Here is an example from the logs:
18:19:26.793 SCRIPT : dzrp_6b45_Vest_NIG:16408 OnCEIterate 52.187 s
18:19:26.793 SCRIPT : AliceBag_Green:16405 OnCEIterate 261.89 s
The item dzrp_6b45_Vest_NIG was lying on the ground, and its OnCEIterate() method was called approximately every 51 seconds. I held the item AliceBag_Green in my hands for some time and then equipped it on the character.
These logs were generated after I equipped the backpack.