Common use of Eligible Containers Clause in Contracts

Eligible Containers. Containers which (a) are subject to a first priority fully perfected security interest in favor of the Administrative Agent for the benefit of the Lenders, (b) are subject to no other Liens other than Liens of the type permitted pursuant to §§9.2.l (ii), (v) (so long as underlying obligations are not overdue), (x) and (xiv), (c) are 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 Borrower 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) have a then Determined Value greater than zero, (e) have not suffered an Event of Loss and (f) is not then on lease to a Sanctioned Person or a Sanctioned Entity.

Eligible Containers. Containers which (a) are subject to a first priority fully perfected security interest in favor of the Administrative Agent for the benefit of the Lenders, (b) are subject to no other Liens other than Liens of the type permitted pursuant to §§9.2.l (ii), (v) (so long as underlying obligations are not overdue), (x) and (xiv), (c) are 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 Borrower 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) have a then Determined Value greater than zero, (e) have not suffered an Event of Loss and (f) is not then on lease to a Sanctioned Person or a Sanctioned Entity.