Sample Business Contracts

Services Agreement - PNC Bank Corp. and BlackRock Inc.

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                              SERVICES AGREEMENT

THIS SERVICES AGREEMENT ("Agreement") is made as of ________, 1999 by and
between PNC Bank Corp. ("Service Provider") and BlackRock, Inc. ("BlackRock").


     Service Provider currently provides to BlackRock certain services.
BlackRock has requested that Service Provider continue such services, and
Service Provider has agreed to provide such services, on the terms and
conditions set forth in this Agreement.


In consideration of the terms and conditions of this Agreement and intending to
be legally bound, Service Provider and BlackRock agree as follows:

1.   Provision of Services.  During the term of this Agreement, Service Provider
     shall provide to BlackRock the services (the "Services") on the terms and
     conditions set forth in this Agreement.

2.   Services Charges and other Terms. With respect to the period from the
     effective date of this Agreement through the end of the 1999 fiscal year,
     the prices, pricing methodology and other terms of the Services shall be
     those in effect as of September 1, 1999, subject to any adjustments imposed
     by the Service Provider that are generally applicable to its business
     units. BlackRock shall negotiate in good faith with the Service Provider to
     establish the prices, pricing methodology and other terms of the Services
     for each subsequent fiscal year during the term of this Agreement.

3.   Cooperation.  Each party shall observe the normal security and other
     operational procedures in place at the other party's offices.

4.   Audits and Regulators.  In connection with the Services, in recognition of
     the fact that both parties are subject to audits and to regulation and
     examination by governmental authorities, each party shall cooperate fully
     in all audits and regulatory examinations of the other party as may be
     reasonably requested by such other party.

5.   Provision of Corporate Records.  In connection with the Services, subject
     to applicable law and privileges, upon the prior and reasonable request by
     a party for specific and identified


     agreements, documents, books, records or files, relating to or affecting
     such party, the other party shall arrange, as soon as reasonably
     practicable following the receipt of such request, for the provision of
     appropriate copies of such records (or the originals thereof if the party
     making the request has a compelling need for such originals) in the
     possession of such other party, but only to the extent such items are not
     already in the possession of the requesting party.

6.   Access to Information.  In connection with the Services, subject to
     applicable law and privileges, each of Service Provider and BlackRock
     shall afford to the other and its authorized accountants, counsel and other
     designated representatives reasonable access, upon reasonable prior notice
     during normal business hours, subject to appropriate restrictions for
     classified, privileged or confidential information, to the personnel,
     properties, books and records of such party insofar as such access is
     reasonably required by the other party.

7.   Reimbursement; Other Matters.
     A party providing records or access to information to the other shall be
     entitled to receive from the recipient, upon the presentation of invoices
     therefor, payments for such amounts, relating to supplies, disbursements
     and other out-of-pocket expenses, as may be reasonably incurred in
     providing such records or access to information.

8.   Representations and Warranties; Standards of Care.  Service Provider
     represents and warrants that the Services will be provided (a) by competent
     personnel and (b) on substantially the same basis as provided to Service
     Provider's other recipients or for Service Provider's own use.

9.   Indemnification.   Each of the Parties hereto (each an "Indemnifying
     Party") shall indemnify, defend, save and hold harmless the other party
     hereto, its direct and indirect subsidiaries, and each party's and its
     subsidiaries' officers, directors, employees and agents (collectively, the
     "Indemnified Parties") from and against any and all damages incurred or
     sustained by the Indemnified Parties to the extent they arise out of any
     (i) breach by the Indemnifying Party of any of its covenants, agreements or
     obligations contained in this Agreement or (ii) the Indemnifying Party's
     negligence, willful misconduct or reckless disregard of its duties

          For purposes of this section, "damages" shall mean all actions, costs,
     damages, disbursements, obligations, penalties, liabilities, taxes, losses,
     charges, expenses, assessments, judgments, settlements or deficiencies of
     any nature whatsoever, whether foreseeable or unforeseeable (including,
     without limitation, any interest, penalties, reasonable investigation,
     legal, accounting and other costs and expenses incurred in the
     investigation, collection, prosecution and defense of any action, suit,
     proceeding or claim and amounts paid in settlement) that may be imposed or
     otherwise incurred or suffered by an Indemnified Party; provided, however,
     that damages shall exclude, and Service Provider shall not have liability
     to the Indemnified Parties under this Agreement for, consequential,
     special, exemplary or punitive damages.


10.  Confidentiality. The following categories of information shall be
     considered as confidential ("Confidential Information") under this
     Agreement: (a) all information, files and data relating to customers of
     Service Provider and BlackRock and their subsidiaries; (b) all business
     plans, studies, forecasts, analyses and similar projections relating to
     Service Provider and BlackRock and their subsidiaries; and (c) all
     other information specifically labeled in writing as "confidential."
     Confidential Information shall not include information that (x) enters the
     public domain other than by any unauthorized disclosure hereunder, (y) was
     known by a party prior to its disclosure by the other party hereunder, or
     (z) rightfully comes into the possession of a party from a third party
     under no obligation of confidence. Service Provider and BlackRock shall
     keep the Confidential Information in confidence and shall safeguard it with
     at least the same degree of diligence as it protects its own similar
     confidential information. Neither party shall, without the prior written
     consent of the other party, disclose the Confidential Information to anyone
     other than, on a need-to-know basis only, its employees, auditors, agents
     under a contractual duty of confidence with respect to the Confidential
     Information, governmental regulatory or examination authorities, or as
     otherwise required by applicable law. To the extent that a party hereto is
     compelled by judicial or administrative process to disclose such
     information under circumstances in which any evidentiary privilege may be
     available, such party agrees to assert such privilege in good faith prior
     to making such disclosure. Each of the parties hereto agrees to immediately
     consult with the other party in connection with any such judicial or
     administrative process, including, without limitation, in determining
     whether any privilege is available, and further agrees to allow each such
     relevant party and its counsel to participate in any hearing or other
     proceeding (including, without limitation, any appeal of an initial order
     to disclose) in respect of such disclosure and assertion of privilege. Each
     party agrees that a breach of these confidentiality requirements could be
     damaging, that any remedy at law is inadequate, that damages would be
     difficult to calculate and that injunctive relief against further
     disclosure is appropriate.

11.  Disaster Backup.  Service Provider shall provide, where applicable, backup
     or disaster recovery capability for the Services provided hereunder, or for
     any data, files or the documents or material furnished by BlackRock to
     Service Provider hereunder.

12.  Year 2000 Readiness.  Service Provider (a) has reviewed its departments,
     divisions, groups, business and operations, (b) has developed or is
     developing a program to remediate or replace computer applications and
     systems, and (c) has developed a testing plan to test the remediation or
     replacement of computer application and systems, in each case, to address
     on a timely basis the risk that certain computer applications and systems
     used by Service Provider may be unable to recognize and perform properly
     date sensitive functions involving dates prior to and after December 31,
     1999, including dates such as February 29, 2000 (the "Year 2000
     Challenge"). To the best of Service Provider's knowledge and belief, the
     reasonably foreseeable consequences of the Year 2000 Challenge will not
     adversely effect Service Provider's ability to perform its duties and
     obligations under this Agreement.

13.  Term; Termination.  Unless otherwise agreed in writing by the parties, the
     term of this Agreement shall commence on the date first set forth above and
     shall terminate upon the mutual agreement of the parties.


14.  Upon Nonrenewal or Termination. Upon nonrenewal or termination of this
     Agreement with respect to any Services for any reason and subject to
     applicable law (including, but not limited to, recordkeeping requirements
     of BlackRock and its subsidiaries), each party, at the request of the other
     party, shall promptly either return to the other party all applicable
     Confidential Information of the other party then in its possession or
     certify in writing that all such Confidential Information has been
     destroyed. As to all other records, files, documents or other material
     belonging to one party which are in the possession of the other party at
     termination, the party holding such material shall return it to the other
     party at its request; provided the party requesting such return shall
     reimburse the returning party the reasonable out-of-pocket expenses, if
     any, incurred in implementing such return. In the alternative, the parties
     may agree upon the disposition of such material.

15.  Notices.  Any notices permitted or required by this Agreement shall, unless
     otherwise agreed, be in writing and shall be deemed effective when
     received. Effective notices may be given and delivered by mail, by
     courier service or by facsimile transmission. Notices shall be addressed as

          if to BlackRock:

          BlackRock, Inc.
          345 Park Avenue
          New York, NY  10154
          Attn: General Counsel
          Facsimile: (212) 409-3744

          if to Service Provider:

          PNC Bank Corp
          One PNC Plaza
          249 5/th/ Avenue
          Pittsburgh, PA  15222
          Attn: General Counsel
          Facsimile: (412) 768-2875

     or to such other address as either party may by notice hereunder advise the
     other as its new address for receipt of notices.

16.  Counterparts.  This Agreement may be executed in any number of
     counterparts, each of which shall be deemed an original but all of which
     together shall constitute one and the same instrument.


17.  No Waiver.  No term or provision hereof shall be deemed waived and no
     breach excused, unless such waiver or consent shall be in writing and
     signed by the party claimed to have waived or consented. Any consent by
     either party to, or waiver of, a breach by the other, whether express or
     implied, shall not constitute a consent to, waiver of, or excuse of any
     other different or subsequent breach.

18.  Assignment.  Service Provider may assign its rights and delegate its duties
     hereunder to any affiliate, provided that (a) Service Provider gives
     BlackRock thirty (30) days' prior written notice and (b) Service Provider
     and such delegate (or assignee) promptly provide such information as
     BlackRock may request, and respond to such questions as BlackRock may
     ask, relative to the delegation (or assignment), including (without
     limitation) the capabilities of the delegate (or assignee), to the
     reasonable satisfaction of BlackRock.

19.  Captions.  The captions in this Agreement are provided for convenience of
     reference only and in no way define or delimit any of the provisions hereof
     or otherwise affect their construction or effect.

20.  Governing Law.  This Agreement shall be deemed to be a contract made in
     Delaware and governed by Delaware law, without regard to principles of
     conflicts of laws.

21.  Partial Invalidity.  If any provision of this Agreement shall be held or
     made invalid by a court decision, statute, rule or otherwise, the remainder
     of this Agreement shall not be affected thereby; provided, however, that if
     such provision constitutes the essence of this Agreement then this
     Agreement shall be deemed terminated without such termination constituting
     a breach hereof.

22.  Parties in Interest.  This Agreement shall be binding upon and inure to the
     benefit of the parties hereto and their successors and assigns. This
     Agreement is not for the benefit of any other person or entity, and there
     shall be no third party beneficiaries hereof.


IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized officers with the intent of being legally bound hereby.

BlackRock, Inc.



PNC Bank Corp.