Year 2000 Preparedness. Each Borrower has (i) initiated a review and assessment of all areas within its business and operations (including those affected by suppliers, vendors and customers) that could be adversely affected by the "Year 2000 Problem" (that is, the risk that computer applications used by such Borrower may be unable to recognize and perform properly date-sensitive functions involving certain dates prior to and any date after December 31, 1999), (ii) developed a plan and timeline for addressing the Year 2000 Problem on a timely basis, and (iii) to date, implemented that plan in accordance with that timetable. Based on the foregoing, such Borrower reasonably believes that all computer applications that are material to its business and operations are reasonably expected on a timely basis to be able to perform properly date-sensitive functions for all dates before and after January 1, 2000 (that is, be "Year 2000 compliant"), except to the extent that a failure to do so could not reasonably be expected to have a material adverse effect on the assets or business operations of such Borrower or the applicable Funds or the ability of such Borrower and the applicable Funds to pay and perform their obligations hereunder and under the Note.
Year 2000 Preparedness. The Transfer Agent warrants and represents that the Transfer Agent has adopted a written plan for Year 2000 compliance for the correct operation of the Transfer Agent's computer systems because of the approaching millennium (the "Plan"), that the Plan provides for the identification, testing and, where appropriate, upgrading of the Transfer Agent's computer systems, in accordance with reasonable industry standards, so that both the Transfer Agent's computer systems and their interfaces with third party computer systems will function accurately and without interruption before, during and after December 31, 1999 and that the Transfer Agent is actively in the process of implementing the Plan and presently has no reason to believe that the Transfer Agent's computer systems and their interfaces with third party computer systems will not be able to function accurately and without interruption before, during and after such date. The Transfer Agent will continue to implement the Plan and take such other steps as may be necessary and appropriate to be Year 2000 compliant in a timely and efficient manner and will notify the Trust of any Year 2000 compliance problems and the nature thereof on or before September 1, 1999 if the Transfer Agent determines that it is not or is not likely to be Year 2000 compliant in a timely and efficient manner. The failure of the Transfer Agent to be Year 2000 compliant shall not be deemed to be a force majeure event or provide a defense to performance hereunder.
Year 2000 Preparedness. EQ Financial represents and warrants that The Equitable Life Assurance Society of the United States ("Equitable"), EQ Financial's sole shareholder, has adopted a written plan (the "Plan"), for Year 2000 compliance for the correct operation of its computer systems and the computer systems, if any, of its subsidiaries, including EQ Financial (the "Equitable Computer Systems"), that the Plan provides for the identification, testing and, where appropriate, upgrading of the Equitable Computer Systems in accordance with reasonable industry standards, so that both the Equitable Computer Systems and their interfaces with third party computer systems will function accurately and without interruption before, during and after December 31, 1999, that Equitable is actively in the process of implementing the Plan and that EQ Financial presently has no reason to believe that the Equitable Computer Systems and their interfaces with third party computer systems will not be able to function accurately and without interruption before, during and after such date. EQ Financial covenants that Equitable will continue to implement the Plan and take such other steps as may be necessary and appropriate to be Year 2000 compliant in a timely and efficient manner and will promptly notify the Board of Trustees of the Trust of any Year 2000 compliance problems and the nature thereof on or before September 1, 1999 if EQ Financial determines that the Equitable Computer Systems are not or is not likely to be Year 2000 compliant in a timely and efficient manner. EQ Financial further represents and warrants that it will provide the Board of Trustees at each Board meeting held during calendar year 1999 and as appropriate in calendar year 2000 with detailed reports as to the Year 2000 preparedness of the Equitable Computer Systems. The failure of the Equitable Computer Systems to be Year 2000 compliant shall not be deemed to be a force majeure event or provide a defense to performance hereunder. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.
Year 2000 Preparedness. The Portfolio has taken steps reasonably designed to assure that the software and operating systems it uses (and those of its vendors) to perform its obligations hereunder are able properly to distinguish dates before January 1, 2000 from dates on or after January 1, 2000.
Year 2000 Preparedness. Each Borrower has (i) initiated a review and assessment of all areas within its business and operations (including those affected by suppliers, vendors and customers) that could be adversely affected by the "Year 2000 Problem" (that is, the risk that computer applications used by such Borrower (or its suppliers, vendors and customers) may be unable to recognize and perform properly date-sensitive functions involving certain dates prior to and any date after December 31, 1999), (ii) developed a plan and timeline for addressing the Year 2000 Problem on a timely basis, and (iii) to date, implemented that plan in accordance with that timetable. Based on the foregoing, each Borrower believes that all computer applications (including those of its suppliers, vendors and customers) that are material to its business and operations are reasonably expected on a timely basis to be able to perform properly date-sensitive functions for all dates before and after January 1, 2000 (that is, be "Year 2000 compliant"), except to the extent that a failure to do so could not reasonably be expected to have Material Adverse Effect.
Year 2000 Preparedness. The Adviser warrants and represents that the Adviser has adopted a written plan for Year 2000 compliance for the correct operation of the Adviser's computer systems before, during and after December 31, 1999 (the "Plan"), that the Plan provides for the identification, testing and, where appropriate, upgrading of the Adviser's computer systems, in accordance with reasonable industry standards, so that both the Adviser's computer systems and their interfaces with third party computer systems are designed to function accurately and without interruption before, during and after December 31, 1999 and that the Adviser is actively in the process of implementing the Plan and presently has no reason to believe that the Adviser's computer systems and their interfaces with third party computer systems will not be able to function accurately and without interruption before, during and after such date. The Adviser will continue to implement the Plan in a timely and efficient manner and will notify the Manager and the Trust of any Year 2000 compliance problems and the nature thereof on or before September 1, 1999 if the Adviser determines that it is not or is not likely that its computer systems and interfaces with third party systems will operate correctly before, during and after December 31, 1999. The failure of any of the Adviser's computer systems and/or any interfaces with third party computer systems to operate correctly before, during and after December 31, 1999 shall not be deemed to be a force majeure event or provide a defense to performance hereunder.
Year 2000 Preparedness. Any reprogramming required to permit the proper functioning from and after January 1, 2000 of (a) the computer systems of the Company and its Subsidiaries and (b) equipment containing embedded microchips (including, without limitation, systems and equipment supplied by others or with which the systems of the Borrower and its Subsidiaries interface) and the testing of all such systems and equipment (as so reprogrammed) will be completed by June 29, 1999. The cost to the Borrower and its Subsidiaries of such reprogramming and testing and of the reasonably foreseeable consequences of year 2000 (including, without limitation, reprogramming errors and the failure of others' systems and equipment) will not result in a Default or Event of Default or a Material Adverse Effect.
Year 2000 Preparedness. Borrower and its Subsidiaries have reviewed the effect of the Year 2000 Issue on the computer software, hardware and firmware systems and equipment containing embedded microchips owned or operated by or for Borrower and its Subsidiaries (including without limitation Powerhouse and its Subsidiaries) and their key customers and vendors. The costs to Borrower and its Subsidiaries of any reprogramming required as a result of the Year 2000 Issue to permit the proper functioning of such systems and equipment and the proper processing of data, and the testing of such reprogramming, and of required systems changes are not reasonably expected to result in a Default or Event of Default or to have a Material Adverse Effect.
Year 2000 Preparedness. Borrower has not experienced, and Borrower has no reason to expect Borrower to experience any Material Adverse Effect on its operations as a result of any failure of Borrower's computer hardware or software applications to function at least as effectively with respect to dates or time periods occurring after December 31, 1999, as such applications functioned for dates or time periods occurring prior to January 1, 2000.
Year 2000 Preparedness. Borrower has reviewed its operations and ---------------------- those of its Subsidiaries with a view to assessing whether its businesses, or the businesses of any of its Subsidiaries, will be vulnerable to a Year 2000 Problem (as defined below) and has a reasonable basis to believe that no Year 2000 Problem will exist on or after December 31, 1999. Borrower shall take all actions necessary and commit adequate resources to assure that its computer- based and other systems (and those of all Subsidiaries) are able to effectively process data, including dates before, on or after January 1, 2000, without experiencing any Year 2000 Problem that could cause a Material Adverse Effect. At the request of Agent, Borrower will, at Borrower's expense, provide Agent with assurances and substantiations (including, but not limited to, the results of internal or external audit reports) reasonably acceptable to Agent as to the capability of Borrower and its Subsidiaries to conduct its and their businesses and operations before, on and after January 1, 2000 without experiencing a Year 2000 Problem. "YEAR 2000 PROBLEM" means any significant risk that computer ----------------- hardware, software or equipment containing embedded microchips essential to the business or operations of Borrower or any of its Subsidiaries will not, in the case of dates or time periods occurring after December 31, 1999, function at least as effectively and reliably as in the case of times or time periods occurring before January 1, 2000, including the making of accurate leap year calculations. The Borrower has no knowledge of the existence of a Year 2000 Problem with respect to any of its vendors or suppliers that could have a Material Adverse Effect.
