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|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| By: | /s/  Mark L. Schoppet         |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |
|                                              |   |   | Page |  |
| SECTION 1 DEFINITIONS AND TERMS.                  | 1 |  |
|                                              | 1.1 | Definitions. | 1 |  |
|                                              | 1.2 | Number and Gender of Words. | 28 |  |
|                                              | 1.3 | Accounting Principles. | 29 |  |
|                                              | 1.4 | Rounding. | 30 |  |
|                                              | 1.5 | References to Agreements and Laws. | 30 |  |
|                                              | 1.6 | Times of Day. | 30 |  |
|                                              | 1.7 | L/C Amounts. | 30 |  |
|                                              | 1.8 | Rates; Currency Equivalents. | 30 |  |
|                                              |   |   |   |
| SECTION 2 COMMITMENT.                             | 31 |  |
|                                              | 2.1 | Credit Facility. | 31 |  |
|                                              | 2.2 | Loan Procedure. | 31 |  |
|                                              | 2.3 | L/C Subfacility. | 32 |  |
|                                              | 2.4 | Swing Line Loans. | 41 |  |
|                                              | 2.5 | Increase in Revolver Commitments; Incremental Term Loan Facility. | 43 |  |
|                                              |   |   |   |
| SECTION 3 TERMS OF PAYMENT.                       | 45 |  |
|                                              | 3.1 | Notes and Payments. | 45 |  |
|                                              | 3.2 | Interest and Principal Payments; Prepayments; Voluntary Commitment Reductions. | 46 |  |
|                                              | 3.3 | Interest Options. | 47 |  |
|                                              | 3.4 | Quotation of Rates. | 47 |  |
|                                              | 3.5 | Default Rate. | 47 |  |
|                                              | 3.6 | Interest Recapture. | 48 |  |
|                                              | 3.7 | Interest Calculations; Retroactive Adjustments of Applicable Margin. | 48 |  |
|                                              | 3.8 | Maximum Rate. | 48 |  |
|                                              | 3.9 | Interest Periods. | 49 |  |
|                                              | 3.10 | Order of Application. | 49 |  |
|                                              | 3.11 | Payments Generally. | 49 |  |
|                                              | 3.12 | Sharing of Payments, Etc. | 50 |  |
|                                              | 3.13 | Booking Loans. | 50 |  |
|                                              | 3.14 | Cash Collateral. | 50 |  |
|                                              | 3.15 | Defaulting Lenders. | 51 |  |
|                                              |   |   |   |
| SECTION 4 TAXES, YIELD PROTECTION, AND ILLEGALITY | 53 |  |
|                                              | 4.1 | Taxes. | 53 |  |
|                                              | 4.2 | Illegality. | 56 |  |
|                                              | 4.3 | Inability to Determine Rates. | 57 |  |
|                                              | 4.4 | Increased Costs; Reserves on LIBOR Loans. | 57 |  |
|                                              | 4.5 | Compensation for Losses. | 59 |  |
|                                              | 4.6 | Mitigation Obligations; Replacement of Lenders. | 59 |  |
|                                              | 4.7 | Survival. | 60 |  |
|                                              |   |   |   |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |
| SECTION 5 FEES.                           | 60 |  |
|                                      | 5.1 | Treatment of Fees. | 60 |  |
|                                      | 5.2 | Fee Letter. | 60 |  |
|                                      | 5.3 | L/C Fees. | 60 |  |
|                                      | 5.4 | Revolver Commitment Fee. | 61 |  |
|                                      |   |   |   |
| SECTION 6 GUARANTY AND SECURITY.          | 61 |  |
|                                      | 6.1 | Guaranty. | 61 |  |
|                                      | 6.2 | Collateral. | 61 |  |
|                                      | 6.3 | Additional Collateral and Guaranties. | 61 |  |
|                                      | 6.4 | Additional Documents or Information. | 61 |  |
|                                      |   |   |   |
| SECTION 7 CONDITIONS PRECEDENT.           | 62 |  |
|                                      | 7.1 | Initial Advance. | 62 |  |
|                                      | 7.2 | Each Loan. | 63 |  |
|                                      |   |   |   |
| SECTION 8 REPRESENTATIONS AND WARRANTIES. | 64 |  |
|                                      | 8.1 | Regulation U. | 64 |  |
|                                      | 8.2 | Corporate Existence, Good Standing, Authority and Compliance. | 64 |  |
|                                      | 8.3 | Subsidiaries. | 64 |  |
|                                      | 8.4 | Authorization and Contravention. | 64 |  |
|                                      | 8.5 | Binding Effect. | 65 |  |
|                                      | 8.6 | Financial Statements. | 65 |  |
|                                      | 8.7 | Litigation. | 65 |  |
|                                      | 8.8 | Taxes. | 65 |  |
|                                      | 8.9 | Environmental Matters. | 65 |  |
|                                      | 8.10 | Employee Plans. | 66 |  |
|                                      | 8.11 | Properties and Liens. | 66 |  |
|                                      | 8.12 | Government Regulations. | 67 |  |
|                                      | 8.13 | Transactions with Affiliates. | 67 |  |
|                                      | 8.14 | Debt. | 67 |  |
|                                      | 8.15 | Material Agreements. | 67 |  |
|                                      | 8.16 | Labor Matters. | 67 |  |
|                                      | 8.17 | Solvency. | 67 |  |
|                                      | 8.18 | Intellectual Property. | 67 |  |
|                                      | 8.19 | Full Disclosure. | 67 |  |
|                                      | 8.20 | Insurance. | 68 |  |
|                                      | 8.21 | Compliance with Laws. | 68 |  |
|                                      | 8.22 | OFAC | 68 |  |
|                                      | 8.23 | Anti-Corruption Laws. | 68 |  |
|                                      |   |   |   |
| SECTION 9 AFFIRMATIVE COVENANTS.          | 68 |  |
|                                      | 9.1 | Items to be Furnished. | 68 |  |
|                                      | 9.2 | Use of Proceeds. | 70 |  |
|                                      | 9.3 | Books and Records. | 70 |  |
|                                      | 9.4 | Inspections. | 70 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |
|                            | 9.5 | Taxes. | 71 |  |
|                            | 9.6 | Payment of Obligations. | 71 |  |
|                            | 9.7 | Maintenance of Existence, Assets and Business. | 71 |  |
|                            | 9.8 | Insurance. | 71 |  |
|                            | 9.9 | Environmental Laws. | 72 |  |
|                            | 9.10 | Subsidiaries. | 72 |  |
|                            | 9.11 | Designation and Re-designation of Subsidiaries. | 72 |  |
|                            | 9.12 | Keepwell Requirements. | 73 |  |
|                            | 9.13 | Anti-Corruption Laws. | 73 |  |
|                            |   |   |   |
| SECTION 10 NEGATIVE COVENANTS.  | 73 |  |
|                            | 10.1 | Taxes. | 73 |  |
|                            | 10.2 | Payment of Obligations. | 73 |  |
|                            | 10.3 | Employee Plans. | 74 |  |
|                            | 10.4 | Debt. | 74 |  |
|                            | 10.5 | Liens. | 74 |  |
|                            | 10.6 | Transactions with Affiliates. | 74 |  |
|                            | 10.7 | Compliance with Laws and Documents. | 74 |  |
|                            | 10.8 | Loans, Advances and Investments. | 74 |  |
|                            | 10.9 | Distributions. | 76 |  |
|                            | 10.10 | Sale of Assets. | 78 |  |
|                            | 10.11 | Acquisitions, Mergers, and Dissolutions. | 78 |  |
|                            | 10.12 | Assignment. | 79 |  |
|                            | 10.13 | Fiscal Year and Accounting Methods. | 79 |  |
|                            | 10.14 | New Businesses. | 79 |  |
|                            | 10.15 | Government Regulations. | 80 |  |
|                            | 10.16 | Burdensome Agreements. | 80 |  |
|                            | 10.17 | Use of Proceeds. | 80 |  |
|                            | 10.18 | Capital Improvements. | 80 |  |
|                            | 10.19 | Subsidiaries. | 80 |  |
|                            | 10.20 | Sanctions. | 80 |  |
|                            |   |   |   |
| SECTION 11 FINANCIAL COVENANTS. | 81 |  |
|                            | 11.1 | Maximum Leverage Ratios. | 81 |  |
|                            | 11.2 | Interest Coverage Ratio. | 81 |  |
|                            |   |   |   |
| SECTION 12 DEFAULT.             | 81 |  |
|                            | 12.1 | Payment of Obligation. | 81 |  |
|                            | 12.2 | Covenants. | 81 |  |
|                            | 12.3 | Debtor Relief. | 81 |  |
|                            | 12.4 | Judgments and Attachments. | 82 |  |
|                            | 12.5 | Government Action. | 82 |  |
|                            | 12.6 | Misrepresentation. | 82 |  |
|                            | 12.7 | Ownership. | 82 |  |
|                            | 12.8 | Default Under Other Agreements. | 82 |  |
|                            | 12.9 | Subordinated Debt. | 82 |  |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |
|                             | 12.10 | Validity and Enforceability of Loan Papers. | 83 |  |
|                             | 12.11 | Employee Plans. | 83 |  |
|                             |   |   |   |
| SECTION 13 RIGHTS AND REMEDIES.  | 83 |  |
|                             | 13.1 | Remedies Upon Default. | 83 |  |
|                             | 13.2 | Company Waivers. | 83 |  |
|                             | 13.3 | Performance by Administrative Agent. | 84 |  |
|                             | 13.4 | Not in Control. | 84 |  |
|                             | 13.5 | Course of Dealing. | 84 |  |
|                             | 13.6 | Cumulative Rights. | 84 |  |
|                             | 13.7 | Enforcement. | 84 |  |
|                             | 13.8 | Application of Proceeds. | 85 |  |
|                             | 13.9 | Diminution in Value of Collateral. | 85 |  |
|                             | 13.10 | Certain Proceedings. | 85 |  |
|                             |   |   |   |
| SECTION 14 ADMINISTRATIVE AGENT. | 85 |  |
|                             | 14.1 | Appointment and Authority. | 85 |  |
|                             | 14.2 | Delegation of Duties. | 85 |  |
|                             | 14.3 | Rights as a Lender. | 86 |  |
|                             | 14.4 | Reliance by Administrative Agent. | 86 |  |
|                             | 14.5 | Exculpatory Provisions. | 86 |  |
|                             | 14.6 | Resignation or Removal as Administrative Agent. | 87 |  |
|                             | 14.7 | Non-Reliance on Administrative Agent and Other Lenders. | 88 |  |
|                             | 14.8 | Administrative Agent May File Proofs of Claim. | 88 |  |
|                             | 14.9 | Collateral and Guaranty Matters. | 89 |  |
|                             | 14.10 | Financial Hedges. | 90 |  |
|                             | 14.11 | Bond L/Cs and Bond Documents. | 91 |  |
|                             | 14.12 | No Other duties, Etc. | 91 |  |
|                             |   |   |   |
| SECTION 15 MISCELLANEOUS.        | 91 |  |
|                             | 15.1 | Headings. | 91 |  |
|                             | 15.2 | Nonbusiness Days; Time. | 91 |  |
|                             | 15.3 | Notices and Other Communications; Facsimile Copies. | 91 |  |
|                             | 15.4 | Expenses; Indemnity; Damage Waiver. | 93 |  |
|                             | 15.5 | Exceptions to Covenants; Conflict with Agreement. | 94 |  |
|                             | 15.6 | Governing Law. | 95 |  |
|                             | 15.7 | Severability. | 95 |  |
|                             | 15.8 | Waiver of Jury Trial. | 96 |  |
|                             | 15.9 | Amendments, Etc. | 96 |  |
|                             | 15.10 | Counterparts; Integration; Effectiveness. | 97 |  |
|                             | 15.11 | Successors and Assigns; Participation. | 97 |  |
|                             | 15.12 | Payments Set Aside. | 101 |  |
|                             | 15.13 | Right of Setoff. | 101 |  |
|                             | 15.14 | Replacement of Lenders. | 102 |  |
|                             | 15.15 | Confidentiality. | 102 |  |
|                             | 15.16 | No Advisory or Fiduciary Responsibility. | 103 |  |

----

|        |
|--------|
|        |  |  |  |  |
|   | 15.17 | USA PATRIOT Act Notice. | 103 |  |
|   | 15.18 | Survival of Representation and Warranties. | 103 |  |
|   | 15.19 | Execution of Assignments and Certain Other Documents. | 104 |  |
|   | 15.20 | ENTIRE AGREEMENT. | 104 |  |
|   | 15.21 | Restatement of Existing Agreement. | 104 |  |
|   | 15.22 | Judgment Currency. | 104 |  |

----

|              |                                                                                                                              |
|--------------|------------------------------------------------------------------------------------------------------------------------------|
| Exhibit G-1: | Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships for U.S. Federal Income Tax Purposes) |

|              |                                                                                                                                   |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------|
| Exhibit G-2: | Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes) |

|              |                                                                                                                               |
|--------------|-------------------------------------------------------------------------------------------------------------------------------|
| Exhibit G-3: | Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships for U.S. Federal Income Tax Purposes) |

|              |                                                                                                                          |
|--------------|--------------------------------------------------------------------------------------------------------------------------|
| Exhibit G-4: | Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships for U.S. Federal Income Tax Purposes) |

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

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

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|        |
|--------|
|        |  |  |  |
|   | 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 | 1.125% | 0.125% |
| II     | Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.00 | 1.250% | 0.250% |
| III    | Greater than or equal to 2.00 to 1.00, but less than 3.00 to 1.00 | 1.500% | 0.500% |
| IV     | Greater than or equal to 3.00 to 1.00, but less than 4.00 to 1.00 | 2.000% | 1.000% |
| V      | Greater than or equal to 4.00 to 1.00 | 2.500% | 1.500% |

|        |
|--------|
|        |  |  |
|   | Ratio of Net Funded Debt to Adjusted EBITDA | Applicable Percentage |
| I      | Less than 1.50 to 1.00 | 0.200% |
| II     | Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.00 | 0.250% |
| III    | Greater than or equal to 2.00 to 1.00, but less than 3.00 to 1.00 | 0.300% |
| IV     | Greater than or equal to 3.00 to 1.00, but less than 4.00 to 1.00 | 0.350% |
| V      | Greater than or equal to 4.00 to 1.00 | 0.400% |

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

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

----

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

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

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

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

|     |                              |
|-----|------------------------------|
| 1.8 | Rates; Currency Equivalents. |

----

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

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

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

----

----

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

----

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----

----

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

----

----

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| 2.5 | Increase in Revolver Commitments; Incremental Term Loan Facility. |

----

----

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

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

----

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

----

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

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

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

----

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

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| 3.7 | Interest Calculations; Retroactive Adjustments of Applicable Margin. |

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

----

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

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

|      |                     |
|------|---------------------|
| 3.11 | Payments Generally. |

----

|      |                                     |
|------|-------------------------------------|
| 3.12 | Sharing of Payments, Etc.   |

|      |                |
|------|----------------|
| 3.13 | Booking Loans. |

|      |                  |
|------|------------------|
| 3.14 | Cash Collateral. |

----

|      |                     |
|------|---------------------|
| 3.15 | Defaulting Lenders. |

----

----

|           |                                         |
|-----------|-----------------------------------------|
| SECTION 4 | TAXES, YIELD PROTECTION, AND ILLEGALITY |

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

----

----

----

----

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

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

|     |                                           |
|-----|-------------------------------------------|
| 4.4 | Increased Costs; Reserves on LIBOR Loans. |

----

----

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

|     |                                                 |
|-----|-------------------------------------------------|
| 4.6 | Mitigation Obligations; Replacement of Lenders. |

----

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

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

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

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

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

----

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

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

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

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

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

----

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

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

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

----

|     |            |
|-----|------------|
| 7.2 | Each Loan. |

----

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

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

|     |                                                                |
|-----|----------------------------------------------------------------|
| 8.2 | Corporate Existence, Good Standing, Authority, and Compliance. |

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

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

----

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

|     |                       |
|-----|-----------------------|
| 8.6 | Financial Statements. |

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

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

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

----

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

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

----

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

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

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

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

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

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

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

----

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

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

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

|      |      |
|------|------|
| 8.22 | OFAC |

|      |                      |
|------|----------------------|
| 8.23 | Anti-Corruption Laws |

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

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

----

----

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

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

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

----

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

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

|     |                                                 |
|-----|-------------------------------------------------|
| 9.7 | Maintenance of Existence, Assets, and Business. |

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

----

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

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

|      |                                                 |
|------|-------------------------------------------------|
| 9.11 | Designation and Re-designation of Subsidiaries. |

----

|      |                        |
|------|------------------------|
| 9.12 | Keepwell Requirements. |

|      |                       |
|------|-----------------------|
| 9.13 | Anti-Corruption Laws. |

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

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

----

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

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

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

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

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

----

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

----

----

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

----

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

----

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

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

----

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

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

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

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

|       |                                 |
|-------|---------------------------------|
| 10.18 | Capital Improvements.   |

----

|       |               |
|-------|---------------|
| 10.19 | Subsidiaries. |

|       |            |
|-------|------------|
| 10.20 | Sanctions. |

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

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

|      |                          |
|------|--------------------------|
| 11.2 | Interest Coverage Ratio. |

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

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

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

----

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

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

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

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

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

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

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

----

|       |                                             |
|-------|---------------------------------------------|
| 12.10 | Validity and Enforceability of Loan Papers. |

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

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

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

----

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

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

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

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

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

|      |              |
|------|--------------|
| 13.7 | Enforcement. |

----

|      |                          |
|------|--------------------------|
| 13.8 | Application of Proceeds. |

|      |                                    |
|------|------------------------------------|
| 13.9 | Diminution in Value of Collateral. |

|       |                      |
|-------|----------------------|
| 13.10 | Certain Proceedings. |

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

----

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

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

----

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

----

|      |                                                         |
|------|---------------------------------------------------------|
| 14.7 | Non-Reliance on Administrative Agent and Other Lenders. |

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

----

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

----

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

----

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

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

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

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

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

|      |                                                     |
|------|-----------------------------------------------------|
| 15.3 | Notices and Other Communications; Facsimile Copies. |

----

----

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

----

----

|      |                                                   |
|------|---------------------------------------------------|
| 15.5 | Exceptions to Covenants; Conflict with Agreement. |

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

----

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

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

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

----

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

----

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

----

----

----

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

----

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

----

|       |                                          |
|-------|------------------------------------------|
| 15.16 | No Advisory or Fiduciary Responsibility. |

----

|       |                         |
|-------|-------------------------|
| 15.17 | USA PATRIOT Act Notice. |

|       |                                             |
|-------|---------------------------------------------|
| 15.18 | Survival of Representations and Warranties. |

|       |                                                       |
|-------|-------------------------------------------------------|
| 15.19 | Execution of Assignments and Certain Other Documents. |

|       |                   |
|-------|-------------------|
| 15.20 | ENTIRE AGREEMENT. |

|       |                                    |
|-------|------------------------------------|
| 15.21 | Restatement of Existing Agreement. |

----

|       |                    |
|-------|--------------------|
| 15.22 | Judgment Currency. |

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | Amended and Restated Guaranty dated as of June 10, 2003, executed by Vail Resorts, Inc., Vail Holdings, Inc., Beaver Creek Associates, Inc., Beaver Creek Consultants, Inc., Beaver Creek Food Services, Inc., Breckenridge Resort Properties, Inc., Gillett Broadcasting, Inc., Grand Teton Lodge Company, Heavenly Valley, Limited Partnership, Jackson Hole Golf and Tennis Club, Inc., JHL&S LLC, Keystone Conference Services, Inc., Keystone Development Sales, Inc., Keystone Food & Beverage Company, Keystone Resort Property Management Company, Lodge Properties Inc., Lodge Realty, Inc., Property Management Acquisition Corp., Inc., Rockresorts Cheeca, LLC, Rockresorts Equinox, Inc., Rockresorts International, LLC, Rockresorts LaPosada, LLC, Rockresorts, LLC, Rockresorts Rosario, LLC, Teton Hospitality Services, Inc., The Village at Breckenridge Acquisition Corp., Inc., VA Rancho Mirage I, Inc., VA Rancho Mirage II, Inc., VA Rancho Mirage Resort, L.P., Vail Associates Holdings, Ltd., Vail Associates Investments, Inc., Vail Associates Real Estate, Inc., Vail Food Services, Inc., Vail Resorts Development Company, Vail RR, Inc., Vail Summit Resorts, Inc., Vail Trademarks, Inc., Vail/Arrowhead, Inc., Vail/Beaver Creek Resort Properties, Inc., VAMHC, Inc., VR Heavenly I, Inc., VR Heavenly II, Inc., and VR Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Guaranty dated as of August 29, 2003, executed by Rockresorts Wyoming, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | Guaranty dated as of December 29, 2005, executed by SSV Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                                           |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4. | Guaranty dated as of January 25, 2006, executed by Rockresorts Cordillera Lodge Company, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                       |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | Guaranty dated as of January 25, 2006, executed by Soho Development, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                                    |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6. | Guaranty dated as of January 25, 2006, executed by Vail Hotel Management Company, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7. | Guaranty dated as of March 13, 2007, executed by Mesa Verde Lodge Company (f/k/a Grand Canyon Lodge Company North Rim), in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                                 |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8. | Guaranty dated as of March 13, 2007, executed by National Park Hospitality Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|    |                                                                                                                                                          |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9. | Guaranty dated as of March 13, 2007, executed by Rockresorts Arrabelle, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10. | Guaranty dated as of March 13, 2007, executed by Rockresorts Tempo, LLC (f/k/a Rockresorts Eleven Biscayne, LLC), in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| 11. | Guaranty dated as of August 24, 2007, executed by Zion Lodge Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12. | Guaranty dated as of December 19, 2007, executed by Rockresorts Ski Tip, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13. | Guaranty dated as of April 16, 2008, executed by Bryce Canyon Lodge Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14. | Guaranty dated as of April 16, 2008, executed by One Ski Hill Place, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 15. | Guaranty dated as of April 16, 2008, executed by Rockresorts Hotel Jerome, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 16. | Guaranty dated as of June 23, 2008, executed by Colter Bay Café Court, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 17. | Guaranty dated as of June 23, 2008, executed by Colter Bay Convenience Store, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 18. | Guaranty dated as of June 23, 2008, executed by Colter Bay Corporation, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

----

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 19. | Guaranty dated as of June 23, 2008, executed by Colter Bay General Store, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 20. | Guaranty dated as of June 23, 2008, executed by Colter Bay Marina, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21. | Guaranty dated as of June 23, 2008, executed by Crystal Peak Lodge of Breckenridge, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 22. | Guaranty dated as of June 23, 2008, executed by Colorado Mountain Express, Inc. (f/k/a Delivery Acquisition, Inc.), in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 23. | Guaranty dated as of June 23, 2008, executed by Jackson Hole Golf & Tennis Club Snack Shack, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24. | Guaranty dated as of June 23, 2008, executed by Jackson Lake Lodge Corporation, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 25. | Guaranty dated as of June 23, 2008, executed by Jenny Lake Lodge, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 26. | Guaranty dated as of June 23, 2008, executed by Jenny Lake Store, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| 27. | Guaranty dated as of June 23, 2008, executed by RCR Vail, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 28. | Guaranty dated as of June 23, 2008, executed by Stampede Canteen, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29. | Guaranty dated as of June 23, 2008, executed by Vail Resorts Lodging Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30. | Guaranty dated as of January 23, 2009, executed by Arrabelle at Vail Square, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31. | Guaranty dated as of January 23, 2009, executed by The Chalets at the Lodge at Vail, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 32. | Guaranty dated as of July 16, 2009, executed by Rockresorts DR, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 33. | Guaranty dated May 25, 2010, effective as of April 30, 2010, executed by SSI Venture LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34. | Guaranty dated as of June 25, 2010, executed by All Media Associates, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 35. | Guaranty dated as of June 25, 2010, executed by All Media Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 36. | Guaranty dated as of September 13, 2010, executed by Lake Tahoe Lodging Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| 37. | Guaranty dated as of November 15, 2010, executed by BCRP Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 38. | Guaranty dated as of November 15, 2010, executed by Booth Creek Ski Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 39. | Guaranty dated as of November 15, 2010, executed by Northstar Group Commercial Properties LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40. | Guaranty dated as of November 15, 2010, executed by Northstar Group Restaurant Properties, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 41. | Guaranty dated as of November 15, 2010, executed by Trimont Land Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 42. | Guaranty dated as of November 15, 2010, executed by VR Acquisition, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 43. | Guaranty dated as of January 25, 2011, executed by La Posada Beverage Service, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44. | Guaranty dated as of January 25, 2011, executed by Rockresorts International Management Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

----

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 45. | Guaranty dated as of January 25, 2011, executed by VR Heavenly Concessions, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| 46. | Guaranty dated as of June 29, 2011, executed by SSV Online Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|
| 47. | Guaranty dated as of June 29, 2011, executed by SSV Online LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 48. | Guaranty dated as of September 16, 2011, executed by Flagg Ranch Company, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 49. | Guaranty dated as of April 11, 2012, executed by HVLP Kirkwood Services, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 50. | Guaranty dated as of November 28, 2012, executed by VR US Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|
| 51. | Guaranty dated as of January 24, 2013, executed by EpicSki, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 52. | Guaranty dated as of April 26, 2013, executed by VR CPC Holdings, Inc., in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 53. | Guaranty dated as of March 13, 2014, executed by The Vail Corporation, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 54. | Guaranty dated as of October 5, 2014, executed by VR CPC Services, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

|     |                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|
| 55. | Guaranty dated as of March 24, 2015, executed by DTPC, LLC, in favor of Bank of America, N.A., as Administrative Agent for the Lenders. |

----

----

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

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

|               |                                  |
|---------------|----------------------------------|
|   *** | LIBOR Loan -- 1, 3, or 6 months. |

|      |                                                                             |
|------|-----------------------------------------------------------------------------|
| **** | Insert paragraph for any Loan Notice provided prior to a borrowing of Loans |

----

----

----

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

----

|                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                            |  |
| 9.7(b)      OWNERSHIP OF ADDITIONAL CRITICAL ASSETS BY UNRESTRICTED SUBSIDIARIES1                                                                                                                                                                                                            |   |
| (i)    Aggregate fair market value of Additional Critical Assets acquired by [_____________] on [________] (determined on the applicable acquisition date, without giving subsequent effect to increases or decreases in value)2:                                                                      | $_________________ |
| (ii)    Aggregate fair market value of all other Additional Critical Assets owned by Unrestricted Subsidiaries (determined on the applicable acquisition date, without giving subsequent effect to increases or decreases in value) (the sum of Items 9.7(b)(ii)(A) through 9.7(b)(ii)(N) below): | $_________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                | $_________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                    | $_________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                | $_________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                     | $_________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                           | $_________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                     | $_________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                    | $_________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                     | $_________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                   | $_________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                  | $_________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                              | $_________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                          | $_________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (iii)    Aggregate fair market value of the applicable acquired Additional Critical Assets and all other Additional Critical Assets owned by Unrestricted Subsidiaries (determined on the applicable acquisition date, without giving subsequent effect to increases or decreases in value) (Item 9.7(b)(i) plus Item 9.7(b)(ii)):                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (iv)    Total Assets, on a consolidated basis (determined as of the end of the most-recently-ended fiscal quarter):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $________________ |
| (v)    10% of Total Assets (Item 9.7(b)(iv)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $________________ |
| (vi)    EBITDA of all Unrestricted Subsidiaries holding Additional Critical Assets on the applicable acquisition date, in each case for the most-recently-ended four fiscal quarters (the sum of Items 9.7(b)(vi)(A) through 9.7(b)(vi)(__) below):                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $________________  |
| (A)    [List applicable entities]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (vii)    Adjusted EBITDA, on a consolidated basis, for the most-recently-ended four fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (viii)    10% of Adjusted EBITDA, on a consolidated basis, for the most-recently-ended four fiscal quarters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (ix)    On the date of the applicable acquisition, (a) was the aggregate fair market value of the applicable acquired Additional Critical Assets and all other Additional Critical Assets owned by Unrestricted Subsidiaries (determined on the applicable acquisition date, without giving subsequent effect to increases or decreases in value) (Item 9.7(b)(iii)), equal to or less than 10% of Total Assets (Item 9.7(b)(v)), and (b) was the EBITDA of all Unrestricted Subsidiaries holding Additional Critical Assets on the applicable acquisition date (Item 9.7(b)(vi)), equal to or less than 10% of Adjusted EBITDA, on a consolidated basis, for the most-recently-ended four fiscal quarters (Item 9.7(b)(viii)): | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |
| 10.8(l)  INVESTMENTS IN SIMILAR BUSINESSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| (i)    Loans, advances, and investments in Similar Businesses during the Subject Period (including, without limitation, any loans, advances, and investments made in any Unrestricted Subsidiaries in a Similar Business and the amount of any Permitted Recourse Obligations constituting Debt and other credit support and contingent obligations with respect to Debt of such Unrestricted Subsidiaries) (excluding, for the avoidance of doubt, such loans, advances and investments made pursuant to Section 10.8(t) of the Credit Agreement) determined (x) with respect to each such loan and advance based on the value thereof on the date of determination, (y) with respect to each such investment based on the value thereof on the date made, and (z) with respect to each such Permitted Recourse Obligation constituting Debt and other credit support and contingent obligation based on the maximum potential financial exposure therefrom on the date of determination (the sum of Items 10.8(l)(i)(A) through 10.8(l)(i)(N) below): | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (N)    Other Similar Businesses not listed above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |
| (ii)    Aggregate amount of all loans, advances, and investments in Similar Businesses since the Closing Date but prior to the Subject Period (including, without limitation, any loans, advances, and investments made in any Unrestricted Subsidiaries in a Similar Business and the amount of any Permitted Recourse Obligations constituting Debt and other credit support and contingent obligations with respect to Debt of such Unrestricted Subsidiaries)  (excluding, for the avoidance of doubt, such loans, advances and investments made pursuant to Section 10.8(t) of the Credit Agreement) determined (x) with respect to each such loan and advance based on the value thereof on the date of determination, (y) with respect to each such investment based on the value thereof on the date made, and (z) with respect to each such Permitted Recourse Obligation constituting Debt and other credit support and contingent obligation based on the maximum potential financial exposure therefrom on the date of determination (the sum of Items 10.8(l)(ii)(A) through 10.8(l)(ii)(N) below): | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (N)    Other Similar Businesses not listed above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (iii)    Aggregate loans, advances, and investments in Similar Businesses (Item 10.8(l)(i) plus Item 10.8(l)(ii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (iv)    $100,000,000:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $100,000,000 |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |
| (v)    Total Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (vi)    15% of Total Assets (Item 10.8(l)(v)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (vii)    Net reductions in investments since the Closing Date permitted under Section 10.8(l) of the Credit Agreement as a result of dispositions of any such investments sold or otherwise liquidated or repaid to the extent of the net cash proceeds and the fair market value of any assets or property (as determined in good faith by the Board of Directors of VRI) received by a Restricted Company:                                                                                               | $________________ |
| (viii)    Net reductions in investments since the Closing Date permitted under Section 10.8(l) of the Credit Agreement as a result of dividends reducing any such investment, repayment of the outstanding principal amount of loans or advances, or other transfers of assets to VRI or any Restricted Subsidiary of VRI:                                                                                                                                                                                 | $________________ |
| (ix)    Net reductions in investments since the Closing Date permitted under Section 10.8(l) of the Credit Agreement as a result of the portion (proportionate to VRI’s direct or indirect interest in the equity of a Person) of the fair market value of the net assets of an Unrestricted Subsidiary immediately prior to the time such Unrestricted Subsidiary is designated or becomes a Restricted Subsidiary of VRI in accordance with Sections 9.10 or 9.11(b) of the Credit Agreement: | $________________ |
| (x)    Item 10.8(l)(iv) plus Item 10.8(l)(vi) plus Item 10.8(l)(vii) plus Item 10.8(l)(viii) plus Item 10.8(l)(ix):                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (xi)    Are loans, advances, and investments in Similar Businesses (Item 10.8(l)(iii)) less than or equal to the amount set forth in Item 10.8(l)(x)?                                                                                                                                                                                                                                                                                                                                                      | Yes/No |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |
| 10.8(m)  INVESTMENTS IN JOINT VENTURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| (i)    Loans, advances, and investments during the Subject Period in joint ventures in which a Restricted Company has an Equity Interest (including, without limitation, credit support and contingent obligations with respect to Debt of such joint ventures) (excluding, for the avoidance of doubt, such loans, advances and investments made pursuant to Section 10.8(t) of the Credit Agreement) determined (x) with respect to each such loan and advance based on the value thereof on the date of determination, (y) with respect to each such investment based on the value thereof on the date made, and (z) with respect to each such credit support and contingent obligation based on the maximum potential financial exposure therefrom on the date of determination (the sum of Items 10.8(m)(i)(A) through 10.8(m)(i)(_) below):                                                         | $________________ |
| (A)    [List applicable entities]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $________________ |
| (ii)    Aggregate amount of all loans, advances, and investments since the Closing Date but prior to the Subject Period in joint ventures in which a Restricted Company has an Equity Interest (including, without limitation, credit support and contingent obligations with respect to Debt of such joint ventures) (excluding, for the avoidance of doubt, such loans, advances and investments made pursuant to Section 10.8(t) of the Credit Agreement) determined (x) with respect to each such loan and advance based on the value thereof on the date of determination, (y) with respect to each such investment based on the value thereof on the date made, and (z) with respect to each such credit support and contingent obligation based on the maximum potential financial exposure therefrom on the date of determination (the sum of Items 10.8(m)(ii)(A) through 10.8(m)(ii)(_) below): | $________________ |
| (A)    [List applicable entities]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $________________ |
| (iii)    Aggregate loans, advances, and investments in joint ventures in which a Restricted Company has an Equity Interest (Item 10.8(m)(i) plus Item 10.8(m)(ii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (iv)    $75,000,000:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $75,000,000 |
| (v)    Total Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (vi)    10% of Total Assets (Item 10.8(m)(v)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |
| (vii)    Net reductions in investments since the Closing Date permitted under Section 10.8(m) of the Credit Agreement as a result of dispositions of any such investments sold or otherwise liquidated or repaid to the extent of the net cash proceeds and the fair market value of any assets or property (as determined in good faith by the Board of Directors of VRI) received by a Restricted Company:                                                                                                                                                                              | $________________ |
| (viii)    Net reductions in investments since the Closing Date permitted under Section 10.8(m) of the Credit Agreement as a result of dividends reducing any such investment, repayment of the outstanding principal amount of loans or advances, or other transfers of assets to VRI or any Restricted Subsidiary of VRI:                                                                                                                                                                                                                                                                | $________________ |
| (ix)    Net reductions in investments since the Closing Date permitted under Section 10.8(m) of the Credit Agreement as a result of the portion (proportionate to VRI’s direct or indirect interest in the equity therein) of the fair market value of the net assets of joint ventures in which a Restricted Company has made an investment permitted by Section 10.8(m) of the Credit Agreement immediately prior to the time such Persons are designated or become a Restricted Subsidiary of VRI in accordance with Sections 9.10 or 9.11(b) of the Credit Agreement: | $________________ |
| (x)    [Reserved]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $________________ |
| (xi)    The aggregate amount of any loans (determined based on the value thereof as of the end of the Subject Period) made to Persons in which a Restricted Company does not have an Equity Interest pursuant to Section 10.8(r) of the Credit Agreement.                                                                                                                                                                                                                                                                                                                                 | $________________ |
| (xii)    Item 10.8(m)(iv) plus Item 10.8(m)(vi) plus Item 10.8(m)(vii) plus Item 10.8(m)(viii) plus Item 10.8(m)(ix) minus Item 10.8(m)(xi):                                                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (xiii)    Are loans, advances, and investments in joint ventures in which a Restricted Company has an Equity Interest (Item 10.8(m)(iii)) less than or equal to the maximum amount permitted under the Investment Limit (Joint Ventures) (Item 10.8(m)(xii))?                                                                                                                                                                                                                                                                                                                             | Yes/No |

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|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |
| 10.8(s) PERMITTED RECOURSE OBLIGATIONS NOT CONSTITUTING DEBT                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| As of the date hereof, the Restricted Companies have aggregate liabilities and obligations with respect to Permitted Recourse Obligations not constituting Debt in the amount set forth in Item 10.8(s)(xv) below.  No event or circumstance has occurred that has triggered a direct payment liability or reimbursement obligation (as opposed to a contingent or performance obligation) of any Restricted Company to a lender or other party to whom such Permitted Recourse Obligation is owed. | $________________ |
| (i)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $________________ |
| (ii)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $________________ |
| (iii)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (iv)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (v)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (vi)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (vii)    TCRM Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (viii)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (ix)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (x)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (xi)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (xii)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (xiii)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (xiv)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (xv)     Aggregate Amount of Permitted Recourse Obligations not constituting Debt (the sum of Items 10.8(s)(i) through 10.8(s)(xiv) above)                                                                                                                                                                                                                                                                                                                                      | $________________ |

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|                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                         |  |
| 10.8(t)    Investments made when availability and unrestricted cash is equal to or greater than $150,000,000 and total leverage ratio is less than 3.75 to 1.00                                                                                                                                                                                     |   |
| (i)    Loan/Advance/Investment #[1] under Section 10.8(t) of the Credit Agreement during the Subject Period:                                                                                                                                                                                                                                   | $________________ |
| (ii)    Total Commitments calculated immediately following Loan/Advance/Investment #[1]:                                                                                                                                                                                                                                                            | $________________ |
| (iii)    Outstanding Amount of all Loans calculated immediately following Loan/Advance/Investment #[1]:                                                                                                                                                                                                                                             | $________________ |
| (iv)    L/C Exposure calculated immediately following Loan/Advance/Investment #[1] and without duplication of the above:                                                                                                                                                                                                                            | $________________ |
| (v)    Availability (Item 10.8(t)(ii) minus Item 10.8(t)(iii) minus Item 10.8(t)(iv)) calculated immediately following Loan/Advance/ Investment #[1]:                                                                                                                                                                                | $________________ |
| (vi)     Unrestricted Cash of Restricted Subsidiaries (Item 11.1(xxvi)) calculated immediately following Loan/Advance/Investment #[1]:                                                                                                                                                                                                              | $________________ |
| (vii)    Aggregate Availability and Unrestricted Cash (Item 10.8(t)(v) plus Item 10.8(t)(vi)):                                                                                                                                                                                                                                            | $________________ |
| (viii)    Total Leverage Ratio as of the last day of the previous quarter end (ratio of Item 11.1(x) of the previous Compliance Certificate to Item 11.1(xli) of the previous Compliance Certificate):                                                                                                                                    | $________________ |
| (ix)    Is aggregate Availability and Unrestricted Cash (Item 10.8(t)(vii)) at least $150,000,000 immediately after giving effect to Loan/Advance/Investment #[1] and is the Total Leverage Ratio less than 3.75 to 1.00 (Item 10.8(t)(viii))?  (If yes, then the Restricted Companies may make Loans/Advances/Investments in an unlimited amount.) | Yes/No |
|                                                                                                                                                                                                                                                                                                                                                                    |   |
| (If aggregate Availability and Unrestricted Cash is less than $150,000,000, Restricted Companies may still be permitted to make  under Section 10.8(l) or Section 10.8(m) of the Credit Agreement.  See Items 10.8(l) and 10.8(m) above.)                                                                                                                          |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |
| 10.9(d)    DISTRIBUTIONS1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| (i)    Distribution #[1] under Section 10.9(d) of the Credit Agreement during the Subject Period:                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (ii)    All other Distributions by VRI from and after the Closing Date (including, without limitation, all other Distributions made pursuant to Section 10.9(d) of the Credit Agreement but excluding Distributions make pursuant to Sections 10.9(d)(ii), (d)(iii), and (e) through (h) of the Credit Agreement) and prior to this Distribution:                                                                                                                                             | $________________ |
| (iii)Aggregate Distributions (Item 10.9(d)(i) plus Item 10.9(d)(ii)):                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (iv)     Total Commitments calculated immediately following Distribution #[1]:                                                                                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (v)    Outstanding Amount of all Loans calculated immediately following Distribution #[1]:                                                                                                                                                                                                                                                                                                                                                                                                                        | $________________ |
| (vi)    L/C Exposure calculated immediately following Distribution #[1] and without duplication of the above:                                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (vii)    Availability (Item 10.9(d)(iv) minus Item 10.9(d)(v) minus Item 10.9(d)(vi)) calculated immediately following Distribution #[1]:                                                                                                                                                                                                                                                                                                                                                          | $________________ |
| (viii)     Unrestricted Cash of Restricted Subsidiaries (Item 11.1(xxvi)) calculated immediately following Distribution #[1]:                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (ix)    Aggregate Availability and Unrestricted Cash (Item 10.9(d)(vii) plus Item 10.9(d)(viii)):                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (x)    Total Leverage Ratio as of the last day of the previous quarter end (ratio of Item 11.1(x) of the previous Compliance Certificate to Item 11.1(xli) of the previous Compliance Certificate):                                                                                                                                                                                                                                                                                                     | $________________ |
| (xi)    Is aggregate Availability and Unrestricted Cash (Item 10.9(d)(ix)) at least $150,000,000 immediately after giving effect to Distribution #[1] and is the Total Leverage Ratio less than 3.75 to 1.00 (Item 10.9(d)(x))?  (If yes, then VRI may make Distributions in an unlimited amount.)(If aggregate Availability and Unrestricted Cash is less than $150,000,000, VRI may still be permitted to pay dividends under Section 10.9(d)(iii) of the Credit Agreement.  See Item 10.9(d)(xiv) below.) | Yes/No |

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|                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                             |  |
| (xii)    Is aggregate Availability and Unrestricted Cash of Restricted Subsidiaries (Item 10.9(d)(ix)) at least $150,000,000 immediately after giving effect to Distribution #[1] and does the Total Leverage Ratio (Item 10.9(d)(x)) equal or exceed 3.75 to 1.00?  (If yes, then calculate the following)                             | Yes/No |
| (A)    Consolidated Net Income from and after February 1, 2014 as of the most recent quarter end:                                                                                                                                                                                                                                       | $________________ |
| (B)    50% of Item 10.9(d)(xii)(A):                                                                                                                                                                                                                                                                                                     | $________________ |
| (C)    Amount of Item 10.9(d)(xii)(A) if Item 10.9(d)(xii)(A) is a deficit:                                                                                                                                                                                                                                                        | $________________ |
| (D)    Restricted Companies’ net cash proceeds from the issuance of Equity Interests by any Restricted Company from and after the Closing Date and prior to Distribution #[1]:                                                                                                                                                    | $________________ |
| (E)    Sum of repayments of Subordinated Debt or High-Yield Debt pursuant to Section 10.2(a) of the Credit Agreement (other than any such repayment in connection with a refinancing of Subordinated Debt or High-Yield Debt permitted under the Credit Agreement) from and after the Closing Date and prior to Distribution #[1]: | $________________ |
| (F)    ($200,000,000 plus Item 10.9(d)(xii)(B) minus Item 10.9(d)(xii)(C) plus Item 10.9(d)(xii)(D) minus Item 10.9(d)(xii)(E)):                                                                                                                                                                          | $________________ |
| (G)    Are aggregate Distributions (Item 10.9(d)(iii)) greater than the amount of Distributions permitted (Item 10.9(d)(xii)(F))?                                                                                                                                                                                                       | Yes/No |
| (If yes, the excess may still be permitted under Section 10.9(d)(iii) of the Credit Agreement.  See Item 10.9(d)(xiii) below.)                                                                                                                                                                                                                         |   |
| (xiii)   If Distribution #[1] is a dividend, does any Default or Potential Default exist under the Credit Agreement or would any Default or Potential Default arise after giving effect to Distribution #[1]?                                                                                                                                               | Yes/No |
| (If No, then VRI may pay dividends in an amount not to exceed $40,000,000 in any fiscal quarter.)                                                                                                                                                                                                                                                           |   |
| (A)    Are the dividends paid during the Subject Period under Section 10.9(d)(iii) of the Credit Agreement greater than $40,000,000?                                                                                                                                                                                                    | Yes/No |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |
| 10.18    CAPITAL EXPENDITURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| (a)Aggregate capital expenditures of the Restricted Companies in the ordinary course of the business (excluding (a) normal replacements and maintenance which are properly charged to current operations, (b) such expenditures relating to real estate held for resale and (c) such expenditures which are included as part of an acquisition of all or any substantial portion of the capital stock (or other equity or voting interests) of any other Person or all or any substantial portion of the assets of any other Person, in each case as permitted by, and made in accordance with, Section 10.11(b) of the Credit Agreement (including the transactions contemplated by the Canyons-Park City Lease)) during each fiscal year: | $________________ |
| (b)    Total Assets of the Restricted Companies as of the last day of the fiscal year:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (c)    15% of Total Assets of the Restricted Companies set forth in Item 10.18(b):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (d)    Are aggregate capital expenditures less than the amount set forth in Item 10.18(c)?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Yes/No |
| (e)    If answer to Item 10.18(d) is No, the amount by which the aggregate capital expenditures is in excess of the amount set forth in Item 10.18(c):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (f)    If answer to Item 10.18(d) is No, the amount, if any, of the unused portion of the Capital Expenditure Basket for the prior fiscal year:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (g)    Is the amount set forth in Item 10.18(e) less than the amount set in Item 10.18(f)?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Yes/No |

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|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |
| 11.1    RATIO OF NET FUNDED DEBT TO ADJUSTED EBITDA1                                                                                                                                                                                                                                                                                                                                                                                              |   |
| (i)    All obligations of the Companies for borrowed money:                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (ii)    All obligations of the Unrestricted Subsidiaries for borrowed money (the sum of Items 11.1(ii)(A) through 11.1(ii)(N) below):                                                                                                                                                                                                                                                                                                   | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                              | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                             | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                                                                                                                                                                                           | $________________ |
| (iii)    All obligations of the Restricted Subsidiaries for borrowed money (whether as a direct obligation on a promissory note, bond, zero coupon bond, debenture, or other similar instrument, as a direct (as opposed to contingent) payment obligation arising under a guaranty, or as an unfulfilled reimbursement obligation on a drawn letter of credit or similar instrument, or otherwise) (Item 11.1(i) minus Item 11.1(ii)): | $________________ |
| (iv)    The principal portion of all Capital Lease obligations of the Companies:                                                                                                                                                                                                                                                                                                                                                                  | $________________ |

----

|                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                           |  |
| (v)    The principal portion of all Capital Lease obligations of the Unrestricted Subsidiaries and the obligations under the Northstar Leases (to the extent such leases constitute Capital Leases) (the sum of Items 11.1(v)(A) through 11.1(v)(O) below): | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                    | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                   | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                               | $________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                    | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                          | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                    | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                   | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                    | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                  | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                 | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                             | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                         | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                             | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                               | $________________ |
| (O)     Principal portion of the obligations under the Northstar Leases that are classified as Capital Leases                                                                                                                                                         | $________________ |
| (vi)    The principal portion of all Capital Lease obligations of the Restricted Companies (other than obligations under the Northstar Leases (to the extent such leases constitute Capital Leases)) (Item 11.1(iv) minus Item 11.1(v)):                    | $________________ |
| (vii)    Reimbursement obligations and undrawn amounts under Bond L/Cs supporting Bonds (other than Existing Housing Bonds) issued by Unrestricted Subsidiaries:                                                                                                      | $________________ |
| (viii)    Payment obligations with respect to Permitted Recourse Obligations which constitute Debt:                                                                                                                                                                   | $________________ |
| (ix)    Debt under Existing Housing Bonds:                                                                                                                                                                                                                            | $________________ |

----

|                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                |  |
| (x)    Funded Debt of the Restricted Companies (Item 11.1(iii) plus Item 11.1(vi) plus Item 11.1(vii) plus Item 11.1(viii) minus Item 11.1(ix)):                                                                                   | $________________ |
| (xi)    Cash of the Companies:                                                                                                                                                                                                                                             | $________________ |
| (xii)    Cash of the Unrestricted Subsidiaries (the sum of Items 11.1(xii)(A) through 11.1(xii)(N) below):                                                                                                                                                            | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                         | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                        | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                    | $________________ |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                         | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                               | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                         | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                        | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                         | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                       | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                      | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                  | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                              | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                  | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                    | $________________ |
| (xiii)    Cash of the Restricted Companies (Item 11.1(xi) minus Item 11.1(xii)):                                                                                                                                                                                 | $________________ |
| (xiv)    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: | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |
| (xv)    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):     | $________________ |
| (xvi)    Investments of the Companies in commercial paper and similar obligations rated “P-1” by Moody’s or “A‑1” by S&P:                                                                                                                                                                                                                                                                                                          | $________________ |
| (xvii)    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:                                                                                                                                                                                                       | $________________ |
| (xviii)    Investments of the Companies in mutual funds or money market accounts investing primarily in items described in Items 11.1(xiv), (xv), (xvi), and (xvii) above:                                                                                                                                                                                                                                                                                                 | $________________ |
| (xix)    Investments of the Companies in demand deposit accounts maintained in the ordinary course of business:                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (xx)    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.:                                                                                                                                             | $________________ |
| (xxi)    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:                | $________________ |
| (xxii)    Temporary Cash Investments of the Companies (Item 11.1(xiv) plus Item 11.1(xv) plus Item 11.1(xvi) plus Item 11.1(xvii) plus Item 11.1(xviii) plus Item 11.1(xix) plus Item 11.1(xx) plus Item 11.1(xxi)):                                                                                                                                                                                                               | $________________ |
| (xxii)    Temporary Cash Investments of the Companies (Item 11.1(xiv) plus Item 11.1(xv) plus Item 11.1(xvi) plus Item 11.1(xvii) plus Item 11.1(xviii) plus Item 11.1(xix) plus Item 11.1(xx) plus Item 11.1(xxi)):                                                                                                                                                                                                               | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                              | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                            |  |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                     | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                           | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                     | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                     | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                   | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                              | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                          | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                              | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                                                                                                | $________________ |
| (xxiv)    Temporary Cash Investments of the Restricted Companies (Item 11.1(xxii) minus Item 11.1(xxiii)):                                                                                                                                                                                                                                        | $________________ |
| (xxv)    Amount of Temporary Cash Investments of the Restricted Companies subject to a Lien or restriction (other than Liens of depository institutions securing payment of customary service charges, transfer fees, account maintenance fees, and charges for returned or dishonored items, and restrictions with respect to compensating balances): | $________________ |
| (xxvi)    Unrestricted Cash of the Restricted Companies (Item 11.1(xiii) plus Item 11.1(xxiv) minus Item 11.1(xxv)):                                                                                                                                                                                                                         | $________________ |
| (xxvii)    Unrestricted Cash of the Restricted Companies in excess of $10,000,000:                                                                                                                                                                                                                                                                     | $________________ |
| (xxviii)    Net Funded Debt (Item 11.1(x) minus Item 11.1(xxvii)):                                                                                                                                                                                                                                                                           | $________________ |
| (xxix)    EBITDA of the Companies for the last four fiscal quarters:                                                                                                                                                                                                                                                                                   | $________________ |
| (xxx)    EBITDA for such period attributable to the Unrestricted Subsidiaries (the sum of Items 11.1(xxx)(A) through 11.1(xxx)(N) below):                                                                                                                                                                                                         | $________________ |
| (A)    Gros Ventre Utility Company                                                                                                                                                                                                                                                                                                                     | $________________ |
| (B)    Eagle Park Reservoir Company                                                                                                                                                                                                                                                                                                                    | $________________ |
| (C)    First Chair Housing Trustee, LLC                                                                                                                                                                                                                                                                                                                | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |
| (D)    Forest Ridge Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (E)    Gore Creek Place, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $________________ |
| (F)    Hunkidori Land Company, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (G)    TCRM Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (H)    Stagecoach Development, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (I)    Black Diamond Insurance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $________________ |
| (J)    Ever Vail, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $________________ |
| (K)    Larkspur Restaurant & Bar, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (L)    Mountain Thunder, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (M)    One River Run, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |
| (N)    Other Unrestricted Subsidiaries not listed above                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $________________ |
| (xxxi)    EBITDA of the Restricted Companies for the last four fiscal quarters (Item 11.1(xxix) minus Item 11.1(xxx)):                                                                                                                                                                                                                                                                                                                                                                                                         | $________________ |
| (xxxii)    Insurance proceeds received in cash 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) in a maximum amount not to exceed the EBITDA of the Restricted Companies for the most-recently-ended four fiscal quarters attributable to the applicable property or asset (as agreed upon by Administrative Agent and pro rated over a period of determination as deemed appropriate by Administrative Agent): | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |
| (xxxiii)    On a pro forma basis without duplication, all EBITDA of the Restricted Companies from assets acquired in accordance with the Credit Agreement (including, without limitation, Restricted Subsidiaries formed or acquired in accordance with Section 9.10 of the Credit Agreement, and Unrestricted Subsidiaries re-designated as Restricted Subsidiaries in accordance with Section 9.11(b) of the Credit Agreement), and if Borrower or any Restricted Company acquires, leases or otherwise gains control of the Park City base area from Park City Mountain Resort or the land subject to the PCMR Litigation, such event shall be treated as an acquisition for purposes of this provision) during any applicable period, calculated as if such assets were acquired on the first day of such period and including actual and identifiable cost synergies from acquisitions in an aggregate amount for such period not to exceed 10% of the EBITDA of the Restricted Companies for the most-recently-ended four fiscal quarters): | $________________ |
| (A)    Portion of the above amount attributable to actual and identifiable cost synergies from acquisitions:  (i)    $_________ [break down for each acquisition].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (B)    EBITDA of the Restricted Companies:(i)    $_________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $________________ |
| (C)    10% of EBITDA of the Restricted Companies:(i)    $_________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $________________ |
| (D)    For the purpose of this Item 11.1(xxxiii), actual and identifiable cost synergies with respect to each respective acquisition identified in Item 11.1(xxxiii)(A) may not exceed 10% of the EBITDA of the Restricted Companies identified in Item 11.1(xxxiii)(C).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $________________ |
| (xxxiv)    Net non-cash gains or losses of the Restricted Companies from foreign exchange conversions and mark-to-market adjustments to foreign exchange hedge agreements (or other derivatives):[Enter losses as a negative number.]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $________________ |
| (xxxv)    Cash dividends or distributions based on income from any Unrestricted Subsidiary to a Restricted Subsidiary in an amount not to exceed the EBITDA of such Unrestricted Subsidiary for the most-recently-ended four fiscal quarters (the sum of Items 11.1(xxxv)(A) through 11.1(xxxv)(__) below):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $________________ |
| (A)List applicable Unrestricted Subsidiaries[EBITDA for the most-recently-ended four fiscal quarters equals $____________ (Item 11.1(xxx)(__))]:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $________________ |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |
| (xxxvi)    Extraordinary, unusual, or non-recurring charges, costs, and expenses of the Restricted Companies, including, without limitation, such charges, costs, and expenses for (A) financing fees, financial, and other advisory fees, accounting fees, legal fees (and similar advisory and consulting fees), and related costs and expenses incurred by the Restricted Companies in connection with permitted acquisitions and permitted asset sales (whether or not consummated), (B) the restructuring, integration or reorganization of any Restricted Company or the Restricted Companies, (C) the settlement of litigation or other claims against any Restricted Company, (D) the severance of employees of any Restricted Company (in an aggregate amount for any such expenses in clauses (A) through (D) of this Item 11.1(xxxvi) with respect to the most-recently-ended four fiscal quarters not to exceed 10% of EBITDA of the Restricted Companies for the most-recently-ended four fiscal quarters), and (E) charges, costs and expenses associated with the PCMR Litigation (including ongoing litigation expenses and settlement costs):            10% of EBITDA of the Restricted Companies for the most-recently-ended four fiscal quarters equals $_____________ (the product of Item 11.1(xxxi) multiplied by .10) | $______________ |
| (xxxvii)     Non-cash costs of sales of real estate by the Restricted Companies in an amount not to exceed negative real estate EBITDA of Restricted Companies for such period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $______________ |
| (xxxviii) Net non-recurring gains or losses included in the calculation of EBITDA of the Restricted Companies:             [Enter losses as a negative number.]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $______________ |
| (xxxix)    For any payments by the Northstar Subsidiaries in respect of the portion of the Northstar Leases, if any, that is classified as a Capital Lease, the amount of such payment that would have been recorded as an operating lease expense had such portion of the Northstar Leases been classified as an operating lease:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $_____________ |
| (xl)    On a pro forma basis, all EBITDA of the Restricted Companies from assets disposed in accordance with the Credit Agreement during such period (including, without limitation, Restricted Subsidiaries re-designated as Unrestricted Subsidiaries in accordance with Section 9.11(a) of the Credit Agreement), calculated as if such assets were disposed on the first day of such period (to the extent not already excluded):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $_____________ |
| (xli)    Adjusted EBITDA (Item 11.1(xxxi) plus Item 11.1(xxxii) plus Item 11.1(xxxiii) minus Item 11.1(xxxiv) plus Item 11.1(xxxv) plus Item 11.1(xxxvi) plus Item 11.1(xxxvii) minus Item 11.1(xxxviii) minus Item 11.1(xxxix) minus Item 11.1(xl)):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $_____________ |

----

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |
| (xlii)    Ratio of Net Funded Debt to Adjusted EBITDA (Ratio ofItem 11.1(xxviii) to Item 11.1(xli)): | $_____________ |
| (xliii)    Maximum ratio of Net Funded Debt to Adjusted EBITDA permitted:                                 | 5.00 : 1.00 |
| (xliv)    Is the ratio of Net Funded Debt to Adjusted EBITDA less than the maximum ratio permitted?       | Yes/No |

----

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |
| 11.2    INTEREST COVERAGE RATIO                                               |   |
| (a)    Adjusted EBITDA for the last four fiscal quarters (Item 11.1(xli)):    | $_____________ |
| (b)    Interest expense on Funded Debt for the last four fiscal quarters:     | $_____________ |
| (c)    Amortization of deferred financing costs and original issue discounts: | $_____________ |
| (d)    Item 11.2(b) minus 11.2(c):                                  | $_____________ |
| (e)    Interest Coverage Ratio (Ratio of Item 11.2(a) to Item 11.2(d)):  | ________________ |
| (f)    Minimum Interest Coverage Ratio permitted:                             | 2.00 : 1.00 |
| (g)    Does the Interest Coverage Ratio exceed the minimum ratio permitted?   | Yes/No |

----

|                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                          |  |
| L/Cs                                                                                                                                                                                                     |   |
| Set forth on Schedule 1 attached hereto is a list of all Existing L/Cs and other letters of credit issued by an L/C Issuer under the Credit Agreement, and the drawn and undrawn amounts thereunder |   |

----

|         |
|---------|
|         |  |  |  |  |
| Company | L/C No. | Face Amount of L/C | Amount Drawn | Amount Remaining to be Drawn |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |
|    |   |   |   |   |

----

----

|    |                                                                                                                                                                                                                                                                              |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | Credit Agreement:    Seventh Amended and Restated Credit Agreement dated as of May 1, 2015, among Vail Holdings, Inc., a Colorado corporation, Lenders party thereto, Bank of America, N.A., as Administrative Agent, and the other agents party thereto |

|                   |
|-------------------|
|                   |  |  |  |
| Facility Assigned | Aggregate Amount of Commitments/Loans for all Lenders under such Facility2 | Amount of Commitments /Loans Assigned under such Facility2 | Percentage Assigned of Commitments/Loans3 |
|              | $ | $ | % |
|              | $ | $ | % |
|              | $ | $ | % |

----

----

----

----

|    |                                 |
|----|---------------------------------|
| 1. | Representations and Warranties. |

----

----

----

----

----

----

----

----

----

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|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |
| Debtor’s Principal Place of Business/Chief Executive Office:       | DEBTOR: |
| _____________________________________________                            | _____________________________________________ |
| Street Address                                                           |   |
| __________________________________________                               | __________________________________________ |
|   City          State                                      Zip | By: |
|                                                                     | Title:  ___________________________________Date:  ___________________________________ |

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

----

----

|        |
|--------|
|        |  |  |  |  |  |  |
| Issuer | Authorized and Outstanding Shares/Interests | Par Value | Pledged Stock/ Interest | Certificate Number | Percentage Owned | Other Liens |
|   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |

----

|                                        |                                          |
|----------------------------------------|------------------------------------------|
| [PARTNERSHIP][ISSUER]: _______________ | INTEREST OWNER:      |

----

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| By: | _________________________________________     |

----

----

----

----

----

|     |                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 56. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between The Vail Corporation (d/b/a “Vail Associates, Inc.”), and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 57. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail Resorts, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 58. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail Holdings, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 59. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Beaver Creek Associates, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 60. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Grand Teton Lodge Company, and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 61. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Lodge Properties Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 62. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Teton Hospitality Services, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 63. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between VA Rancho Mirage I, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 64. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between VA Rancho Mirage II, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 65. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail Resorts Development Company, and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 66. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail RR, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 67. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail Summit Resorts, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 68. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between Vail/Arrowhead, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 69. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between VR Heavenly I, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 70. | Amended and Restated Pledge Agreement dated as of June 10, 2003, between VR Heavenly II, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 71. | Second Amended and Restated Pledge Agreement dated as of April 16, 2008, between Rockresorts International, LLC, and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 72. | Pledge Agreement dated as of June 29, 2011, between SSV Holdings, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 73. | Pledge Agreement dated as of January 25, 2006, between Vail Associates Holdings, Ltd., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 74. | Pledge Agreement dated as of June 25, 2010, between All Media Holdings, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 75. | Pledge Agreement dated as of March 13, 2007, between National Park Hospitality Company, and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 76. | Pledge Agreement dated as of September 13, 2010, between Heavenly Valley, Limited Partnership, and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 77. | Pledge Agreement dated as of January 25, 2011, between All Media Associates, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

|     |                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 78. | Pledge Agreement dated as of June 29, 2011, between SSV Online Holdings, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

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|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 79. | Pledge Agreement dated as of October 5, 2014, between VR CPC Holdings, Inc., and Bank of America, N.A., as Administrative Agent for the ratable benefit of the Lenders. |

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