Election of LIBOR Pricing Options. Subject to all terms and conditions of this Agreement and so long as no Default exists, the Borrowers may from time to time, by irrevocable notice given by an Authorized Representative to the Agent actually received not less than three Banking Days prior to the commencement of the Interest Period selected in such notice, elect to have such portion of the Revolving Credit Loans as the Parent may specify in such notice accrue and bear interest during the Interest Period so selected at the Applicable Rate computed on the basis of the LIBOR Rate. In the event the Borrowers at any time fail to elect a LIBOR Pricing Option under this Section 3.2.1 for any portion of the Revolving Credit Loans, then such portion of the Revolving Credit Loans will accrue and bear interest at the Applicable Rate computed on the basis of the Base Rate. No election of a LIBOR Pricing Option will become effective:
Election of LIBOR Pricing Options. Subject to all of the terms and conditions hereof and so long as no Default exists, the Company may from time to time, by irrevocable notice to the Agent actually received not less than three Banking Days prior to the commencement of the LIBOR Interest Period selected in such notice, elect to have such portion of the Revolving Loan as the Company may specify in such notice accrue and bear interest during the LIBOR Interest Period so selected at the Applicable Rate computed on the basis of the LIBOR Rate. No such election shall become effective:
Election of LIBOR Pricing Options. Subject to all the terms and conditions hereof, the Company may, by notice to the Agent received not later than 10:30 a.m. (Milwaukee time) on the day which is three Business Days prior to the first day of the LIBOR Interest Period selected in such notice, elect to have all or such portion of the principal amount of indebtedness then evidenced (or to be evidenced at the commencement of such LIBOR Interest Period) by the Notes as the Company may specify in such notice (in the minimum amount of $1,000,000 or any multiple of $100,000 in excess of such amount) accrue and bear daily interest during the LIBOR Interest Period so selected at a per annum rate equal to the LIBOR Rate for such LIBOR Interest Period; provided, however, that no such election shall become effective if the Agent determines (which determination shall be binding and conclusive on all parties) that (i) by reason of circumstances affecting the London interbank market adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate; (ii) the LIBOR Rate does not accurately reflect the cost to the Banks of making or maintaining LIBOR-based loans in general; or (iii) any Default or Event of Default has occurred and is continuing. Each notice of election of a LIBOR Pricing Option shall be irrevocable.
Election of LIBOR Pricing Options. (a) Subject to all the terms and conditions hereof and so long as there exists no Default, the Borrower may, by delivering a Pricing Notice to the Agent received at or before 10:00 a.m. Boston time on the date two Business Days prior to the commencement of the Interest Period selected in such Pricing Notice, elect to have all or a portion of the outstanding Revolving Credit Advances, as the Borrower may specify in such Pricing Notice, accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable LIBOR Rate for such Interest Period; PROVIDED, HOWEVER, that any such election made with respect to the Revolving Credit Advances shall be in an amount not less than $1,000,000 and in increments of $100,000; and PROVIDED FURTHER that no such election will be made if it would result in there being more than four (4) LIBOR Pricing Options in the aggregate outstanding at any one time. Interest on Loans bearing interest at the Applicable LIBOR Rate shall be paid for the applicable Interest Period on the last day thereof and when such Loan is due (whether at maturity, by reason of acceleration or otherwise) but at least semi-annually.
Election of LIBOR Pricing Options. (a) Subject to all the terms and conditions hereof and so long as there exists no Default, the Borrower may, by delivering a Pricing Notice to the Agent received at or before 10:00 a.m. Boston time on the date two Business Days prior to the commencement of the Interest Period selected in such Pricing Notice, elect to have all or a portion of the outstanding Revolving Credit Advances, as the Borrower may specify in such Pricing Notice, accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable LIBOR Rate for such Interest Period; provided, however, that any such election made with respect to the Revolving Credit Advances shall be in an amount not less than $1,000,000 and in increments of $100,000; and provided further that no such election will be made if it would result in there being more than four (4) LIBOR Pricing Options in the aggregate outstanding at any one time. Interest on Loans bearing interest at the Applicable LIBOR Rate shall be paid for the applicable Interest Period on the last day thereof and when such Loan is due (whether at maturity, by reason of acceleration or otherwise) but at least semi-annually.
Election of LIBOR Pricing Options. Subject to all the terms and conditions hereof and so long as there exists no Default, the Borrowers may, by delivering a notice (a "Pricing Notice") to the Bank received at or before 10:00 a.m. Boston time on the date two Business Days prior to the commencement of the Interest Period selected in such Pricing Notice, elect to have all or a portion of the outstanding Revolving Credit Advances or all or a portion of the Term Loan, as the Company may specify in such Pricing Notice, accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable LIBOR Rate for such Interest Period; provided, however, that any such election made with respect to the Revolving Credit Advances or Term Loan shall be in an amount not less than $500,000 and in increments of $100,000; and provided further that no such election will be made if it would result in there being more than four (4) LIBOR Pricing Options in the aggregate outstanding at any one time. Interest on Revolving Credit Advances or portions of the Term Loan bearing interest at the Applicable LIBOR Rate shall be paid for the applicable Interest Period on the last day thereof, on every third month during any Interest Period longer than three months and when such LIBOR Rate Loan is due (whether at maturity, by reason of acceleration or otherwise). Each Pricing Notice shall be substantially in the form of Exhibit D attached hereto and shall specify: (i) the selection of a LIBOR Pricing Option; (ii) the effective date and amount of Revolving Credit Advances or portions of the Term Loan subject to such LIBOR Pricing Option, subject to the limitations set forth herein; and (iii) the duration of the applicable Interest Period. Each Pricing Notice may only be revoked subject to Section 4.4.
Election of LIBOR Pricing Options. (a) Subject to all the terms and conditions hereof and so long as no Default exists, ASC East, as agent for the Borrowers, may, by delivering a Pricing Notice to the Agent received at or before 10:00 a.m., Boston time, on the date two Business Days prior to the commencement of the Interest Period selected in such Pricing Notice, elect to have all or a portion of the Term Loans or the outstanding Revolving Credit Advances, as ASC East, as agent for the Borrowers, may specify in such Pricing Notice, accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable LIBOR Rate for such Interest Period; PROVIDED, HOWEVER, that any such election made with respect to the Term Loans or the Revolving Credit Advances shall be in an amount not less than $5,000,000 and in increments of $1,000,000; and PROVIDED FURTHER that no such election will be made if it would result in there being more than ten (10) LIBOR Pricing Options in the aggregate outstanding at any one time under this Agreement and the American Ski - West Credit Agreement. Interest on Loans bearing interest at the Applicable LIBOR Rate shall be payable quarterly in arrears on the last day of each fiscal quarter and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Election of LIBOR Pricing Options. Subject to all of the terms and conditions hereof and so long as no Default exists, the Company may from time to time, by irrevocable notice to the Agent actually received by noon (Boston time) not less than three Banking Days prior to the commencement of the LIBOR Interest Period selected in such notice, elect to have such portion of the Revolving Loan and/or Term Loan as the Company may specify in such notice accrue and bear interest during the LIBOR Interest Period so selected at the Applicable Rate computed on the basis of the LIBOR Rate. In the event the Company at any time does not elect a LIBOR Pricing Option under this Section 3.2.1 for any portion of the Loan (upon termination of a LIBOR Pricing Option or otherwise), then such portion of the Loan will accrue and bear interest at the Applicable Rate based on the Base Rate. Portions of the Revolving Loan and Term Loan may not be combined into a single LIBOR Pricing Option. No such election shall become effective:
Election of LIBOR Pricing Options. Subject to all of the terms and conditions hereof and so long as no Default exists, the Borrower may from time to time, by irrevocable notice to the Agent actually received by noon (Boston time) not less than three Banking Days prior to the commencement of the LIBOR Interest Period selected in such notice, elect to have such portion of the Loan as the Borrower may specify in such notice accrue and bear interest during the LIBOR Interest Period so selected at the Applicable Rate computed on the basis of the LIBOR Rate. In the event the Borrower at any time does not elect a LIBOR Pricing Option under this Section 3.2.1 or a Fixed Rate Pricing Option under Section 3.3.1 for any portion of the Loan (upon termination of a LIBOR Pricing Option or otherwise), then such portion of the Loan will accrue and bear interest at the Applicable Rate based on the Base Rate. No election of a LIBOR Pricing Option shall become effective:
Election of LIBOR Pricing Options. (a Subject to all the terms and conditions hereof and so long as no Default exists, American Ski, as agent for the Borrowers, may, by delivering a Pricing Notice to the Agent received at or before 10:00 a.m., Boston time, on the date two Business Days prior to the commencement of the Interest Period selected in such Pricing Notice, elect to have all or a portion of the Term Loans or the outstanding Revolving Credit Advances, as American Ski, as agent for the Borrowers, may specify in such Pricing Notice, accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable LIBOR Rate for such Interest Period; provided, however, that any such election made with respect to the Term Loans or the Revolving Credit Advances shall be in an amount not less than $5,000,000 and in increments of $1,000,000; and provided further that no such election will be made if it would result in there being more than ten (10) LIBOR Pricing Options in the aggregate outstanding at any one time under this Agreement. Interest on Loans bearing interest at the Applicable LIBOR Rate shall be payable quarterly in arrears on the first day of the month following the end of each fiscal quarter and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
