Common use of Sale Treatment Clause in Contracts

Sale Treatment. Each of Seller and Trust Depositor shall treat the transfer of Contract Assets to the Trust Depositor as a sale or capital contribution for all purposes, although the Seller and the Trust Depositor acknowledge that the consolidated financial statements of the Seller and the Trust Depositor shall be prepared in accordance with generally accepted accounting principles and, as a result of the consolidation required by generally accepted accounting principles, the transfers will be reflected as a financing by the Seller in its consolidated financial statements; provided, however, that (i) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to indicate that the Trust Depositor is a separate legal entity from the Seller and to indicate that the Trust Depositor’s assets and credit are not available to satisfy the debts and other obligations of the Seller, (ii) such assets shall also be listed separately on any balance sheet of the Trust Depositor prepared on a stand alone basis, and (iii) following the occurrence of any bankruptcy, insolvency or similar event in respect of the Seller, the Contracts and Contract Assets purportedly conveyed to the Trust Depositor hereunder would not constitute part of the Seller’s estate in bankruptcy.

Sale Treatment. Each of the Seller and the Trust Depositor shall treat the transfer of Contract Assets to the Trust Depositor as a sale or capital contribution for all purposes, although the Seller and the Trust Depositor acknowledge that the consolidated financial statements of the Seller and the Trust Depositor shall be prepared in accordance with generally accepted accounting principles and, as a result of the consolidation required by generally accepted accounting principles, the transfers will be reflected as a financing by the Seller in its consolidated financial statements; provided, however, that (i) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to indicate that the Trust Depositor is a separate legal entity from the Seller and to indicate that the Trust Depositor’s assets and credit are not available to satisfy the debts and other obligations of the Seller, (ii) such assets shall also be listed separately on any balance sheet of the Trust Depositor prepared on a stand alone basis, and (iii) following the occurrence of any bankruptcy, insolvency or similar event in respect of the Seller, the Contracts and Contract Assets purportedly conveyed to the Trust Depositor hereunder would not constitute part of the Seller’s estate in bankruptcy.

Sale Treatment. Each of the Seller and Trust Depositor the Purchaser shall treat the each transfer of Contract Assets to the Trust Depositor Purchaser as a sale or capital contribution for all purposes, although the Seller and the Trust Depositor Purchaser acknowledge that the consolidated financial statements of the Seller and the Trust Depositor Purchaser shall be prepared in accordance with generally accepted accounting principles and, as a result of the consolidation required by generally accepted accounting principles, the transfers will be reflected as a financing by the Seller in its consolidated financial statements; provided, however, that (i) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to indicate that the Trust Depositor Purchaser is a separate legal entity from the Seller and to indicate that the Trust DepositorPurchaser’s assets and credit are not available to satisfy the debts and other obligations of the Seller, (ii) such assets shall also be listed separately on any balance sheet of the Trust Depositor Purchaser prepared on a stand alone basis, and (iii) following the occurrence of any bankruptcy, insolvency or similar event Insolvency Event in respect of the Seller, the Contracts and Contract Assets purportedly conveyed to the Trust Depositor Purchaser hereunder would not constitute part of the Seller’s estate in bankruptcy.

Sale Treatment. Each of Seller and Trust Depositor the Purchaser shall treat the each transfer of Conveyed Contract Assets to the Trust Depositor Purchaser as a sale or capital contribution for all purposes, although the each Seller and the Trust Depositor Purchaser acknowledge that the consolidated financial statements of the such Seller and the Trust Depositor Purchaser shall be prepared in accordance with generally accepted accounting principles and, as a result of the consolidation required by generally accepted accounting principles, the transfers will be reflected as a financing by the such Seller in its consolidated financial statements; provided, however, that (ia) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to indicate that the Trust Depositor Purchaser is a separate legal entity from the such Seller and to indicate that the Trust DepositorPurchaser’s assets and credit are not available to satisfy the debts and other obligations of the such Seller, (iib) such assets shall also be listed separately on any balance sheet of the Trust Depositor Purchaser prepared on a stand alone basis, and (iiic) following the occurrence of any bankruptcy, insolvency or similar event Insolvency Event in respect of the such Seller, the Conveyed Contracts and Conveyed Contract Assets conveyed or purportedly conveyed to the Trust Depositor Purchaser hereunder would not constitute part of the such Seller’s estate in bankruptcy.

Sale Treatment. Each of Seller and Trust Depositor the Purchaser shall treat the each transfer of Conveyed Contract Assets to the Trust Depositor Purchaser as a sale or capital contribution for all purposes, although the each Seller and the Trust Depositor Purchaser acknowledge that the consolidated financial statements of the such Seller and the Trust Depositor Purchaser shall be prepared in accordance with generally accepted accounting principles and, as a result of the consolidation required by generally accepted accounting principles, the transfers will be reflected as a financing by the such Seller in its consolidated financial statements; provided, however, that (i) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to indicate that the Trust Depositor Purchaser is a separate legal entity from the such Seller and to indicate that the Trust DepositorPurchaser’s assets and credit are not available to satisfy the debts and other obligations of the such Seller, (ii) such assets shall also be listed separately on any balance sheet of the Trust Depositor Purchaser prepared on a stand alone basis, and (iii) following the occurrence of any bankruptcy, insolvency or similar event Insolvency Event in respect of the such Seller, the Conveyed Contracts and Conveyed Contract Assets conveyed or purportedly conveyed to the Trust Depositor Purchaser hereunder would not constitute part of the such Seller’s estate in bankruptcy.