Common use of Ownership of the Properties Clause in Contracts

Ownership of the Properties. (a) Lessor and Lessee intend that (i) for financial accounting purposes with respect to Lessee (A) this Lease will be treated as an "operating lease" pursuant to Statement of Financial Accounting Standards No. 13, as amended, (B) Lessor will be treated as the owner and lessor of each Property and (C) Lessee will be treated as the lessee of each Property, but (ii) for federal and all state and local income tax purposes and bankruptcy purposes (A) this Lease will be treated as a financing arrangement and (B) Lessee will be treated as the owner of the Properties. Notwithstanding the foregoing, neither party hereto has made, or shall be deemed to have made, any representation or warranty as to the availability of any of the foregoing treatments under applicable accounting rules, tax law or bankruptcy law. Lessee shall claim the cost recovery deductions associated with each Property, and Lessor shall not, to the extent not prohibited by Law, take on its tax return a position inconsistent with Lessee's claim of such deductions. (b) [Intentionally Omitted].

Ownership of the Properties. (a) Lessor and each Lessee intend that (i) for financial accounting purposes with respect to such Lessee (A) this Lease will be treated as an "operating lease" pursuant to Statement of Financial Accounting Standards No. 13, as amended, (B) Lessor will be treated as the owner and lessor of each Property with respect to which such Lessee has executed a Lease Supplement and (C) such Lessee will be treated as the lessee of each such Property, but (ii) for federal and all state and local income tax purposes and bankruptcy purposes (A) this Lease will be treated as a secured financing arrangement and (B) such Lessee will be treated as the owner of the Propertieseach Property with respect to which such Lessee has executed a Lease Supplement and will be entitled to all tax benefits ordinarily available to owners of property similar to each such Property for such tax purposes. Notwithstanding the foregoing, neither party hereto has made, or shall be deemed to have made, any representation or warranty as to the availability of any of the foregoing treatments under applicable accounting rules, tax tax, bankruptcy, regulatory, commercial or real estate law or bankruptcy lawunder any other set of rules. Each applicable Lessee shall claim the cost recovery deductions associated with each PropertyProperty with respect to which such Lessee has executed a Lease Supplement, and Lessor shall not, to the extent not prohibited by Law, take on its tax return a position inconsistent with such Lessee's claim of such deductions. (b) [Intentionally Omitted].