Second IC Charge definition

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 Transactions” means Transactions in which an Independent Contractor has elected to pay the EOT Amount and acquire its Delivery Vehicle, but has not made, or has insufficient funds to make cash payment, of such ...
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Second IC Charge means the additional charge imposed by Servicer with respect to the second Independent Contractor in a Team Lease Transaction.
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Examples of Second IC Charge in a sentence

  • The Second IC Charge will be applied to the Team Lease Transaction to shorten its term.

  • No Second IC Charge shall be imposed or collected at any time when a Delivery Vehicle subject to a Team Lease Transaction is only contracted to be operated by a single Independent Contractor.

  • The Second IC Charge will compensate Element for the additional mileage and depreciation associated with the second Independent Contractor’s use of the Delivery Vehicle.

  • Servicer will pay Purchaser the single Contract Payments amounts and retain any excess (all or a portion of the Second IC Charge, the “Retained Team Lease Payments”).

  • Servicer will pay Element the single Contract Payments amounts and retain any excess (all or a portion of the Second IC Charge, the “Retained Team Lease Payments”).

  • The Second IC Charge will compensate Purchaser for the additional mileage and depreciation associated with the second Independent Contractor’s use of the Delivery Vehicle.