Exhibit 10.1
SEVENTH AMENDMENT
SEVENTH AMENDMENT, dated as of August 18, 2000 (this "Amendment"), to the Credit and Guarantee Agreement, dated as of May 23, 1996 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among:
(a) REMINGTON PRODUCTS COMPANY, L.L.C., a Delaware limited liability
company (the "Company");
(b) REMINGTON CONSUMER PRODUCTS LIMITED, a corporation organized and
existing under the laws of the United Kingdom (the "UK Borrower");
(c) each Acquisition Subsidiary from time to time party thereto (together
with the Company and the UK Borrower, the "Borrowers");
(d) the Lenders from time to time parties to the Agreement including the
Issuing Bank;
(e) FLEET NATIONAL BANK and BANQUE NATIONALE DE PARIS, as Co-Documentation
Agents (in such capacity, the "Co-Documentation Agents"); and
(f) THE CHASE MANHATTAN BANK (formerly known as CHEMICAL BANK), a New York
banking corporation, as administrative agent (in such capacity, the
"Agent") for the Lenders hereunder.
W I T N E S S E T H :
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WHEREAS, the Borrowers, the Lenders and the Agent are parties to the Credit Agreement;
WHEREAS, the Borrowers have requested that the Agent and the Lenders agree to amend certain provisions of the Credit Agreement in accordance with the terms hereof;
WHEREAS, the Agent and the Lenders are willing to amend such provisions of the Credit Agreement, but only upon the terms and subject to the conditions set forth herein;
NOW THEREFORE, in consideration of the premises contained herein, the parties hereto agree as follows:
1. Defined Terms. Unless otherwise defined herein, capitalized terms which are used herein shall have the meanings assigned thereto in the Credit Agreement.
2. Amendment of Credit Agreement. (a) The Credit Agreement (other than Schedules and Exhibits thereto) hereby is amended to effect the changes contained in Annex I hereto, such that (after giving effect to this Amendment) the Credit Agreement (other than Schedules and Exhibits thereto) will have the terms and conditions reflected in Annex I hereto.
(b) The Credit Agreement hereby is further amended by inserting therein as new Exhibit A-5C Annex II hereto.
(c) The Credit Agreement hereby is further amended by inserting therein as new Exhibits I-1 and I-2 Annex III hereto.
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(d) The Credit Agreement hereby is further amended by inserting therein as new Schedules I and II Annex IV hereto.
3. Representation and Warranty. Each of the Company, each of its Affiliates who is a party hereto and each of its Subsidiaries who is a party hereto (each, a "Credit Party") hereby represents and warrants to the Agent and the Lenders that (a) the Security Documents and Guarantees to which such Credit Party is a party are in full force and effect immediately prior to the effectiveness of this Amendment and shall remain in full force and effect after giving effect hereto and thereto and (b) each of the representations and warranties contained in each Security Document and Guarantee to which such Credit Party is a party is true and correct in all material respects on the date hereof.
4. Conditions to Effectiveness. This Amendment shall become effective on the date (such date, the "Amendment Closing Date") upon which the Agent receives:
(a) counterparts hereof, executed and delivered by a duly authorized
officer of each Borrower, each Incremental Lender and the Required
Lenders;
(b) an amendment fee, for the ratable account of the Lenders which execute
and deliver this Amendment on or prior to 12:00 Noon (New York City
time) on August 18, 2000 (or such later date as the Agent and
the Borrower shall agree), in the amount equal to 1/8 of 1% of the
amount of the Domestic Revolving Credit Commitments then in effect, the
UK Revolving Credit Commitments then in effect and the aggregate then
outstanding principal amount of the Domestic Term Loans, the UK Term
Loans and the Secured Supplemental Loans;
(c) the Lenders shall have received interim financial statements of the
Company for each fiscal quarterly period ended subsequent to the date
of the last financial statements delivered prior to the date hereof
under the Credit Agreement and for the months of July and August.
(d) a favorable written opinion, in form and substance reasonably
satisfactory to the Agent, of (i) counsel to the Company and each of
its Domestic Subsidiaries, in form and substance reasonably
satisfactory to the Agent and (ii) such local counsel as the Agent
reasonably shall require. Each such legal opinion shall be (x) dated
the Amendment Closing Date, (y) addressed to the Agent and the Lenders,
and (z) covering such matters relating to this Amendment as the Agent
reasonably shall require.
5. Representations and Warranties. The Borrowers hereby confirm, reaffirm and restate the representations and warranties set forth in Section 11 of the Credit Agreement; provided that each reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this Amendment. The Borrowers represent and warrant that no Default or Event of Default has occurred and is continuing.
6. Continuing Effect of Credit Agreement. This Amendment shall not constitute a waiver or amendment of any other provision of the Credit Agreement not expressly referred to herein or a waiver or amendment of any other agreement (including the voting agreement in the Sixth Amendment, dated as of June 9, 1999) and shall not be construed as a waiver or consent to any further or future action on the part of a Borrower that would require a waiver or consent of the Agent or the Lenders. Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.
7. Counterparts. This Amendment may be executed by the parties hereto in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
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8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.
REMINGTON PRODUCTS COMPANY, L.L.C.
By: - ------------------------------- Title:
REMINGTON CONSUMER PRODUCTS LIMITED
By: - ------------------------------- Title:
THE CHASE MANHATTAN BANK, as Administrative Agent and as a Lender
By: - ----------------------------------------------------------- Title:
BNP PARIBAS (formerly known as BANQUE NAIONALE DE PARIS), as a Co-Documentation Agent and as a Lender
By: - ----------------------------------------------------------- Title:
FLEET NATIONAL BANK, as a Co-Documentation Agent and as a Lender
By: - ----------------------------------------------------------- Title:
FARALLON ABL DEBT INVESTORS I, LLC By: FARALLON CAPITAL MANAGEMENT, L.L.C., its Manager
By: - ----------------------------------------------------------- Title:
FIRST UNION NATIONAL BANK (as successor by merger to CORESTATES BANK, N.A. and formerly known as FIRST UNION BANK OF CONNECTICUT)
By:___________________________________________
Title:
HELLER FINANCIAL, INC.
By:___________________________________________
Title:
IBJ WHIREHALL BUSINESS CREDIT CORPORATION
By:___________________________________________
Title:
PEOPLE'S BANK
By:___________________________________________
Title:
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PNC BANK, NATIONAL ASSOCIATION
By:___________________________________________
Title:
SOVEREIGN BANK
By:__________________________________________ Title
THE PROVIDENT BANK
By:__________________________________________
Title:
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ACKNOWLEDGMENT AND CONSENT
Each of the undersigned hereby acknowledges and consents to the execution and delivery by the Company of this Amendment and the other documents, instruments and agreements contemplated hereby. Each of the undersigned hereby further (a) acknowledges and agrees that all guarantees and collateral security provided by the undersigned shall remain in full force and effect after giving effect to the terms of this Amendment and such other documents, instruments and agreements and (b) confirms that "Obligations" for purposes of each Guarantee and Security Document shall include the obligations and liabilities of the Borrowers under and in respect of the Incremental Loans and under any Lender Hedging Agreement.
VESTAR EQUITY PARTNERS, L.P.
By: - --------------------------------------------------------------- Title:
VESTAR SHAVER CORP.
By:____________________________ Title:
VESTAR RAZOR CORP.
By:____________________________ Title:
RPI CORP.
By:____________________________ Title:
REMINGTON RAND CORPORATION
By:________________________________ Title:
REMINGTON CORPORATION, L.L.C.
By:_________________________________ Title:
REMINGTON CAPITAL CORP.
By:________________________________ Title:
5
ANNEX II
to
Seventh Amendment
EXHIBIT A-5C to
Credit Agreement
Form of
INCREMENTAL NOTE
New York, New York
[$][,] August 18, 2000 -------------------
FOR VALUE RECEIVED, the undersigned, [REMINGTON PRODUCTS COMPANY, L.L.C., a Delaware limited liability company (the "Company")][REMINGTON CONSUMER PRODUCTS LIMITED, a corporation organized and existing under the laws of the United Kingdom (the "U.K. Borrower")] , hereby unconditionally promises to pay to the order of (the "Lender") at the office of The Chase Manhattan Bank (the "Agent"), located at 270 Park Avenue, New York, New York 10017, in lawful money of the United States of America and in immediately available funds, the principal amount of [DOLLARS ($ )][POUNDS STERLING ((pound)_____)], or, if less, the unpaid principal amount of the Incremental Loans made by the Lender pursuant to subsection 3A.1 of the Credit and Guarantee Agreement, dated as of May 23, 1996 (as amended, supplemented or otherwise modified, the "Credit Agreement"), among the [U.K. Borrower][Company], [Remington Products Company, L.L.C.][Remington Consumer Products Limited], the Lender, the several banks and other financial institutions from time to time parties thereto, Fleet National Bank and Banque Nationale de Paris, as co-documentation agents, and the Agent. The principal amount shall be due and paid in the amounts and on the dates specified in subsection 3A.3 of the Credit Agreement. The [Company][UK Borrower]further agrees to pay interest in like money on the unpaid principal amount of the Incremental [Dollar][Sterling] Loan from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsections 10.3 and 10.5 of the Credit Agreement.
The holder of this Note is authorized to record on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date, Type and amount of the Incremental [Dollar][Sterling]Loan made by the Lender pursuant to such Credit Agreement and the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of Eurodollar Loans, the length of each Interest Period and the applicable Eurodollar Rate with respect thereto. Each such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, provided that the failure to make any such recordation or any error in any such recordation shall not affect the obligations of the [Company][UK Borrower] under such Credit Agreement or this Note.
This Note is (a) one of the Incremental Notes referred to in the Credit Agreement, (b) subject to the provisions of the Credit Agreement and (c) subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement. This Note is secured and guaranteed as provided in the Loan Documents. Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the holder of this Note in respect thereof.
Upon the occurrence of any one or more Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.
All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[REMINGTON PRODUCTS COMPANY, L.L.C.] [REMINGTON CONSUMER PRODUCTS LIMITED]
By: - ---------------------------------------------------------- Name: Title:
6
ANNEX I
REMINGTON PRODUCTS COMPANY, L.L.C.
REMINGTON CONSUMER PRODUCTS LIMITED
CREDIT AND GUARANTEE AGREEMENT
May 23, 1996
(as amended through August 18, 2000)
FLEET NATIONAL BANK
and
BANQUE NATIONALE DE PARIS,
AS CO-DOCUMENTATION AGENTS,
THE CHASE MANHATTAN BANK,
AS ADMINISTRATIVE AGENT
TABLE OF CONTENTS
Page
SECTION 1. DEFINITIONS......................................................1
1.1 Defined Terms.............................................1
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1.2 Other Definitional Provisions.............................44
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SECTION 2. THE DOMESTIC TERM LOANS..........................................45
2.1 Domestic Term Loans.......................................45
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2.2 Procedure for Domestic Term Loan Borrowing................45
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2.3 Amortization of Domestic Term Loans.......................45
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2.4 Evidence of Debt..........................................46
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2.5 Use of Proceeds of Domestic Term Loans....................47
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SECTION 3. THE DOMESTIC REVOLVING CREDIT LOANS..............................47
3.1 Domestic Revolving Credit Loans...........................47
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3.2 Procedure for Domestic Revolving Credit Loan Borrowing....47
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3.3 Repayment of Domestic Revolving Credit Loans..............48
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3.4 Evidence of Debt..........................................48
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3.5 Use of Proceeds of Domestic Revolving Credit Loans........49
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SECTION 3A. THE INCREMENTAL LOANS...........................................49
3A.1 Incremental Loans.........................................49
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3A.2 Procedure for Incremental Loan Borrowing..................50
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3A.3 Repayment of Incremental Loans............................51
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3A.4 Evidence of Debt..........................................51
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3A.5 Use of Proceeds of Incremental Loans......................52
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SECTION 4. LETTER OF CREDIT SUB-FACILITY....................................52
4.2 Procedure for Issuance of Letters of Credit under this
Agreement.................................................53
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4.3 Fees, Commissions and Other Charges.......................53
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4.4 L/C Participations........................................54
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4.5 Reimbursement Obligation..................................55
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4.6 Obligations Absolute......................................56
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4.7 Letter of Credit Payments.................................56
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4.8 Application...............................................57
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SECTION 5. AMOUNT AND TERMS OF DOMESTIC SWING LINE SUB-FACILITY.............57
5.1 Domestic Swing Line Commitments...........................57
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5.2 Participations............................................59
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5.3 Use of Proceeds of Domestic Swing Line Loans..............59
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SECTION 6. THE UK TERM LOANS................................................59
6.1 UK Term Loans.............................................59
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6.2 Procedure for UK Term Loan Borrowing......................60
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6.3 Amortization of UK Term Loans.............................60
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6.4 Evidence of Debt..........................................61
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6.5 Use of Proceeds of UK Term Loans..........................61
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SECTION 7. THE UK REVOLVING CREDIT LOANS....................................61
7.1 UK Revolving Credit Loans.................................62
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7.2 Procedure for UK Revolving Credit Loan Borrowing..........62
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7.3 Repayment of UK Revolving Credit Loans....................63
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7.4 Evidence of Debt..........................................63
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7.5 Use of Proceeds of UK Revolving Credit Loans..............63
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SECTION 8. AMOUNT AND TERMS OF UK SWING LINE SUB-FACILITY...................64
8.1 UK Swing Line Commitments.................................64
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8.2 Participations............................................66
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8.3 Use of Proceeds of UK Swing Line Loans....................66
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SECTION 9. THE SUPPLEMENTAL LOANS...........................................66
9.1 Supplemental Loans........................................66
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9.2 Procedure for Supplemental Loan Borrowing.................67
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9.3 Repayment of Supplemental Loans...........................67
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9.4 Evidence of Debt..........................................67
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9.5 Use of Proceeds of Supplemental Loans.....................68
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9.6 Collateral for Supplemental Loans.........................68
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SECTION 10. CERTAIN PROVISIONS APPLICABLE TO THE LOANS AND LETTERS OF CREDIT69
10.1 Termination or Reduction of Commitments...................69
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10.2 Optional and Mandatory Prepayments........................69
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10.3 Conversion and Continuation Options.......................71
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10.4 Minimum Amounts of Tranches...............................72
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10.5 Interest Rates and Payment Dates for Loans................72
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10.6 Inability to Determine Interest Rate......................73
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10.7 Commitment Fee; Other Fees................................73
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10.8 Computation of Interest and Fees..........................74
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10.9 Pro Rata Treatment and Payments...........................75
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10.10 Illegality................................................76
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10.11 Requirements of Law.......................................77
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10.12 Taxes.....................................................79
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10.13 Indemnity.................................................80
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10.14 Determinations............................................81
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10.15 Lock Box Accounts.........................................81
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SECTION 11. REPRESENTATIONS AND WARRANTIES..................................81
11.1 Organization; Powers..........................................81
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11.2 Authorization.................................................82
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11.3 Enforceability................................................82
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11.4 Approvals.....................................................82
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11.5 Financial Statements..........................................83
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11.6 No Material Adverse Change....................................84
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11.7 Title to Properties; Possession Under Leases..................84
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11.8 Subsidiaries..................................................84
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11.9 Litigation; Compliance with Laws..............................84
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11.10 Agreements...................................................85
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11.11 Federal Reserve Regulations..................................85
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11.12 Investment Company Act; Public Utility Holding Company Act...85
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11.13 Tax Returns..................................................86
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11.14 No Material Misstatements....................................86
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11.15 Employee Benefit Plans.......................................86
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11.16 Environmental Matters........................................87
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11.17 Insurance....................................................88
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11.18 Solvency.....................................................88
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11.19 Labor Matters................................................88
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11.20 Capitalization...............................................88
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11.21 Security Documen ...
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