Nonrecourse Loan. A loan to the Borrower (a) which is secured solely by (i) specifically identified Containers (the “Identified Containers”), (ii) one or more leases of such Identified Containers, including all rentals thereunder (the “Lease Collateral”), and (iii) all proceeds of such Identified Containers and Lease Collateral; (b) which is payable solely from the related Identified Containers and Lease Collateral, and as to which rentals under the related Lease Collateral have been assigned to the applicable lender, and are paid directly to such lender; and (c) with respect to which payments of principal and interest are without recourse to the Borrower or the Borrower’s property (other than the related Identified Containers and Lease Collateral).
Appears in 4 contracts
Samples: Revolving Credit and Term Loan Agreement (CAI International, Inc.), Revolving Credit and Term Loan Agreement (CAI International, Inc.), Revolving Credit and Term Loan Agreement (CAI International, Inc.)
