Common use of Net Book Value Clause in Contracts

Net Book Value. With respect to any Eligible Container that is not subject to a Finance Lease, the Original Equipment Cost of such Container less accumulated depreciation calculated based on (i) straight-line depreciation over 15 years with a remaining residual value of 15% of the Original Equipment Cost at the end of such period, or (ii) any other depreciation method used by the Servicer which is more conservative than the depreciation policy outlined in clause (i) (i.e. more conservative policy in terms of greater annual depreciation or a lower remaining residual value).

Net Book Value. With respect to any Eligible Container that is not subject to a Finance Lease, the Original Equipment Cost of such Container less accumulated depreciation calculated based on (i) straight-line depreciation over 15 years with a remaining residual value of 15% of the Original Equipment Cost at the end of such period, or (ii) any other depreciation method used by the Servicer which is more conservative than the depreciation policy outlined in clause (i) (i.e. i.e., more conservative policy in terms of greater annual depreciation or a lower remaining residual value).