Common use of Record Return/Deconversion Clause in Contracts

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.

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; 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.