Common use of Early Payoff Clause in Contracts

Early Payoff. Except with respect to a home equity line of credit, if any Package submitted by Broker and funded by ARC HOME is paid in full on or prior to ARC HOME’s receipt of the sixth (6th) monthly payment following the funding date (an “Early Payoff”), whether due to refinancing, prepayment or any other reason, then Broker shall, in ARC HOME’s sole discretion with due consideration to Broker’s long term performance with ARC HOME, within thirty (30) days after receiving an invoice from ARC HOME, reimburse ARC HOME, (i) an amount that equals compensation paid by ARC HOME to the Broker at the time of the Loan funding, or (ii) if ARC HOME did not pay Broker compensation for such Loan and if such Early Payoff is due to ▇▇▇▇▇▇’s submission of the Loan to another lender for refinancing, prepayment, or any other reason, then, in such case, Broker shall reimburse ARC HOME the lender credit provided by ARC HOME for such Loan. Such obligation to ARC HOME shall survive any sale or assignment of the related Package by ARC HOME to any third-party and shall be independently enforceable by the ARC HOME. For the avoidance of doubt, if any Package submitted by ▇▇▇▇▇▇ and funded by ARC HOME is paid in full on the same calendar day as the day in which ARC HOME receives the sixth (6th) monthly payment, an Early Payoff shall be deemed to have occurred. With respect to a home equity line of credit, if any Package submitted by Broker and funded by ARC HOME is (i) paid in full on or prior to ARC HOME’s receipt of the third (3rd) monthly payment following the funding date, and (ii) the home equity line of credit account is closed (a “HELOC Early Payoff”), then Broker shall, in ARC HOME’s sole discretion with due consideration to Broker’s long term performance with ARC HOME, within thirty (30) days after receiving an invoice from ARC HOME, reimburse ARC HOME an amount that equals compensation paid by ARC HOME to the Broker at the time of the Loan funding. Such obligation to ARC HOME shall survive any sale or assignment of the related Package by ARC HOME to any third-party and shall be independently enforceable by the ARC HOME. For the avoidance of doubt, if any Package submitted by ▇▇▇▇▇▇ and funded by ARC HOME is paid in full and the home equity line of credit account is closed on the same calendar day as the day in which ARC HOME receives the third (3rd) monthly payment, a HELOC Early Payoff shall be deemed to have occurred.