Concentration Limits

Concentration Limits. (i) Maximum Concentration of any Ten Lessees. The sum of the Net Book Values of all Eligible Containers then on lease to any ten lessees shall not exceed eighty five percent (85%) of the then Aggregate Net Book Value; provided, however, that if two or more lessees shall engage in any transaction (whether through merger, consolidation, stock sale, asset sale or otherwise) pursuant to which a lessee shall become the owner of, or interest holder in, any other lessee's leasehold interests in one or... more Containers and the effect of such transaction is to cause a breach of the foregoing threshold, then the foregoing threshold shall on the effective date of such transaction be increased to an amount equal to the quotient, expressed as a percentage, (x) the numerator of which shall equal the sum of (A) the sum of the Net Book Values of all Managed Containers on lease to such transacting lessees immediately prior to such transaction, and (B) the sum of the Net Book Values of all Managed Containers then on lease to the other lessees who, together with the transacting lessees (with the transacting lessees treated as a single lessee for the purpose of this clause (B)), have the ten most Managed Containers then on lease with the Issuer (measured by Net Book Value) and (y) the denominator of which shall equal the then Aggregate Net Book Value); and provided further that, if the foregoing limitation has been increased above eighty five percent (85%) by operation of the above proviso, then any additional Managed Containers subsequently leased to any of such ten lessees shall not be considered Eligible Containers until such time as the sum of the Net Book Values of all Managed Containers then on lease to such ten lessees does not exceed an amount equal to eighty five percent (85%) of the then Aggregate Net Book Value. View More

Concentration Limits. Maximum Concentration of Dry Freight Special Containers. The sum of the Net Book Values of all Eligible Containers that are Specialized Containers (other than refrigerated Containers) shall not exceed twenty-five percent (25%) of the Aggregate Net Book Value; provided, however, open top containers shall not exceed fifteen percent (15%) of the Aggregate Net Book Value; flat rack containers shall not exceed fifteen percent (15%) of the Aggregate Net Book Value and tank containers shall not exceed... five percent (5%) of the Aggregate Net Book Value;. View More

Concentration Limits. For the purposes of determining the Excess Concentration Amount and the Maximum Availability, the following concentration limits shall apply during the Revolving Period (and, for the avoidance of doubt, the Concentration Limits shall not apply after the Revolving Period): (i) the aggregate Adjusted Borrowing Value of all Eligible Loans to Obligors in the same Moody's Industry Classification Group shall not exceed the greater of (a) $17,500,000 (or $25,000,000 when the Facility Amount is... $275,000,000 or greater) and (b) 17.5% of the Borrowing Base; provided that (I) the aggregate Adjusted Borrowing Value of all Eligible Loans to Obligors in the largest Moody's Industry Classification Group may constitute up to the greater of (a) $25,000,000 (or $35,000,000 when the Facility Amount is $275,000,000 or greater) and (b) 25.0% of the Borrowing Base and (II) the aggregate Adjusted Borrowing Value of all Eligible Loans to Obligors in the second largest Moody's Industry Classification Group may constitute up to the greater of (a) $20,000,000 (or $28,000,000 when the Facility Amount is $275,000,000 or greater) and (b) 20.0% of the Borrowing Base; (ii) the aggregate Adjusted Borrowing Value of all Eligible Loans to the same Obligor shall not exceed $12,500,000 (or $15,000,000 when the Facility Amount is $225,000,000 or greater); provided that up to three obligors (including any Affiliate thereof) may, collectively, have an Adjusted Borrowing Value in an amount up to $20,000,000 each for the first 90 days after acquisition by the Borrower; (iii) the aggregate Adjusted Borrowing Value of all Eligible Loans that are Fixed Rate Loans shall not exceed $20,000,000 (or $28,000,000 when the Facility Amount is $275,000,000 or greater); (iv) the aggregate Adjusted Borrowing Value of all Eligible Loans where the related Obligor is organized under the law of Canada shall not exceed the greater of (a) $15,000,000 (or $20,000,000 when the Facility Amount is $275,000,000 or greater) and (b) 15.0% of the Borrowing Base; and (v) the aggregate Adjusted Borrowing Value of all Eligible Loans rated "Caa1" or lower shall not exceed the greater of (a) $25,000,000 (or $35,000,000 when the Facility Amount is $275,000,000 or greater) and (b) 25.0% of the Borrowing Base. View More

Concentration Limits. Clause (a) in the definition of "Concentration Limits" in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety as follows: "(a) the aggregate Unpaid Balance of all Receivables relating to a single Obligor (together with its subsidiaries and Affiliates) exceeds (i) 2.40% of the Aggregate Unpaid Balance at such time or (ii) if higher, the percentage of the Aggregate Unpaid Balance specified below, contingent upon the Obigor's public... unsecured debt rating. Obligor's Public Unsecured Long-Term Debt Rating (S&P/Moody's)1 Concentration Limit A/A2 or better 12.0 % A-/A3 to BBB/Baa2 6.00 % BBB-/Baa3 4.00 % Not rated or lower than BBB-/Baa3 2.4 %" View More

Concentration Limits. Maximum Concentration of Finance Leases. The sum of the Net Book Values of all Eligible Containers that are subject to a Finance Lease shall not exceed twenty percent (20%) of the Aggregate Net Book Value.