Common use of Briefings Clause in Contracts

Briefings. Prior to the Execution Date, the Agent has provided, and not less than once during each year of the Term the Agent shall provide, to the Funds a copy of the SAS 70 Report prepared by the Agent’s public auditor. The Funds shall be entitled to a briefing with respect to any material deficiencies in such report to assure themselves that any corrective actions required in such report to be taken by the Agent have been properly implemented. The Agent shall promptly perform, and pursue until completed, any corrective action required in any such report or required under Applicable Law cited in any audit conducted under Applicable Law by any governmental authority or the Agent’s public auditor which the Agent has agreed to make. In addition, the Agent will permit the Funds and their authorized representatives, at the Funds’ sole expense, at reasonable times during normal business hours to make periodic inspections of the Agent’s operations on behalf of, and directly related to the business of, the Funds.