The system time and date is set based on the real time clock (a device on the mainboard) and adjusted (if necessary) using NTP. The keycodes are read from a file on the hard disk. On newer systems (Rls 5 and up I believe), a copy of the keycode file is stored on a flash device on the mainboard and used if the disk file does not exist or is invalid.
It looks like you have a BCM50 Rls 3 or earlier and the keycode file cannot be read from the hard drive. Applying the original keycode file using Element Manager should clear this keycode issue. The customer won't have to purchase new keycodes - if you don't have the original keycode file, the latest version can be retrieved from KRS.
Now the scary part - the disk read failure is most likely a warning sign that the hard drive is starting to fail. Applying the keycode file (as suggested above) could help with the immediate problem (no keycodes), but a much bigger problem (a total hard drive failure) is probably waiting to happen in the near future. My recommendation would therefore be:
1. Try to regain functionality of the system by applying the keycode file via EM
2. Get a replacement hard drive (or SSD) as soon as possible