Purchase Parameters. The policy employed by the Manager from time to time in acquiring New Containers for the account of the Borrower, as such policy may be amended from time to time by a Board Majority. The "Purchase Parameters" are as follows: (i) the maximum purchase price to be paid by the Borrower for any standard dry cargo Container shall not exceed $2,500 per CEU; (ii) the maximum purchase price to be paid by the Borrower for any Specialized Containers shall not exceed the amount in effect and
... previously approved by a Board Majority; (iii) if such Container is a New Container and will be subject to either a Term Lease or a Finance Lease on the date on which it is acquired by the Borrower, the projected ARPEC for such E5 Exhibit 10.2 Lease shall be not less than the sum of (A) three month LIBOR on such date and (B) eleven percent (11%). In this regard, "ARPEC" shall mean a fraction (expressed as a percentage) the numerator of which is equal to the product of (A) the daily lease rental attributable to such Container pursuant to the terms of such Lease and (B) 365, and the denominator of which is equal to the original equipment cost of such Container; and (iv) if such Container is a New Container and will be subject to a Master Lease on the date of acquisition by the Borrower, then, when considered with all other New Containers then owned by the Borrower, the sum of the Net Book Values of all New Containers then subject to the terms of a Master Lease shall not exceed an amount equal to the product of (A) twenty-five percent (25%) and (B) the sum of the then Net Book Values of all New Containers then owned by the Borrower.
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