----

| SECTION      1                         | DEFINITIONS      AND TERMS. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|

| 1.1   | Definitions. |
|-----------------|--------------|

|   | Ratio      of Funded Debt to Adjusted EBITDA                           | Applicable      Margin for LIBOR      Loans | Applicable      MarginBase      Rate Loans |
|--------|------------------------------------------------------------------------|--------------------------------------------------|--------------------------------------------|
| I      | Less      than 2.50 to 1.00                                            | 1.00%                                            | 0.00%                                      |
| II     | Greater      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00 | 1.25%                                            | 0.00%                                      |
| III    | Greater      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00 | 1.50%                                            | 0.25%                                      |
| IV     | Greater      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00 | 1.75%                                            | 0.50%                                      |
| V      | Greater      than or equal to 4.00 to 1.00                             | 2.00%                                            | 1.00%                                      |

| Level | Ratio      of Funded Debt to Adjusted EBITDA                           |  Applicable      Percentage |
|-------|------------------------------------------------------------------------|----------------------------------|
| I     | Less      than 2.50 to 1.00                                            | 0.175%                           |
| II    | Greater      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00 | 0.200%                           |
| III   | Greater      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00 | 0.250%                           |
| IV    | Greater      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00 | 0.250%                           |
| V     | Greater      than or equal to 4.00 to 1.00                             | 0.375%                           |

| 1.2   | Number and Gender of      Words. |
|-----------------|----------------------------------|

| 1.3   | Accounting      Principles. |
|-----------------|-----------------------------|

| 1.4   | Rounding. |
|-----------------|-----------|

| 1.5   | References to      Agreements and Laws. |
|-----------------|-----------------------------------------|

| 1.6   | Times of      Day. |
|-----------------|--------------------|

| 1.7   | L/C      Amounts. |
|-----------------|-------------------|

| SECTION      2                         | COMMITMENT. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|

| 2.1   | Credit      Facility. |
|-----------------|-----------------------|

| 2.2   | Loan      Procedure. |
|-----------------|----------------------|

| 2.3   | L/C      Subfacility. |
|-----------------|-----------------------|

| 2.4   | Swing Line      Loans. |
|-----------------|------------------------|

| 2.5   | Increase in Total      Commitment. |
|-----------------|------------------------------------|

| SECTION      3                         | TERMS      OF PAYMENT. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|

| 3.1   | Notes and      Payments. |
|-----------------|--------------------------|

| 3.2   | Interest and Principal      Payments; Prepayments; Voluntary Commitment    Reductions. |
|-----------------|----------------------------------------------------------------------------------------|

| 3.3   | Interest      Options. |
|-----------------|------------------------|

| 3.4   | Quotation of      Rates. |
|-----------------|--------------------------|

| 3.5   | Default      Rate. |
|-----------------|--------------------|

| 3.6   | Interest      Recapture. |
|-----------------|--------------------------|

| 3.7   | Interest      Calculations. |
|-----------------|-----------------------------|

| 3.8   | Maximum      Rate. |
|-----------------|--------------------|

| 3.9   | Interest      Periods. |
|-----------------|------------------------|

| 3.10   | Order of      Application. |
|------------------|----------------------------|

| 3.11   | Sharing of Payments,      Etc. |
|------------------|--------------------------------|

| 3.12   | Booking      Loans. |
|------------------|---------------------|

| SECTION      4                         |      TAXES,      YIELD PROTECTION, ANDILLEGALITY |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|

| 4.1   | Taxes. |
|-----------------|--------|

| 4.2   | Illegality. |
|-----------------|-------------|

| 4.3   | Inability to Determine      Rates. |
|-----------------|------------------------------------|

| 4.4   | Increased Costs;      Reserves on Revolver Loans that are LIBOR  Loans. |
|-----------------|-------------------------------------------------------------------------|

| 4.5   | Compensation for      Losses. |
|-----------------|-------------------------------|

| 4.6   | Mitigation      Obligations; Replacement ofLenders. |
|-----------------|-----------------------------------------------------|

| 4.7   | Survival. |
|-----------------|-----------|

| SECTION      5                         | FEES. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

| 5.1   | Treatment of      Fees. |
|-----------------|-------------------------|

| 5.2   | Fee      Letter. |
|-----------------|------------------|

| 5.3   | L/C      Fees. |
|-----------------|----------------|

| 5.4   | Commitment      Fee. |
|-----------------|----------------------|

| SECTION      6                         | GUARANTY      AND SECURITY. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|

| 6.1   | Guaranty. |
|-----------------|-----------|

| 6.2   | Collateral. |
|-----------------|-------------|

| 6.3   | Additional Collateral      and Guaranties. |
|-----------------|--------------------------------------------|

| 6.4   | Additional Documents      or Information. |
|-----------------|-------------------------------------------|

| SECTION      7                         | CONDITIONS      PRECEDENT. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|

| 7.1   | Initial      Advance. |
|-----------------|-----------------------|

| 7.2   | Each      Advance. |
|-----------------|--------------------|

| SECTION      8                         | REPRESENTATIONS      AND WARRANTIES. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|

| 8.1   | Regulation      U. |
|-----------------|--------------------|

| 8.2   | Corporate Existence,      Good Standing, Authority andCompliance. |
|-----------------|-------------------------------------------------------------------|

| 8.3   | Subsidiaries. |
|-----------------|---------------|

| 8.4   | Authorization and      Contravention. |
|-----------------|---------------------------------------|

| 8.5   | Binding      Effect. |
|-----------------|----------------------|

| 8.6   | Financial Statements;      Fiscal Year. |
|-----------------|-----------------------------------------|

| 8.7   | Litigation. |
|-----------------|-------------|

| 8.8   | Taxes. |
|-----------------|--------|

| 8.9   | Environmental      Matters. |
|-----------------|-----------------------------|

| 8.10   | Employee      Plans. |
|------------------|----------------------|

| 8.11   | Properties and      Liens. |
|------------------|----------------------------|

| 8.12   | Government      Regulations. |
|------------------|------------------------------|

| 8.13   | Transactions with      Affiliates. |
|------------------|------------------------------------|

| 8.14   | Debt. |
|------------------|-------|

| 8.15   | Material      Agreements. |
|------------------|---------------------------|

| 8.16   | Labor      Matters. |
|------------------|---------------------|

| 8.17   | Solvency. |
|------------------|-----------|

| 8.18   | Intellectual      Property. |
|------------------|-----------------------------|

| 8.19   | Full      Disclosure. |
|------------------|-----------------------|

| 8.20   | Insurance. |
|------------------|------------|

| 8.21   | Compliance with      Laws. |
|------------------|----------------------------|

| 8.22   | Senior      Debt. |
|------------------|-------------------|

| SECTION      9                         | AFFIRMATIVE      COVENANTS. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|

| 9.1   | Items to be      Furnished. |
|-----------------|-----------------------------|

| 9.2   | Use of      Proceeds. |
|-----------------|-----------------------|

| 9.3   | Books and      Records. |
|-----------------|-------------------------|

| 9.4   | Inspections. |
|-----------------|--------------|

| 9.5   | Taxes. |
|-----------------|--------|

| 9.6   | Payment of      Obligations. |
|-----------------|------------------------------|

| 9.7   | Maintenance of      Existence, Assets, andBusiness. |
|-----------------|-----------------------------------------------------|

| 9.8   | Insurance. |
|-----------------|------------|

| 9.9   | Environmental      Laws. |
|-----------------|--------------------------|

| 9.10   | Subsidiaries. |
|------------------|---------------|

| 9.11   | Designation and      Re-designation ofSubsidiaries. |
|------------------|-----------------------------------------------------|

| SECTION      10                                   | NEGATIVE      COVENANTS. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|

| 10.1   | Taxes. |
|------------------|--------|

| 10.2   | Payment of      Obligations. |
|------------------|------------------------------|

| 10.3   | Employee      Plans. |
|------------------|----------------------|

| 10.4   | Debt. |
|------------------|-------|

| 10.5   | Liens. |
|------------------|--------|

| 10.6   | Transactions with      Affiliates. |
|------------------|------------------------------------|

| 10.7   | Compliance with Laws      and Documents. |
|------------------|------------------------------------------|

| 10.8   | Loans, Advances and      Investments. |
|------------------|---------------------------------------|

| 10.9   | Distributions. |
|------------------|----------------|

| 10.10   | Sale of      Assets. |
|-------------------|----------------------|

| 10.11   | Acquisitions, Mergers,      and Dissolutions. |
|-------------------|-----------------------------------------------|

| 10.12   | Assignment. |
|-------------------|-------------|

| 10.13   | Fiscal Year and      Accounting Methods. |
|-------------------|------------------------------------------|

| 10.14   | New      Businesses. |
|-------------------|----------------------|

| 10.15   | Government      Regulations. |
|-------------------|------------------------------|

| 10.16   | Burdensome      Agreements. |
|-------------------|-----------------------------|

Papers or (II) the satisfaction of the obligations ofBorrower and Guarantors under the Loan Papers, and (2) Subordinated Debt (otherthan Subordinated Debt that contains terms and provisions no more restrictivethan the terms and provisions of the Senior Subordinated Indenture as of theClosing Date and provides that references to this Agreement therein shallprovide for the renewal, extension, amendment or modification of this Agreementfrom time to time) issued after the Closing Date contains terms and provisionsacceptable to Administrative Agent, (B) contained in agreements relating tothe sale of a Subsidiary, solong as the sale of such Subsidiary is permitted pursuant to thisAgreement, and (C) contained in agreements set forth on Schedule10.16; and (ii) the foregoing clause (a)shall not apply to customary provisions in leases and other agreementsrestricting the assignment thereof.

| 10.17   | Use of      Proceeds. |
|-------------------|-----------------------|

| SECTION      11                                   | FINANCIAL      COVENANTS. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|

| 11.1   | Maximum Leverage      Ratios. |
|------------------|-------------------------------|

| As      of the last day of each fiscal quarter ending January 31, April 30, and      July 31: | 4.50      to 1.00 |   |
|-----------------------------------------------------------------------------------------------|-------------------|--------|
| As      of the last day of each fiscal quarter ending October 31:                             | 5.00      to 1.00 |   |

| As      of the last day of each fiscal quarter ending January 31, April 30, and      July 31: | 3.25      to 1.00 |
|-----------------------------------------------------------------------------------------------|-------------------|
| As      of the last day of each fiscal quarter ending October 31:                             | 3.50      to 1.00 |

| 11.2   | Minimum Fixed Charge      Coverage Ratio. |
|------------------|-------------------------------------------|

| 11.3   | Minimum Net      Worth. |
|------------------|-------------------------|

| 11.4   | Interest Coverage      Ratio. |
|------------------|-------------------------------|

| 11.5   | Capital      Expenditures. |
|------------------|----------------------------|

| SECTION      12                                   | DEFAULT. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|

| 12.1   | Payment of      Obligation. |
|------------------|-----------------------------|

| 12.2   | Covenants. |
|------------------|------------|

| 12.3   | Debtor      Relief. |
|------------------|---------------------|

| 12.4   | Judgments and      Attachments. |
|------------------|---------------------------------|

| 12.5   | Government      Action. |
|------------------|-------------------------|

| 12.6   | Misrepresentation. |
|------------------|--------------------|

| 12.7   | Ownership. |
|------------------|------------|

| 12.8   | Default Under Other      Agreements. |
|------------------|--------------------------------------|

| 12.9   | Subordinated      Debt. |
|------------------|-------------------------|

| 12.10   | Validity and      Enforceability of LoanPapers. |
|-------------------|-------------------------------------------------|

| 12.11   | Employee      Plans. |
|-------------------|----------------------|

| SECTION      13                                   | RIGHTS      AND REMEDIES. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|

| 13.1   | Remedies Upon      Default. |
|------------------|-----------------------------|

| 13.2   | Company      Waivers. |
|------------------|-----------------------|

| 13.3   | Performance by      Administrative Agent. |
|------------------|-------------------------------------------|

| 13.4   | Not in      Control. |
|------------------|----------------------|

| 13.5   | Course of      Dealing. |
|------------------|-------------------------|

| 13.6   | Cumulative      Rights. |
|------------------|-------------------------|

| 13.7   | Application of      Proceeds. |
|------------------|-------------------------------|

| 13.8   | Diminution in Value of      Collateral. |
|------------------|-----------------------------------------|

| 13.9   | Certain      Proceedings. |
|------------------|---------------------------|

| SECTION      14                                   | ADMINISTRATIVE      AGENT. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|

| 14.2   | Delegation of      Duties. |
|------------------|----------------------------|

| 14.5   | Exculpatory      Provisions. |
|------------------|------------------------------|

| 14.6   | Resignation as      Administrative Agent. |
|------------------|-------------------------------------------|

| 14.7   | Non-Reliance on      Administrative Agent and OtherLenders. |
|------------------|-------------------------------------------------------------|

| 14.8   | Administrative Agent      May File Proofs of Claim. |
|------------------|-----------------------------------------------------|

| 14.9   | Collateral and      Guaranty Matters. |
|------------------|---------------------------------------|

| 14.10   | Financial      Hedges |
|-------------------|-----------------------|

| 14.11   | Bond L/Cs and Bond      Documents. |
|-------------------|------------------------------------|

| 14.12   | No Other Duties,      Etc. |
|-------------------|----------------------------|

| SECTION      15                                   | MISCELLANEOUS. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|

| 15.1   | Headings. |
|------------------|-----------|

| 15.2   | Nonbusiness Days;      Time. |
|------------------|------------------------------|

| 15.3   | Notices and Other      Communications; FacsimileCopies. |
|------------------|---------------------------------------------------------|

| 15.4   | Expenses; Indemnity;      Damage Waiver. |
|------------------|------------------------------------------|

| 15.5   | Exceptions to      Covenants; Conflict withAgreement. |
|------------------|-------------------------------------------------------|

| 15.6   | Governing      Law. |
|------------------|---------------------|

| 15.7   | Severability. |
|------------------|---------------|

| 15.8   | Waiver of Jury      Trial. |
|------------------|----------------------------|

| 15.9   | Amendments,      Etc. |
|------------------|-----------------------|

| 15.10   | Counterparts;      Integration; Effectiveness. |
|-------------------|------------------------------------------------|

| 15.11   | Successors and      Assigns; Participation. |
|-------------------|---------------------------------------------|

| 15.12   | Payments Set      Aside. |
|-------------------|--------------------------|

| 15.15   | Confidentiality. |
|-------------------|------------------|

| 15.16   | USA PATRIOT Act      Notice. |
|-------------------|------------------------------|

| 15.17   | Survival of      Representations andWarranties. |
|-------------------|-------------------------------------------------|

| 15.18   | ENTIRE      AGREEMENT. |
|-------------------|------------------------|

| 15.19   | Designation as Senior      Debt. |
|-------------------|----------------------------------|

| 15.20   | Restatement of      Existing Agreement. |
|-------------------|-----------------------------------------|

|   | THE      VAIL CORPORATION (D/B/A “VAIL |
|--------|----------------------------------------------|
|   | ASSOCIATES, INC.”), as      Borrower   |
| By:    |  /s/      Jeffrey W. Jones              |
|   | Jeffrey      W. Jones                        |
|   | Senior      Executive Vice President and     |
|   | Chief      Financial Officer                 |

|   | BANK OF AMERICA, N.A.,      as Administrative Agent,   |
|--------|--------------------------------------------------------|
|   | and      L/C Issuer, a Swing Line Lender, and a Lender |
| By:    |  /s/      David McCauley                          |
|   | David      McCauley                                    |
|   | Vice      President                                    |

|   | U.S. BANK NATIONAL      ASSOCIATION,                     |
|--------|----------------------------------------------------------|
|   | as      Co-Syndication Agent, a Swing Line Lender, and a |
|   | Lender                                                   |
| By:    |  /s/      Rob L. Stuart                             |
|   | Rob      L. Stuart                                       |
|   | Assistant      Vice President                            |

|   | WELLS FARGO BANK,      NATIONAL                   |
|--------|---------------------------------------------------|
|   | ASSOCIATION, as      Co-Syndication Agent, an L/C |
|   | Issuer,      and a Lender                         |
| By:    |  /s/      Debbie A. Wright                   |
|   | Debbie      A. Wright                             |
|   | Vice      President                               |

|   | DEUTSCHE BANK TRUST      COMPANY                      |
|--------|-------------------------------------------------------|
|   | AMERICAS, as      Co-Documentation Agent and a Lender |
| By:    |  /s/      Steven P. Lapham                       |
|   | Steven      P. Lapham                                 |
|   | Managing      Director                                |
|   |                                                  |
| By:    |  /s/      Brenda Casey                           |
|   | Brenda      Casey                                     |
|   | Vice      President                                   |

|   | LASALLE BANK NATIONAL      ASSOCIATION,     |
|--------|---------------------------------------------|
|   | as      Co-Documentation Agent and a Lender |
| By:    |  /s/      Darren L. Lemkau             |
|   | Darren      L. Lemkau                       |
|   | Senior      Vice President                  |

|   | JPMORGAN CHASE BANK, NA,      |
|--------|-------------------------------|
|   | as      a Lender              |
| By:    |  /s/      Kent A. Kaiser |
|   | Kent      A. Kaiser           |
|   | Senior      Vice President    |

|   | CALYON NEW YORK BRANCH,           |
|--------|-----------------------------------|
|   | as      a Lender                  |
| By:    |  /s/      Joseph A. Asciolla |
|   | Joseph      A. Asciolla           |
|   | Managing      Director            |

|   | CALYON NEW YORK BRANCH,      |
|--------|------------------------------|
|   | as      a Lender             |
| By:    |  /s/      Bruno Defloor |
|   | Bruno      Defloor           |
|   | Director                     |

|   | COMPASS BANK,               |
|--------|-----------------------------|
|   | as      a Lender            |
| By:    |  /s/      Eric R. Long |
|   | Eric      R. Long           |
|   | Senior      Vice President  |

|   | COMERICA      WEST INCORPORATED |
|--------|---------------------------------|
| By:    |  /s/      Kevin T. Urban   |
|   | Kevin      T. Urban             |
|   | Corporate      Banking Officer  |

|   | By:      /s/ Jeffrey W. Jones |
|--------|-------------------------------|

|   | Name:      Jeffrey W. Jones |
|--------|-----------------------------|

|   | Title:      Executive Vice President & Chief Financial  Officer |
|--------|---------------------------------------------------------------------|

|   | Agency      Contact: |
|--------|----------------------|

|   | FAX:  214/290-9436 |
|--------|------------------------------|

|   | Swing Line      Contact: |
|--------|--------------------------|

|   | FAX:  214/290-9412 |
|--------|------------------------------|

|   | Operations      Contact: |
|--------|--------------------------|

|   | L/C      Contact: |
|--------|-------------------|

|   | Stella      Rosales |
|--------|---------------------|

|   | Swing Line      Contact: |
|--------|--------------------------|

|   | Hanny      Nawawi |
|--------|-------------------|

|   | FAX:  503/275-8181 |
|--------|------------------------------|

|   | L/C      Contact: |
|--------|-------------------|

|   | Fax:      303/863-6670 |
|--------|------------------------|

| LENDER                                                      | COMMITMENT         |  COMMITMENTPERCENTAGE |
|-------------------------------------------------------------|--------------------|----------------------------|
|  Bank      of America, N.A.                       |  $65,000,000  |  16.250000000%        |
|  U.S.      BankNational      Association          |  $62,500,000  |  15.625000000%        |
|  Wells      Fargo Bank,National      Association  |  $62,500,000  |  15.625000000%        |
|  Deutsche      Bank TrustCompany      Americas    |  $62,500,000  |  15.625000000%        |
|  LaSalle      BankNational      Association       |  $62,500,000  |  15.625000000%        |
|  JPMorgan      Chase Bank, NA                     |  $25,000,000  |  6.250000000%         |
|  Calyon      New York Branch                      |  $25,000,000  |  6.250000000%         |
|  Compass      Bank                                |  $20,000,000  |  5.000000000%         |
|  Comerica      West Incorporated                  |  $15,000,000  |  3.750000000%         |
|  Totals                                                |  $400,000,000 |  100.0000000%         |

SCHEDULE 2.3

| Amount                                                | Maturity Date | Beneficiary                                                                                                                                |
|-------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------|
| $755,311                                              | 12/15/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 115,595                                               | 11/30/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 1,026,206                                             | 05/31/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 790,490                                               | 07/31/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 539,170                                               | 10/31/05      | Teton      County Board of Commissioners                                                                                                   |
| 407,355                                               | 10/31/05      | Teton      County Board of Commissioners                                                                                                   |
| 843,056                                               | 10/31/05      | Teton      County Board of Commissioners                                                                                                   |
| 749,283                                               | 07/22/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 56,495                                                | 10/31/05      | Teton      County Board of Commissioners                                                                                                   |
| 69,000                                                | 03/24/06      | Board      of County Commissioners of Summit County                                                                                        |
| 51,750                                                | 01/31/06      | Board      of County Commissioners of Summit County                                                                                        |
| 84,525                                                | 01/31/06      | Board      of County Commissioners of Summit County                                                                                        |
| 14,490                                                | 01/31/06      | Board      of County Commissioners of Summit County                                                                                        |
| 40,250                                                | 01/31/06      | Board      of County Commissioners of Summit County                                                                                        |
| 71,280                                                | 01/30/07      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 62,105                                                | 12/15/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 1,091,152                                             | 07/31/06      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 453,526                                               | 07/31/06      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 22,573                                                | 10/31/05      | Board      of County Commissioners, County of Eagle, State of  Colorado                                                                    |
| 12,500                                                | 07/01/05      | The      Town of Vail, Colorado                                                                                                            |
| 8,597,808                                             | 08/24/05      | U.S.      Bank National Association as Trustee                                                                                             |
| 9,232,709                                             | 10/31/05      | U.S.      Bank Trust, Corp Trust Svcs                                                                                                      |
| 8,116,667                                             | 10/31/05      | U.S.      Bank National Association as Trustee Under the Trust Indenture Dated as of      May 1, 1999 with Eagle County, Colorado          |
| 15,198,459                                            | 10/31/05      | U.S.      Bank National Association as Trustee Under the Trust Indenture Dated as of      May 1, 1999 with Breckenridge Terrace, LLC       |
| 5,108,334                                             | 04/29/05      | U.S.      Bank, N.A. Corporate Trust Services                                                                                              |
| 5,783,125                                             | 10/31/05      | U.S.      Bank National Association as Trustee Under the Trust Indenture Dated as of      June 1, 2000 w/ Tenderfoot Seasonal Housing, LLC |
| 70,000                                                | 01/03/06      | Airlines      Reporting Corporation                                                                                                        |
| 70,000                                                | 12/15/05      | Airlines      Reporting Corporation                                                                                                        |
| 25,000                                                | 08/30/05      | Airlines      Reporting Corporation                                                                                                        |
| 25,000                                                | 12/08/05      | United      Airlines, Inc.                                                                                                                 |
| 4,200,000                                             | 10/31/05      | Key      Bank National Association**                                                                                                       |
| 2,635,000                                             | 10/31/05      | American      Home Assurance Co                                                                                                            |
| 2,099,136                                             | 09/17/05      | Self      Insurance Plans State of California                                                                                              |
| 281,819                                               | 05/01/05      | Sierra      Pacific Power Company                                                                                                          |
| 45,000                                                | 10/01/05      | USDA      Forest Service                                                                                                                   |
| 106,462                                               | 07/31/05      | Liberty      Mutual Insurance Company                                                                                                      |
| 6,012,509                                             | 6/15/05       | U.S.      Bank National Association as Trustee Under the Trust Indenture Dated as of      June 1, 2000 w/ Tenderfoot Seasonal Housing, LLC |
| 2,462,217                                             | 5/26/09       | U.S.      Bank National Association as Trustee Under the Trust Indenture Dated as of      May 1, 1999 with Eagle County, Colorado          |
| 1,531,250                                             | 6/15/05       | U.S.      Bank Trust, Corp Trust Svcs                                                                                                      |
|       $      78,856,607 |          |                                                                                                                                       |

| 2. | Obligations      of the Companies with respect to letters of credit issued by U.S. Bank      National Association for the benefit of Eagle County, Colorado, in an      aggregate amount of up to $3,750,000 at any point in  time. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | $3,043,626      remaining outstanding as of December 31, 2004 under the Eagle Park      Reservoir Company promissory note. |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 4. | $437,500      principal amount outstanding as of December 31, 2004 under the Mission      Hills Country Club promissory note. |
|----|-------------------------------------------------------------------------------------------------------------------------------|

| 5. | $419,624.53      remaining outstanding as of December 31, 2004 under the capital lease for      the telephone system at The Lodge at Rancho  Mirage. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | SSI      Revolving Credit, Term Loan and Security Agreement dated May 27, 2003 in      the amount of $32,000,000, of which $10,507,892 is outstanding as of      December 31, 2004.  Borrower has 61.68% interest in      SSI. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | $972,678.79      remaining outstanding as of December 31, 2004 under the capital leases for      SSV Snowell Tuning Machines.  Borrower has 61.68% interest in      SSI. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | $11,487.14      remaining outstanding as of December 31, 2004  under the capital      lease for Pitney Bowes mail machine at The Lodge at Rancho      Mirage. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | $11,218.72      remaining outstanding as of December 31, 2004  under the capital      lease for Pitney Bowes label machine at The Lodge at Rancho      Mirage. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | $36,404.71      remaining outstanding as of December 31, 2004  under the capital      lease for De Lage Landen copier machine at The Lodge at Rancho      Mirage. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | $49,913.42      remaining outstanding as of December 31, 2004  under the capital      lease for De Lage Landen copier machine at The Lodge at Rancho      Mirage. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | $35.900.80      remaining outstanding as of December 31, 2004  under the capital      lease for GE Capital copier machine at The Lodge at Rancho      Mirage. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | $50,895.72      remaining outstanding as of December      31, 2004  under the capital lease for GE Capital copier machine      at The Lodge at Rancho Mirage. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | DATE      FOR COMPLIANCE                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.Borrower      shall seek written consent from the United States Department of the      Interior, National Park Service (“Park      Service”) to Borrower’s pledge to Administrative Agent (for the      benefit of the Lenders) of the capital stock of Grand Teton Lodge Company,      a Wyoming corporation (“Grand      Teton”), issued to Borrower (the “Park      Service Consent”)                               |   | Not      later than the date upon which that certain Grand Teton Lodge Company 1973      Concession Agreement dated as of July 31, 1973, between Grand Teton and      the Park Service, is renewed (which is currently anticipated to be not      later than December 31, 2005)  |
| 2.Borrower      shall execute and deliver to Administrative Agent a Pledge Agreement      pledging the capital stock issued by Grand Teton to Borrower, accompanied      by a certificate (or other instrument evidencing the capital stock) and a      stock power or similar instrument of transfer or assignment duly executed      in blank, each in form and substance satisfactory to Administrative      Agent                                              |   | On      or before the tenth (10th) day after the date it receives the Park Service      Consent                                                                                                                                                                                       |
| 3.Borrower      shall cause to be delivered a financing statement listing BC Housing, LLC,      as debtor, and the applicable L/C Issuer or Administrative Agent, as      assignee, as secured party, to evidence the pledge and security interests      created under the Bond Documents for Existing Housing Bonds issued by      debtor, which financing statement shall be in form and substance      satisfactory to Administrative Agent                     |   | 60      days after Closing Date                                                                                                                                                                                                                                                       |
| 4.Borrower      shall cause to be delivered a financing statement listing The Tarnes at      BC, LLC, as debtor, and the applicable L/C Issuer or Administrative Agent,      as assignee, as secured party, to evidence the pledge and security      interests created under the Bond Documents for Existing Housing Bonds      issued by debtor, which financing statement shall be in form and substance      satisfactory to Administrative Agent               |   | 60      days after Closing Date                                                                                                                                                                                                                                                       |
| 5.Borrower      shall cause to be delivered a financing statement listing Tenderfoot      Seasonal Housing, LLC, as debtor, and the applicable L/C Issuer or      Administrative Agent, as assignee, as secured party, to evidence the      pledge and security interests created under the Bond Documents for      Existing Housing Bonds issued by debtor, which financing statement shall      be in form and substance satisfactory to Administrative    Agent |   | 60      days after Closing Date                                                                                                                                                                                                                                                       |

| Corporation                                              | State      of Incorp. | Affiliated      Parent / LLC Member(%      of Ownership)                                |
|----------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------|
| Beaver      Creek Associates, Inc.                       | CO                    | The      Vail Corporation (100%)                                                        |
| Beaver      Creek Consultants, Inc.                      | CO                    | The      Vail Corporation (100%)                                                        |
| Beaver      Creek Food Services, Inc.                    | CO                    | Beaver      Creek Associates, Inc. (100%)                                               |
| Boulder/Beaver,      LLC                                 | CO                    | Beaver      Creek Food Services, Inc. (86%)                                             |
| Breckenridge      Resort Properties, Inc.                | CO                    | VRDC      (100%)                                                                        |
| Colter      Bay Corporation                              | WY                    | Grand      Teton Lodge Company (100%)                                                   |
| Complete      Telecommunications, Inc.                   | CO                    | The      Vail Corporation (100%)                                                        |
| Eagle      Park Reservoir Company                        | CO      (non-profit)  | The      Vail Corporation (55%)                                                         |
| Forest      Ridge Holdings, Inc.                         | CO                    | The      Vail Corporation (100%)                                                        |
| Gillett      Broadcasting, Inc.                          | DE                    | Vail      Resorts, Inc. (100%)                                                          |
| Grand      Teton Lodge Company                           | WY                    | The      Vail Corporation (100%)                                                        |
| Gros      Ventre Utility Company                         | WY                    | Grand      Teton Lodge Company (100%)                                                   |
| Heavenly      Valley, Limited Partnership                | NV                    | VR      Heavenly I, Inc. & VR Heavenly II, Inc. (together,    100%)                 |
| Jackson      Hole Golf & Tennis Club                 | WY                    | Grand      Teton Lodge Company (100%)                                                   |
| Jenny      Lake Lodge, Inc.                              | WY                    | Grand      Teton Lodge Company (100%)                                                   |
| JHL&S      LLC                                       | WY                    | Teton      Hospitality Services, Inc. (51%)                                             |
| Keystone      Conference Services, Inc.                  | CO                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| Keystone      Development Sales, Inc.                    | CO                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| Keystone      Food and Beverage Company                  | CO                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| Keystone      Resort Property Management Company         | CO                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| Larkspur      Restaurant & Bar, LLC                  | CO                    | The      Vail Corporation (83% + or -)                                                  |
| Lodge      Properties, Inc.                              | CO                    | The      Vail Corporation (100%)                                                        |
| Lodge      Realty, Inc.                                  | CO                    | Lodge      Properties, Inc. (100%)                                                      |
| Mountain      Thunder, Inc.                              | CO                    | VR      Holdings, Inc. (100%)                                                           |
| Property      Management Acquisition Corp., Inc.         | TN                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| RTP,      LLC                                            | CO                    | The      Vail Corporation (54.5%)                                                       |
| RT      Partners, Inc.                                   | DE                    | RTP,      LLC (51%)                                                                     |
| Rockresorts      Casa Madrona, LLC                       | DE                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      Cheeca, LLC                             | DE                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      Equinox, Inc.                           | VT                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      International, LLC                      | DE                    | Vail      RR, Inc. (100%)                                                               |
| Rockresorts      LaPosada, LLC                           | DE                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      LLC                                     | DE                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      Rosario, LLC                            | DE                    | Rockresorts      International LLC (100%)                                               |
| Rockresorts      Wyoming, LLC                            | WY                    | Rockresorts      International, LLC (100%)                                              |
| SSI      Venture LLC                                     | CO                    | The      Vail Corporation (52%)                                                         |
| Teton      Hospitality Services, Inc.                    | WY                    | The      Vail Corporation (100%)                                                        |
| Timber      Trail, Inc.                                  | CO                    | VR      Holdings, Inc. (100%)                                                           |
| Vail/Arrowhead,      Inc.                                | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Associates Holdings, Ltd.                      | CO                    | Vail      Resorts Development Company (100%)                                            |
| Vail      Associates Investments, Inc.                   | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Associates Real Estate, Inc.                   | CO                    | Vail      Resorts Development Company (100%)                                            |
| Vail/Beaver      Creek Resort Properties, Inc.           | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Corporation, The                               | CO                    | Vail      Holdings, Inc. (100%)                                                         |
| Vail      Food Services, Inc.                            | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Holdings, Inc.                                 | CO                    | Vail      Resorts, Inc. (100%)                                                          |
| Vail      Resorts Development Company                    | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Resorts, Inc.                                  | DE                    | Publicly      traded on the NYSE                                                        |
| Vail      RR, Inc.                                       | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Summit Resorts, Inc.                           | CO                    | The      Vail Corporation (100%)                                                        |
| Vail      Trademarks, Inc.                               | CO                    | The      Vail Corporation (100%)                                                        |
| VAMHC,      Inc.                                         | CO                    | The      Vail Corporation (100%)                                                        |
| VA      Rancho Mirage I, Inc.                            | CO                    | The      Vail Corporation (100%)                                                        |
| VA      Rancho Mirage II, Inc.                           | CO                    | The      Vail Corporation (100%)                                                        |
| VA      Rancho Mirage Resort, L.P.                       | DE                    | VA      Rancho Mirage I, Inc. – GPVA      Rancho Mirage II, Inc. – LP(100%) |
| The      Village at Breckenridge Acquisition Corp., Inc. | TN                    | Vail      Summit Resorts, Inc. (100%)                                                   |
| VR      Heavenly I, Inc.                                 | CO                    | The      Vail Corporation (100%)                                                        |
| VR      Heavenly II, Inc.                                | CO                    | The      Vail Corporation (100%)                                                        |
| VR      Holdings, Inc.                                   | CO                    | Vail/Arrowhead,      Inc. (100%)                                                        |

| 1. | The      following Intellectual Property of the Companies: the federally      trademarked “VAIL V” design/symbol/logo, the federally trademarked “BEAVER      CREEK” words, the federally trademarked “BRECKENRIDGE B”      design/symbol/logo, the federally trademarked “KEYSTONE” word, the      federally trademarked “KEYSTONE SNOWFLAKE” design/symbol/logo, and the      Colorado tradenames “Vail Associates, Inc.”, “Breckenridge Ski Resort” and      “Keystone Resort.” |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      following intellectual property:  the federally trademarked      “Heavenly” design/symbol/logo. |
|----|--------------------------------------------------------------------------------------------------------------------------------|

|   | Vail |
|--------|------|

| 1. | All      improvements and personal property essential, from time to time, to ski      mountain operations located within the Vail Mountain U.S. Forest Service      Special Use Permit boundary. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rights      of use and access with respect to those portions of Parcel 1, Golden Peak      Ski Base & Recreation District Parcel, which, from time to time,      contain (a) the Chairlift #6 (Riva Bahn Express Lift) base terminal and      (b) the Chairlift #12 (Gopher Hill Lift) base  terminal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Rights      of use and access with respect to those portions of Tract E, Vail Village      Fifth Filing (or any resubdivision thereof), which, from time to time,      contain the Chairlift #16 (Vista Bahn Express Lift) base      terminal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Rights      of use and access with respect to those portions of Tract D, Vail      Lionshead First Filing (or any resubdivision thereof), which, from time to      time, contain the Chairlift #8 (Born Free Express Lift) base      terminal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Rights      of use and access with respect to those portions of Tract D, Vail      Lionshead First Filing (or any resubdivision thereof), which, from time to      time, contain the Lift #19 (Eagle Bahn Lift (a/k/a Gondola)) base      terminal. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Rights      of use and access with respect to those portions of Tract D, Vail      Lionshead First Filing (or any ressubdivion thereof); Tract B, Vail      Lionshead First and Second Filings; and , Tract X, Forest Place      Subdivision (“Tract X”) which, from time to time, contain the Lionshead      Skier Bridge. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Rights      of use and access with respect to those portions of Tract X and Tract A,      Block 1, Vail Village Sixth Filing, which, from time to time, provide      skier access to the Lionshead SkierBridge. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Beaver      Creek |
|--------|-------------------|

| 1. | All      improvements and personal property essential, from time to time, to ski      mountain operations located within the Beaver Creek Mountain U.S. Forest      Service Special Use Permitboundary. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rights      of use and access with respect to those portions of unplatted Tract S,      Beaver Creek Subdivision, and Lot 14, Block 1, Tract A, Beaver Creek      Subdivision, which, from time to time, contain the Chairlift #1 (Haymeadow      Lift) base terminal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Rights      of use and access with respect to those portions of unplatted Tract S,      Beaver Creek Subdivision, which, from time to time, contain the Chairlift      #2 (Highlands Lift) base terminal. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Rights      of use and access with respect to those portions of unplatted Tract S and      Lot 4, Tract A, Block 1, Beaver Creek Subdivision, which, from time to      time, contain the Chairlift #12 (Strawberry Park Express Lift) base      terminal. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Rights      of use and access with respect to those portions of unplatted Tract S,      Beaver Creek Subdivision, and Lot 14, Block 1, Tract A, Beaver Creek      Subdivision, which, from time to time, contain the Chairlift #6      (Centennial Express Lift) baseterminal. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Rights      of use and access with respect to those portions of Lot 5, Tract S, Beaver      Creek Subdivision, which, from time to time, contain the Chairlift #14      (Elkhorn Lift) base terminal. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | All      land, improvements and personal property essential, from time to time, to      ski mountain operations at the base of Arrowhead Mountain in the Arrowhead      Planned Unit Development. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Rights      of use and access with respect to those portions of Tract G, Arrowhead at      Vail, Filing No. 13 (Sixth Amendment), which, from time to time, contain      the Chairlift #17 (Arrow Bahn Express Lift) base  terminal. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Rights      of use and access with respect to those portions of Tract D, Bachelor      Gulch Village Filing No. 2, which, from time to time, contain the      Chairlift #16 (Bachelor Gulch Express Lift) base  terminal. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Keystone |
|--------|----------|

| 1. | All      improvements and personal property essential, from time to time, to ski      mountain operations located within the Keystone Mountain U.S. Forest      Service Special Use Permitboundary. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rights      of use and access as granted in that certain Easement described in Section      10.07 of the Declarations and Covenants, Conditions and Restrictions for      the Neighbourhood at Keystone, which, from time to time, contains both the      River Run Gondola base terminal and the Summit Express    Lift. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Rights      of use and access with respect to those portions of the real property      commonly referred to as the Base II/Mountain House neighborhood, which,      from time to time, contains the base terminals for the Argentine Lift, the      Peru Express Lift, the Packsaddle I Lift, the Pony Express I & II      Lifts, the Discovery Lift and the Ironhorse  Lift. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Breckenridge |
|--------|--------------|

| 1. | All      improvements and personal property essential, from time to time, to ski      mountain operations located within the Breckenridge Mountain U.S. Forest      Service Special Use Permitboundary. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rights      of use and access with respect to those portions of the real property      commonly referred to as the Peak 8 Base Property, which, from time to      time, contains the base terminals for the Pony Lift, the Chair 7 Lift, the      Chair 5 Lift, the Rocky Mountain Superchair Lift, Trygve’s Platter Lift      and the Colorado Superchair Lift. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Rights      of use and access to those portions of the real property commonly referred      to as the Quick Silver Tract, which, from time to time, contains the base      terminals for the Quick Silver Super Six Lift, the Camelback Lift, the      Lehman Lift and the Village PonyLift. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Rights      of use and access as granted in that certain Easement from Beaver Run      Developments, a Colorado general partnership, pursuant to that certain      Fourth Addendum to Lease Agreement, which, from time to time, contains the      Beaver Run Superchair Lift. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Heavenly |
|--------|----------|

| 1. | All      improvements and personal property essential, from time to time, to ski      mountain operations located within the Heavenly Ski Resort U.S. Forest      Service Special Use Permitboundary. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rights      of use and access, including easements with respect to those portions of      the Park Avenue Subdivision  Phases 1 and 3, which, from time to      time, contain the gondola base station, utilities, signage, the gondola      lift and related ground and aerialeasements. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Rights      of use and access with respect to the White Bark subdivision, which from      time to time contain the summer maintenance road, underground utilities      and associated snowmaking water pump station and portions of Stagecoach      ski run. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Existing      ground and aerial easements with respect to those portions of Crescent V      Subdivision, the City of South Lake Tahoe and the State of California      which, from time to time, contain the gondola lift and appurtenant      structures. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Existing      easements with respect to the Tahoe Village Unit No. 1, Tahoe Village Unit      No. 2, amended Tahoe Village Unit No. 2 and Tahoe Village Unit No. 3      subdivisions which, from time to time, contain ski lifts, ski runs, summer      maintenance roads, access roads and snow storage  areas. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Existing      easements with respect to the Bijou Beach subdivision and more      particularly the HKM Partnership for linear utility and pump station      easements. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)      Additional Critical Assets |
|--------|-------------------------------------|

|   | Intellectual      Property |
|--------|----------------------------|

| 1. | The      following Intellectual Property of the Companies: the federally      trademarked VAIL word mark, the federally trademarked, “BEAVER CREEK” logo      with stylized “BC”, the federally trademarked “BC” stylized logo, the      federally trademarked “BRECKENRIDGE” word mark, the federally trademarked      “HEAVENLY” word mark, and the federally trademarked, “SKI TAHOE’S      HEAVENLY” word mark. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Beaver      Creek |
|--------|-------------------|

| 1. | Rights      of use and access with respect to those portions of Lot 4, Tract B, Beaver      Creek Subdivision, which, from time to time, contain the Chairlift #15      (Lower Beaver Creek Mountain Express Lift) base  terminal. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | The      transactions described in Sections      10.8(n)(iii) and 10.9      of the Credit Agreement. |
|----------------|------------------------------------------------------------------------------------------------------|

| 2.   | Those      transactions described in the VRI Annual Report on Form 10-K for the year      ended July 31, 2004, Quarterly Report on Form10-Q for the quarter ended      October 31, 2004 and the proxy statement for the VRI 2004 Annual Meeting      of Shareholders, filed on November 19,2004. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Employment      Agreements with various management employees and use of facilities and      provision of other perquisites by the Companies to their officers,      directors and employees. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Stock      option or other equity compensation agreements between VRI and certain      employees of VRI or Borrower as executed from time to  time. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| Investment      in Keystone/Intrawest                           |      $1,578,305                                |
|-----------------------------------------------------------------|-------------------------------------------------------------------------|
| Initial      aggregate investment in Existing Housing Districts |            2,200 |
| Aggregate      investments in Existing Housing Districts        |   (16,287,882)                                                |

| Bachelor      Gulch Resort, LLC (note receivable)                                                 |                - |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| Ritz-Carlton      Development Co., Inc. (note receivable)                                         |        $561,725                                          |
| Investment      in Bachelor Gulch Resort, LLC (land)                                              |                - |
| Investment      in FFT Investment Partners                                                        |      3,107,719                                                     |
| Investment      in Resort Technology Partners, Inc.                                               |      4,894,470                                                     |
| Investment      in Forest Ridge Holdings, Inc.                                                    |                - |
| Investment      in Preferred Hotels & Resorts Worldwide, Inc.                                 |            9,600                     |
| Investment      in SSI Venture, LLC                                                               |    7,233,778                                                                 |
| Investment      in Eclipse Television and Sports Marketing, Inc.                                  |        400,000                                           |
| Investment      in Slifer, Smith & Frampton/Vail Associates Real Estate,      LLC             |      2,500,000                                                     |
| Investment      in Avon Partners II, LLC                                                          |      2,062,409                                                     |
| Investment      in Boulder/Beaver, LLC                                                            |      3,238,139                                                     |
| Investment      in Eagle Park Reservoir Company                                                   |      6,507,589                                                     |
| Investment      in Clinton Ditch & Reservoir Company                                          |      2,905,824                                                     |
| Note      receivable from Alpine Metropolitan District                                            |      1,930,712                                                     |
| Glendore      Development Inc. note receivable due 8/27/08 (ForestPlace)                          |        500,000                                           |
| La      Posada de Santa Fe Resort note receivable                                                 |      1,500,000                                                     |
| Vail      Valley Foundation note receivable                                                       |        144,500                                           |
| Revolving      line of credit with Breckenridge Terrace, LLC (maximum borrowings      $6,750,000) |      6,362,178                                                     |
| Receivable      from Keystone/Intrawest LLC for return of capital                                 |      1,499,165                                                     |
| Advances      to Keystone/Intrawest LLC                                                           | 369,432                                                                                     |
|                                                                                              |                                                                                        |
| Total:                                                                                            |  $45,727,240                                                                           |

| 1.   | SSI Venture LLC -      Pursuant to the SSI Venture LLC Amended and Restated Operating      Agreement, dated as of May 1, 2003, each of the minority shareholder      (“Gart”) and Vail Associates, Inc. (“VA”) has the right to require VA to      purchase from Gart, and Gart to sell to VA, Gart’s ownership interest in      SSI, on the terms and conditions set forth in such    agreement. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Rockresorts International, LLC      - Pursuant to the Rockresorts International, LLC Limited Liability      Company Agreement, dated as of October 15, 2001, the minority shareholder      (“Olympus”) in Rockresorts International, LLC (“Rockresorts”) has an      option to sell all of its interests to Vail RR, Inc. (“Vail”), on the      terms and conditions set forth in such agreement.  Olympus has      exercised its put to Vail, for a total put price of $2.0      million. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Resort Technology Partners,,      LLC - Pursuant to the Resort Technology Partners, LLC Operating      Agreement, dated as of March 1, 2001, the minority shareholder (“RTP      Holding”) in Resort Technology Partners, LLC (“RTP “) has the right to      require The Vail Corporation (“TVC”) to purchase a portion of RTP      Holding’s interest in RTP, on the terms and conditions set forth in such      agreement. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | JHL&S LLC- Pursuant to the      JHL&S LLC Operating Agreement, dated as of December 21, 2000, (i)      Teton Hospitality Services, Inc. (“Teton Vail”) has the right to require      the minority shareholder (“SLM”) in JHL&S, LLC to sell all of its      ownership interest in JHL&S, LLC and (ii) SLM  has the right      to require Teton Vail to acquire all of SLM’s ownership interest in      JHL&S, LLC, on the terms and conditions set forth in such      agreement. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (a) | So      long as no Default or Potential Default exists or would result therefrom,      Distributions for payment of tax liabilities not to exceed $10,000,000 in      the aggregate after the Closing Date by the following Restricted      Companies: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) |   | Distributions      by Larkspur Restaurant & Bar, LLC to its members in accordance with      the terms of its OperatingAgreement; |
|--------|-----|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) |   | Distributions      by JHL&S LLC to its members in accordance with the terms of its      Operating Agreement; and |
|--------|------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | (iii) |   | Distributions      by SSI Venture LLC to its members in accordance with the terms of its      Amended and Restated OperatingAgreement. |
|--------|-------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) |   | Distributions      by RTP to its members in accordance with the terms of its Operating      Agreement. |
|--------|------|--------|--------------------------------------------------------------------------------------------------------|

| (b) | Distributions      by SSI Venture LLC for “Preferred Payments” to      GSSI LLC, one of its members, pursuant to Section 4.1(b) of its      Amended and Restated Operating Agreement, so long as no Default or      Potential Default exists or would result therefrom and such payments do      not exceed the following amounts in the calendar years set forth      below: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Calendar Year |  Permitted Distribution |
|---------------|------------------------------|
| 2005          | $47,250.00                   |

|   | SCHEDULE      15.11 |
|--------|---------------------|

| Transaction                                                                                                                                                       | Assignment      Fee |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|
|                                                                                                                                                              |                |
| First      four concurrent assignments or suballocations to members of an Assignee      Group (or from members of an Assignee Group, as applicable)          | -0-                 |
| Each      additional concurrent assignment or suballocation to a member of such      Assignee Group (or from a member of such Assignee Group, as      applicable) | $500                |

1

2

----

  

  

|      * | Not      less than $500,000 or a greater integral multiple of $100,000 (if a Base      Rate Loan); not less than $1,000,000 or a greater integral multiple of      $100,000 (if a LIBOR Loan). |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     ** | LIBOR      Loan or Base Rate Loan. |
|----------------------------|------------------------------------|

|   | *  Not      less than 1,000,000 |
|--------|-------------------------------------------|

|   |   |
|--------|--------|

| Attn: | Frank      M. Johnson |
|-------|-----------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                     | MonthsEnded - -                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8(m)                        INVESTMENTS      IN PERSONS                                                                                                                                                                                                                                  |                                                                                                                                                                                  |
| (i)Investments      during Subject Period in Unrestricted Subsidiaries, Housing Districts and      Metro Districts not otherwise permitted under Section      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)      involved in Similar Businesses:                                                                                                                                              |    $                                      |
| (ii)Investments      during prior Subject Periods in Unrestricted Subsidiaries, Housing      Districts and Metro Districts not otherwise permitted under Section      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)      involved in Similar Businesses:                                                                                                                                      |    $                                      |
| (iii)       Investments      set forth on part      (b) of Schedule      10.8:                                                                                                                                                                                                                                                                                                        | $                                                   |
| (iv)(10.8(m)(i)      plus10.8(m)(ii)plus10.8(m)(iii)):                                                                                                                                                                                                                                                                                                                                                                   | $                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |
| (v)        $75,000,000:                                                                                                                                                                                                                                                                                                                                                          | $75,000,000                                                                                                                                                                      |
| (vi)           Book      value of Total Assets:                                                                                                                                                                                                                                                                                                                   | $                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |
|              (vii)       10%      of 10.8(m)(vi):                                                                                                                                                                                                                                                                    | $                                                   |
| (viii)           Investment      Limit (10.8(m)(v)plus10.8(m)(vii)):                                                                                                                                                                                                                                                                                              | $                                                   |
| (ix)       Net      reductions in investments permitted under Section      10.8(m) in an aggregate amount not to exceed 10.8(m)(viii):                                                                                                                                                                                                                                                |  $                                             |
| (x)Maximum      permitted investments in Unrestricted Subsidiaries, Housing Districts and      Metro Districts not otherwise permitted under Section      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)      involved in Similar Businesses permitted after the Closing Date, and      investments set forth on part (b)      of Schedule      10.8 (10.8(m)(viii)plus10.8(m)(ix)):           |      $                          |
| (xi)       Fair      market value of all assets owned by Restricted Subsidiaries on the Closing      Date which have been contributed to UnrestrictedSubsidiaries:                                                                                                                                                                                                               |   $                                            |
| (xii)     Is      10.8(m)(xi)      less than $75,000,000?                                                                                                                                                                                                                                                                                                                                       | Yes/No                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |
| (xiii)Are      investments in Unrestricted Subsidiaries, Housing Districts and Metro      Districts not otherwise permitted under Section      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)      involved in Similar Businesses, and investments set forth on part      (b) of Schedule      10.8 (10.8(m)(iv)), less      than or equal to the maximum amount permitted (10.8(m)(x))?  |      Yes/No                                                                                                                                                  |
| 10.9(d)                      DISTRIBUTIONS,      LOANS, ADVANCES, AND INVESTMENTS                                                                                                                                                                                                                     |                                                                                                                                                                                  |
| (i)Distributions      under Section      10.9(d), and loans, advances, and investments made, which are not      otherwise permitted under Section      10.8 during Subject Period:                                                                                                                                                                                                                                       |   $                                       |
| (ii)Distributions      under Section      10.9(d), and loans, advances, and investments made, which are not      otherwise permitted under Section      10.8 during prior Subject Periods:                                                                                                                                                                                                                               |   $                                       |
| (iii)Aggregate      Distributions under Section      10.9(d), and loans, advances, and investments made, which are not      otherwise permitted under Section      10.8 (the sum of 10.9(d)(i)plus10.9(d)(ii)):                                                                                                                                                                                                     |   $                                            |
| (iv)Cumulative      Net Income of the Restricted Companies on a consolidated basis from the      last day of the first fiscal quarter ending after the Closing      Date:                                                                                                                                                                                                                                           |   $                                            |
| (v)        To      the extent SSI is not a Restricted Subsidiary, the percentage of the Net      Income of SSI corresponding to the weighted average membership interest      held by Borrower in SSI (expressed as a percentage) from the last day of      the first fiscal quarter ending after the Closing Date:                                                              |     $                           |
| (vi)       Aggregate      cash contributed in the form of equity by the Restricted Companies to      Non-Consolidated Entities in order to fund losses of such Non-Consolidated      Entities from the last day of the first fiscal quarter ending after the      Closing Date:                                                                                                  |    $                                      |
| (vii)      50%      of the sum of 10.9(d)(iv)      plus10.9(d)(v)plus10.9(d)(vi):                                                                                                                                                                                                                                                                                                          | $                                                   |
| (viii)     Aggregate      net cash proceeds received by the Restricted Companies  since      the Closing Date from the issuance of Debt which constitutes “Permitted Debt” under      clauses (d)      and (g)      of the definition thereof (excluding refinancings of Subordinated      Debt):                                                                         |    $                                 |
| (ix)       Aggregate      net cash proceeds received by VRI since the Closing Date from the issuance      of Equity Interests to Persons (other than the issuance of Equity      Interests to any Restricted Company and the issuance of any Disqualified      Equity Interests):                                                                                                |    $                                      |
| (x)The      amount of Distributions made by the Companies pursuant Section      10.9(h) (not to exceed $25,000,000):                                                                                                                                                                                                                                                                                                     |  $                                             |
| (xi)       Maximum      permitted Distributions, loans, investments, and advances (the sum of      10.9(d)(vii)plus      10.9(d)(viii)plus10.9(d)(ix)minus10.9(d)(x)):                                                                                                                                                                                                                |   $                                       |
| (xii)      Are      aggregate Distributions under Section      10.9(d), and loans, advances, and investments made, which are not      otherwise permitted under Section      10.8 (10.9(d)(iii))      less than the maximum amount permitted (10.9(d)(xi))?                                                                                                                                |    Yes/No                                                                                                                                                              |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | MonthsEnded - -                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.1(a)                      RATIO      OF FUNDED DEBT TO ADJUSTED EBITDA:                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                  |
| (i)All      obligations of the Companies for borrowed money:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                                                        |
| (ii)Minus all obligations of the Unrestricted      Subsidiaries for borrowed money (the sum of items      11.1(a)(ii)(A) through 11.1(a)(ii)(K)      below):                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   ($_____________ )                                                                                                                                                    |
| (A)SSI      Venture LLC (weighted average of the membership interest not held by a      Company) (if SSI is not a Restricted Subsidiary)                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   ($_____________ )                                                                                                                                                    |
| (B)Eagle      Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                |
| (C)Boulder/Beaver,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                |
| (D)Colter      Bay Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (E)Gros      Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (F)Jackson      Lake Lodge Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                |
| (G)Jenny      Lake Lodge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (H)Forest      Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (I)Resort      Technology Partners, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ($_____________ )                                                                                                                                                                |
| (J)RT      Partners, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                |
| (K)[List      other Unrestricted Subsidiaries]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| (iii)Plus the principal portion of all Capital      Lease obligations of the Companies:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  $_____________                                                                                                                                                                  |
|  (iv)Minus the principal portion of the Capital      Lease obligations for the following Unrestricted Subsidiaries (the sum of      items 11.1(a)(iv)(A)      through 11.1(a)(iv)(K)      below):                                                                                                                                                                                                                                                                                                                                                                                                            |    ($____________)                                                                                                                                                     |
| (A)SSI      Venture LLC (weighted average of the membership interest not held by a      Company) (if SSI is not a Restricted Subsidiary)                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   ($_____________ )                                                                                                                                                    |
| (B)Eagle      Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                |
| (C)Boulder/Beaver,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                |
| (D)Colter      Bay Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (E)Gros      Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (F)Jackson      Lake Lodge Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                |
| (G)Jenny      Lake Lodge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (H)Forest      Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (I)Resort      Technology Partners, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ($_____________ )                                                                                                                                                                |
| (J)RT      Partners, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                |
| (K)[List      other Unrestricted Subsidiaries]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
|              (v)        Plus reimbursement obligations and undrawn      amounts under Bond                         L/Cs      supporting Bonds (other than Existing Housing Bonds) issued                         by      Unrestricted Subsidiaries: |   $                                       |
| (vi)Debt      under Existing Housing Bonds:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| (vii)Funded      Debt of the Restricted Companies (11.1(a)(i)minus11.1(a)(ii)plus11.1(a)(iii)minus11.1(a)(iv)      plus11.1(a)(v)minus11.1(a)(vi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   $                                            |
| (viii)EBITDA      of the Companies for the last four fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $                                                   |
|  (ix)Plus insurance proceeds (up to a maximum of      $10,000,000 in the aggregate for any fiscal year) received by the      Restricted Companies under policies of business interruption insurance (or      under policies of insurance which cover losses or claims of the same      character or type):                                                                                                                                                                                                                                                                                                        |      $                          |
|  (x)Pluspro forma EBITDA for      assets acquired during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  $                                                  |
|  (xi)Minuspro forma EBITDA for      assets disposed of during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   ($_____________ )                                                                                                                                                    |
|  (xii)Minus EBITDA for such period related to      real estate activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  ($_____________ )                                                                                                                                                          |
|  (xiii)Minus EBITDA for such period attributable      to the following Unrestricted Subsidiaries (sum of items 11.1(a)(xiii)(A)      through 11.1(a)(xiii)(K)      below):                                                                                                                                                                                                                                                                                                                                                                                                                                   |    ($_____________ )                                                                                                                                              |
| (A)SSI      Venture LLC (weighted average of the membership interest not held by a      Company) (if SSI is not a Restricted Subsidiary)                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   ($_____________ )                                                                                                                                                    |
| (B)Eagle      Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                |
| (C)Boulder/Beaver,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                |
| (D)Colter      Bay Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (E)Gros      Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (F)Jackson      Lake Lodge Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                |
| (G)Jenny      Lake Lodge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
| (H)Forest      Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                |
| (I)Resort      Technology Partners, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ($_____________ )                                                                                                                                                                |
| (J)RT      Partners Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                |
| (K)[List      other Unrestricted Subsidiaries]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ($_____________ )                                                                                                                                                                |
|  (xiv)Resort      EBITDA(the sum of items 11.1(a)(viii)plus11.1(a)(ix)plus11.1(a)(x)minus11.1(a)(xi)minus11.1(a)(xii)minus11.1(a)(xiii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    $                                      |
| (xv)EBITDA      for the Subject Period related to real estate activities of the Restricted      Companies in an amount not greater than 33% of the Adjusted      EBITDA:                                                                                                                                                                                                                                                                                                                                                                                                                                          |   $                                            |
| (xvi)Adjusted      EBITDA(11.1(a)(xiv)plus11.1(a)(xv)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  $                                                  |
| (xvii)Ratio      of Funded Debt to Adjusted EBITDA(Ratio of 11.1(a)(vii)      to 11.1(a)(xvi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                  |
|  (xviii)Maximum      ratio of Funded Debt to Adjusted EBITDA permitted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                  |
|  As      of the last day of each fiscal quarter ending January 31, April 30 and      July 31:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   4.50      : 1.00                                                                                                                                                          |
|  As      of the last day of each fiscal quarter ending October 31:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  5.00      : 1.00                                                                                                                                                                |
| (xix)Is      the ratio of Funded Debt to Adjusted EBITDA less than the maximum ratio      permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Yes/No                                                                                                                                                                          |
|  11.1(b)                      RATIO      OF SENIOR DEBT TO ADJUSTED EBITDA:                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| (i)Funded      Debt of the Restricted Companies (11.1(a)(vii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $                                                        |
| (ii)Minus Subordinated Debt of the Restricted      Companies:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ($_____________ )                                                                                                                                                                |
| (iii)Senior      Debt of the Restricted Companies (11.1(b)(i)minus11.1(b)(ii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  $                                                  |
|  (iv)Adjusted      EBITDA of the Restricted Companies (11.1(a)(xvi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  $                                                  |
| (v)           Ratio      of Senior Debt to Adjusted EBITDA(Ratio of 11.1(b)(iii)      to 11.1(b)(iv)):                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |
| (vi)Maximum      ratio of Senior Debt to Adjusted EBITDA permitted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| For      each fiscal quarter ending January 31, April 30 and July    31:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 3.25      : 1.00                                                                                                                                                                      |
|  As      of the last day of each fiscal quarter ending October 31:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  3.50      : 1.00                                                                                                                                                                |
| (vii)Is      the ratio of Senior Debt to Adjusted EBITDA less than the maximum ratio      permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Yes/No                                                                                                                                                                          |
|  11.2           MINIMUM      FIXED CHARGE COVERAGE RATIO:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| (a)Adjusted      EBITDA for the last four fiscal quarters (11.1(a)(xvi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $                                                        |
| (b)Minus cash income Taxes paid (adjusted for      any Tax refunds received with respect thereto):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  ($ )                                                                                                                                                                       |
| (c)Minus “Required Capital Expenditures” (as      defined in Section      1.1 of the Credit Agreement) for such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  ($30,000,000)                                                                                                                                                                   |
|  (d)Coverage(11.2(a)minus11.2(b)minus11.2(c)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   $                                            |
| (e)Interest      and principal on the Obligation and other Funded Debt for the last four      fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  $                                             |
| (f)         Minus amortization of deferred financing      costs and original issue discounts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  $                                             |
| (g)Plus Distributions (other than of stock)      made by VRI during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  $                                                  |
| (h)           Fixed      Charges(11.2(e)minus11.2(f)plus11.2(g)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $                                                  |
| (i)Fixed      Charge Coverage Ratio(Ratio of 11.2(d)      to 11.2(h)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                  |
| (j)Minimum      required Fixed Charge Coverage Ratio:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1.25      : 1.00                                                                                                                                                                      |
| (k)Does      the Fixed Charge Coverage Ratio exceed the minimum ratio      permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  Yes/No                                                                                                                                                                          |
|  11.3           MINIMUM      NET WORTH:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                  |
| (a)Shareholders’      Equity determined in accordance with GAAP:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $                                                        |
| (b)$414,505,800:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $414,505,800                                                                                                                                                                          |
| (c)Restricted      Companies’ Net Income, if positive, for each fiscal year completed after      October 31, 2004:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $                                                  |
| (d)75%      of the total from 11.3(c):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $                                                        |
| (e)Net      Proceeds received by any Restricted Company (other than from another      Company) from the offering, issuance, or sale of equity securities of a      Restricted Company afterOctober 31, 2004:                                                                                                                                                                                                                                                                                                                                                                                                      |   $                                            |
| (f)Minimum      shareholders’ equity permitted(11.3(b)plus11.3(d)plus11.3(e)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  $                                                  |
| (g)Does      Shareholders’ Equity exceed the minimum permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Yes/No                                                                                                                                                                                |
| 11.4           INTEREST      COVERAGE RATIO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |
| (a)Adjusted      EBITDA for the last four fiscal quarters (11.1(a)(xvi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $                                                        |
|  (b)Interest      on Funded Debt for the last four fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  $                                             |
| (c)        Amortization      of deferred financing costs and original issue discounts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  $                                                  |
|  (d)        11.4(b)minus11.4(c):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  $                                                  |
|  (e)           Interest      Coverage Ratio (Ratio of 11.4(a)      to 11.4(d)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                  |
|  (f)           Minimum      Interest Coverage Ratio permitted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  2.50      : 1.00                                                                                                                                                                |
|  (g)Does      the Interest Coverage Ratio exceed the minimum ratio      permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   Yes/No                                                                                                                                                                    |
|  11.5           CAPITAL      EXPENDITURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                  |
|  (a)Aggregate      capital expenditures of the Restricted Companies in the ordinary course of      the business (excluding (i) normal replacements and maintenance which are      properly charged to current operations, and (ii) such expenditures      relating to real estate held for resale) during each fiscal      year:                                                                                                                                                                                                                                                                                  |      $                          |
|  (b)Total      Assets of the Restricted Companies as of the last day of the fiscal      year:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   $                                            |
|  (c)Maximum      capital expenditures permitted (10% of Total Assets of the Restricted      Companies set forth in 11.5(b)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   $                                            |
| (d)Are      aggregate capital expenditures less than the maximum amount      permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  Yes/No                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| LETTERS      OF CREDIT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                  |
| Set      forth on Schedule      1 attached hereto is a list of all issued and outstanding letters      of credit issued for the account of any of the Companies, and the drawn      and undrawn amounts thereunder                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                  |

----

3

|   | 4. | Administrative      Agent:Bank of America, N.A., as administrative agent under the Credit      Agreement |
|--------|----|----------------------------------------------------------------------------------------------------------|

|   | 5. | Credit      Agreement: | Fourth      Amended and Restated Credit Agreement dated as of January 28, 2005,      among The Vail Corporation (d/b/a “Vail Associates, Inc.”), Lenders party      thereto, Bank of America, N.A., as Administrative Agent, and the other      agents party thereto |
|--------|----|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | Assigned      Interest |
|--------|----|------------------------|

| Facility/Subfacility      Assigned | Aggregate      Amount of Commitments/Loans for all Lenders under such      Facility/Subfacility4 | Amount      of Commitments /Loans Assigned under such Facility/Subfacility2 | Percentage      Assigned of Commitments/Loans5 |
|------------------------------------|--------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------------------------------------------|
|                               | $                                                                                                | $                                                                           | %                                              |
|                               | $                                                                                                | $                                                                           | %                                              |
|                               | $                                                                                                | $                                                                           | %                                              |

6

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7

8

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| Debtor’s      Chief Executive Office:                                                                                                                                                                                                                                                                                                                              | DEBTOR:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Street      Address                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     City                      State                                Zip |  By:                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                     | Title:                                                                 Date:                                                                 |

| Debtor’s      state of incorporation or organization (if Debtor is a corporation,      limited partnership, limited liability company or other registered      entity):  | Debtor’s      organizational identification number, if any, assigned by the state of      incorporation or organization (if no organizational identification number      has been assigned, enter “None”):  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                |                                                                                                                                                                                                                               |

|    Issuer | Authorized      andOutstanding      Shares |   Par      Value |  Pledged      Stock\ Interest |   Certificate      Number |   Percentage      Owned |   Other Liens |
|--------------------------|--------------------------------------------|----------------------------|------------------------------------|-------------------------------------|-----------------------------------|------------------------------|
|                     |                                       |                       |                               |                                |                              |                         |
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|   | PARTNERSHIP:      _______________INTEREST OWNER: |
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|   | By: |   | , |
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