Common use of Record Return/Deconversion Clause in Contracts

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 in full or in part 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 Lender or FMC default or any other reason, return to Lender FMC all records, data processing records, reports, documents and correspondence, including Original Credit Agreements, Applicationsapplications, payment histories, due diligence histories, and copies of microfilm documents maintained by the Servicer in connection with the Servicing of the Student Loans (or such Student Loans as applicable). Servicer shall maintain a copy of all records and reports which related to the Servicing of Student Loans generally for seven (7) five years after any deconversion. Upon the return of the Student Loan records, Lender FMC 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 FMC by Servicer as provided below or as otherwise mutually agreed in writing upon by the Partiesparties. Upon any termination or expiration of this Agreement, any deconversion and transfer of the Accounts to Lender FMC or its new servicer shall be on an orderly schedule reasonably determined by the Servicer, with LenderFMC’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 in full or in part 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 Lender or FMC default or any other reason, return to Lender FMC all records, data processing records, reports, documents and correspondence, including Original Credit Agreements, Applicationsapplications, payment histories, due diligence histories, and copies of microfilm documents maintained by the Servicer in connection with the Servicing of the Student Loans (or such Student Loans as applicable). Servicer shall maintain a copy of all records and reports which related to the Servicing of Student Loans generally for seven (7) five years after any deconversion. Upon the return of the Student Loan records, Lender FMC 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 FMC by Servicer as provided below or as otherwise mutually agreed in writing upon by the Partiesparties. Upon any termination or expiration of this Agreement, any deconversion and transfer of the Accounts to Lender FMC or its new servicer shall be on an orderly schedule reasonably determined by the Servicer, with Lender’s FMC’ 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 hall continue to be paid hereunder with respect to such Accounts during such period.