F49 In determining whether each party has an asset of the property, it will not be appropriate to focus on one feature in isolation. Rather, the combined effect of all relevant factors should be considered for a range of reasonably possible scenarios, with greater weight being given to those outcomes that are more likely to occur in practice.
F50 In addition, it will often be useful in weighing all the evidence to consider the position of the various parties to the transaction, including their apparent expectations and motives for agreeing to its various terms. For example, an assessment of the operator's financing* may indicate a level of debt funding that could be credible only if another party stood behind the operator. In such circumstances the PFI contract would be deemed a financing arrangement and thus indicate that the property is an asset of the purchaser. Similarly, a financing arrangement would be indicated where, in the event that the contract is terminated early, the bank financing will be fully paid out by the purchaser under all events of default, including operator default.
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* All aspects of the financing arrangements should be taken into account, eg the use of senior or subordinated debt and the presence of any guarantees.