Common use of Eligible Container Clause in Contracts

Eligible Container. As of any date of determination (or, in the case of clause (i), as of the date specified therein), any Container which (a) is subject to a first priority fully perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties, (b) is subject to no other Liens other than Permitted Liens, (c) is in a serviceable condition in the normal course of business, subject to ordinary wear and tear and ordinary maintenance and repair, and substantially conform to the standard specifications used by the Manager for that category of container and applicable industry standards including, without limitation, The Customs Convention on Containers, The International Convention for Safe Containers and the International Organization for Standardization, (d) is not subject to a Defaulted Operating Lease or, if subject to a Defaulted Operating Lease, the Borrower (or the Manager, on behalf of the Borrower) has recovered possession of such Container, (e) has a then Net Book Value greater than zero, (f) has not suffered an Event of Loss, (g) is not then on lease to a Sanctioned Person or, to the best knowledge of the Borrower or the Manager, is not subleased to a Sanctioned Person or located, operated or used in a Sanctioned Country unless it is used pursuant to a license granted by OFAC, (h) satisfies each of the applicable Concentration Limits and applicable Container Representations and Warranties, (i) is on lease to an Eligible Lessee and (j) has not been contracted for sale by the Borrower to a purchaser in accordance pursuant to a sale agreement or other agreement for the disposition thereof.