TAKE WITH RESPECT
THERETO);
(D)
PROMPTLY UPON RECEIPT THEREOF, COPIES OF ANY
FORMAL "MANAGEMENT LETTERS" SUBMITTED TO THE BORROWERS OR ANY OTHER OBLIGOR BY
THE INDEPENDENT PUBLIC ACCOUNTANTS REFERRED TO IN SUBSECTION (B) OF THIS
SECTION IN CONNECTION WITH EACH ANNUAL AUDIT MADE BY SUCH ACCOUNTANTS;
(E)
(I) ON EACH WEDNESDAY FOR THE WEEKLY PERIOD
ENDING ON THE IMMEDIATELY PRECEDING DAY, A CERTIFIED WEEKLY BORROWING BASE
REPORT, AS OF THE BUSINESS DAY PRIOR TO DELIVERY AND (II) EACH PAYMENT DATE, NOT
LATER THAN 5:00 P.M., NEW YORK CITY TIME, IN EACH CASE FOR THE END OF THE PRIOR
MONTH AS OF THE BUSINESS DAY PRIOR TO DELIVERY, A CERTIFIED MONTHLY BORROWING
BASE REPORT;
45
(F)
ON A MONTHLY BASIS, ON OR BEFORE THE
TENTH (10TH) BUSINESS DAY AFTER THE CLOSING DATE FOR THE IMMEDIATELY PRECEDING
MONTHLY PERIOD FOR SUCH PERIOD OR MORE FREQUENTLY AS LENDER MAY REASONABLY
REQUEST, A COLLATERAL POOL DATA REPORT;
(G)
ON A MONTHLY BASIS, ON OR BEFORE THE LAST
DAY OF THE FOLLOWING MONTH FOR THE PRIOR MONTH'S REPORT WHICH MAY INCLUDE:
(I)
OPERATING STATEMENTS IN RESPECT OF THE
BORROWERS AND THEIR SUBSIDIARIES;
(II)
RENT ROLLS IN SUBSTANTIALLY THE FORM SET
FORTH IN EXHIBIT L TO THIS AGREEMENT; AND
(III)
SALES REPORTS FOR EACH UNIT SOLD BY ARC OR
ANY OF ITS SUBSIDIARIES.
(H)
ON A QUARTERLY BASIS, ON OR BEFORE THE
FORTY-FIFTH (45TH) BUSINESS DAY AFTER THE CLOSING DATE FOR THE IMMEDIATELY
PRECEDING FISCAL QUARTER, AN AGED PENDING TITLE REPORT, SUBSTANTIALLY IN THE
FORM OF EXHIBIT M TO THIS AGREEMENT.
(I)
SUCH OTHER FINANCIAL AND OTHER
INFORMATION AS THE LENDER MAY FROM TIME TO TIME REASONABLY REQUEST (INCLUDING
INFORMATION AND REPORTS IN SUCH DETAIL AS THE LENDER MAY REQUEST WITH RESPECT TO
THE TERMS OF AND INFORMATION PROVIDED PURSUANT TO THE COMPLIANCE CERTIFICATE).
SECTION 6.02
EXISTENCE, ETC.
EACH BORROWER
SHALL:
(A)
PRESERVE AND MAINTAIN (I) ITS LEGAL
EXISTENCE AND (II) ALL OF ITS MATERIAL RIGHTS, PRIVILEGES, LICENSES AND
FRANCHISES (PROVIDED THAT NOTHING IN THIS SECTION SHALL PROHIBIT ANY TRANSACTION
EXPRESSLY PERMITTED UNDER SECTION 7.07 OF THIS AGREEMENT) OTHER THAN IN THE CASE
OF CLAUSE (II) WHERE THE FAILURE TO DO SO WOULD HAVE A MATERIAL ADVERSE EFFECT;
(B)
COMPLY WITH THE REQUIREMENTS OF ALL
APPLICABLE LAWS, RULES, REGULATIONS AND ORDERS OF GOVERNMENTAL AUTHORITIES
(INCLUDING, WITHOUT LIMITATION, PRESCRIBED LAWS, ALL ENVIRONMENTAL LAWS, ALL
LAWS WITH RESPECT TO UNFAIR AND DECEPTIVE LENDING PRACTICES AND PREDATORY
LENDING PRACTICES) IF FAILURE TO COMPLY WITH SUCH REQUIREMENTS WOULD BE
REASONABLY LIKELY (EITHER INDIVIDUALLY OR IN THE AGGREGATE) TO HAVE A MATERIAL
ADVERSE EFFECT;
(C)
KEEP ADEQUATE RECORDS AND BOOKS OF ACCOUNT,
IN WHICH COMPLETE ENTRIES WILL BE MADE IN ACCORDANCE WITH GAAP CONSISTENTLY
APPLIED;
(D)
NOT MOVE ITS CHIEF EXECUTIVE OFFICE FROM THE
ADDRESS REFERRED TO IN THE "ADDRESS FOR NOTICES" SPECIFIED BELOW ITS NAME ON THE
SIGNATURE PAGES TO THIS AGREEMENT OR CHANGE ITS JURISDICTION OF ORGANIZATION
FROM THE JURISDICTION REFERRED TO IN SCHEDULE 1 TO THIS AGREEMENT UNLESS IT
SHALL HAVE PROVIDED THE LENDER THIRTY (30) DAYS'