Record Return/Deconversion Sample Clauses
The Record Return/Deconversion clause outlines the procedures and obligations for returning, transferring, or securely disposing of records and data when a contract ends or a service relationship is terminated. Typically, this clause specifies the format, timing, and method for returning client data, and may require the service provider to assist in transitioning records to a new provider or back to the client. Its core function is to ensure that sensitive or proprietary information is properly handled at the end of an engagement, thereby protecting the interests of the data owner and facilitating a smooth transition.
Record Return/Deconversion. Upon termination of this Agreement in full or in part with respect to any Loan or Loans whether by virtue of the passage of time or otherwise, the Servicer shall, regardless of any Lender or FMC default or any other reason, return to Lender all records, data processing records, reports, documents and correspondence, including Original Credit Agreements, Applications, payment histories, due diligence histories, and copies of microfilm documents maintained by the Servicer in connection with the Servicing of the Loans (or such Loans as applicable). Servicer shall maintain a copy of all records and reports which related to the Servicing of Loans generally for seven (7) years after any deconversion. Upon the return of the Loan records, Lender agrees to pay the Record Return/Deconversion Fee, as set forth in the Fee Schedule, except under the circumstances specifically set forth in this Agreement, and such records will be returned to Lender by Servicer as provided below or as otherwise mutually agreed in writing by the Parties. Upon any termination or expiration of this Agreement, any deconversion and transfer of the Accounts to Lender or its new servicer shall be on an orderly schedule reasonably determined by the Servicer, with Lender’s approval. To the extent that the Servicer continues to provide Servicing for any Accounts after the termination or expiration date pending such scheduled deconversion and transfer, the terms of this Agreement shall remain in effect and the Servicer’s fees shall continue to be paid hereunder with respect to such Accounts during such period.
Record Return/Deconversion. Upon termination of this Agreement or upon termination of this Agreement with respect to any particular Student Loan or Loans whether by virtue of the passage of time or otherwise, the Servicer shall, regardless of any FMC default or any other reason, return to FMC all records, data processing records, reports, documents and correspondence, including original promissory notes, applications, payment histories, due diligence histories, and copies of microfilm documents maintained by the Servicer in connection with the Servicing of the Student Loans to which the Servicer asserts no legitimate proprietary right or which are not part of the records and reports maintained by the Servicer in connection with the Servicing of Student Loans generally. Upon the return of the Student Loan records belonging to FMC, FMC agrees to pay the Record Return/Deconversion Fee, as set forth in the Fee Schedule, to the Servicer, except under the circumstances specifically set forth in this Agreement, and such records will be returned to FMC by Servicer within sixty (60) days from the date of termination of this Agreement or as otherwise mutually agreed upon by the parties; provided, however, that in the event this Agreement is terminated by FMC pursuant to Section 12.2(i), (ii), or (iii), then the Servicer shall return the records at its sole cost and expense and no Record Return/Deconversion Fee shall be payable.