----

**Exhibit      10.2**

**LIMITED      WAIVER, RELEASE, AND **
**THIRD      AMENDMENT TO**

**FOURTH      AMENDED AND**
**      RESTATED CREDIT AGREEMENT**

***Limited      Waiver, Release, and Amendment***
**THE      VAIL CORPORATION**
***Company***
**BANK      OF AMERICA, N.A.**

**R      E C I T A L S**

***Administrative      Agent***
***Credit      Agreement***

***New      Unrestricted Subsidiaries***
*Schedule      8.2*
*Section      9.10*

***Pledged      CTI Securities***
***CTI***

**1.**
**Limited      Waiver**
**.**
*Schedule      8.2*
*Section      9.10*

**2.**
**Releases**

*Guarantor*

**3.**
**Amendments**
**.**

*Section      1.1*

***Net      Funded Debt***
*minus*

***Temporary      Cash Investments***
***clauses      (b)***
***(g)***
**,      **
***(p)***
***(q)***
***Section      10.8***

***Unrestricted      Cash***

*Section      1.1*

*Adjusted      EBITDA*

***Adjusted      EBITDA***
*sum*
*plus      *
* *
*plus*

*Applicable      Margin*
***Annex      A***
*** ***

*Applicable      Percentage*
***Annex      B***

*Funded      Debt*
*Net      Income*
*held      by Borrower*
*held      directly or indirectly by Borrower*

*Required      Capital Expenditures*
*Resort      EBITDA*

*SSI*
*of      Borrower*

*Termination      Date*
*January      28, 2010*
*February      1, 2012*

*Section      2.5*
*** ***
*$500,000,000*
*$400,000,000*

*Section      10.8 *
*clause      (o) *

*A-2*
*A*

*clause      (c) *
*Section      10.11 *

*Clause      (i)*

*plus*

*Clause      (iv)*
*$25,000,000*
*50,000,000*

*Section      11*

*Section      11.1*

*Section      11.2*

*Schedule      1*
*Schedule      1 *
***Annex      C***

*Schedule      7.1*
*Items      1*
*2*
*Schedule      7.1 *
***Grand      Teton***
***NPHC***
***Annex      D***

*Schedule      8.2*
*Schedule      8.2 *
***Annex      E***

*Annex      A *
***Annex      F***

**4.**
**Representations      and Warranties**
**.**
*except*
*except*

**5.**
**Conditions      Precedent to Effectiveness**
**.**
***Effective      Date***
*other      than*
*Schedule      7.1*
*Schedule      7.1*

***Schedule      8.7***

*Schedule      8.2*

*times      *

**6.**
**Expenses**
**.**

**7.**
**Miscellaneous**
**.**
*vice      versa*
*Loan      Paper*
***Section      14***

**8.**
**Parties**
**.**

***Remainder      of Page Intentionally Blank.***

***Signature      Pages to Follow.***

**THE      VAIL CORPORATION (D/B/A “VAIL ASSOCIATES, INC.”)**
** **

**BANK      OF AMERICA, N.A.**

**BANK      OF AMERICA, N.A.**

**U.S.      BANK NATIONAL ASSOCIATION**

**WELLS      FARGO BANK, NATIONAL ASSOCIATION**

**DEUTSCHE      BANK TRUST COMPANY AMERICAS**

**LASALLE      BANK NATIONAL ASSOCIATION**

**JPMORGAN      CHASE BANK, NA**

**COLORADO      STATE BANK & TRUST**

**COMPASS      BANK**

**COMERICA      WEST INCORPORATED**

**GUARANTORS’      CONSENT AND AGREEMENT**

**ANNEX      A**

***Applicable      Margin***

|   | **Ratio                of Net Funded Debt to Adjusted EBITDA**                   | **Applicable                Margin for****LIBOR                Loans** | **Applicable                Margin****Base                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%                                                                  |

***Section      9.1***
***Section 9.1(a)***
*pro      forma*
***Section      9.10***
***Section      9.11(b)***
*pro      forma*
***Section      9.11(a)***

**ANNEX      B**

***Applicable      Percentage***
***Section      5.4***

|   | **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%                                   |

*Applicable      Margin*

**ANNEX      C**

**Schedule      1**

*Borrower      and all other Companies*

*Administrative      Agent*
*      L/C      Issuer, and Swing Line Lender*

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

**Annex            C to**

**Limited            Waiver, Release, and Third Amendment**

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

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

*Swing      Line Lender*

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

*L/C      Issuer*

*Lenders      and Commitments*

| **LENDER**                                                          | **COMMITMENT**     |  **COMMITMENT****PERCENTAGE** |
|---------------------------------------------------------------------|--------------------|------------------------------------|
|  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%                 |

**ANNEX      D**

**Schedule      7.1**

| *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                                                                   |

**ANNEX      E**

**Schedule      8.2**

**ANNEX      F**

**Annex      A to Exhibit D**

**CREDIT      FACILITY COVENANTS CALCULATIONS**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 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)***plus ***10.8(m)(ii)*** plus ***10.8(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)*** plus ***10.8(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)*** plus ***10.8(m)(ix)***):                           |      $       |
| (xi)                Fair market value of all assets owned by Restricted Subsidiaries                on the                Closing Date which have been contributed to Unrestricted                Subsidiaries:                                                                                                                                                                                                                                                                                                                                                                                                                                    |   $               |
| (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)*** plus ***10.9(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)*** minus ***11.1(ii)*** plus ***11.1(iii)*** minus ***11.1(iv)***plus ***11.1(v)*** minus ***11.1(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 market  accounts                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)***plus ***11.1(xi)***plus ***11.1(xii)*** plus ***11.1(xiii)***plus ***11.1(xiv)***plus ***11.1(xv)***                plus ***11.1(xvi)*** plus ***11.1(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)*** plus ***11.1(xviii)***minus ***11.1(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) Plus *pro                forma*                EBITDA for assets acquired during such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  $                               |
|  (xxvi) Minus *pro                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)*** plus ***11.1(xxiv)***plus                ***11.1(xxv)*** minus ***11.1(xxvi)***minus ***11.1(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 after  October                31, 2004:                                                                                                                                                                                                                                                                                                                                                              |   $                         |
| (f) Minimum                shareholders’ equity permitted(***11.3(b)*** plus ***11.3(d)*** plus ***11.3(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)*** minus ***11.4(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                                                                                                                                                                                                                                                                                                                                      |                                  |