----

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

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

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

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

|   | Ratio      of Net Funded Debt to Adjusted EBITDA                       | Applicable      Margin for LIBOR      Loans | Applicable      MarginBase      Rate Loans |
|--------|------------------------------------------------------------------------|--------------------------------------------------|--------------------------------------------|
| I      | Less      than 1.50 to 1.00                                            | 0.50%                                            | 0.00%                                      |
| II     | Greater      than or equal to 1.50 to 1.00, but less than 2.00 to 1.00 | 0.75%                                            | 0.00%                                      |
| III    | Greater      than or equal to 2.00 to 1.00, but less than 2.50 to 1.00 | 1.00%                                            | 0.00%                                      |
| IV     | Greater      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00 | 1.25%                                            | 0.00%                                      |
| V      | Greater      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00 | 1.50%                                            | 0.25%                                      |
| VI     | Greater      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00 | 1.75%                                            | 0.50%                                      |
| VII    | Greater      than or equal to 4.00 to 1.00                             | 2.00%                                            | 1.00%                                      |

|   | Ratio      of Net Funded Debt to Adjusted EBITDA                       | Applicable      Percentage |
|--------|------------------------------------------------------------------------|----------------------------|
| I      | Less      than 1.50 to 1.00                                            | 0.100%                     |
| II     | Greater      than or equal to 1.50 to 1.00, but less than 2.00 to 1.00 | 0.125%                     |
| III    | Greater      than or equal to 2.00 to 1.00, but less than 2.50 to 1.00 | 0.150%                     |
| IV     | Greater      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00 | 0.200%                     |
| V      | Greater      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00 | 0.250%                     |
| VI     | Greater      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00 | 0.250%                     |
| VII    | Greater      than or equal to 4.00 to 1.00                             | 0.375%                     |

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

|   | FAX:  877/206-8429 |
|--------|------------------------------|

|   | 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.                 |  $55,000,000  |  18.3%                |
|  U.S.      Bank National Association        |  $50,000,000  |  16.7%                |
| Wells      Fargo Bank,National      Association  | $50,000,000        | 16.7%                      |
| Deutsche      Bank TrustCompany      Americas    | $40,000,000        | 13.3%                      |
| LaSalle      BankNational      Association       | $40,000,000        | 13.3%                      |
| JPMorgan      Chase Bank, NA                     | $20,000,000        | 6.7%                       |
| Colorado      State Bank & Trust             | $15,000,000        | 5.0%                       |
| Compass      Bank                                | $15,000,000        | 5.0%                       |
| Comerica      West Incorporated                  | $15,000,000        | 5.0%                       |
|  Totals                                          |  $300,000,000 |  100.0000000%         |

| ITEM                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | DATE      FOR COMPLIANCE                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.Borrower      shall seek written consent from the United States Department of the      Interior, National Park Service (“Park      Service”) to the pledge by National Park Hospitality      Company  (“NPHC”)      to the Administrative Agent (for the benefit of the Lenders) of the      capital stock of Grand Teton Lodge Company, a Wyoming corporation (“Grand      Teton”), issued to NPHC (the “Park      Service Consent”). |   | Not      later than 30 days after the date upon which the Park Service consents to      the transfer of ownership of Grand Teton from Borrower to      NPHC.  |
| 2.NPHC      shall execute and deliver to Administrative Agent a Pledge Agreement      pledging the capital stock issued by Grand Teton to NPHC, 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 thirtieth (30th) day after the date NPHC receives the Park      Service Consent                                                              |

| 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%)                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 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)Aggregate      amount of Restricted Payments (as defined in the VRI Indenture) that VRI      and its Restricted Subsidiaries are permitted to make under, and in      accordance with, Section      4.10 of the VRI Indenture, as set forth in detail on Schedule I      attached hereto:                                                                                                                                                                                                                                                                                                                     |    $                                                  |
| (v)        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 of Restricted Payments permitted (10.9(d)(iv))?                                                                                                                                                                                                                                                                                             |    Yes/No                                                                                                                                                                     |
| 11.1           RATIO      OF NET 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(ii)(A) through 11.1(ii)(W)      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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                            |
| (K)Arrabelle      at Vail Square, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (L)Gore      Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (M)The      Chalets at the Lodge at Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (N)RCR      Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (O) Colter      Bay Convenience Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ($_____________ )                                                                                                                                                                            |
| (P) Colter      Bay General Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                            |
| (Q) Colter      Bay Marina, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                            |
| (R) Colter      Bay Cafe Court, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                            |
| (S) Jenny      Lake Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (T) Jackson      Hole Golf & Tennis Club Snack Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ($_____________ )                                                                                                                                                                            |
| (U) Stampede      Canteen, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (V) Crystal      Peak Lodge of Breckenridge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                            |
| (W) Hunkidori      Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                            |
| (iii)Plus the principal portion of all Capital      Lease obligations of the Companies:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  $_____________                                                                                                                                                                              |
|  (iv)Minus the principal portion of the Capital      Lease obligations for the following Unrestricted Subsidiaries (the sum of      items 11.1(iv)(A)      through 11.1(iv)(W)      below):                                                                                                                                                                                                                                                                                                                                                                                                                  |    ($____________)                                                                                                                                                                 |
| (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)Arrabelle      at Vail Square, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (L)Gore      Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (M)The      Chalets at the Lodge at Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (N)RCR      Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (O) Colter      Bay Convenience Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ($_____________ )                                                                                                                                                                            |
| (P) Colter      Bay General Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                            |
| (Q) Colter      Bay Marina, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                            |
| (R) Colter      Bay Cafe Court, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                            |
| (S) Jenny      Lake Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (T) Jackson      Hole Golf & Tennis Club Snack Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ($_____________ )                                                                                                                                                                            |
| (U) Stampede      Canteen, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (V) Crystal      Peak Lodge of Breckenridge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                            |
| (W) Hunkidori      Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________)                                                                                                                                                                                  |
|              (v)        Plus reimbursement obligations and undrawn      amounts under Bond                         L/Cs      supporting Bonds (other than Existing Housing Bonds) issued                         by      Unrestricted Subsidiaries: |   $                                                   |
| (vi)Minus Debt under Existing Housing      Bonds:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                              |
| (vii)Funded      Debt of the Restricted Companies (11.1(i)minus11.1(ii)plus11.1(iii)minus11.1(iv)      plus11.1(v)minus11.1(vi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  $                                                         |
| (viii) Cash      of the Companies:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                                                                    |
| (ix) Minus cash of the Unrestricted Subsidiaries      (the sum of items      11.1(ix)(A) through 11.1(ix)(W)      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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                            |
| (K)Arrabelle      at Vail Square, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (L)Gore      Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (M)The      Chalets at the Lodge at Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (N)RCR      Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (O) Colter Bay Convenience Store,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ($_____________ )                                                                                                                                                                            |
| (P) Colter      Bay General Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                            |
| (Q) Colter      Bay Marina, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                            |
| (R) Colter      Bay Cafe Court, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                            |
| (S) Jenny      Lake Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (T) Jackson      Hole Golf & Tennis Club Snack Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ($_____________ )                                                                                                                                                                            |
| (U) Stampede      Canteen, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (V) Crystal      Peak Lodge of Breckenridge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                            |
| (W) Hunkidori      Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________)                                                                                                                                                                                  |
| (x) Investments      of the Companies in marketable obligations issued or unconditionally      guaranteed by the U.S. or issued by any of its agencies and backed by the      full faith and credit of the U.S., in each case maturing within one year      from the date of acquisition:                                                                                                                                                                                                                                                                                                                    |    $                                                  |
| (xi) Investments      of the Companies in short-term      investment grade domestic and eurodollar certificates of deposit or time      deposits that are fully insured by the Federal Deposit Insurance      Corporation or are issued by commercial banks organized under the Laws of      the U.S. or any of its states having combined capital, surplus, and      undivided profits of not less than $100,000,000 (as shown on its most      recently published statement of condition):                                                                                                            |    $                                                  |
| (xii) Investments      of the Companies in commercial paper and similar obligations rated “P-1” by Moody’s or      “A-1” by      S&P:                                                                                                                                                                                                                                                                                                                                                                                                                                      |   $                                                        |
| (xiii)Investments      of the Companies in readily marketable Tax-free municipal bonds of a      domestic issuer rated “A-2” or better by      Moody’s or “A” or      better by S&P, and maturing within one year from the date of      issuance:                                                                                                                                                                                                                                                                                                                                    |    $                                             |
| (xiv)            Investments      of the Companies in mutual funds or money marketaccounts investing primarily in items      described in items      11.1(x) through (xiii)      above:                                                                                                                                                                                                                                                                                                                                                          |  $                                                         |
| (xv)Investments      of the Companies in demand deposit accounts maintained in the ordinary      course of business:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  $                                                         |
| (xvi)Investments      of the Companies in short-term repurchase agreements with major banks and      authorized dealers, fully collateralized to at least 100% of market value      by marketable obligations issued or unconditionally guaranteed by the U.S.      or issued by any of its agencies and backed by the full faith and credit      of the U.S.:                                                                                                                                                                                                                                                    |     $                                       |
| (xvii)Investments      of the Companies in short-term variable rate demand notes that invest in      tax-free municipal bonds of domestic issuers rated “A-2” or better by      Moody’s or “A” or      better by S&P that are supported by irrevocable letters of credit      issued by commercial banks organized under the laws of the U.S. or any of      its states having combined capital, surplus, and undivided profits of not      less than $100,000,000:                                                                                                             |       $                           |
| (xviii)Temporary      Cash Investments of the Companies (11.1(x)      plus11.1(xi)      plus11.1(xii)plus11.1(xiii)      plus11.1(xiv)      plus11.1(xv) plus11.1(xvi)plus11.1(xvii)):                                                                                                                                                                                                                                                                                                                                                                                                                                 |   $                                                   |
| (xix)           Minus Temporary Cash Investments of the      Unrestricted Subsidiaries (the      sum of items      11.1(xix)(A) through 11.1(xix)(W) 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                            |
| (K)Arrabelle      at Vail Square, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (L)Gore      Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (M)The      Chalets at the Lodge at Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (N)RCR      Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (O) Colter Bay Convenience Store,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ($_____________ )                                                                                                                                                                            |
| (P) Colter      Bay General Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                            |
| (Q) Colter      Bay Marina, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                            |
| (R) Colter      Bay Cafe Court, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                            |
| (S) Jenny      Lake Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (T) Jackson      Hole Golf & Tennis Club Snack Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ($_____________ )                                                                                                                                                                            |
| (U) Stampede      Canteen, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (V) Crystal      Peak Lodge of Breckenridge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                            |
| (W) Hunkidori      Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________ )                                                                                                                                                                            |
| (xx)           Unrestricted      Cash of the Restricted Companies (11.1(viii)      minus 11.1(ix)plus11.1(xviii)      minus11.1(xix)):                                                                                                                                                                                                                                                                                                                                                                                                                     |  $                                                         |
| (xxi)           Unrestricted      Cash of the Restricted Companies in excess of$10,000,000:                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  $                                                              |
| (xxii)           Net      Funded Debt (11.1(vii)minus 11.1(xxi)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $                                                                    |
| (xxiii)EBITDA      of the Companies for the last four fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $                                                               |
| (xxiv)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):                                                                                                                                                                                                                                                                                                            |     $                                            |
|  (xxv)Pluspro forma EBITDA for      assets acquired during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  $                                                              |
|  (xxvi)Minuspro forma EBITDA for      assets disposed of during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   ($_____________ )                                                                                                                                                                |
|  (xxvii)Minus EBITDA for such period attributable      to the following Unrestricted Subsidiaries (sum of items 11.1(xxvii)(A)      through 11.1(xxvii)(W)      below):                                                                                                                                                                                                                                                                                                                                                                                                                                      |    ($_____________ )                                                                                                                                                          |
| (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)Arrabelle      at Vail Square, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (L)Gore      Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (M)The      Chalets at the Lodge at Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ($_____________ )                                                                                                                                                                            |
| (N)RCR      Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ($_____________ )                                                                                                                                                                            |
| (O) Colter Bay Convenience Store,      LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ($_____________ )                                                                                                                                                                            |
| (P) Colter      Bay General Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ($_____________ )                                                                                                                                                                            |
| (Q) Colter      Bay Marina, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ($_____________ )                                                                                                                                                                            |
| (R) Colter      Bay Cafe Court, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ($_____________ )                                                                                                                                                                            |
| (S) Jenny      Lake Store, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (T) Jackson      Hole Golf & Tennis Club Snack Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ($_____________ )                                                                                                                                                                            |
| (U) Stampede      Canteen, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ($_____________ )                                                                                                                                                                            |
| (V) Crystal      Peak Lodge of Breckenridge, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ($_____________ )                                                                                                                                                                            |
| (W) Hunkidori      Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ($_____________)                                                                                                                                                                                  |
| (xxviii)Adjusted      EBITDA (11.1(xxiii)plus11.1(xxiv)      plus 11.1(xxv)minus11.1(xxvi)      minus11.1(xxvii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  $                                                              |
| (xxix)Ratio      of Net Funded Debt to Adjusted EBITDA(Ratio of 11.1(xxii)      to 11.1(xxviii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                              |
|  (xxx)Maximum      ratio of Net Funded Debt to Adjusted EBITDA permitted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  4.50      : 1.00                                                                                                                                                                       |
| (xxxi)Is      the ratio of Net Funded Debt to Adjusted EBITDA less than the maximum      ratio permitted?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  Yes/No                                                                                                                                                                                      |
|  11.2           [RESERVED]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                              |
| 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(xxviii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $                                                                    |
|  (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                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                              |