Common use of OWNERSHIP OF THE EQUIPMENT Clause in Contracts

OWNERSHIP OF THE EQUIPMENT. (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 (SFAS) No. 13, as amended, (B) Lessor will be treated as the owner and lessor of the Equipment and (C) Lessee will be treated as the lessee of the Equipment but (ii) for federal, state and local income tax and state law purposes (A) this Lease will be treated as a financing arrangement, (B) the Securityholders will be treated as senior lenders making loans to Lessee in an amount equal to the principal amount of the Securities, which Securities will be secured by the Equipment, (C) the Certificate Holders will be treated as subordinated lenders making loans to Lessee in an aggregate amount equal to the Certificate Holder Contribution, which loans are secured by the Equipment, and (D) Lessee will be treated as the owner of the Equipment and will be entitled to all tax benefits ordinarily available to an owner of property like the Equipment for such tax purposes.

OWNERSHIP OF THE EQUIPMENT. (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 (SFAS) No. 13, as amended, (B) Lessor will be treated as the owner and lessor of the Equipment and (C) Lessee will be treated as the lessee of the Equipment Equipment, but (ii) for federal, state and local income tax and state law purposes (A) this Lease will be treated as a financing arrangement, (B) the Securityholders Lenders will be treated as senior lenders making loans to Lessee in an amount equal to the principal amount of the SecuritiesLoans, which Securities Loans will be secured by the Equipment, (C) the Certificate Holders Lessor will be treated as a subordinated lenders lender making loans a loan to Lessee in an aggregate amount equal to the Certificate Holder Investor Contribution, which loans are loan is secured by the Equipment, and (D) Lessee will be treated as the owner of the Equipment and will be entitled to all tax benefits ordinarily available to an owner of property like the Equipment for such tax purposes.

OWNERSHIP OF THE EQUIPMENT. (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 (SFAS) No. 13, as amended, (B) Lessor will be treated as the owner and lessor of the Equipment and (C) Lessee will be treated as the lessee of the Equipment Equipment, but (ii) for federal, state and local income tax and state law purposes (A) this Lease will be treated as a financing arrangement, (B) the Securityholders Lenders will be treated as senior lenders making loans to Lessee in an amount equal to the principal amount of the SecuritiesLoans, which Securities Loans will be secured by the Equipment, (C) the Certificate Holders Lessor will be treated as a subordinated lenders lender making loans a loan to Lessee in an aggregate amount equal to the Certificate Holder Investor Contribution, which loans are loan is secured by the Equipment, and (D) Lessee will be treated as the owner of the Equipment and will be entitled to all tax benefits ordinarily available to an owner of property like the Equipment for such tax purposes.