In deciding whether financing wath recelvabies is a secured borrowing of a sple under US: GMP$,$ the oriticil element is the extent to which the

Mantle Choice

corts

$094097$

Fransferee relies on assets recelved from the tranderce lo maintain operations.

Age of the recelvables vansferred differs from the atverage age of the recelvabios.

Transferee has recelved substantially all the rhks and rewards of ownership.

Transferor of the recelvable surnenders control over the assets translerred.