RAC Payment Date definition
RAC Payment Date. With respect to a RAC, the date the RAC Check is issued to the customer or, if the direct deposit option is chosen, the date the ACH transfer is initiated to the customer. RAC Premium: $[ * ] for the first disbursement in connection with a RAC issued or initiated pursuant to each application from a customer or customers based on a refund from the IRS.
Examples of RAC Payment Date in a sentence
The purchase price for each RAC Asset as of any RAC Payment Date shall be equal to the Expected Tax Refund of the related RAC customer minus the related Servicing Fee (the sum of such amount for all RAC Assets purchased on such RAC Payment Date, the "RAC Purchase Price").
Similarly, the Parties intend that HTMAC's purchase of the Purchased Assets, and the transfer of all risks and benefits associated with such Purchased Assets, shall occur on the applicable RAC Payment Date, Denied RAL Check Payment Date or Excess Check Payment Date, as the case may be.