Common use of TAX & REGULATORY ACTIVITY Clause in Contracts

TAX & REGULATORY ACTIVITY. BISYS maintains a compliance calendar for the Funds which details tax and regulatory filings and other compliance activities of the Funds. The compliance calendar enables BISYS to bring oversight to the processes by which tax and regulatory filings are prepared and to verify the timely filing of the required documents. The calendar also provides a mechanism by which verification of the required filings may be provided to the Board. BISYS will include such compliance oversight functions in its testing and monitoring processes.