Exhibit 10.1

SECOND AMENDMENT TO

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO PLEDGE AGREEMENTS

This SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT AND
AMENDMENT TO PLEDGE AGREEMENTS (this “Amendment”) is dated as of September 16,
2011, but effective as of the Effective Date (hereinafter defined), among THE
VAIL CORPORATION, a Colorado corporation doing business as “Vail Associates,
Inc.” (the “Company”), the LENDERS (as defined in the Credit Agreement
referenced below) party hereto, and BANK OF AMERICA, N.A., as Administrative
Agent (hereinafter defined), and, for the purposes of Section 2 hereof, is
acknowledged and agreed to by each Restricted Company (including the Company)
that has executed and delivered a Pledge Agreement (collectively referred to
herein as the “Pledgors”).

RECITALS

A. The Company has entered into that certain Fifth Amended and Restated Credit
Agreement dated as of January 25, 2011, with Bank of America, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”), and certain
other agents and lenders party thereto (as amended by the First Amendment to
Fifth Amended and Restated Credit Agreement, dated as of April 13, 2011, as
amended hereby, and as further amended, restated, or modified from time to time,
the “Credit Agreement”), providing for revolving credit loans, letters of
credit, and swing line loans.

B. The Company and the Guarantors desire to make certain changes to the Credit
Agreement, and the Pledgors desire to make certain changes to the Pledge
Agreements identified on Schedule A hereto (as the same have been or may
hereafter be from time to time amended, each, a “Pledge Agreement,” and
collectively, the “Pledge Agreements”), as set forth herein, and have requested
that the Administrative Agent and the Required Lenders agree to such changes.

C. Subject to the terms and conditions set forth herein, the Administrative
Agent and the Required Lenders are willing to make the changes to the Credit
Agreement and the Pledge Agreements set forth herein.

Subject to the terms and conditions set forth herein, the Company, the other
Pledgors, the Required Lenders party hereto, the Guarantors (by execution of the
attached Guarantors’ Consent and Agreement), and the Administrative Agent agree
as follows:

1. Amendments to Credit Agreement.

(a) New Definitions. Section 1.1 of the Credit Agreement (Definitions) is
amended by inserting the following new definition alphabetically to read as
follows:

“Concessioner Subsidiaries” means, collectively, (a) Grand Teton Lodge Company,
a Wyoming corporation, (b) Flagg Ranch Company, a Colorado corporation, and
(c) each other Restricted Subsidiary (other than the Borrower) that is awarded a
concession contract or similar agreement by the National Park Service (each, a
“Concession Contract”) that prohibits the Equity Interests of such Restricted
Subsidiary from being pledged to the Administrative Agent under the Loan Papers;
provided, that (i) a true and correct copy of the applicable Concession Contract
has been delivered to the Administrative Agent and such Concession Contract has
not expired or been terminated, (ii) the Equity Interests of such Restricted
Subsidiary have not, and will not, be

 

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pledged to any other Person, (iii) such Restricted Subsidiary does not, and will
not own, any material assets or property other than the Concession Contract, the
revenues generated by such Concession Contract, and the improvements, assets,
and Rights necessary to perform its obligations under such Concession Contract,
(iv) such Restricted Subsidiary has executed a Guaranty, and (v) the
Administrative Agent has agreed to the designation of such Restricted Subsidiary
as a Concessioner Subsidiary in writing.

(b) Modification of the Collateral Covenant. Section 6.2 of the Credit Agreement
(Collateral) is amended by replacing “other than the North Star Subsidiaries and
Grand Teton Lodge Company” in clause (a) thereof with “other than the North Star
Subsidiaries and the Concessioner Subsidiaries”.

(c) Modification of the Maintenance of Existence, Assets, and Business Covenant.
Section 9.7 of the Credit Agreement (Maintenance of Existence, Assets, and
Business) is amended by replacing “(other than stock in the North Star
Subsidiaries and Grand Teton Lodge Company)” in clause (b)(ii) thereof with
“(other than stock in the North Star Subsidiaries and the Concessioner
Subsidiaries)”.

(d) Schedule 8.2. Schedule 8.2 to the Credit Agreement is deleted and replaced
with Schedule 8.2 attached hereto as Annex I.

2. Amendment of the Definition of “Pledged Securities” in each Pledge Agreement.
The definition of “Pledged Securities” in each Pledge Agreement is amended by
adding the following sentence to the end thereof:

“Notwithstanding anything to the contrary contained in this Agreement, Pledged
Securities shall not include, and shall not be required to include, the
Securities issued to Debtor by any Concessioner Subsidiary.”

3. Representations and Warranties. As a material inducement to the Lenders and
the Administrative Agent to execute and deliver this Amendment, the Company
represents and warrants to the Lenders and the Administrative Agent (with the
knowledge and intent that Lenders party hereto are relying upon the same in
entering into this Amendment) that: (a) the Company, the other Pledgors, and the
Guarantors have all requisite authority and power to execute, deliver, and
perform their respective obligations under this Amendment and the Guarantors’
Consent and Agreement, as the case may be, which execution, delivery, and
performance have been duly authorized by all necessary action, require no
Governmental Approvals, and do not violate the respective certificates of
incorporation or organization, bylaws, or operating agreement, or other
organizational or formation documents of such Companies; (b) upon execution and
delivery by the Company, the other Pledgors, the Guarantors, the Administrative
Agent, and the Lenders party hereto, this Amendment will constitute the legal
and binding obligation of each of the Company, the other Pledgors, and the
Guarantors, enforceable against such entities in accordance with the terms of
this Amendment, except as that enforceability may be limited by general
principles of equity or by bankruptcy or insolvency laws or similar laws
affecting creditors’ rights generally; (c) after giving effect to this
Amendment, all representations and warranties in the Loan Papers are true and
correct in all material respects as though made on the date hereof, except to
the extent that any of them speak to a specific date or the facts on which any
of them are based have been changed by transactions contemplated or permitted by
the Credit Agreement; and (d) after giving effect to this Amendment, no Default
or Potential Default has occurred and is continuing.

 

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4. Conditions Precedent to Effectiveness. This Amendment shall be effective on
the date (the “Effective Date”) upon which the Administrative Agent receives
each of the following items:

(a) counterparts of this Amendment executed by the Company, the other Pledgors,
the Administrative Agent, and the Required Lenders;

(b) the Guarantors’ Consent and Agreement executed by each Guarantor;

(c) a Guaranty executed by Flagg Ranch Company;

(d) an Officer’s Certificate for Flagg Ranch Company attaching (i) resolutions
authorizing the guarantee by Flagg Ranch Company of the Obligation, (ii) Flagg
Ranch Company’s articles of incorporation and bylaws, (iii) listing the names
and titles of the Responsible Officers, and (iv) providing specimen signatures
for such Responsible Officers;

(e) National Park Hospitality Company’s authorization to file a UCC-3 financing
statement amendment amending the collateral description of the UCC-1 financing
statement naming National Park Hospitality Company, as debtor, and
Administrative Agent, as secured party, to reflect the amendment of its Pledge
Agreement set forth in Section 2 hereof; and

(f) confirmation that the Company has paid all reasonable fees and expenses of
Haynes and Boone, LLP, counsel to Administrative Agent, incurred in connection
with this Amendment and invoiced to the Company on or prior to the Effective
Date.

5. Expenses. The Company shall pay all reasonable out-of-pocket fees and
expenses paid or incurred by the Administrative Agent incident to this
Amendment, including, without limitation, the reasonable fees and expenses of
the Administrative Agent’s counsel in connection with the negotiation,
preparation, delivery, and execution of this Amendment and any related
documents.

6. Ratifications. The Company and each Guarantor (by executing the Guarantors’
Consent and Agreement attached hereto) (a) ratifies and confirms all provisions
of the Loan Papers; (b) ratifies and confirms that, except as expressly set
forth in this Amendment, all Guaranties, assurances, and Liens granted,
conveyed, or assigned to Administrative Agent, for the benefit of the Lenders,
under the Loan Papers are not released, reduced, or otherwise adversely affected
by this Amendment and continue to guarantee, assure, and secure full payment and
performance of Company’s present and future obligations to Administrative Agent
and the Lenders; and (c) agrees to perform such acts and duly authorize,
execute, acknowledge, deliver, file, and record such additional documents, and
certificates as Administrative Agent may reasonably request in order to create,
perfect, preserve, and protect those guaranties, assurances, and liens.

7. Miscellaneous. Unless stated otherwise herein, (a) the singular number
includes the plural, and vice versa, and words of any gender include each other
gender, in each case, as appropriate, (b) headings and captions shall not be
construed in interpreting provisions of this Amendment, (c) this Amendment shall
be governed by and construed in accordance with the laws of the State of New
York, (d) if any part of this Amendment is for any reason found to be
unenforceable, all other portions of it shall nevertheless remain enforceable,
(e) this Amendment may be executed in any number of counterparts with the same
effect as if all signatories had signed the same document, and all of those
counterparts shall be construed together to constitute the same document, (f)
this Amendment is a “Loan Paper” referred to in the Credit Agreement, and the
provisions relating to Loan Papers in Section 15 of the Credit Agreement are
incorporated herein by reference, (g) this Amendment, the Credit Agreement, as
amended by this Amendment, and the other Loan Papers constitute the entire
agreement and understanding among the parties hereto and supersede any and all
prior agreements and understandings, oral or written, relating to the subject
matter hereof, and (h) except as provided in this Amendment, the Credit
Agreement, the Notes, and the other Loan Papers are unchanged and are ratified
and confirmed.

 

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8. Parties. This Amendment binds and inures to the benefit of the Company, the
other Pledgors, the Guarantors, the Administrative Agent, the Lenders, and their
respective successors and assigns.

The parties hereto have executed this Amendment in multiple counterparts as of
the date first above written.

Remainder of Page Intentionally Blank.

Signature Pages to Follow.

 

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THE VAIL CORPORATION (D/B/A “VAIL ASSOCIATES, INC.”), as the Company By:   /s/
Jeffrey W. Jones   Name:   Title:

ACKNOWLEDGED AND AGREED

FOR PURPOSES OF SECTION 2 HEREOF:

VAIL RESORTS, INC.

VAIL HOLDINGS, INC.

ALL MEDIA ASSOCIATES, INC.

ALL MEDIA HOLDINGS, INC.

BEAVER CREEK ASSOCIATES, INC.

GRAND TETON LODGE COMPANY

HEAVENLY VALLEY, LIMITED PARTNERSHIP

By: VR Heavenly I, Inc.

LODGE PROPERTIES INC.

NATIONAL PARK HOSPITALITY COMPANY

ROCKRESORTS INTERNATIONAL, LLC

By: Vail RR, Inc.

SSV ONLINE HOLDINGS, INC.

SSV HOLDINGS, INC.

TETON HOSPITALITY SERVICES, INC.

VA RANCHO MIRAGE I, INC.

VA RANCHO MIRAGE II, INC.

VAIL/ARROWHEAD, INC.

VAIL ASSOCIATES HOLDINGS, LTD.

VAIL RESORTS DEVELOPMENT COMPANY

VAIL RR, INC.

VAIL SUMMIT RESORTS, INC.

VR HEAVENLY I, INC.

VR HEAVENLY II, INC.

 

By:   /s/ Jeffrey W. Jones   Name:   Title:

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BANK OF AMERICA, N.A., as Administrative Agent By:   /s/ David McCauley   David
McCauley   Director

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BANK OF AMERICA, N.A., as an L/C Issuer, a Swing Line Lender, and a Lender By:  
/s/ David McCauley   David McCauley   Director

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U.S. BANK NATIONAL ASSOCIATION, as a Swing Line Lender and a Lender By:   /s/
Greg Blanchard   Name:   Greg Blanchard   Title:   Vice President

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as an L/C Issuer and a Lender By:   /s/
Nathan Callister   Name:   Nathan Callister   Title:   Vice President

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JPMORGAN CHASE BANK, N.A., as a Lender By:   /s/ Brandon Watkins   Name:  
Brandon Watkins   Title:   Vice President

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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender By:   /s/ James Rolison  
Name:   James Rolison   Title:   Managing Director By:   /s/ Perry Forman  
Name:   Perry Forman   Title:   Director

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COMPASS BANK, as a Lender By:   /s/ Joseph W. Nimmons   Name:   Joseph W.
Nimmons   Title:   Vice President

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BOKF, N.A. DBA COLORADO STATE BANK & TRUST, as a Lender By:   /s/ Amorow K. Aye
  Name:   Amorow K. Aye   Title:   SVP

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COMERICA BANK, as a Lender By:   /s/ Fatima Arshad   Name:   Fatima Arshad  
Title:   Vice President

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BANK OF THE WEST, as a Lender By:   /s/ Gary Fowler   Name:   Gary Fowler  
Title:   SVP Manager

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GUARANTORS’ CONSENT AND AGREEMENT

As an inducement to Administrative Agent and Required Lenders to execute, and in
consideration of and as a condition to Administrative Agent’s and Required
Lenders’ execution of the foregoing Second Amendment to Fifth Amended and
Restated Credit Agreement and Amendment to Pledge Agreement (the “Second
Amendment”), the undersigned hereby consent to the Second Amendment, and agree
that (a) the Second Amendment shall in no way release, diminish, impair, reduce
or otherwise adversely affect the respective obligations and liabilities of each
of the undersigned under each Guaranty described in the Credit Agreement, or any
agreements, documents or instruments executed by any of the undersigned to
create liens, security interests or charges to secure any of the indebtedness
under the Loan Papers, all of which obligations and liabilities are, and shall
continue to be, in full force and effect, and (b) the Guaranty executed by each
Guarantor is ratified, and the “Guaranteed Indebtedness” includes, without
limitation, the “Obligation” (as defined in the Credit Agreement). This consent
and agreement shall be binding upon the undersigned, and the respective
successors and assigns of each, shall inure to the benefit of Administrative
Agent and Lenders, and the respective successors and assigns of each, and shall
be governed by and construed in accordance with the laws of the State of New
York.

 

Vail Resorts, Inc. Vail Holdings, Inc. All Media Associates, Inc. All Media
Holdings, Inc. Arrabelle at Vail Square, LLC   By:   Vail Resorts Development
Company Beaver Creek Associates, Inc. Beaver Creek Consultants, Inc. Beaver
Creek Food Services, Inc. Booth Creek Ski Holdings, Inc. BRCP Inc. Breckenridge
Resort Properties, Inc. Bryce Canyon Lodge Company Colter Bay Café Court, LLC  
By:   Grand Teton Lodge Company Colter Bay Convenience Store, LLC   By:   Grand
Teton Lodge Company Colter Bay Corporation Colter Bay General Store, LLC   By:  
Grand Teton Lodge Company Colter Bay Marina, LLC   By:   Grand Teton Lodge
Company Crystal Peak Lodge of Breckenridge, Inc. Delivery Acquisition, Inc.
Gillett Broadcasting, Inc. Grand Teton Lodge Company Heavenly Valley, Limited
Partnership   By:   VR Heavenly I, Inc. Jackson Hole Golf and Tennis Club, Inc.
Jackson Hole Golf and Tennis Club Snack Shack, LLC   By:   Grand Teton Lodge
Company

Guarantors’ Consent and Agreement to

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and Amendment to Pledge Agreements

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Jackson Lake Lodge Corporation Jenny Lake Lodge, Inc. Jenny Lake Store, LLC  
By:   Grand Teton Lodge Company JHL&S LLC   By:   Teton Hospitality Services,
Inc. Keystone Conference Services, Inc. Keystone Development Sales, Inc.
Keystone Food & Beverage Company Keystone Resort Property Management Company
Lake Tahoe Lodging Company Lodge Properties Inc. Lodge Realty, Inc. La Posada
Beverage Service, LLC   By:   Rockresorts International, LLC     By:   Vail RR,
Inc. Mesa Verde Lodge Company National Park Hospitality Company Northstar Group
Commercial Properties LLC   By:   VR Acquisition, Inc. Northstar Group
Restaurant Properties, LLC   By:   Northstar Group Commercial Properties LLC    
By:   Vail Acquisition, Inc. One Ski Hill Place, LLC   By:   Vail Resorts
Development Company Property Management Acquisition Corp., Inc. RCR Vail, LLC  
By:   Vail Resorts Development Company Rockresorts Arrabelle, LLC   By:  
Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts Cheeca, LLC  
By:   Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts
Cordillera Lodge Company, LLC   By:   Rockresorts International, LLC     By:  
Vail RR, Inc. Rockresorts DR, LLC   By:   Rockresorts International, LLC     By:
  Vail RR, Inc. Rockresorts Equinox, Inc. Rockresorts Hotel Jerome, LLC   By:  
Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts
International, LLC   By:   Vail RR, Inc. Rockresorts LaPosada, LLC

Guarantors’ Consent and Agreement to

Second Amendment to

Fifth Amended and Restated Credit Agreement

and Amendment to Pledge Agreements

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  By:   Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts LLC  
By:   Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts
International Management Company   By:   Rockresorts International, LLC     By:
  Vail RR, Inc. Rockresorts Rosario, LLC   By:   Rockresorts International, LLC
    By:   Vail RR, Inc. Rockresorts Ski Tip, LLC   By:   Rockresorts
International, LLC     By:   Vail RR, Inc. Rockresorts Tempo, LLC   By:  
Rockresorts International, LLC     By:   Vail RR, Inc. Rockresorts Wyoming, LLC
  By:   Rockresorts International, LLC     By:   Vail RR, Inc. Soho Development,
LLC   By:   Vail Associates Holdings, Ltd. SSI Venture LLC   By:   SSV Holdings,
Inc. SSV Online Holdings, Inc. SSV Online LLC   By:   SSV Holdings, Inc. SSV
Holdings, Inc. Stampede Canteen, LLC   By:   Grand Teton Lodge Company Teton
Hospitality Services, Inc. The Chalets at the Lodge at Vail, LLC   By:   Vail
Resorts Development Company The Village at Breckenridge Acquisition Corp., Inc.
Trimont Land Company VA Rancho Mirage I, Inc. VA Rancho Mirage II, Inc. VA
Rancho Mirage Resort, L.P.   By:   VA Rancho Mirage I, Inc. Vail/Arrowhead, Inc.
Vail Associates Holdings, Ltd. Vail Associates Investments, Inc. Vail Associates
Real Estate, Inc. Vail/Beaver Creek Resort Properties, Inc. Vail Food Services,
Inc. Vail Hotel Management Company, LLC   By:   Rockresorts International, LLC  
  By:   Vail RR, Inc.

Guarantors’ Consent and Agreement to

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and Amendment to Pledge Agreements

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Vail Resorts Development Company Vail Resorts Lodging Company Vail RR, Inc. Vail
Summit Resorts, Inc. Vail Trademarks, Inc. VAMHC, Inc. VR Acquisition, Inc. VR
Heavenly Concessions, Inc. VR Heavenly I, Inc. VR Heavenly II, Inc. VR Holdings,
Inc. Zion Lodge Company By:   /s/ Jeffrey W. Jones   Name:     Title:  

Guarantors’ Consent and Agreement to

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and Amendment to Pledge Agreements

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Schedule A

Pledge Agreements

 

1. Amended and Restated Pledge Agreement dated as of June 10, 2003, by The Vail
Corporation (d/b/a “Vail Associates, Inc.”), as debtor, in favor of Bank of
America, N.A., as Administrative Agent, as secured party.

 

2. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Vail
Resorts, Inc., as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

3. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Vail
Holdings, Inc., as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

4. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Beaver
Creek Associates, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

5. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Grand
Teton Lodge Company, as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

6. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Lodge
Properties Inc., as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

7. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Teton
Hospitality Services, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

8. Amended and Restated Pledge Agreement dated as of June 10, 2003, by VA Rancho
Mirage I, Inc., as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

9. Amended and Restated Pledge Agreement dated as of June 10, 2003, by VA Rancho
Mirage II, Inc., as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

10. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Vail
Resorts Development Company, as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

11. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Vail RR,
Inc., as debtor, in favor of Bank of America, N.A., as Administrative Agent, as
secured party.

 

12. Amended and Restated Pledge Agreement dated as of June 10, 2003, by Vail
Summit Resorts, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

13. Amended and Restated Pledge Agreement dated as of June 10, 2003, by
Vail/Arrowhead, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

14. Amended and Restated Pledge Agreement dated as of June 10, 2003, by VR
Heavenly I, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

Schedule A to Second Amendment to

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and Amendment to Pledge Agreements

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15. Amended and Restated Pledge Agreement dated as of June 10, 2003, by VR
Heavenly II, Inc., as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

16. Second Amended and Restated Pledge Agreement dated as of April 16, 2008, by
Rockresorts International, LLC, as debtor, in favor of Bank of America, N.A., as
Administrative Agent, as secured party.

 

17. Pledge Agreement dated as of December 29, 2005, by SSV Holdings, Inc., as
debtor, in favor of Bank of America, N.A., as Administrative Agent, as secured
party.

 

18. Pledge Agreement dated as of January 25, 2006, by Vail Associates Holdings,
Ltd., as debtor, in favor of Bank of America, N.A., as Administrative Agent, as
secured party.

 

19. Pledge Agreement dated as of June 25, 2010, by All Media Holdings, Inc., as
debtor, in favor of Bank of America, N.A., as Administrative Agent, as secured
party.

 

20. Pledge Agreement dated as of March 13, 2007, by National Park Hospitality
Company, as debtor, in favor of Bank of America, N.A., as Administrative Agent,
as secured party.

 

21. Pledge Agreement dated as of September 13, 2010, by Heavenly Valley, Limited
Partnership, as debtor, in favor of Bank of America, N.A., as Administrative
Agent, as secured party.

 

22. Pledge Agreement dated as of January 25, 2011, by All Media Associates,
Inc., as debtor, in favor of Bank of America, N.A., as Administrative Agent, as
secured party.

 

23. Pledge Agreement dated as of June 29, 2011, by SSV Online Holdings, Inc., as
debtor, in favor of Bank of America, N.A., as Administrative Agent, as secured
party.

Schedule A to Second Amendment to

Fifth Amended and Restated Credit Agreement

and Amendment to Pledge Agreements

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Annex I

See attached.

Annex I to Second Amendment to

Fifth Amended and Restated Credit Agreement

and Amendment to Pledge Agreements