Document:

exhibit10_8d.htm

    
      

    

    Exhibit
10.8(d)

    

    LIMITED WAIVER, RELEASE, AND
THIRD AMENDMENT
TO

    FOURTH AMENDED
AND RESTATED
CREDIT AGREEMENT

    

               THIS
LIMITED WAIVER, RELEASE, AND THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED
CREDIT AGREEMENT (this “Limited Waiver,
Release, and Amendment”) is dated as of March 13, 2007, but effective as
of the Effective Date (hereinafter defined), among THE VAIL CORPORATION, a
Colorado corporation doing business as “Vail Associates, Inc.” (the “Company”),
the Lenders (as defined in the Credit Agreement referenced below) party hereto,
and BANK OF AMERICA,
N.A., as Administrative Agent (hereinafter defined).

    

    R E C I T A L
S

    

               A.           The
Company has entered into that certain Fourth Amended and Restated Credit
Agreement dated as of January 28, 2005, with Bank of America, N.A., as
Administrative Agent (in such capacity, the “Administrative
Agent”), and certain other agents and lenders party thereto, as amended
by that certain First Amendment to Fourth Amended and Restated Credit Agreement
dated as of June 29, 2005, and that certain Second Amendment to Fourth Amended
and Restated Credit Agreement dated as of February 17, 2006 (as amended, the
“Credit
Agreement”), providing for revolving credit loans, letters of credit, and
swing line loans in the aggregate principal amount of up to
$400,000,000.  Unless otherwise indicated herein, all capitalized
terms used herein shall have the meanings set forth in the Credit Agreement, and
all Section references herein shall be references to sections in the Credit
Agreement.

    

               B.           The
Company has notified the Administrative Agent of the formation of the following
new Unrestricted Subsidiaries: Colter Bay Convenience Store, LLC, a Wyoming
limited liability company, Colter Bay General Store, LLC, a Wyoming limited
liability company, Colter Bay Marina, LLC, a Wyoming limited liability company,
Colter Bay Cafe Court, LLC, a Wyoming limited liability company, Jenny Lake
Store, LLC, a Wyoming limited liability company, Jackson Hole Golf & Tennis
Club Snack Bar, LLC, a Wyoming limited liability company, Stampede Canteen, LLC,
a Wyoming limited liability company, Crystal Peak Lodge of Breckenridge, Inc., a
Colorado corporation, and Hunkidori Land Company, LLC, a Colorado limited
liability company (collectively, the “New Unrestricted
Subsidiaries”).  The Company did not deliver to the
Administrative Agent an updated Schedule 8.2 to the Credit
Agreement within thirty (30) days after the formation of the New Unrestricted
Subsidiaries, as required by Section 9.10 of the Credit
Agreement, and has requested that the Lenders waive any Default or Potential
Default resulting from such failure.

    

    C.           The
Company has also notified the Administrative Agent that the Company intends to
transfer 100% of the capital stock (the “Pledged CTI
Securities”) of Complete Telecommunications, Inc. (“CTI”) as
part of the Company’s disposition of its equity interest in RTP, LLC, an
Unrestricted Subsidiary.  In connection therewith, the Company has
requested that the Administrative Agent, for the benefit of the Lenders, release
its liens on the Pledged CTI Securities and release CTI from its obligations
under the Guaranty executed by CTI.

    

    D.           The
Company has also requested that the Lenders amend the Credit Agreement to, among
other things, decrease the Total Commitment to $300,000,000, modify the interest
rates, and extend the Termination Date to February 1, 2012.

    

               E.           The
Lenders have agreed to the waiver, release, and amendments to the Credit
Agreement as set forth herein.

    

               In
consideration of the foregoing and the mutual covenants contained herein, the
Company, the Lenders, the Guarantors (by execution of the attached Guarantors’
Consent and Agreement), and the Administrative Agent agree as
follows:

    

    1.           Limited
Waiver.  The Lenders
hereby waive any Default or Potential Default resulting from the Company’s
failure to deliver an updated Schedule 8.2 to the
Administrative Agent within thirty (30) days after the formation of the New
Unrestricted Subsidiaries in accordance with Section 9.10 of the Credit
Agreement.  Nothing herein shall, or shall be deemed to, waive any
other provision of the Credit Agreement, except as set forth
herein.

     

    2.           Releases.

    

    (a)           The
Lenders hereby (i) discharge CTI as a “Guarantor” under the Credit
Agreement and release CTI from any liability under the Credit Agreement and its
Guaranty, including, but not limited to, payment or performance of the
Guaranteed Debt (as defined in such Guaranty), and (ii) release the Liens on and
security interests in the Pledged CTI Securities, and accordingly release the
Company from its pledge of the Pledged CTI Securities pursuant to its Pledge
Agreement, but only to the extent of its interests in the Pledged CTI
Securities.

    

    (b)           The
Administrative Agent agrees to execute and deliver UCC financing statement
terminations and all further documents reasonably requested by the Company in
order to effectuate the releases contemplated hereby.

    

    (c)           It
is expressly agreed and understood that, except as set forth herein, this
Limited Waiver, Release, and Amendment shall in no manner release, affect or
impair the Administrative Agent’s and the Lenders’ rights, titles, interests,
and Liens against the Restricted Companies’ interests, properties or
assets.

    

    3.           Amendments.

    

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

    

    (i)           “Net Funded
Debt means, on any date of determination, an amount equal to (a) Funded
Debt minus (b) the
amount of Unrestricted Cash in excess of $10,000,000.”

    

    (ii) “Temporary Cash
Investments means investments of the Restricted Companies permitted under
clauses (b)
through (g), (p), and
(q)
of Section 10.8
hereof.”

    

    (iii) “Unrestricted
Cash means, on any date of determination, the aggregate amount of all
cash and Temporary Cash Investments of the Restricted Companies not subject to
any Lien or restriction (except for Liens of depository institutions securing
payment of customary service charges, transfer fees, account maintenance fees,
and charges for returned or dishonored items).

    

    (b)           Modifications of Existing
Definitions.  Section 1.1 (Definitions) is
further amended by modifying the following existing definitions as
follows:

    

    (i)           The
definition of “Adjusted
EBITDA” is amended in its entirety to read as follows:

    

    “Adjusted EBITDA
means, without duplication, on any date of determination, the sum of (a) EBITDA of the
Restricted Companies (excluding non-recurring gains or losses), plus (b) a percentage of the
EBITDA of SSI (with such percentage being the weighted average membership
interest held directly or indirectly by Borrower in SSI (expressed as a
percentage) during the applicable period of calculation), plus (c) insurance proceeds
(up to a maximum of $10,000,000 in the aggregate in any fiscal year) received by
the Restricted Companies under policies of business interruption insurance (or
under policies of insurance which cover losses or claims of the same character
or type).”

    

    (ii)           The
definition of “Applicable
Margin” is amended to cause the Applicable Margin to be calculated by
reference to the ratio of Net Funded Debt to Adjusted EBITDA and to modify the
pricing grid, as set forth on Annex
A attached
hereto.

    

    (iii)           The
definition of “Applicable
Percentage” is amended to cause the Applicable Percentage to be
calculated by reference to the ratio of Net Funded Debt to Adjusted EBITDA and
to modify the commitment fee grid, as set forth on Annex B
attached hereto.

    

    (iv)           The
definitions of “Funded
Debt” and “Net
Income” are amended by replacing the phrase “held by Borrower” in each
definition with the phrase “held directly or indirectly by
Borrower”.

    

    (v)           The
definitions of “Required
Capital Expenditures” and “Resort EBITDA” are
deleted.

    

    (vi)           The
definition of “SSI” is
amended by removing the words “of Borrower” at the end
thereof.

    

    (vii)           The
definition of “Termination
Date” is amended to extend such date by replacing the reference to “January 28, 2010” therein
with “February 1,
2012”.

    

    (c)           Modification of Accordion
Provision.  Section 2.5 (Increase
in Total Commitment) is amended to modify the maximum Total Commitment to which
the facility may be increased by replacing the reference to “$500,000,000” therein with
“$400,000,000”.

    

    (d)           Modification of Permitted
Investments.  Section 10.8 (Loans, Advances
and Investments) is amended by replacing the period at the end of clause (o) with a semi-colon
and inserting the following thereafter:

    

    “(p)           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.; and

    

    (q)           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.”

    

    (e)           Modification of Limits on
Acquisitions.  The qualifiers to clause (c) of Section 10.11 (Acquisitions,
Mergers, and Dissolutions) are amended as follows:

    

    (i)           Clause (i) is amended in its
entirety to read as follows:

    “(i)           the
Purchase Price for such transaction, when aggregated with the Purchase Price of
all other acquisitions or mergers consummated by the Restricted Subsidiaries
after March 13, 2007, does not exceed an amount equal to the sum of (A)
$400,000,000, plus (B)
the lesser of (1) the aggregate consideration paid by Borrower to purchase the
minority membership interest in SSI, and (2) $40,000,000.”

    

    (ii)           Clause (iv) is amended to
modify the threshold for delivery of documentation related to permitted
acquisitions by replacing the reference to “$25,000,000” therein with
“50,000,000”.

    

    (f)           Modifications of Financial
Covenants.  Section 11 (Financial
Covenants) is amended as follows:

    

    (i)           Section 11.1 (Maximum
Leverage Ratios) is amended in its entirety to read as follows:

    “11.1           Maximum Leverage
Ratio.  As calculated as of the last day of each fiscal quarter
of the Restricted Companies, the Restricted Companies shall not permit the ratio
of (a) the unpaid principal amount of Net Funded Debt existing as of such last
day to (b) Adjusted EBITDA for the four fiscal quarters ending on such last day
to exceed 4.50 to 1.00.”

     

    (ii)           Section 11.2 (Minimum Fixed
Charge Coverage Ratio) is deleted in its entirety and substituted therefor is
the following reference:

    

    “11.2           [Reserved]”.

    

    (g)           Modification of
Commitments.  The Commitments of the Lenders are revised so
that the Total Commitment equals $300,000,000 as of the Effective
Date.

    

    (h)           Modification of Schedule
1.  Schedule
1 (Parties, Addresses, Committed Sums and Wiring Information) is revised
to (i) update contact information for the Borrower, the Administrative Agent,
L/C Issuer and Swing Line Lender, as applicable, and (ii) reflect the Lenders’
revised Commitments and Commitment Percentages, as set forth on Annex C
attached hereto.

    

    (i)           Modification of Schedule
7.1.  Items
1 and 2 of Schedule 7.1 (Post-Closing
Items and Conditions) are revised to reflect that, following approval by the
United States Department of the Interior, National Park Service, the Company
will transfer its equity interests in Grand Teton Lodge Company (“Grand
Teton”) to National Park Hospitality Company, a Colorado corporation
(“NPHC”),
and NPHC shall pledge such interests to the Administrative Agent, for the
benefit of the Lenders, as set forth on Annex D
attached hereto.

    

    (j)           Modification of Schedule
8.2.  Schedule 8.2 (Corporate
Organization and Structure) is revised as set forth on Annex E
attached hereto.

    

    (k)           Modification of Compliance
Certificate.  Annex A to the Compliance
Certificate is replaced with Annex F
attached hereto.

     
 

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

    

    5.           Conditions
Precedent to Effectiveness.  This Limited
Waiver, Release, and Amendment shall be effective on the date (the “Effective
Date”) upon which the Administrative Agent receives each of the following
items (other than the
items listed on Schedule
7.1, as revised hereby, which items or conditions are hereby permitted to
be delivered or satisfied after the Effective Date, but not later than the
respective dates for delivery or satisfaction specified on Schedule 7.1):

    

    (a)           counterparts
of this Limited Waiver, Release, and Amendment executed by the Company, the
Administrative Agent, and Lenders;

    

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

    

    (c)           a
Revolver Note for each Lender requesting a Note, payable to the order of such
requesting Lender, reflecting such Lender’s revised Commitment;

    

    (d)           legal
opinions of Martha D. Rehm, General Counsel of Vail Resorts, Inc., and Cahill
Gordon & Reindel LLP, special New York counsel to the Company and the other
Restricted Subsidiaries, each in form and substance satisfactory to the
Administrative Agent;

    

    (e)           an
Officers’ Certificate for the Restricted Companies (i) attaching resolutions
authorizing the transactions contemplated hereby, (ii) certifying that no
changes have been made to the Restricted Companies’ respective articles of
incorporation or organization, bylaws, or operating agreements since the date
such documents were previously provided to the Administrative Agent, as
applicable, (iii) listing the names and titles of the Responsible Officers, and
(iv) providing specimen signatures for such Responsible Officers;

    

    (f)           a
certificate signed by a Responsible Officer certifying that (i) all of the
representations and warranties of the Companies in the Loan Papers are true and
correct in all material respects (unless they speak to a specific date or are
based on facts which have changed by transactions contemplated or permitted by
the Credit Agreement); (ii) no Default or Potential Default exists under the
Credit Agreement or would result from the execution and delivery of this Limited
Waiver, Release, and Amendment; (iii) there has been no event or circumstance
since July 31, 2006 that has had or could be reasonably expected to result in,
either individually or in the aggregate, a Material Adverse Event; and (iv)
except as set forth on Schedule
8.7 of the Credit Agreement, there is no action, suit, investigation, or
proceeding pending or, to the knowledge of Borrower, threatened, in any court or
before any arbitrator or Governmental Authority that could reasonably be
expected to (A) materially and adversely affect the Companies, or (B) adversely
affect any transaction contemplated by the Credit Agreement, the rights and
remedies of the Administrative Agent, Lenders, and the L/C Issuers under the
Credit Agreement, or the ability of the Companies or any other obligor under any
Guaranty to perform their respective obligations under the Credit
Agreement;

    

    (g)           evidence
(in form and substance satisfactory to the Administrative Agent) that the
Commitment Usage does not exceed the Total Commitment (as reduced
hereby);

    

    (h)           such
organizational documents, Guaranties, Pledge Agreements, financing statements,
and other documents as the Administrative Agent may deem reasonably necessary to
reflect the changes to Schedule 8.2 (including,
without limitation, the addition of NPHC as a Restricted Subsidiary);
and

    

    (i)           payment
of an extension fee for the benefit of the Lenders equal to the product of (a)
five basis points (0.05%) times (b) the Total
Commitment as of the Effective Date (after giving effect to the reduction in the
Total Commitment contemplated by this Limited Waiver, Release, and
Amendment).

    

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

    

    7.           Miscellaneous.  Unless stated
otherwise herein, (a) the singular number includes the plural, and vice versa, and words of any
gender include each other gender, in each case, as appropriate, (b) headings and
captions shall not be construed in interpreting provisions of this Limited
Waiver, Release, and Amendment, (c) this Limited Waiver, Release, and Amendment
shall be governed by and construed in accordance with the laws of the State of
New York, (d) if any part of this Limited Waiver, Release, and Amendment is for
any reason found to be unenforceable, all other portions of it shall
nevertheless remain enforceable, (e) this Limited Waiver, Release, and Amendment
may be executed in any number of counterparts with the same effect as if all
signatories had signed the same document, and all of those counterparts shall be
construed together to constitute the same document, (f) this Limited Waiver,
Release, and Amendment is a “Loan Paper” referred to in
the Credit Agreement, and the provisions relating to Loan Papers in Section 14
of the Credit Agreement are incorporated herein by reference, (g) this Limited
Waiver, Release, and Amendment, the Credit Agreement, as amended by this Limited
Waiver, Release, and Amendment, and the other Loan Papers constitute the entire
agreement and understanding among the parties hereto and supercede any and all
prior agreements and understandings, oral or written, relating to the subject
matter hereof, and (h) except as provided in this Limited Waiver, Release, and
Amendment, the Credit Agreement, the Notes, and the other Loan Papers are
unchanged and are ratified and confirmed.

    

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

    

               The
parties hereto have executed this Limited Waiver, Release, and Amendment in
multiple counterparts as of the date first above written.

    

    Remainder
of Page Intentionally Blank.

    Signature
Pages to Follow.

    

    
       

       

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    

    THE VAIL CORPORATION (D/B/A “VAIL
ASSOCIATES, INC.”), as the
Company

    

    

    By:           /s/
Jeffrey W. Jones

    Name:           Jeffrey
W. Jones

    
      	
               
      

            	
              Title:Senior
      Executive Vice President &     Chief
      Financial Officer

            

    

    

    

    

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    BANK OF AMERICA, N.A., as
Administrative Agent

    

    

    By:           Illegible

    Name:           Illegible

    Title:           Illegible

    

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    BANK OF AMERICA,
N.A.,

    as an L/C
Issuer, a Swing Line Lender, and a Lender

    

    

    By:           /s/
David McCautey

    Name:           David
McCautey

    Title:           Principal

    

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    U.S. BANK NATIONAL
ASSOCIATION,

    as
Co-Syndication Agent, a Swing Line Lender, and a Lender

    

    

    By:           /s/
Greg Blanchard

    Name:           Greg
Blanchard

    Title:           Vice
President

    

    

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    

    WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Co-Syndication Agent, an L/C Issuer, and a
Lender

    

    

    By:           /s/
Debbie A. Wright

    Name:           Debbie
A. Wright

    Title:           Vice
President

    

    

    

    

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    DEUTSCHE BANK TRUST COMPANY
AMERICAS, as Co-Documentation Agent and a Lender

    

    

    By:           /s/
Steven P. Lapham

    Name:           Steven
P. Lapham

    Title:           Managing
Director

    

    By:           /s/
James Rolison

    Name:           James
Rolison

    Title:           Director

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    LASALLE BANK NATIONAL
ASSOCIATION,

    as
Co-Documentation Agent and a Lender

    

    

    By:           /s/
Darren Lemkaw

    Name:           Darren
Lemkaw

    Title:           SVP

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    JPMORGAN CHASE BANK,
NA,

    as a
Lender

    

    

    By:           /s/
David L. Ericson

    Name:           David
L. Ericson

    Title:           Senior
Vice President

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    COLORADO STATE BANK &
TRUST,

    as a
Lender

    

    

    By:           /s/
Kent M. Mustari

    Name:           Kent
M. Mustari

    Title:           Senior
Vice President

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    COMPASS BANK,

    as a
Lender

    

    

    By:           /s/
Eric R. Long

    Name:           Eric
R. Long

    Title:           Senior
Vice President

    
      
         

      

      
         

        
        

      

      
         

        
          

          Signature
Page to that certain Limited Waiver, Release, and Third Amendment to Fourth
Amended and Restated Credit Agreement dated as of March 13, 2007, among The Vail
Corporation (d/b/a “Vail Associates, Inc.”), the other agents and Lenders party
thereto, and Bank of America, N.A., as Administrative Agent for the
Lenders.

          

        

      

    

    COMERICA WEST
INCORPORATED,

    as a
Lender

    

    

    By:           /s/
Fatima Arshad

    Name:           Fatima
Arshad

    Title:           Corporate
Banking Officer

    
      
         

      

      
         

        
        

      

      
         

      

    

    GUARANTORS’ CONSENT AND
AGREEMENT

     

    As an
inducement to Administrative Agent and Lenders to execute, and in consideration
of Administrative Agent’s and Lenders’ execution of the foregoing Limited
Waiver, Release, and Third Amendment to Fourth Amended and Restated Credit
Agreement, the undersigned hereby consent thereto and agree that the same shall
in no way release, diminish, impair, reduce or otherwise adversely affect the
respective obligations and liabilities of each of the undersigned under each
Guaranty described in the Credit Agreement, or any agreements, documents or
instruments executed by any of the undersigned to create liens, security
interests or charges to secure any of the indebtedness under the Loan Papers,
all of which obligations and liabilities are, and shall continue to be, in full
force and effect.  This consent and agreement shall be binding upon
the undersigned, and the respective successors and assigns of each, and shall
inure to the benefit of Administrative Agent and Lenders, and the respective
successors and assigns of each.

     

    

    Vail
Resorts, Inc.

    Vail
Holdings, Inc.

    Beaver
Creek Associates, Inc.

    Beaver
Creek Consultants, Inc.

    Beaver
Creek Food Services, Inc.

    Breckenridge
Resort Properties, Inc.

    Complete
Telecommunications, Inc.

    Gillett
Broadcasting, Inc.

    Grand
Canyon Lodge Company North Rim

    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 and Beverage Company

    Keystone
Resort Property Management Company

    Larkspur
Restaurant & Bar, LLC

    Lodge
Properties, Inc.

    Lodge
Realty, Inc.

    Mountain
Thunder, Inc.

    National
Park Hospitality Company

    Property
Management Acquisition Corp., Inc.

    Rockresorts
Arrabelle, LLC

    Rockresorts
International, LLC

    Rockresorts
LLC

    Rockresorts
Cheeca, LLC

    Rockresorts
Eleven Biscayne, LLC

    Rockresorts
Equinox, Inc.

    Rockresorts
LaPosada, LLC

    Rockresorts
Wyoming, LLC

    Rockresorts
Casa Madrona, LLC

    Rockresorts
Cordillera Lodge Company, LLC

    Rockresorts
Rosario, LLC

    SOHO
Development, LLC

    SSV
Holdings, Inc.

    Teton
Hospitality Services, Inc.

    The
Village at Breckenridge Acquisition Corp., Inc.

    Timber
Trail, Inc.

    VA Rancho
Mirage I, Inc.

    VA Rancho
Mirage II, Inc.

    VA Rancho
Mirage Resort, L.P.

    Vail/Arrowhead,
Inc.

    Vail
Hotel Management Company, LLC

    Vail
Associates Holdings, Ltd.

    Vail
Associates Investments, Inc.

    Vail
Associates Real Estate, Inc.

    Vail/Beaver
Creek Resort Properties, Inc.

    Vail Food
Services, Inc.

    Vail
Resorts Development Company

    Vail RR,
Inc.

    Vail
Summit Resorts, Inc.

    Vail
Trademarks, Inc.

    VAMHC,
Inc.

    VR
Heavenly I, Inc.

    VR
Heavenly II, Inc.

    VR
Holdings, Inc.

    

    

    
      	
               
      

            	
              By:
      /s/ Jeffrey W. Jones

            

    

    
      	
               
      

            	
              Name:
      Jeffrey W. Jones

            

    

    
      	
               
      

            	
              Title:
      Executive Vice President & Chief Financial
  Officer

            

    

    

    

    

    
      
        
          Guarantors’
Consent and Agreement

        

         

      

      
         

        
        

      

      
         

      

    

    ANNEX A

    

    Applicable Margin
means, for any day, the margin of interest over the Base Rate or LIBOR,
as the case may be, that is applicable when any interest rate is determined
under this Agreement.  The Applicable Margin is subject to adjustment
(upwards or downwards, as appropriate) based on the ratio of Net Funded Debt to
Adjusted EBITDA, as follows:

    

    
      	 
      	
              Ratio
      of Net Funded Debt to Adjusted EBITDA

            	
              Applicable
      Margin for

               LIBOR
      Loans

            	
              Applicable
      Margin

              Base
      Rate Loans

            
	
              I

            	
              Less
      than 1.50 to 1.00

            	
              0.50%

            	
              0.00%

            
	
              II

            	
              Greater
      than or equal to 1.50 to 1.00, but less than 2.00 to 1.00

            	
              0.75%

            	
              0.00%

            
	
              III

            	
              Greater
      than or equal to 2.00 to 1.00, but less than 2.50 to 1.00

            	
              1.00%

            	
              0.00%

            
	
              IV

            	
              Greater
      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00

            	
              1.25%

            	
              0.00%

            
	
              V

            	
              Greater
      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00

            	
              1.50%

            	
              0.25%

            
	
              VI

            	
              Greater
      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00

            	
              1.75%

            	
              0.50%

            
	
              VII

            	
              Greater
      than or equal to 4.00 to 1.00

            	
              2.00%

            	
              1.00%

            

    

    

    Prior to
Administrative Agent’s receipt of the Companies’ consolidated Financial
Statements for the Companies’ fiscal quarter ended January 31, 2007, the ratio
of Net Funded Debt to Adjusted EBITDA shall be fixed at Level
III.  Thereafter, the ratio of Net Funded Debt to Adjusted EBITDA
shall be calculated on a consolidated basis for the Companies in accordance with
GAAP for the most recently completed fiscal quarter of the Companies for which
results are available.  The ratio shall be determined from the Current
Financials and any related Compliance Certificate and any change in the
Applicable Margin resulting from a change in such ratio shall be effective as of
the date of delivery of such Compliance Certificate.  However, if
Borrower fails to furnish to Administrative Agent the Current Financials and any
related Compliance Certificate when required pursuant to Section
9.1, then the ratio shall be deemed to be at Level VII until Borrower
furnishes the required Current Financials and any related Compliance Certificate
to Administrative Agent.  Furthermore, if the Companies’ audited
Financial Statements delivered to Administrative Agent for any fiscal year
pursuant to Section 9.1(a)
result in a different ratio, such revised ratio (whether higher or lower) shall
govern effective as of the date of such delivery.  For purposes of
determining such ratio, Adjusted EBITDA for any fiscal quarter shall include on
a pro forma basis all
EBITDA of the Restricted Companies for such period relating to assets acquired
in accordance with this Agreement (including, without limitation, Restricted
Subsidiaries formed or acquired in accordance with Section 9.10
hereof, and Unrestricted Subsidiaries re-designated as Restricted
Subsidiaries in accordance with Section
9.11(b) hereof) during such period, but shall exclude on a pro forma basis all EBITDA of
the Restricted Companies for such period relating to any such assets disposed of
in accordance with this Agreement during such period (including, without
limitation, Restricted Subsidiaries re-designated as Unrestricted Subsidiaries
in accordance with Section
9.11(a) hereof).

     

    
      
        
          Annex
A to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    ANNEX B

    

    Applicable
Percentage means, for any day, the commitment fee percentage applicable
under Section
5.4 when commitment fees are determined under this
Agreement.  The Applicable Percentage is subject to adjustment
(upwards or downwards, as appropriate) based on the ratio of Net Funded Debt to
Adjusted EBITDA, as follows:

     

    
      	 
      	
              Ratio
      of Net Funded Debt to Adjusted EBITDA

            	
              Applicable
      Percentage

            
	
              I

            	
              Less
      than 1.50 to 1.00

            	
              0.100%

            
	
              II

            	
              Greater
      than or equal to 1.50 to 1.00, but less than 2.00 to 1.00

            	
              0.125%

            
	
              III

            	
              Greater
      than or equal to 2.00 to 1.00, but less than 2.50 to 1.00

            	
              0.150%

            
	
              IV

            	
              Greater
      than or equal to 2.50 to 1.00, but less than 3.00 to 1.00

            	
              0.200%

            
	
              V

            	
              Greater
      than or equal to 3.00 to 1.00, but less than 3.50 to 1.00

            	
              0.250%

            
	
              VI

            	
              Greater
      than or equal to 3.50 to 1.00, but less than 4.00 to 1.00

            	
              0.250%

            
	
              VII

            	
              Greater
      than or equal to 4.00 to 1.00

            	
              0.375%

            

    

    

     

    Prior to
Administrative Agent’s receipt of the Companies’ consolidated Financial
Statements for the Companies’ fiscal quarter ended January 31, 2007, the ratio
of Net Funded Debt to Adjusted EBITDA (which shall be determined as described in
the definition of “Applicable
Margin”) shall be fixed at Level III.

     

    

     

    
      
        
          Annex
B to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    ANNEX C

    

    Schedule
1

    

    Borrower
and all other Companies

    

    The Vail
Corporation

    390
Interlocken Crescent, Suite 1000

    Broomfield,
CO 80021

    

    Contact:

    Jeffrey P. Jones

    Senior
Executive Vice President and Chief Financial Officer

    Phone: 303/404-1802

    FAX:  303/404/6403

    

    Wire
Instructions:

    Location
of account: U.S. Bank National Association

    ABA
No.:  102000021

    City/State:  Denver,
Colorado

    Account
No.:  122705422295

    

    Copy to:

    Fiona E. Arnold

    Deputy General Counsel

    Phone: 303/404-1892

    FAX:  303/648-4787

    

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

    

    Bank of
America, N.A.

    Mail
Code: TX1-492-64-01

    901 Main
Street, 64th Floor

    Dallas,
Texas 75202

    

    

    Credit
Contact:

    David L.
McCauley

    Mail
Code: TX1-492-64-01

    901 Main
Street, 64th Floor

    Dallas,
Texas 75202

    Phone:  214/209-0940

    FAX:  214/209-0905

    

    
      	
               
      

            	
              Agency
      Contact:

            

    

    Rosanne
Parsill

    231 S.
LaSalle Street,

    Chicago,
IL 60697

    Phone:  312/923-1639

    
      	
               
      

            	
              FAX:  877/206-8429

            

    

    
      
        
          Annex
C to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    
      	
               
      

            	
              Swing Line
      Contact:

            

    

    Arlene
Minor

    Mail
Code: TX1-492-14-12

    901 Main
Street, 14th Floor

    Dallas,
Texas 75202

    Phone:  214/209-9177

    
      	
               
      

            	
              FAX:  214/290-9412

            

    

    

    
      	
               
      

            	
              Operations
      Contact:

            

    

    Arlene
Minor

    Mail
Code: TX1-492-14-12

    901 Main
Street, 14th Floor

    Dallas,
Texas 75202

    Phone:  214/209-9177

    FAX:  214/290-9412

    

    
      	
               
      

            	
              L/C
      Contact:

            

    

    
      	
               
      

            	
              Stella
      Rosales

            

    

    Mail
Code:  CA9-703-19-23

    333 S.
Beaudry Avenue

    Los
Angeles, California 90017-1466

    Phone:
213/345-0141

    Fax:
213/345-6684

    

    Wire
Instructions:

    Bank of
America, N.A.

    ABA
No.:  111000012

    City/State:  Dallas,
Texas

    Account
No.:  1292000883

    Attn:  Credit
Services

    Ref:  The
Vail Corp

    

    Copy to:

    Haynes
and Boone, LLP.

    901 Main
Street, Suite 3100

    Dallas,
Texas 75202-3789

    Attn:  Karen
S. Nelson

    Phone:  214/651-5648

    FAX::  214/200-0673

    

    Swing
Line Lender

    

    U.S. Bank
National Association

    918 17th
Street, 4th Floor

    Denver,
Co 80202

    
      
        
          Annex
C to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    Credit
Contact:

    Jennifer
Kaufman

    950 17th
Street, 8th Floor

    Denver,
Colorado 80202

    Phone:
303/585-4202

    Fax:
303/585-6949

    

    
      	
               
      

            	
              Swing Line
      Contact:

            

    

    
      	
               
      

            	
              Hanny
      Nawawi

            

    

    555 SW
Oak

    Portland,
Oregon 97204

    Phone:  503/275-7894

    
      	
               
      

            	
              Fax:  503/275-8181

            

    

    

    Wire
Instructions:

    U.S. Bank
National Association

    ABA
No.:  123000220

    BNF:  Commercial
Loan Services - West

    Account
No.:  00340012160600

    Attn:  Hanny
Nawawi

    Ref:  The
Vail Corporation

    

    L/C
Issuer

    

    Wells
Fargo Bank, National Association

    

    Credit
Contact:

    Debbie
Wright/Susan Petri

    1740
Broadway

    Denver,
Colorado 80274

    Phone:
303/863-4829

    Fax:
303/863-6670

    

    
      	
               
      

            	
              L/C
      Contact:

            

    

    Debbie
Wright/Susan Petri

    1740
Broadway

    Denver,
Colorado 80274

    Phone:
303/863-4829

    
      	
               
      

            	
              Fax:
      303/863-6670

            

    

    

    Wire
Instructions:

    Wells
Fargo Bank, National Association

    ABA
No.:  121000248

    City/State:  Denver,
Colorado

    Account
No.:  029650720

    Attn:  WLS
Denver

    Ref:  Vail
Corporation

    
      
        
          Annex
C to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    

    Lenders
and Commitments

    

    
      	
              LENDER

            	
              COMMITMENT

            	
               

              COMMITMENT

              PERCENTAGE

            
	
               

              Bank
      of America, N.A.

               

            	
               

              $55,000,000

            	
               

              18.3%

            
	
               

              U.S.
      Bank National Association

               

            	
               

              $50,000,000

            	
               

              16.7%

            
	
              Wells
      Fargo Bank,

              National
      Association

               

            	
              $50,000,000

            	
              16.7%

            
	
              Deutsche
      Bank Trust

              Company
      Americas

               

            	
              $40,000,000

            	
              13.3%

            
	
              LaSalle
      Bank

              National
      Association

               

            	
              $40,000,000

            	
              13.3%

            
	
              JPMorgan
      Chase Bank, NA

               

            	
              $20,000,000

            	
              6.7%

            
	
              Colorado
      State Bank & Trust

               

            	
              $15,000,000

            	
              5.0%

            
	
              Compass
      Bank

               

            	
              $15,000,000

            	
              5.0%

            
	
              Comerica
      West Incorporated

               

            	
              $15,000,000

            	
              5.0%

            
	
               

              Totals

            	
               

              $300,000,000

            	
               

              100.0000000%

            

    

    

    
      
        
          Annex
C to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    ANNEX D

    

    Schedule
7.1

    

    
      	
              ITEM

            	 
      	
              DATE
      FOR COMPLIANCE

            
	
              1.Borrower
      shall seek written consent from the United States Department of the
      Interior, National Park Service (“Park
      Service”) to the pledge by National Park Hospitality
      Company  (“NPHC”)
      to the Administrative Agent (for the benefit of the Lenders) of the
      capital stock of Grand Teton Lodge Company, a Wyoming corporation (“Grand
      Teton”), issued to NPHC (the “Park
      Service Consent”).

            	 
      	
              Not
      later than 30 days after the date upon which the Park Service consents to
      the transfer of ownership of Grand Teton from Borrower to
      NPHC.

               

            
	
              2.NPHC
      shall execute and deliver to Administrative Agent a Pledge Agreement
      pledging the capital stock issued by Grand Teton to NPHC, accompanied by a
      certificate (or other instrument evidencing the capital stock) and a stock
      power or similar instrument of transfer or assignment duly executed in
      blank, each in form and substance satisfactory to Administrative
      Agent

            	 
      	
              On
      or before the thirtieth (30th) day after the date NPHC receives the Park
      Service Consent

            

    

    
      
        
          Annex
D to

          Limited
Waiver, Release, and Third Amendment

        

         

      

      
         

        
        

      

      
         

      

    

    ANNEX E

    

    Schedule
8.2

    

    (Attached)

    

      
        
           

        

        
           

          
          

        

        
           

          
            Schedule
8.2

            To
Bank of America Forth Amended and

            Restated
Credit Agreement

            

          

        

      

      

      
        	
                Corporation

              	
                State
      of Incorp.

              	
                Affiliated
      Parent / LLC Member

                (%
      of Ownership)

              
	
                Beaver
      Creek Associates, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Beaver
      Creek Consultants, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Beaver
      Creek Food Services, Inc.

              	
                CO

              	
                Beaver
      Creek Associates, Inc. (100%)

              
	
                Boulder/Beaver,
      LLC

              	
                CO

              	
                Beaver
      Creek Food Services, Inc. (86%)

              
	
                Breckenridge
      Resort Properties, Inc.

              	
                CO

              	
                VRDC
      (100%)

              
	
                Colter
      Bay Corporation

              	
                WY

              	
                Grand
      Teton Lodge Company (100%)

              
	
                Complete
      Telecommunications, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Eagle
      Park Reservoir Company

              	
                CO
      (non-profit)

              	
                The
      Vail Corporation (55%)

              
	
                Forest
      Ridge Holdings, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Gillett
      Broadcasting, Inc.

              	
                DE

              	
                Vail
      Resorts, Inc. (100%)

              
	
                Grand
      Teton Lodge Company

              	
                WY

              	
                The
      Vail Corporation (100%)

              
	
                Gros
      Ventre Utility Company

              	
                WY

              	
                Grand
      Teton Lodge Company (100%)

              
	
                Heavenly
      Valley, Limited Partnership

              	
                NV

              	
                VR
      Heavenly I, Inc. & VR Heavenly II, Inc. (together,
    100%)

              
	
                Jackson
      Hole Golf & Tennis Club

              	
                WY

              	
                Grand
      Teton Lodge Company (100%)

              
	
                Jenny
      Lake Lodge, Inc.

              	
                WY

              	
                Grand
      Teton Lodge Company (100%)

              
	
                JHL&S
      LLC

              	
                WY

              	
                Teton
      Hospitality Services, Inc. (51%)

              
	
                Keystone
      Conference Services, Inc.

              	
                CO

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                Keystone
      Development Sales, Inc.

              	
                CO

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                Keystone
      Food and Beverage Company

              	
                CO

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                Keystone
      Resort Property Management Company

              	
                CO

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                Larkspur
      Restaurant & Bar, LLC

              	
                CO

              	
                The
      Vail Corporation (83% + or -)

              
	
                Lodge
      Properties, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Lodge
      Realty, Inc.

              	
                CO

              	
                Lodge
      Properties, Inc. (100%)

              
	
                Mountain
      Thunder, Inc.

              	
                CO

              	
                VR
      Holdings, Inc. (100%)

              
	
                Property
      Management Acquisition Corp., Inc.

              	
                TN

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                RTP,
      LLC

              	
                CO

              	
                The
      Vail Corporation (54.5%)

              
	
                RT
      Partners, Inc.

              	
                DE

              	
                RTP,
      LLC (51%)

              
	
                Rockresorts
      Casa Madrona, LLC

              	
                DE

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      Cheeca, LLC

              	
                DE

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      Equinox, Inc.

              	
                VT

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      International, LLC

              	
                DE

              	
                Vail
      RR, Inc. (100%)

              
	
                Rockresorts
      LaPosada, LLC

              	
                DE

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      LLC

              	
                DE

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      Rosario, LLC

              	
                DE

              	
                Rockresorts
      International LLC (100%)

              
	
                Rockresorts
      Wyoming, LLC

              	
                WY

              	
                Rockresorts
      International, LLC (100%)

              
	
                SSI
      Venture LLC

              	
                CO

              	
                The
      Vail Corporation (52%)

              
	
                Teton
      Hospitality Services, Inc.

              	
                WY

              	
                The
      Vail Corporation (100%)

              
	
                Timber
      Trail, Inc.

              	
                CO

              	
                VR
      Holdings, Inc. (100%)

              
	
                Vail/Arrowhead,
      Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Associates Holdings, Ltd.

              	
                CO

              	
                Vail
      Resorts Development Company (100%)

              
	
                Vail
      Associates Investments, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Associates Real Estate, Inc.

              	
                CO

              	
                Vail
      Resorts Development Company (100%)

              
	
                Vail/Beaver
      Creek Resort Properties, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Corporation, The

              	
                CO

              	
                Vail
      Holdings, Inc. (100%)

              
	
                Vail
      Food Services, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Holdings, Inc.

              	
                CO

              	
                Vail
      Resorts, Inc. (100%)

              
	
                Vail
      Resorts Development Company

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Resorts, Inc.

              	
                DE

              	
                Publicly
      traded on the NYSE

              
	
                Vail
      RR, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Summit Resorts, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                Vail
      Trademarks, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VAMHC,
      Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VA
      Rancho Mirage I, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VA
      Rancho Mirage II, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VA
      Rancho Mirage Resort, L.P.

              	
                DE

              	
                VA
      Rancho Mirage I, Inc. – GP

                VA
      Rancho Mirage II, Inc. – LP

                (100%)

              
	
                The
      Village at Breckenridge Acquisition Corp., Inc.

              	
                TN

              	
                Vail
      Summit Resorts, Inc. (100%)

              
	
                VR
      Heavenly I, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VR
      Heavenly II, Inc.

              	
                CO

              	
                The
      Vail Corporation (100%)

              
	
                VR
      Holdings, Inc.

              	
                CO

              	
                Vail/Arrowhead,
      Inc. (100%)

              

      

      

    
      
         

      

      
         

        
        

      

      
         

      

    

    ANNEX F

    

    Annex A to Exhibit
D

    

    CREDIT
FACILITY COVENANTS CALCULATIONS

    

    Subject
Period:  ___________________, 200_

    

    
      	 
      	
              Months

              Ended - -

               

            
	
              10.8(m)                        INVESTMENTS
      IN PERSONS

               

            	 
      
	
              (i)Investments
      during Subject Period in Unrestricted Subsidiaries, Housing Districts and
      Metro Districts not otherwise permitted under Section
      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)
      involved in Similar Businesses:

               

            	
               

               

               

              $                         

            
	
              (ii)Investments
      during prior Subject Periods in Unrestricted Subsidiaries, Housing
      Districts and Metro Districts not otherwise permitted under Section
      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)
      involved in Similar Businesses:

               

            	
               

               

               

              $                         

            
	
              (iii)       Investments
      set forth on part
      (b) of Schedule
      10.8:

            	
              $                         

               

            
	
              (iv)(10.8(m)(i)
      plus 10.8(m)(ii)
      plus 10.8(m)(iii)):

            	
              $                         

            
	 
      	 
      
	
              (v)        $75,000,000:

            	
              $75,000,000

               

            
	
              (vi)           Book
      value of Total Assets:

            	
              $                         

            
	 
      	 
      
	
                           (vii)       10%
      of 10.8(m)(vi):

            	
              $                         

               

            
	
              (viii)           Investment
      Limit (10.8(m)(v)
      plus 10.8(m)(vii)):

            	
              $                         

               

            
	
              (ix)       Net
      reductions in investments permitted under Section
      10.8(m) in an aggregate amount not to exceed 10.8(m)(viii):

            	
               

              $                         

               

            
	
              (x)Maximum
      permitted investments in Unrestricted Subsidiaries, Housing Districts and
      Metro Districts not otherwise permitted under Section
      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)
      involved in Similar Businesses permitted after the Closing Date, and
      investments set forth on part (b)
      of Schedule
      10.8 (10.8(m)(viii)
      plus 10.8(m)(ix)):

               

            	
               

               

               

               

               

              $                         

            
	
              (xi)       Fair
      market value of all assets owned by Restricted Subsidiaries on the Closing
      Date which have been contributed to Unrestricted
Subsidiaries:

               

            	
               

               

              $                         

            
	
              (xii)     Is
      10.8(m)(xi)
      less than $75,000,000?

            	
              Yes/No

            
	 
      	 
      
	
              (xiii)Are
      investments in Unrestricted Subsidiaries, Housing Districts and Metro
      Districts not otherwise permitted under Section
      10.8(j)(ii), and other Persons (other than Restricted Subsidiaries)
      involved in Similar Businesses, and investments set forth on part
      (b) of Schedule
      10.8 (10.8(m)(iv)), less
      than or equal to the maximum amount permitted (10.8(m)(x))?

               

            	
               

               

               

               

               

              Yes/No

            
	
              10.9(d)                      DISTRIBUTIONS,
      LOANS, ADVANCES, AND INVESTMENTS

               

            	 
      
	
              (i)Distributions
      under Section
      10.9(d), and loans, advances, and investments made, which are not
      otherwise permitted under Section
      10.8 during Subject Period:

            	
               

               

              $                         

               

            
	
              (ii)Distributions
      under Section
      10.9(d), and loans, advances, and investments made, which are not
      otherwise permitted under Section
      10.8 during prior Subject Periods:

            	
               

               

              $                         

               

            
	
              (iii)Aggregate
      Distributions under Section
      10.9(d), and loans, advances, and investments made, which are not
      otherwise permitted under Section
      10.8 (the sum of 10.9(d)(i)
      plus 10.9(d)(ii)):

               

            	
               

               

              $                         

            
	
              (iv)Aggregate
      amount of Restricted Payments (as defined in the VRI Indenture) that VRI
      and its Restricted Subsidiaries are permitted to make under, and in
      accordance with, Section
      4.10 of the VRI Indenture, as set forth in detail on Schedule I
      attached hereto:

               

            	
               

               

               

              $                         

            
	
              (v)        Are
      aggregate Distributions under Section
      10.9(d), and loans, advances, and investments made, which are not
      otherwise permitted under Section
      10.8 (10.9(d)(iii))
      less than the maximum amount of Restricted Payments permitted (10.9(d)(iv))?

            	
               

               

               

              Yes/No

               

            
	
              11.1           RATIO
      OF NET FUNDED DEBT TO ADJUSTED EBITDA:

            	 
      
	
              (i)All
      obligations of the Companies for borrowed money:

            	
              $                         

            
	
              (ii)Minus all obligations of the Unrestricted
      Subsidiaries for borrowed money (the sum of items
      11.1(ii)(A) through 11.1(ii)(W)
      below):

               

            	
               

               

              ($_____________ )

            
	
              (A)SSI
      Venture LLC (weighted average of the membership interest not held by a
      Company) (if SSI is not a Restricted Subsidiary)

            	
               

               

              ($_____________ )

            
	
              (B)Eagle
      Park Reservoir Company

            	
              ($_____________ )

            
	
              (C)Boulder/Beaver,
      LLC

            	
              ($_____________ )

            
	
              (D)Colter
      Bay Corporation

            	
              ($_____________ )

            
	
              (E)Gros
      Ventre Utility Company

            	
              ($_____________ )

            
	
              (F)Jackson
      Lake Lodge Corporation

            	
              ($_____________ )

            
	
              (G)Jenny
      Lake Lodge, Inc.

            	
              ($_____________ )

            
	
              (H)Forest
      Ridge Holdings, Inc.

            	
              ($_____________ )

            
	
              (I)Resort
      Technology Partners, LLC

            	
              ($_____________ )

            
	
              (J)RT
      Partners, Inc.

            	
              ($_____________ )

            
	
              (K)Arrabelle
      at Vail Square, LLC

            	
              ($_____________ )

            
	
              (L)Gore
      Creek Place, LLC

            	
              ($_____________ )

            
	
              (M)The
      Chalets at the Lodge at Vail, LLC

            	
              ($_____________ )

            
	
              (N)RCR
      Vail, LLC

            	
              ($_____________ )

            
	
              (O) Colter
      Bay Convenience Store, LLC

            	
              ($_____________ )

            
	
              (P) Colter
      Bay General Store, LLC

            	
              ($_____________ )

            
	
              (Q) Colter
      Bay Marina, LLC

            	
              ($_____________ )

            
	
              (R) Colter
      Bay Cafe Court, LLC

            	
              ($_____________ )

            
	
              (S) Jenny
      Lake Store, LLC

            	
              ($_____________ )

            
	
              (T) Jackson
      Hole Golf & Tennis Club Snack Bar, LLC

            	
              ($_____________ )

            
	
              (U) Stampede
      Canteen, LLC

            	
              ($_____________ )

            
	
              (V) Crystal
      Peak Lodge of Breckenridge, Inc.

            	
              ($_____________ )

            
	
              (W) Hunkidori
      Land Company, LLC

            	
              ($_____________ )

            
	
              (iii)Plus the principal portion of all Capital
      Lease obligations of the Companies:

            	
               

              $_____________

            
	
               

              (iv)Minus the principal portion of the Capital
      Lease obligations for the following Unrestricted Subsidiaries (the sum of
      items 11.1(iv)(A)
      through 11.1(iv)(W)
      below):

               

            	
               

               

               

              ($____________)

            
	
              (A)SSI
      Venture LLC (weighted average of the membership interest not held by a
      Company) (if SSI is not a Restricted Subsidiary)

            	
               

               

              ($_____________ )

            
	
              (B)Eagle
      Park Reservoir Company

            	
              ($_____________ )

            
	
              (C)Boulder/Beaver,
      LLC

            	
              ($_____________ )

            
	
              (D)Colter
      Bay Corporation

            	
              ($_____________ )

            
	
              (E)Gros
      Ventre Utility Company

            	
              ($_____________ )

            
	
              (F)Jackson
      Lake Lodge Corporation

            	
              ($_____________ )

            
	
              (G)Jenny
      Lake Lodge, Inc.

            	
              ($_____________ )

            
	
              (H)Forest
      Ridge Holdings, Inc.

            	
              ($_____________ )

            
	
              (I)Resort
      Technology Partners, LLC

            	
              ($_____________ )

            
	
              (J)RT
      Partners, Inc.

            	
              ($_____________ )

            
	
              (K)Arrabelle
      at Vail Square, LLC

            	
              ($_____________ )

            
	
              (L)Gore
      Creek Place, LLC

            	
              ($_____________ )

            
	
              (M)The
      Chalets at the Lodge at Vail, LLC

            	
              ($_____________ )

            
	
              (N)RCR
      Vail, LLC

            	
              ($_____________ )

            
	
              (O) Colter
      Bay Convenience Store, LLC

            	
              ($_____________ )

            
	
              (P) Colter
      Bay General Store, LLC

            	
              ($_____________ )

            
	
              (Q) Colter
      Bay Marina, LLC

            	
              ($_____________ )

            
	
              (R) Colter
      Bay Cafe Court, LLC

            	
              ($_____________ )

            
	
              (S) Jenny
      Lake Store, LLC

            	
              ($_____________ )

            
	
              (T) Jackson
      Hole Golf & Tennis Club Snack Bar, LLC

            	
              ($_____________ )

            
	
              (U) Stampede
      Canteen, LLC

            	
              ($_____________ )

            
	
              (V) Crystal
      Peak Lodge of Breckenridge, Inc.

            	
              ($_____________ )

            
	
              (W) Hunkidori
      Land Company, LLC

            	
              ($_____________)

            
	
                           (v)        Plus reimbursement obligations and undrawn
      amounts under Bond

                                       L/Cs
      supporting Bonds (other than Existing Housing Bonds) issued

                                       by
      Unrestricted Subsidiaries:

            	
               

               

              $                         

               

            
	
              (vi)Minus Debt under Existing Housing
      Bonds:

            	
              $                         

            
	 
      	 
      
	
              (vii)Funded
      Debt of the Restricted Companies (11.1(i)
      minus 11.1(ii)
      plus 11.1(iii)
      minus 11.1(iv)
      plus 11.1(v)
      minus 11.1(vi)):

               

            	
               

              $                         

               

            
	
              (viii) Cash
      of the Companies:

               

            	
              $                         

            
	
              (ix) Minus cash of the Unrestricted Subsidiaries
      (the sum of items
      11.1(ix)(A) through 11.1(ix)(W)
      below):

            	
              ($_____________ )

            
	 
      	 
      
	
              (A)SSI
      Venture LLC (weighted average of the membership interest not held by a
      Company) (if SSI is not a Restricted Subsidiary)

            	
               

               

              ($_____________ )

            
	
              (B)Eagle
      Park Reservoir Company

            	
              ($_____________ )

            
	
              (C)Boulder/Beaver,
      LLC

            	
              ($_____________ )

            
	
              (D)Colter
      Bay Corporation

            	
              ($_____________ )

            
	
              (E)Gros
      Ventre Utility Company

            	
              ($_____________ )

            
	
              (F)Jackson
      Lake Lodge Corporation

            	
              ($_____________ )

            
	
              (G)Jenny
      Lake Lodge, Inc.

            	
              ($_____________ )

            
	
              (H)Forest
      Ridge Holdings, Inc.

            	
              ($_____________ )

            
	
              (I)Resort
      Technology Partners, LLC

            	
              ($_____________ )

            
	
              (J)RT
      Partners, Inc.

            	
              ($_____________ )

            
	
              (K)Arrabelle
      at Vail Square, LLC

            	
              ($_____________ )

            
	
              (L)Gore
      Creek Place, LLC

            	
              ($_____________ )

            
	
              (M)The
      Chalets at the Lodge at Vail, LLC

            	
              ($_____________ )

            
	
              (N)RCR
      Vail, LLC

            	
              ($_____________ )

            
	
              (O) Colter Bay Convenience Store,
      LLC

            	
              ($_____________ )

            
	
              (P) Colter
      Bay General Store, LLC

            	
              ($_____________ )

            
	
              (Q) Colter
      Bay Marina, LLC

            	
              ($_____________ )

            
	
              (R) Colter
      Bay Cafe Court, LLC

            	
              ($_____________ )

            
	
              (S) Jenny
      Lake Store, LLC

            	
              ($_____________ )

            
	
              (T) Jackson
      Hole Golf & Tennis Club Snack Bar, LLC

            	
              ($_____________ )

            
	
              (U) Stampede
      Canteen, LLC

            	
              ($_____________ )

            
	
              (V) Crystal
      Peak Lodge of Breckenridge, Inc.

            	
              ($_____________ )

            
	
              (W) Hunkidori
      Land Company, LLC

            	
              ($_____________)

            
	
              (x) Investments
      of the Companies in marketable obligations issued or unconditionally
      guaranteed by the U.S. or issued by any of its agencies and backed by the
      full faith and credit of the U.S., in each case maturing within one year
      from the date of acquisition:

               

            	
               

               

               

              $                         

            
	
              (xi) Investments
      of the Companies in short-term
      investment grade domestic and eurodollar certificates of deposit or time
      deposits that are fully insured by the Federal Deposit Insurance
      Corporation or are issued by commercial banks organized under the Laws of
      the U.S. or any of its states having combined capital, surplus, and
      undivided profits of not less than $100,000,000 (as shown on its most
      recently published statement of condition):

               

            	
               

               

               

              $                         

            
	
              (xii) Investments
      of the Companies in commercial paper and similar obligations rated “P-1” by Moody’s or
      “A-1” by
      S&P:

               

            	
               

               

              $                         

            
	
              (xiii)Investments
      of the Companies in readily marketable Tax-free municipal bonds of a
      domestic issuer rated “A-2” or better by
      Moody’s or “A” or
      better by S&P, and maturing within one year from the date of
      issuance:

            	
               

               

               

              $                         

               

            
	
              (xiv)            Investments
      of the Companies in mutual funds or money marketaccounts investing primarily in items
      described in items
      11.1(x) through (xiii)
      above:

               

            	
               

              $                         

               

            
	
              (xv)Investments
      of the Companies in demand deposit accounts maintained in the ordinary
      course of business:

            	
               

              $                         

               

            
	
              (xvi)Investments
      of the Companies in short-term repurchase agreements with major banks and
      authorized dealers, fully collateralized to at least 100% of market value
      by marketable obligations issued or unconditionally guaranteed by the U.S.
      or issued by any of its agencies and backed by the full faith and credit
      of the U.S.:

               

            	
               

               

               

               

              $                         

               

            
	
              (xvii)Investments
      of the Companies in short-term variable rate demand notes that invest in
      tax-free municipal bonds of domestic issuers rated “A-2” or better by
      Moody’s or “A” or
      better by S&P that are supported by irrevocable letters of credit
      issued by commercial banks organized under the laws of the U.S. or any of
      its states having combined capital, surplus, and undivided profits of not
      less than $100,000,000:

               

            	
               

               

               

               

               

               

              $                         

               

            
	
              (xviii)Temporary
      Cash Investments of the Companies (11.1(x)
      plus 11.1(xi)
      plus 11.1(xii)
      plus 11.1(xiii)
      plus 11.1(xiv)
      plus 11.1(xv) plus 11.1(xvi)
      plus 11.1(xvii)):

            	
               

               

              $                         

               

            
	
              (xix)           Minus Temporary Cash Investments of the
      Unrestricted Subsidiaries (the
      sum of items
      11.1(xix)(A) through 11.1(xix)(W) below):

               

            	
               

               

              ($_____________ )

            
	
              (A)SSI
      Venture LLC (weighted average of the membership interest not held by a
      Company) (if SSI is not a Restricted Subsidiary)

            	
               

               

              ($_____________ )

            
	
              (B)Eagle
      Park Reservoir Company

            	
              ($_____________ )

            
	
              (C)Boulder/Beaver,
      LLC

            	
              ($_____________ )

            
	
              (D)Colter
      Bay Corporation

            	
              ($_____________ )

            
	
              (E)Gros
      Ventre Utility Company

            	
              ($_____________ )

            
	
              (F)Jackson
      Lake Lodge Corporation

            	
              ($_____________ )

            
	
              (G)Jenny
      Lake Lodge, Inc.

            	
              ($_____________ )

            
	
              (H)Forest
      Ridge Holdings, Inc.

            	
              ($_____________ )

            
	
              (I)Resort
      Technology Partners, LLC

            	
              ($_____________ )

            
	
              (J)RT
      Partners, Inc.

            	
              ($_____________ )

            
	
              (K)Arrabelle
      at Vail Square, LLC

            	
              ($_____________ )

            
	
              (L)Gore
      Creek Place, LLC

            	
              ($_____________ )

            
	
              (M)The
      Chalets at the Lodge at Vail, LLC

            	
              ($_____________ )

            
	
              (N)RCR
      Vail, LLC

            	
              ($_____________ )

            
	
              (O) Colter Bay Convenience Store,
      LLC

            	
              ($_____________ )

            
	
              (P) Colter
      Bay General Store, LLC

            	
              ($_____________ )

            
	
              (Q) Colter
      Bay Marina, LLC

            	
              ($_____________ )

            
	
              (R) Colter
      Bay Cafe Court, LLC

            	
              ($_____________ )

            
	
              (S) Jenny
      Lake Store, LLC

            	
              ($_____________ )

            
	
              (T) Jackson
      Hole Golf & Tennis Club Snack Bar, LLC

            	
              ($_____________ )

            
	
              (U) Stampede
      Canteen, LLC

            	
              ($_____________ )

            
	
              (V) Crystal
      Peak Lodge of Breckenridge, Inc.

            	
              ($_____________ )

            
	
              (W) Hunkidori
      Land Company, LLC

            	
              ($_____________ )

            
	
              (xx)           Unrestricted
      Cash of the Restricted Companies (11.1(viii)
      minus 11.1(ix)
      plus 11.1(xviii)
      minus 11.1(xix)):

            	
               

              $                         

               

            
	
              (xxi)           Unrestricted
      Cash of the Restricted Companies in excess of$10,000,000:

               

            	
               

              $                         

            
	
              (xxii)           Net
      Funded Debt (11.1(vii)
      minus 11.1(xxi)):

               

            	
              $                         

            
	
              (xxiii)EBITDA
      of the Companies for the last four fiscal quarters:

            	
              $                         

               

            
	
              (xxiv)Plus insurance proceeds (up to a maximum of
      $10,000,000 in the aggregate for any fiscal year) received by the
      Restricted Companies under policies of business interruption insurance (or
      under policies of insurance which cover losses or claims of the same
      character or type):

            	
               

               

               

               

              $                         

            
	
               

              (xxv)Plus pro forma EBITDA for
      assets acquired during such period:

            	
               

              $                         

            
	
               

              (xxvi)Minus pro forma EBITDA for
      assets disposed of during such period:

            	
               

               

              ($_____________ )

            
	
               

              (xxvii)Minus EBITDA for such period attributable
      to the following Unrestricted Subsidiaries (sum of items 11.1(xxvii)(A)
      through 11.1(xxvii)(W)
      below):

               

            	
               

               

               

              ($_____________ )

            
	
              (A)SSI
      Venture LLC (weighted average of the membership interest not held by a
      Company) (if SSI is not a Restricted Subsidiary)

            	
               

               

              ($_____________ )

            
	
              (B)Eagle
      Park Reservoir Company

            	
              ($_____________ )

            
	
              (C)Boulder/Beaver,
      LLC

            	
              ($_____________ )

            
	
              (D)Colter
      Bay Corporation

            	
              ($_____________ )

            
	
              (E)Gros
      Ventre Utility Company

            	
              ($_____________ )

            
	
              (F)Jackson
      Lake Lodge Corporation

            	
              ($_____________ )

            
	
              (G)Jenny
      Lake Lodge, Inc.

            	
              ($_____________ )

            
	
              (H)Forest
      Ridge Holdings, Inc.

            	
              ($_____________ )

            
	
              (I)Resort
      Technology Partners, LLC

            	
              ($_____________ )

            
	
              (J)RT
      Partners Inc.

            	
              ($_____________ )

            
	
              (K)Arrabelle
      at Vail Square, LLC

            	
              ($_____________ )

            
	
              (L)Gore
      Creek Place, LLC

            	
              ($_____________ )

            
	
              (M)The
      Chalets at the Lodge at Vail, LLC

            	
              ($_____________ )

            
	
              (N)RCR
      Vail, LLC

            	
              ($_____________ )

            
	
              (O) Colter Bay Convenience Store,
      LLC

            	
              ($_____________ )

            
	
              (P) Colter
      Bay General Store, LLC

            	
              ($_____________ )

            
	
              (Q) Colter
      Bay Marina, LLC

            	
              ($_____________ )

            
	
              (R) Colter
      Bay Cafe Court, LLC

            	
              ($_____________ )

            
	
              (S) Jenny
      Lake Store, LLC

            	
              ($_____________ )

            
	
              (T) Jackson
      Hole Golf & Tennis Club Snack Bar, LLC

            	
              ($_____________ )

            
	
              (U) Stampede
      Canteen, LLC

            	
              ($_____________ )

            
	
              (V) Crystal
      Peak Lodge of Breckenridge, Inc.

            	
              ($_____________ )

            
	
              (W) Hunkidori
      Land Company, LLC

            	
              ($_____________)

            
	
              (xxviii)Adjusted
      EBITDA (11.1(xxiii)
      plus 11.1(xxiv)
      plus 11.1(xxv)
      minus 11.1(xxvi)
      minus 11.1(xxvii)):

               

            	
               

              $                         

            
	
              (xxix)Ratio
      of Net Funded Debt to Adjusted EBITDA

              (Ratio of 11.1(xxii)
      to 11.1(xxviii)):

            	 
      
	
               

              (xxx)Maximum
      ratio of Net Funded Debt to Adjusted EBITDA permitted:

            	
               

              4.50
      : 1.00

               

            
	
              (xxxi)Is
      the ratio of Net Funded Debt to Adjusted EBITDA less than the maximum
      ratio permitted?

            	
               

              Yes/No

            
	
               

              11.2           [RESERVED]

            	 
      
	 
      	 
      
	
              11.3           MINIMUM
      NET WORTH:

               

            	 
      
	
              (a)Shareholders’
      Equity determined in accordance with GAAP:

               

            	
              $                         

            
	
              (b)$414,505,800:

               

            	
              $414,505,800

            
	
              (c)Restricted
      Companies’ Net Income, if positive, for each fiscal year completed after
      October 31, 2004:

               

            	
               

              $                         

            
	
              (d)75%
      of the total from 11.3(c):

               

            	
              $                         

            
	
              (e)Net
      Proceeds received by any Restricted Company (other than from another
      Company) from the offering, issuance, or sale of equity securities of a
      Restricted Company afterOctober 31, 2004:

               

            	
               

               

              $                         

            
	
              (f)Minimum
      shareholders’ equity permitted

              (11.3(b)
      plus 11.3(d)
      plus 11.3(e)):

               

            	
               

              $                         

            
	
              (g)Does
      Shareholders’ Equity exceed the minimum permitted?

            	
              Yes/No

            
	
              11.4           INTEREST
      COVERAGE RATIO

            	 
      
	
              (a)Adjusted
      EBITDA for the last four fiscal quarters (11.1(xxviii)):

            	
              $                         

            
	
               

              (b)Interest
      on Funded Debt for the last four fiscal quarters:

            	
               

              $                         

               

            
	
              (c)        Amortization
      of deferred financing costs and original issue discounts:

            	
               

              $                         

            
	
               

              (d)        11.4(b)
      minus 11.4(c):

            	
               

              $                         

            
	
               

              (e)           Interest
      Coverage Ratio (Ratio of 11.4(a)
      to 11.4(d)):

            	 
      
	
               

              (f)           Minimum
      Interest Coverage Ratio permitted:

            	
               

              2.50
      : 1.00

            
	
               

              (g)Does
      the Interest Coverage Ratio exceed the minimum ratio
      permitted?

            	
               

               

              Yes/No

            
	
               

              11.5           CAPITAL
      EXPENDITURES

            	 
      
	
               

              (a)Aggregate
      capital expenditures of the Restricted Companies in the ordinary course of
      the business (excluding (i) normal replacements and maintenance which are
      properly charged to current operations, and (ii) such expenditures
      relating to real estate held for resale) during each fiscal
      year:

            	
               

               

               

               

               

              $                         

            
	
               

              (b)Total
      Assets of the Restricted Companies as of the last day of the fiscal
      year:

            	
               

               

              $                         

            
	
               

              (c)Maximum
      capital expenditures permitted (10% of Total Assets of the Restricted
      Companies set forth in 11.5(b)):

               

            	
               

               

              $                         

            
	
              (d)Are
      aggregate capital expenditures less than the maximum amount
      permitted?

            	
               

              Yes/No

            
	 
      	 
      
	
              LETTERS
      OF CREDIT

            	 
      
	 
      	 
      
	
              Set
      forth on Schedule
      1 attached hereto is a list of all issued and outstanding letters
      of credit issued for the account of any of the Companies, and the drawn
      and undrawn amounts thereunder

            	 
      

    

    

    
      
        
          Annex
F to

          Limited
Waiver, Release, and Third Amendmentexhibit10_20.htm

    
      
        

      
Exhibit 10.20

      SUMMARY OF VAIL RESORTS, INC.
DIRECTOR COMPENSATION1

      PER
SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE 8/1/03;

      LAST
REVISED BY COMPENSATION COMMITTEE 3/10/09

      

      CASH
AND EQUITY COMPENSATION (Excludes CEO)

      
        	
                Description
      of Compensation

              	
                To
      Whom

              	
                Amount

              
	
                Annual
      Cash Retainer

              	
                Directors

              	
                $28,000

              
	
                Additional
      Compensation

              	
                Chairman
      of the Board

              	
                $50,000

              
	
                for
      Other Services

              	
                Audit
      Committee Chair

              	
                $25,000

              
	 
      	
                Audit
      Committee Members

              	
                $15,000

              
	 
      	
                Compensation
      Committee Chair

              	
                $7,500

              
	 
      	
                Nominating
      Committee Chair

              	
                $7,500

              
	 
      	
                Lead
      Director

              	
                $25,000

              
	
                Meeting
      Fees (Per Meeting)

              	
                Directors
      (In Person)

              	
                $5,000

              
	
                (Not
      Including Actions

              	
                Directors
      (By Telephone)

              	
                $1,000

              
	
                Taken
      by Consent)

              	
                Compensation/Nominating
      Committee

              	
                $1,000

              
	 
      	
                Audit
      Committee Meeting

              	
                $2,000

              
	
                Equity
      Compensation

              	
                All
      Directors

              	
                $119,025
      Restricted Stock Units*

              

      

      

      * The grant value is
determined and approved each year by the Compensation Committee; on September
23, 2008, the Compensation Committee granted each Board member RSUs with a value
of $119,025.  Based on the closing price of the Company’s stock on the
date of grant each director was issued 2,968 RSUs which vest in full on
September 23, 2009.

      

      PERQUISITES

      

      Each
director is entitled to an annual $30,000 allowance to be used at the Company’s
resorts in accordance with the terms of the Company’s Executive Perquisite Fund
Program, filed as Exhibit 10.27 of the Company’s annual report on Form 10-K
for the fiscal year ended July 31, 2007.  Directors may draw
against the account to pay for services, at the market rate for the applicable
resort or services.  Unused funds in each director’s account at the
end of each fiscal year will be forfeited.

      

      

      1 All
taxes on director compensation are to be paid by Board member

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