Consistent Treatment of Transaction by the Parties

Consistent Treatment of Transaction by the Parties. It is the intent of the Parties that, for federal, state and local tax (including sales and use taxes) purposes and commercial and bankruptcy law purposes, that (a) CDC shall be treated as the legal and beneficial owner of the Program Data during the period commencing on the Effective Date and ending on Approval of the Initial Product, entitled to any and all benefits of ownership, (b) the Development Program shall be performed by Company on behalf of CDC pursuant to the Development Program,... and (c) the license pursuant to Section 5.3.2 upon receipt of Approval of the Initial Product shall be treated as a sale of the Program Data by CDC to Company. Nevertheless, Company acknowledges and agrees that CDC has not made any representations or warranties concerning the tax, financial, accounting or legal characteristics or treatment of this Agreement, and that Company has obtained and relied solely upon the advice of its own tax, accounting and legal advisors concerning this Agreement and the accounting, tax, financial and legal consequences of the transactions contemplated herein. View More