Year 2000 Compatibility Clause Samples
The Year 2000 Compatibility clause ensures that all software, hardware, and systems provided under the agreement are capable of correctly processing date information before, during, and after the year 2000. This typically requires that products can accurately handle four-digit year formats, leap years, and date transitions without malfunctioning or producing errors. The core function of this clause is to prevent disruptions or failures caused by the so-called "Y2K bug," thereby allocating responsibility for compliance and protecting parties from potential losses due to date-related errors.
Year 2000 Compatibility. Take all actions necessary to assure the Borrower's computer based systems are able to operate and effectively process data on and after January 1, 2000. At the request of the Lender, the Borrower shall provide the Lender with assurance acceptable to the Lender that Borrower's computer systems have Year 2000 compatibility.
Year 2000 Compatibility. Take all action necessary to assure that its computer based systems are able to operate and effectively process data including dates on and after January 1, 2000, and, at the reasonable request of the Administrative Agent or the Required Lenders, provide evidence to the Lenders of such year 2000 compatibility.
Year 2000 Compatibility. Take all action necessary to assure that from and after January 1, 2000 the computer-based systems of IPT and the Borrower are able to operate and effectively process data that includes dates on and after January 1, 2000. At the request of the Agents, IPT and the Borrower shall provide to the Agents assurance acceptable to the Agents of the timely year 2000 compatibility of IPT and the Borrower.
Year 2000 Compatibility. Borrower shall take all action necessary to assure that Borrower's computer based systems are able to operate and effectively process data including dates on and after January 1, 2000. At the request of Bank, Borrower shall provide Bank assurance acceptable to Bank of Borrower's Year 2000 compatibility.
Year 2000 Compatibility. The Company shall take all reasonable action necessary to ensure that the computer based systems of the Company and its Subsidiaries are able to operate and effectively process data including dates on or after January 1, 2000, except that such action shall not be required to the extent that the failure to take such action would not have a material adverse effect on the consolidated financial position or consolidated results of operations of the Company and its Consolidated Subsidiaries, considered as a whole. At the request of the Agent, the Company shall provide assurance reasonably acceptable to the Agent of the year 2000 compatibility of the Company and its Subsidiaries.
Year 2000 Compatibility. Borrower and its Subsidiaries shall take all acts reasonably necessary to ensure that all software, hardware, firmware, equipment, goods and systems utilized by or material to their business, operations or financial condition will properly perform date sensitive functions before, during and after the year 2000. At the request of Administrative Agent, Borrower shall provide to Administrative Agent such certifications or other evidence of compliance with this Subparagraph 5.01(i) as Administrative Agent may from time to time require.
Year 2000 Compatibility. Take all action necessary to assure that from and after January 1, 2000 the computer-based systems of the Borrower are able to operate and effectively process data that includes dates on and after January 1, 2000. At the request of the Administrative Agent, the Borrower shall provide to the Administrative Agent assurance acceptable to the Administrative Agent of the timely year 2000 compatibility of the Borrower.
Year 2000 Compatibility. Any reprogramming required to permit the proper functioning, before, on and after January 1, 2000, of (i) the Borrower's and its Subsidiaries' computer-based systems and (ii) equipment containing embedded microchips (including systems and equipment supplied by others or with which the Borrower's or any of its Subsidiaries' systems interface), and the testing of all such systems and equipment, as so reprogrammed, will be completed by June 30, 1999. The cost to the Borrower and its Subsidiaries of such reprogramming and testing and of the reasonably foreseeable consequences of the year 2000 to the Borrower and its Subsidiaries (including, without limitation, reprogramming errors and the failure of others' systems or equipment) will not result in a Default or Material Adverse Effect. Except for such of the reprogramming referred to in the preceding sentence as may be necessary, the computer and management information systems of the Borrower and its Subsidiaries are and, with ordinary course upgrading and maintenance will continue for the term of this Agreement to be, sufficient to permit the Borrower and its Subsidiaries to conduct their respective businesses without a Material Adverse Effect.
Year 2000 Compatibility. Borrower and its Subsidiaries have reviewed the areas within their business and operations which could be materially adversely affected by, and are taking all steps Borrower and its Subsidiaries consider reasonably necessary to address on a timely basis, the "Year 2000 Problem" (that is, the risk that computer applications used by Borrower and its Subsidiaries may be unable to recognize and perform properly date-sensitive functions involving certain dates prior to and any date on or after December 31, 1999), and have made related appropriate inquiry of material suppliers and vendors. Based upon such review and program, Borrower believes that the "Year 2000 Problem" will not have a Material Adverse Effect.
Year 2000 Compatibility. The Servicer shall take all action necessary ----------------------- to assure that, prior to January 1, 2000, the Servicer's computer system is able to operate and effectively process data including dates on and after January 1, 2000. At the request of the Deal Agent, the Servicer shall provide assurance acceptable to the Deal Agent of the Servicer's Year 2000 compatibility.