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Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(11) Commitments and Contingencies

 

  (a)

Restricted Cash

Restricted interest-bearing cash accounts were established by the Company as additional collateral for outstanding borrowings under certain of the Company’s debt facilities. Restricted cash at December 31, 2021 and 2020 consisted of the following:

 

 

 

2021

 

 

2020

 

Trust accounts

 

$

16,289

 

 

$

17,054

 

Other restricted cash accounts

 

 

60,073

 

 

 

57,093

 

Total restricted cash

 

$

76,362

 

 

$

74,147

 

Trust accounts

The Company maintains certain interest-bearing bank accounts (“Trust Accounts”) pursuant to certain debt agreements for the deposits of net cash proceeds collected from leasing and containers disposition after certain expenses. The cash in the Trust Accounts can only be used to pay the Company’s debt, interest and other certain related expenses. After such payments, any remaining cash in the Trust Accounts is transferred to certain unrestricted bank accounts of the Company and is included in cash and cash equivalents on the consolidated balance sheets.

Other restricted cash accounts

The Company established certain interest-bearing bank accounts pursuant to certain debt agreements to maintain an amount equal to certain outstanding debt balance and a projected interest expense for a specified number of months.

 

 

   (b)

Container Commitments

At December 31, 2021, the Company had commitments to purchase containers to be delivered subsequent to December 31, 2021 in the total amount of $75,015. In January 2022, the Company also had commitments to

purchase or fund containers under a sales-type leaseback financing arrangement with a lessee in the amount of $411,870.

 

(c)Distribution Expense to Managed Fleet Container Investors

 

The amounts distributed to the Container Investors are variable payments based upon the net operating income for each managed container (see Note 3 “Managed Container Fleet”). There are no future minimum lease payment obligations under the Company’s management agreements.