risk acceptance criteria definition
risk acceptance criteria means the terms of reference by which the acceptability of a specific risk is assessed; these criteria are used to determine that the level of a risk is sufficiently low that it is not necessary to take any immediate action to reduce it further;
risk acceptance criteria means the criteria used to determine whether a risk level is acceptable or unacceptable for the purpose of undertaking a certain activity;
risk acceptance criteria or “RAC” means the criteria (minimum standards) established, from time to time, by Element which must be met in order for Element to accept the financing of a Transaction. (xlvii) “Second IC Charge” means the additional charge imposed by Servicer with respect to the second Independent Contractor in a Team Lease Transaction. (xlviii) “Security Deposit Account” means each separate account established solely in regard to a Delivery Vehicle into which Security Deposit Accruals for that Vehicle have been, or will be, paid. (xlix) “Security Deposit Accruals” means security deposits billed and collected by Servicer from Independent Contractors with respect to newly originated Transactions. (l) “Servicer” means Celadon Group, Inc., a Delaware corporation and Quality Equipment Leasing, LLC., a Delaware limited liability company, collectively. (li) “Sponsors” means companies with which Servicer maintains sponsorship agreements. (lii) “Team Lease Transactions” means Transactions in which Servicer contracts with two Independent Contractors to operate one Delivery Vehicle. (liii) “Tax Filings” means all required tax returns, reports and filings in respect to the Transactions, the Vehicles, other property that may be the subject of any Transaction and any Tax Payments that are made. (liv) “Tax Payments” means all sales, use, personal property, privilege, license and other taxes arising under, or in connection with, the Transactions, the Vehicles and any other property that may be the subject of any Transaction. 6 (lv) “Third Amended Agreement” means this Third Amended and Restated Service Agreement dated as of March 23, 2016 by and between Servicer and Element. (lvi) “Transaction” means each financing agreement and/or lease for the acquisition or lease of a Vehicle between Element, as lender or lessor, and an Obligor, as lessee or borrower. The term “Transaction” includes both Existing Transactions and Future Transactions. (lvii) “Variable Contract Payments” means payments made under a Variable Payment Transaction and are comprised of both: (A) periodic lease or other contract payments, and (B) any EOT Amount. (lviii) “Variable Payment Transactions” means Existing Transactions which call for variable lease or other contract payments. (lvix) “Vehicle” means certain trucks and/or trailers for use in delivering goods or to be used as part of a fleet, as set forth in the Amended Program Agreements, which are financed pursuant to Transaction. (lx) “Vehicle Buyout Transaction...
More Definitions of risk acceptance criteria
risk acceptance criteria or “RAC” means the criteria (minimum standards) established, from time to time, by Element which must be met in order for Element to accept the financing of a Transaction.