Common use of Document Destruction — Information Erasure Clause in Contracts

Document Destruction — Information Erasure. Upon the earlier of: termination of this Servicing Agreement, the written request of the Disclosing Party, or at such later time, when no longer needed by either Party for fulfillment of its obligations under this Servicing Agreement or Applicable Law, each Receiving Party, except as prohibited by Applicable Law, will either: (a) promptly return to the Disclosing Party all documents and other tangible (including electronic) materials containing the Disclosing Party’s Proprietary Information, including all copies thereof in its possession or control; or (b) erase or destroy all such materials by the following methods, the foregoing notwithstanding, provided however that records shall not be destroyed prior to the time specified pursuant to applicable record retention timeframes, or alternatively such records are delivered to the Disclosing Party. If return, erasure, or destruction is not feasible, then the Receiving Party may, with the written consent of the Disclosing Party (which consent shall not be unreasonably withheld), maintain the Disclosing Party’s Proprietary Information in compliance with the requirements of the confidentiality and information security provisions of this Servicing Agreement; provided, however, that when the return, destruction, or erasure of any such materials becomes feasible for the Receiving Party, the Receiving Party must comply with the requirements of (a) or (b) above within sixty (60) calendar days. Medium Destruction Method Hard copy Shredding, pulverizing, burning, or other permanent destruction method Electronic tangible media, such as disks, tapes Destruction or erasure of the media Hard drive or similar storage device Erasure or elimination of Proprietary Information from the device

Document Destruction — Information Erasure. Upon the earlier of: termination of this Servicing Origination Agreement, the written request of the Disclosing Party, or at such later time, when no longer needed by either Party for fulfillment of its obligations under this Servicing Origination Agreement or Applicable Law, each Receiving Party, except as prohibited by Applicable Lawlaw, will either: (a) promptly return to the Disclosing Party all documents and other tangible (including electronic) materials containing the Disclosing Party’s Proprietary Information, including all copies thereof in its possession or control; or (b) erase or destroy all such materials by the following methods, the foregoing notwithstanding, provided however that records shall not be destroyed prior to the time specified pursuant to applicable record retention timeframes, timeframes or alternatively such records are delivered to the Disclosing Party. If return, erasure, or destruction is not feasible, then the Receiving Party may, with the written consent of the Disclosing Party (which consent shall not be unreasonably withheld), maintain the Disclosing Party’s Proprietary Information in compliance with the requirements of the confidentiality and information security provisions of this Servicing Origination Agreement; provided, however, that when the return, destruction, or erasure of any such materials becomes feasible for the Receiving Party, the Receiving Party must comply with the requirements of (a) or (b) above within sixty (60) calendar days. Medium Destruction Method Hard copy Shredding, pulverizing, burning, or other permanent destruction method Electronic tangible media, such as e.g., disks, tapes Destruction or erasure of the media Hard drive or similar storage device Erasure or elimination of Proprietary Information from the device