Property Interest. 2.3.1 Purchaser shall have no legal title or ownership in the physical assets of the Xxxxxxxx Network itself, including any proceeds from the disposition of the Xxxxxxxx Network. Notwithstanding the preceding sentence, it is understood and agreed that the grant of the Backhaul IRU and the Wavelength IRUs is intended by the parties hereto to be treated for accounting and all applicable tax purposes, as the sale and purchase of the Backhaul IRU and Wavelength IRUs, and that on and after the Backhaul Closing Date and the Wavelength Closing Date, as applicable, Purchaser or its Affiliates shall be treated as the owner of the Backhaul IRU and the Wavelength IRUs for such purposes. Except as a party may otherwise reasonably deem required by or appropriate under law or accounting standards, the parties agree to make financial accounting filings and tax returns consistently with such treatment.
Appears in 4 contracts
Samples: Capacity Purchase Agreement, Capacity Purchase Agreement (Teleglobe International Holdings LTD), Capacity Purchase Agreement (Teleglobe International Holdings LTD)
