Common use of Minimum Utilization Clause in Contracts

Minimum Utilization. Borrower and Guarantors shall maintain minimum utilization rates for each fiscal quarter, calculated at the end of each such quarter as the average amount during such quarter, and calculated as: (a) the number of units of the Eligible Container Fleet Inventory of Borrower and the Guarantors which is then subject to valid, current rental or lease agreements between Borrower or a Guarantor and the renters or lessees thereof, divided by the aggregate number of units of the Eligible Container Fleet Inventory of Borrower and the Guarantors, of not less than seventy five percent (75%) in the first fiscal quarter of each year and seventy-seven and one-half percent (77.5%) in each other fiscal quarter; and

Minimum Utilization. (a) Borrower and Guarantors shall maintain minimum utilization rates for each fiscal quarter, calculated at the end of each such quarter as the average amount during such quarter, and calculated as: (a) as the number of units of the Eligible Container Fleet Inventory of Borrower and the Guarantors which is then subject to valid, current rental or lease agreements between Borrower or a Guarantor and the renters or lessees thereof, divided by the aggregate number of units of the Eligible Container Fleet Inventory of Borrower and the Guarantors, of not less than (i) seventy five percent (75%) in the first fiscal quarter of each year, (ii) seventy-five percent (75%) in the second and third fiscal quarters of years 2003 and 2004; (iii) seventy-six and one-quarter percent (76.25%) for the second and third fiscal quarters of year 2005, and (iii) seventy-seven and one-half percent (77.5%) in each other fiscal quarter; and