Common use of Ownership of the Properties Clause in Contracts

Ownership of the Properties. (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 lessor of the Properties and the Lessee will be treated as the lessee of the Properties leased by it hereunder and (ii) for 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 secured financing arrangement between the Lessor and the Lessee, and (B) the Lessee will be treated as the owner of each Property and will be entitled to all tax benefits ordinarily available to an owner of properties like each Property for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that none of the Administrative Agent, 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. (b) It is the intent of the parties hereto that this Master Lease grants a security interest and mortgage, as the case may be, on each Property to the Lessor for the benefit of the Lessor and the other Participants to secure the performance of the Lessee under and payment of all amounts under the Lease and the other Operative Documents all as more specifically set forth in the Mortgages.

Ownership of the Properties. (a) The parties hereto intend that (i) for the Lessee's United States' financial accounting purposes with respect to the Lesseepurposes, the Lessor will be treated as the owner and lessor of the Properties an undivided interest in each Property and the Lessee will be treated as the lessee of the Properties each Property leased by it hereunder and (ii) for 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 secured financing arrangement between arrangement, (B) the Lessor and the LesseeLenders will be deemed lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amounts and the outstanding principal amount of the Loans, which loans are secured by the Properties and (BC) the Lessee will be treated as the owner of each Property and will be entitled to all tax benefits ordinarily available to an owner of properties like each Property similar to the Properties for such tax purposes. Nevertheless, the Lessee acknowledges and agrees that none of the Administrative Agent, the Lessor, the Arranger or any Participant Lender has made any representations or warranties to the Lessee concerning the tax, the Lessee's 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 shall not take any position inconsistent with the intentions expressed herein. (b) It is the intent of the parties hereto that this Master Lease grants a security interest and mortgagemortgage or deed of trust, as the case may be, on each Property to the Lessor or for the benefit of the Lessor and the other Participants to secure the performance of the Lessee under and payment of all amounts under the Lease and the other Operative Documents all as more specifically set forth in the MortgagesSection 5 of each Lease Supplement.

Ownership of the Properties. (a) The parties hereto intend that (i) for Lessee's United States' financial accounting purposes with respect to the Lesseepurposes, the Lessor will be treated as the owner and lessor of the Properties an undivided interest in each Property and the Lessee will be treated as the lessee of the Properties each Property leased by it hereunder and (ii) for 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 secured financing arrangement between arrangement, (B) the Lessor and the LesseeLenders will be deemed lenders making loans to the Lessee in an amount equal to the sum of the Lessor Amounts and the outstanding principal amount of the Loans, which loans are secured by the Properties and (BC) the Lessee will be treated as the owner of each Property and will be entitled to all tax benefits ordinarily available to an owner of properties like each Property similar to the Properties for such tax purposes. ▇▇▇ Research Corporation Amended and Restated Master Lease Nevertheless, the Lessee acknowledges and agrees that none of the Administrative Agent, the Lessor, the Arranger or any Participant Lender has made any representations or warranties to the Lessee concerning the tax, Lessee's 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 shall not take any position inconsistent with the intentions expressed herein. (b) It is the intent of the parties hereto that this Master Lease grants a security interest and mortgagemortgage or deed of trust, as the case may be, on each Property to the Lessor or for the benefit of the Lessor and the other Participants to secure the performance of the Lessee under and payment of all amounts under the Lease and the other Operative Documents all as more specifically set forth in the MortgagesSection 5 of each Lease Supplement.