Common use of RIGHTS OF OWNERSHIP; RETURN OF RECORDS Clause in Contracts

RIGHTS OF OWNERSHIP; RETURN OF RECORDS. All records and other data except computer programs and procedures developed to perform services required to be provided by the Transfer Agent are the exclusive property of the Trusts and all such records and data will be furnished to the Trusts in appropriate form as soon as practicable after termination of this Agreement for any reason. The Transfer Agent may at its option at any time, and shall promptly upon the Trusts' demand, turn over to the Trusts and cease to retain the Trusts' files, records and documents created and maintained by the Transfer Agent pursuant to this Agreement which are no longer needed by the Transfer Agent in the performance of its services or for its legal protection or as otherwise required by law. If not so turned over to the Trusts, (1) such documents and records will be copied and complete copies shall be delivered to the Trusts by the Transfer Agent as soon as reasonably practical, and (2) the original documents and records will be retained by the Transfer Agent for six years from the year of creation. At the end of such six-year period, such records and documents will be turned over to the Trusts unless the Trusts authorize in writing the destruction of such records and documents.