Common use of Libor Option Clause in Contracts

Libor Option. (i) Conditions for Basing Interest on the LIBOR Rate. Upon the condition that: (a) Lender shall have received a LIBOR Request from EPI (in respect to the Term Loan and Revolving Credit Loan made to EPI) or PPI (in respect to Revolving Credit Loans made to PPI and APP) at least 3 Business Days prior to the first day of the LIBOR Period requested: (b) There shall have occurred no change in applicable law which would make it unlawful for Lender to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market; (c) As of the date of the LIBOR Request and the first day of the LIBOR Period, there shall exist no Default or Event of Default which has not been waived by Lender; and (d) Lender shall have determined in good faith that it is able to determine the LIBOR Rate in respect of the requested LIBOR Period and that Lender is able to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market in the applicable amounts and for the requested LIBOR Period; then interest on the LIBOR Portion requested during the LIBOR Period requested will be based on the applicable LIBOR Rate. The foregoing notwithstanding, Borrowers acknowledge that there may not be more than three LIBOR Portions outstanding at any one time.

Libor Option. (i) Conditions for Basing Interest on the LIBOR Rate. Upon the condition that: (a) Lender Agent shall have received a LIBOR Request from EPI (in respect to the Term Loan and Revolving Credit Loan made to EPI) or PPI (in respect to Revolving Credit Loans made to PPI and APP) Borrowers at least 3 three (3) Business Days prior to the first day of the LIBOR Period requested:; (b) There shall have occurred no change in applicable law which would make it unlawful for Lender Lenders to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market; (c) As of the date of the LIBOR Request and the first day of the LIBOR Period, there shall exist no Default or Event of Default which has not been waived by Lender; andRequired Lenders; (d) Lender Agent shall not have determined in good faith that it is able Lenders are unable to determine the LIBOR Rate in respect of the requested LIBOR Period and or that Lender is able Lenders are unable to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market in the applicable amounts and for the requested LIBOR Period; and (e) As of the first date of the LIBOR Period, there are no more than four (4) outstanding LIBOR Revolving Credit Portions including the LIBOR Revolving Credit Portion in question; then interest on the LIBOR Revolving Credit Portion requested during the LIBOR Period requested will be based on the applicable LIBOR Rate. The foregoing notwithstandingAgent shall give each Lender prompt written notice by telecopier, telex or cable of any LIBOR Request made by Borrowers acknowledge that there may not be more than three LIBOR Portions outstanding at any one timein accordance with the terms hereof.

Libor Option. (i) Conditions for Basing Interest on the LIBOR Rate. Upon the condition that: (a) Lender shall have received a LIBOR Request from EPI (in respect to the Term Loan and Revolving Credit Loan made to EPI) or PPI (in respect to Revolving Credit Loans made to PPI and APP) Borrower at least 3 Business Days prior to the first day of the LIBOR Period requested: (b) There shall have occurred no change in applicable law which would make it unlawful for Lender to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market; (c) As of the date of the LIBOR Request and the first day of the LIBOR Period, there shall exist no Default or Event of Default which has not been waived by Lender; and (d) Lender shall have determined in good faith that it is able to determine the LIBOR Rate in respect of the requested LIBOR Period and that Lender is able to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market in the applicable amounts and for the requested LIBOR Period; then interest on the LIBOR Portion requested during the LIBOR Period requested will be based on the applicable LIBOR Rate. The foregoing notwithstanding, Borrowers acknowledge Borrower acknowledges that there may not be more than three LIBOR Portions outstanding at any one time.

Libor Option. (i) Conditions for Basing Interest on the LIBOR Rate. Upon the condition that: (a) Lender Agent shall have received a LIBOR Request from EPI (in respect to the Term Loan and Revolving Credit Loan made to EPI) or PPI (in respect to Revolving Credit Loans made to PPI and APP) Borrower at least 3 three (3) Business Days prior to the first day of the LIBOR Period requested:; (b) There shall have occurred no change in applicable law which would make it unlawful for Lender Lenders to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market; (c) As of the date of the LIBOR Request and the first day of the LIBOR Period, there shall exist no Default or Event of Default which has not been waived by Lender; andRequired Lenders; (d) Lender Agent shall not have determined in good faith that it is able Lenders are unable to determine the LIBOR Rate in respect of the requested LIBOR Period and or that Lender is able Lenders are unable to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market in the applicable amounts and for the requested LIBOR Period; and (e) As of the first date of the LIBOR Period, there are no more than six outstanding LIBOR Portions including the LIBOR Portion in question; then interest on the LIBOR Portion requested during the LIBOR Period requested will be based on the applicable LIBOR Rate. The foregoing notwithstandingAgent shall give each Lender prompt written notice by telecopier, Borrowers acknowledge that there may not be more than three telex or cable of any LIBOR Portions outstanding at any one timeRequest made by Borrower in accordance with the terms hereof.

Libor Option. (i) Conditions for Basing Interest on the LIBOR Rate. Upon the condition that: (a) Lender Agent shall have received a LIBOR Request from EPI (in respect to the Term Loan and Revolving Credit Loan made to EPI) or PPI (in respect to Revolving Credit Loans made to PPI and APP) Borrower at least 3 Business Days prior to the first day of the LIBOR Period requested:; VPCHI01/#254442.6 2/2/98 5 (b) There shall have occurred no change in applicable law which would make it unlawful for any Lender to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market; (c) As of the date of the LIBOR Request and the first day of the LIBOR Period, there shall exist no Default or Event of Default which has not been waived by LenderRequired Lenders; and (d) Lender Agent shall have determined in good faith that it is Lenders are able to determine the LIBOR Rate in respect of the requested LIBOR Period and that Lender is Lenders are able to obtain deposits of U.S. dollars in the London interbank foreign currency deposits market in the applicable amounts and for the requested LIBOR Period; then interest on the LIBOR Portion requested during the LIBOR Period requested will be based on the applicable LIBOR Rate. Agent shall give each Lender prompt written notice by telecopier, telex or cable of any LIBOR Request made by Borrower in accordance with the terms hereof. The foregoing notwithstanding, Borrowers acknowledge Borrower acknowledges that there may not be more than three five LIBOR Portions outstanding at any one time.