Common use of Periodic Audit Clause in Contracts

Periodic Audit. Servicer agrees that, no more than twice per calendar year, and no less than thirty (30) days after receipt of written notice, it shall cooperate with audits by Lender Participant or Program Administrator of the product set-up and conversion Services and communication and other protocols necessary for the efficient and accurate performance thereof. If any audit reveals any failure to adequately perform any such matter, Servicer shall within thirty (30) days of its receipt of the results of such audit, publish a remedial action plan that includes a schedule of tasks and objectives to be completed (each such task or objective, a “Milestone”) and provides for reports to Program Administrator or Lender Participant with respect to each Milestone (“Remedial Action Plan”). Upon completion of the Remedial Action Plan, Program Administrator or Lender Participant may, at a time mutually agreeable to the Parties, perform an additional audit to validate successful completion of the Remedial Action Plan.

Periodic Audit. Servicer agrees that, that no more than twice per calendar a year, and upon no less than thirty (30) days after receipt of written notice, it shall cooperate with audits by Lender Participant or Program Administrator of the product set-up and conversion Services services and communication and other protocols necessary for the efficient and accurate performance thereof. If any audit reveals any failure to adequately perform any such matter, Servicer shall within thirty (30) days of its receipt of the results of such audit, publish a remedial action plan that includes a schedule of tasks and objectives to be completed (each such task or objective, a “Milestone”) and provides for reports to Program Administrator or Lender Participant with respect to each Milestone (“Remedial Action Plan”). Upon completion of the Remedial Action Plan, Program Administrator or Lender Participant may, at a time mutually agreeable to the Parties, perform an additional audit to validate successful completion of the Remedial Action Plan.