Common use of YEAR 2000 READINESS DISCLOSURE Clause in Contracts

YEAR 2000 READINESS DISCLOSURE. PFPC (a) has reviewed its business and operations as they relate to the services provided hereunder, (b) has remediated or replaced computer applications and systems controlled by PFPC and which are mission-critical to providing services hereunder (the "Relevant Systems"), and (c) has implemented a testing plan to test the remediation or replacement of the Relevant Systems to address on a timely basis the risk that the Relevant Systems may be unable to process over the January 1, 2000 boundary and on the leap day of February 29, 2000. PFPC represents and warrants that, based on assessments and testing to date, processing errors by the Relevant Systems involving such boundary and leap day are not likely to occur. PFPC will continue to monitor and test the Relevant Systems and make adjustments as necessary.

YEAR 2000 READINESS DISCLOSURE. PFPC (a) has reviewed its business and ------------------------------ operations as they relate to the services provided hereunder, (b) has remediated or replaced computer applications and systems controlled by PFPC and which are mission-critical to providing services hereunder (the "Relevant Systems"), and (c) has implemented a testing plan to test the remediation or replacement of the Relevant Systems to address on a timely basis the risk that the Relevant Systems may be unable to process over the January 1, 2000 boundary and on the leap day of February 29, 2000. PFPC represents and warrants that, based on assessments and testing to date, processing errors by the Relevant Systems involving such boundary and leap day are not likely to occur. PFPC will continue to monitor and test the Relevant Systems and make adjustments as necessary.