemed treated as senior lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amount and the outstanding principal amount of the Loans, which loans are Loans will be secured by the Properties and Properties, (C) Lessor will be treated as a subordinated lender making a loan to Lessee in an amount equal to the Investor Contribution, which loan is secured by the Properties, and (D) Lessee will be treated as the owner of the Properties and will be entitled to all tax benefits ordinarily available to an owner of properties property like the Properties such Property for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that neither the Lessor nor any none of the Lenders Participants has made any representations or warranties to the Lessee concerning the tax, accounting or legal characteristics of the Operative Documents Agreements and that the Lessee has obtained and relied upon such tax, accounting and legal advice concerning the Operative Documents Agreements as it deems appropriate. The parties hereto will not take any position inconsistent with the intentions expressed herein.

Ownership of the Property. (a) The parties hereto intend that (i) for financial accounting purposes with respect to the Lessee, the Lessor Trust will be treated as the owner and the lessor of the Properties an undivided interest in each Property and the Lessee will be treated as the lessee of the Properties Property leased by it hereunder and (ii) for all other purposes, including federal and all state and local income tax purposes, state real estate and commercial law and bankruptcy purposes, (A) the Lease will be treated as a financing arrangement, (B) the Lessor Certificate Holders and the Lenders will be deemed lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amount Certificate Holder Amounts and the outstanding principal amount of the Loans, which loans are secured by the Properties Property and (C) the Lessee will be treated as the owner of the Properties each Property and will be entitled to all tax benefits ordinarily available to an owner of properties like the Properties each Property for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that neither the Lessor nor any none of the Lenders Administrative Agent, the Agent Certificate Holder, the Arranger or any Participant has made any representations or warranties to the Lessee concerning the tax, accounting or legal characteristics of the Operative Documents and that the Lessee has obtained and relied upon such tax, accounting and legal advice concerning the Operative Documents as it deems appropriate. The parties hereto will not take any position inconsistent with the intentions expressed herein.

Ownership of the Property. (a) The parties hereto intend that (i) for financial accounting purposes with respect to the Lessee, the Agent Lessor will be treated as the owner and the lessor of an undivided interest in the Properties Property and the Lessee will be treated as the lessee of the Properties Property and (ii) for all other purposes, including federal and all state and local income tax purposes, state real estate and commercial law and bankruptcy purposes, (A) the this Master Lease will be treated as a financing arrangement, (B) the Lessor Lessors and the Lenders will be deemed lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amount Amounts and the outstanding principal amount of the Loans, which loans are secured by the Properties Property and (C) the Lessee will be treated as the owner of the Properties Property and will be entitled to all tax benefits ordinarily available to an owner of properties like the Properties Property for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that neither the Lessor nor any none of the Lenders Administrative Agent, the Agent Lessor, the Arranger or any Participant has made any representations or warranties to the Lessee concerning the tax, accounting or legal characteristics of the Operative Documents and that the Lessee has obtained and relied upon such tax, accounting and legal advice concerning the Operative Documents as it deems appropriate. The parties hereto will not take any position inconsistent with the intentions expressed herein.