Container Utilization Rate definition
Container Utilization Rate means the percentage of the Lease Fleet subject to a written lease of storage containers or cartage trailers between the US Borrower or any of its Subsidiaries, as lessor, and such lessor's customer, as lessee, which lease (i) is in such lessor's standard form, (ii) has not been referred to a Person for collection and (iii) has not had any material default in existence for a period in excess of 120 days.
Examples of Container Utilization Rate in a sentence
The US Borrower shall not permit the Container Utilization Rate, commencing as of the end of any Fiscal Quarter set forth below, to be less than the rate set forth opposite such period.