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Long-Term Obligations and Notes Payable
10701 - Disclosure - Long-Term Obligations and Notes Payable
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<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b>Note 7</b>—<b>Long-Term Obligations and Notes Payable</b> </p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The Company's long-term obligations as of July 31, 2010 and April 30, 2010 consisted of capital leases:</p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="564">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 95%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>July 31, 2010</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 95%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>April 30, 2010</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Financing arrangements</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>58</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>79</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Less current maturities</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font><font class="_mt"> </font>(47)</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font><font class="_mt"> </font>(61)</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Long-term obligations</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>11</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>18</p></td></tr></table>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Notes payable as of July 31, 2010 and April 30, 2010 consisted of the following:</p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="564">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 95%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>July 31, 2010</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 95%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>April 30, 2010</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 95%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Senior Credit Facility</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>—</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>350</p></td></tr></table>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><i>Senior Credit Facility</i></p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The Company has a $40 million secured senior credit facility that expires on June 10, 2011.</p>
<p style="text-align: justify; line-height: 95%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Under its current Senior Credit Facility Agreement the Company is required to maintain the following ratios in each of its fiscal year 2011 quarters:</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.8pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="442">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 105.75pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="141">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt">Maximum Consolidated</font></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 107.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="143">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt">Minimum Fixed Charge</font></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.8pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="442">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 105.75pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="141">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt">Leverage Ratio (i)</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 107.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="143">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt">Coverage Ratio (ii)</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.8pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="442">
<p style="text-align: left; line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 14.05pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">First Quarter</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 105.75pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="141">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">2.75x</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 107.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="143">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">2.0x</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.8pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="442">
<p style="text-align: left; line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left"><font class="_mt"> </font>Thereafter</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 105.75pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="141">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">2.50x</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 107.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="143">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">2.0x</p></td></tr></table>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">____________</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="font-size: 3pt;" class="_mt"> </font> </p>
<div align="center">
<table style="width: 100%; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td style="padding-bottom: 0in; padding-left: 4.5pt; width: 3.88%; padding-right: 4.5pt; padding-top: 0in;" valign="top" width="3%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">(i)</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 4.5pt; width: 96.12%; padding-right: 4.5pt; padding-top: 0in;" valign="top" width="96%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Defined as the ratio of consolidated indebtedness, excluding the subordinated notes issued to OMAX, to consolidated adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") for the most recent four fiscal quarters.</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 4.5pt; width: 3.88%; padding-right: 4.5pt; padding-top: 0in;" valign="top" width="3%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 4.5pt; width: 96.12%; padding-right: 4.5pt; padding-top: 0in;" valign="top" width="96%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr style="height: 37.35pt;"><td style="padding-bottom: 0in; padding-left: 4.5pt; width: 3.88%; padding-right: 4.5pt; height: 37.35pt; padding-top: 0in;" valign="top" width="3%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">(ii)</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 4.5pt; width: 96.12%; padding-right: 4.5pt; height: 37.35pt; padding-top: 0in;" valign="top" width="96%">
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Defined as the ratio of consolidated adjusted EBITDA, less income taxes and maintenance capital expenditures, during the most recent four quarters to the sum of interest charges during the most recent four quarters and scheduled debt repayments in the next four quarters.</p></td></tr></table></div>
<p style="text-align: justify; line-height: 95%; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">These covenants also require the Company to meet a liquidity test such that its consolidated indebtedness shall not exceed the total of 65% of the book value of the Company's accounts receivable and 40% of the book value of its inventory. </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">A violation of any of the covenants above would result in an event of default and accelerate the repayment of all unpaid principal and interest and the termination of any letters of credit. The Company was in compliance with all its financial covenants as of July 31, 2010.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">All of the Company's domestic assets, including certain interests in some foreign subsidiaries, are pledged as collateral under its Senior Credit Facility Agreement. Interest on the Line of Credit is based on the bank's prime rate or LIBOR rate plus a percentage spread between 3.25% and 4.5% depending on whether it uses the bank's prime rate or LIBOR rate and based on the Company's current leverage ratio. The Company also pays an annual letter of credit fee equal to 3.5% of the amount available to be drawn under each outstanding stand-by letter of credit. The annual letter of credit fee is payable quarterly in arrears and varies depending on the Company's leverage ratio. </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 11pt; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">As of July 31, 2010, the Company had $38.2 million available under its Line of Credit, net of $1.8 million in outstanding letters of credit which reduce amounts available under the Senior Credit Facility Agreement. There were no outstanding borrowings against the Senior Credit Facility Agreement as of July 31, 2010. Based on the Company's maximum allowable leverage ratio at the end of the period, the incremental amount it could have borrowed under its Lines of Credit would have been approximately $25.4 million. </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.1in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><i>Revolving Credit Facilities in Taiwan</i></p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">There were no outstanding balances under the Company's unsecured Taiwan credit facilities as of July 31, 2010. The total unsecured commitment for the Taiwan credit facilities totaled $2.8 million at July 31, 2010, bearing interest at 2.5% per annum.</p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p> </div>
Note 7—Long-Term Obligations and Notes Payable
The Company's long-term obligations as of July 31, 2010 and April 30, 2010 consisted of capital
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This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
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