Document:

<PAGE>

                                                               Exhibit 10.20(b)

                          FIRST AMENDMENT AND CONSENT
                   TO AMENDED AND RESTATED CREDIT AGREEMENT

   This FIRST AMENDMENT AND CONSENT (this "Amendment") is entered into as of
December 31, 1999, among The Vail Corporation, a Colorado corporation doing
business as "Vail Associates, Inc." ("Borrower"), the Lenders (defined below),
and Bank of America, N.A., successor by merger to NationsBank, N.A., as Agent
for itself and the other Lenders. Capitalized terms used but not defined herein
shall have the meanings given such terms in the Credit Agreement (defined
below).

Recitals

   WHEREAS, Borrower, the Lenders named therein ("Lenders"), and Agent are
parties to that certain Amended and Restated Credit Agreement dated as of May 1,
1999 (as amended, restated or supplemented from time to time, the "Credit
Agreement");

   WHEREAS, Borrower is the record and beneficial owner of 51.9% of the
membership interests of SSI Venture LLC, a Colorado limited liability company
("SSI");

   WHEREAS, SSI is designated by Borrower as an Unrestricted Subsidiary under
the Credit Agreement;

   WHEREAS, Borrower proposes to (i) pledge its membership interests in SSI to
the Lenders, and (ii) include SSI's financial performance (to the extent of
Borrower's membership interests in SSI) in the calculation of Borrower's
compliance with financial covenants under the Credit Agreement;

   WHEREAS, Borrower, Lenders and Agent have agreed to amend the Credit
Agreement and the Loan Papers to (i) provide for the pledge by Borrower of its
membership interests in SSI, (ii) permit the inclusion of SSI's financial
performance (to the extent of Borrower's membership interests in SSI) in the
calculation of financial covenants under the Credit Agreement, and (iii) make
such other modifications as are acceptable to the parties, subject to the terms
and conditions set forth in this Amendment;

   NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Credit Agreement is hereby amended as follows:

   1. Merger of NationsBank, N.A. and Bank of America, N.A. All references in
the Loan Papers to NationsBank, N.A., and NationsBanc Montgomery Securities LLC
are hereby replaced with references to Bank of America, N.A., and Banc of
America Securities LLC, respectively.

   2. Consent to Pledge by Borrower. Notwithstanding any other provision in any
Loan Paper, the Loan Papers are hereby amended in their entirety to permit the
pledge by Borrower of its membership interests in SSI to Bank of America, N.A.,
as Agent for the Lenders, and Section 5 of the Credit Agreement is hereby
amended to read in its entirety as follows:

SECTION 5 SECURITY. All obligations of Borrower under the Loan Papers shall be
(a) guaranteed in accordance with a Guaranty executed by each other Restricted
Company, and (b) effective as of December 31, 1999, secured by a pledge by
Borrower of its membership interests in SSI.

   3. Definitions. The following definitions in Section 1.1 of the Credit
Agreement are hereby amended by adding the underlined language shown below:

        Funded Debt means the following, calculated on a consolidated basis for
   the Restricted Companies and SSI (to the extent of Borrower's membership
   interests in SSI) in accordance with GAAP: (i) all obligations for borrowed
   money (whether as a direct obligation on a promissory note, bond, zero coupon
   bond, debenture or other similar instrument, or as an unfulfilled
   reimbursement obligation on a drawn letter of credit or similar instrument,
   or otherwise), plus (but without duplication) (ii) all Capital Lease
   obligations (other than the interest component of such obligations) of SSI or
   any Restricted Company.

                                      13
<PAGE>

        Permitted Debt means:
          (a) the Obligation;
          (b) Debt which existed on the date of the Original Agreement and
        which is listed on Part B of
        Schedule 2.3;
          (c) Debt arising from endorsing negotiable instruments for collection
        in the ordinary course of business;
          (d) Subordinated Debt (and guarantees by Restricted Companies of
        Subordinated Debt of other Restricted Companies, if such guarantees are
        subordinated, upon terms satisfactory to Agent, to the payment and
        collection of the Obligation);
          (e) in addition to the foregoing, (i) Debt of Unrestricted
        Subsidiaries which is non-recourse to the Restricted Companies and their
        assets, (ii) fees and other amounts payable under the Forest Service
        Permits in the ordinary course of business, and (iii) inter-Company Debt
        between Restricted Companies;
          (f) up to $12,975,000 of Debt arising under the guaranty by Borrower
        of amounts owed by SSI under its Credit Agreement dated as of December
        30, 1998, as amended, restated or supplemented from time to time (with
        any remaining Debt under such guaranty included in clause (g) below);
        and
          (g) in addition to the foregoing, up to $100,000,000 of additional
        Debt of the Companies in the aggregate at any point in time.

        Resort EBITDA means EBITDA, plus 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, minus EBITDA
   related to real estate activities and minus any portion of EBITDA
   attributable to Unrestricted Subsidiaries other than SSI (to the extent of
   Borrower's membership interests in SSI).

        Unrestricted Subsidiary means Eagle Park Reservoir Company, SSI Venture
   LLC, Vail Associates Investments, Inc., Boulder/Beaver, LLC, Colter Bay
   Corporation, Gros Venture Utility Company, Jackson Hole Golf & Tennis Club,
   Jackson Lake Lodge Corporation, Jenny Lake Lodge, Inc., Forest Ridge
   Holdings, Inc., Vail Resorts Holdings, Inc. (f/k/a "VREJV, Inc."), and any
   existing Subsidiary or newly-formed Subsidiary created by Borrower pursuant
   to Section 8.11 (which may be a partnership, joint venture, corporation,
   limited liability company or other entity) (a) which does not own any Forest
   Service Permit or the stock of any Restricted Company or any of the assets
   described on Schedule 2, (b) which has (and whose other partners, joint
   venturers, members or shareholders have) no Debt or other material obligation
   which is recourse to any Restricted Company or to the assets of any
   Restricted Company (other than with respect to limited guarantees or other
   recourse agreements of the Companies which are permitted to be incurred
   hereunder within the $100,000,000 of recourse Debt allowed under clause (f)
   of the definition of "Permitted Debt"), and (c) which has been designated by
   Borrower as an Unrestricted Subsidiary by notice to Agent. Subject to Section
   14.10(b)(v), Agent shall execute documentation reasonably required to release
   any Restricted Subsidiary which is redesignated by Borrower as an
   Unrestricted Subsidiary from its Guaranty.

   4. New Definition. Section 1.1 of the Credit Agreement is hereby further
amended by adding the following new definition:

        SSI means SSI Venture LLC, a Colorado limited liability company doing
   business as Specialty Sports Venture and an Unrestricted Subsidiary of
   Borrower.

   5. Conditions. This Amendment shall not be effective until each of the
following have been delivered to Agent: (a) this Amendment signed by Borrower,
the other Restricted Companies and Required Lenders, (b) a Pledge Agreement duly
executed by Borrower with respect to its membership interest in SSI, and (c)
such other documents as Agent may reasonably request.

   6. Fees and Expenses. Borrower agrees to pay the reasonable fees and expenses
of counsel to Agent for services rendered in connection with the preparation,
negotiation and execution of this Amendment.

                                      14
<PAGE>

   7.  Representations and Warranties. Each Restricted Company represents and
warrants to Lenders that it possesses all requisite power and authority to
execute, deliver and comply with the terms of this Amendment, which has been
duly authorized and approved by all requisite corporate action on the part of
each Restricted Company, for which no consent of any Person is required, and
which will not violate their respective organizational documents, and agree to
furnish Agent with evidence of such authorization and approval upon request.
Each Restricted Company further represents and warrants to Lenders that (a) the
representations and warranties in each Loan Paper to which it is a party are
true and correct in all material respects on and as of the date of this
Amendment as though made on the date of this Amendment (except to the extent
that (i) such representations and warranties speak to a specific date or (ii)
the facts on which such representations and warranties are based have been
changed by transactions contemplated by the Credit Agreement), (b) it is in full
compliance with all covenants and agreements contained in each Loan Paper to
which it is a party, and (c) no Default or Potential Default has occurred and is
continuing.

   8.  Miscellaneous. This Amendment is a Loan Paper and is subject to the
applicable provisions of Section 14 of the Credit Agreement, each of which is
incorporated into this Amendment by this reference. Except as affected by this
Amendment, the Loan Papers are unchanged and continue in full force and effect.
However, in the event of any inconsistency between the terms of the Credit
Agreement as hereby amended and any other Loan Paper, the terms of the Credit
Agreement shall control and such other document shall be deemed to be amended
hereby to conform to the terms of the Credit Agreement.  All references to the
Credit Agreement shall refer to the Credit Agreement as amended by this
Amendment.  Each Restricted Company agrees that all Loan Papers to which it is a
party remain in full force and effect and continue to evidence its legal, valid
and binding obligations enforceable in accordance with their terms (as the same
are affected by this Amendment). Each Restricted Company hereby releases Agent
and Lenders from any liability for actions or failures to act in connection with
the Loan Papers prior to the date hereof. This Amendment shall be binding upon
and inure to the benefit of each of the undersigned and their respective
successors and permitted assigns.

   9.  No Waiver of Defaults. This instrument does not constitute a waiver of,
or a consent to any present or future violation of or default under, any
provision of the Loan Papers, or a waiver of Lenders' right to insist upon
future compliance with each term, covenant, condition and provision of the Loan
Papers, and the Loan Papers shall continue to be binding upon, and inure to the
benefit of, the Restricted Companies, Agent and Lenders and their respective
successors and assigns.

   10. Form. Each agreement, document, instrument or other writing to be
furnished Agent or Lenders under any provision of this instrument must be in
form and substance satisfactory to Agent and its counsel.

   11. Multiple Counterparts. This instrument may be executed in more than one
counterpart, each of which shall be deemed an original, and all of which
constitute, collectively, one instrument; but, in making proof of this
instrument, it shall not be necessary to produce or account for more than one
such counterpart. It shall not be necessary for each Restricted Company, Agent
and all Lenders to execute the same counterpart hereof so long as each
Restricted Company, Agent and each Lender execute a counterpart hereof.

   12. Entirety. The Loan Papers Represent the Final Agreement Between Borrower,
Agent And Lenders And May Not Be Contradicted By Evidence Of Prior,
Contemporaneous, Or Subsequent Oral Agreements By The Parties. There Are No
Unwritten Oral Agreements Among The Parties.

                                      15
<PAGE>

EXECUTED as of the day and year first mentioned.

                           THE VAIL CORPORATION

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           BANK OF AMERICA, N.A.

                           By:     __________________________________
                                   Natalie E. Hebert
                                   Vice President

                           BANKBOSTON, N.A.

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           U.S. BANK NATIONAL ASSOCIATION

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           THE BANK OF NOVA SCOTIA

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           CREDIT LYONNAIS NEW YORK BRANCH

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           FIRST SECURITY BANK, N.A.

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           BANKERS TRUST COMPANY

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                                      16
<PAGE>

                           CIBC INC.

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           FLEET NATIONAL BANK

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           HARRIS TRUST AND SAVINGS BANK

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           KEYBANK NATIONAL ASSOCIATION

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           GENERAL ELECTRIC CAPITAL CORPORATION

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                           NORWEST BANK COLORADO, NATIONAL ASSOCIATION

                           By:     __________________________________
                           Name:   __________________________________
                           Title:  __________________________________

                                       17
<PAGE>

                       GUARANTORS' CONSENT AND AGREEMENT
                       ---------------------------------

   As an inducement to Agent and Lenders to execute, and in consideration of
Agent's and Lenders' execution of the foregoing, 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 the 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 Agent and Lenders, and respective successors
and assigns of each.

                         Vail Resorts, Inc.
                         Vail Holdings, Inc.
                         Vail Trademarks, Inc.
                         Vail Resorts Development Company
                         Beaver Creek Consultants, Inc.
                         Beaver Creek Associates, Inc.
                         Vail/Beaver Creek Resort Properties, Inc.
                         Vail Food Services, Inc.
                         Piney River Ranch, Inc.
                         Vail/Arrowhead, Inc.
                         Beaver Creek Food Services, Inc.
                         Vail Associates Holdings, Ltd.
                         Vail Associates Real Estate, Inc.
                         Vail Associates Consultants, Inc.
                         Vail Associates Management Company
                         Vail/Battle Mountain, Inc.
                         Gillett Group Management, Inc.
                         GHTV, Inc.
                         Gillett Broadcasting, Inc.
                         Gillett Broadcasting of Maryland, Inc.
                         Vail Summit Resorts, Inc.
                         Keystone Conference Services, Inc.
                         Keystone Development Sales, Inc.
                         Keystone Resort Property Management Company
                         Keystone Food & Beverage Company
                         Lodge Properties, Inc.
                         Lodge Realty, Inc.
                         The Village at Breckenridge Acquisition Corp., Inc.
                         Property Management Acquisition Corp., Inc.
                         Grand Teton Lodge Company
                         Larkspur Restaurant & Bar, LLC

                         By:    ____________________________________________
                         Name:  ____________________________________________
                                Senior Vice President of each of the above

                                      18<PAGE>

                                                               Exhibit 10.20(c)

                              SECOND AMENDMENT TO
                     AMENDED AND RESTATED CREDIT AGREEMENT

     This SECOND AMENDMENT (this "Amendment") is entered into on April 21, 2000
but is effective as of February 1, 2000, among The Vail Corporation, a Colorado
corporation doing business as "Vail Associates, Inc." ("Borrower"), the Lenders
(defined below), and Bank of America, N.A., successor by merger to NationsBank,
N.A., as Agent for itself and the other Lenders.  Capitalized terms used but not
defined herein shall have the meanings given such terms in the Credit Agreement
(defined below).

Recitals

     WHEREAS, Borrower, the Lenders named therein ("Lenders"), and Agent are
parties to that certain Amended and Restated Credit Agreement dated as of May 1,
1999 (as amended by the First Amendment dated as of December 31, 1999, and as
amended, restated or supplemented from time to time, the "Credit Agreement");
and

     WHEREAS, Borrower wishes to amend the Credit Agreement to permit the
inclusion of a portion of the Restricted Companies' EBITDA related to real
estate activities in the calculation of financial covenants under the Credit
Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Credit Agreement is hereby amended as follows:

     1.  Definitions.

         (a) Effective with the fiscal quarter commencing February 1, 2000, the
     definition of "Resort EBITDA" in Section 1.1 of the Credit Agreement is
     hereby amended by adding the underlined language shown below:

         Resort EBITDA means the sum of:

             (a) EBITDA, plus 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, minus EBITDA related to real estate activities and minus
         any portion of EBITDA attributable to Unrestricted Subsidiaries other
         than SSI (to the extent of Borrower's membership interests in SSI);
         plus

             (b) EBITDA of the Restricted Companies related to real estate
         activities in an amount not greater than 10% of the total under
         paragraph (a) above.

                                      19
<PAGE>

         (b) The definition of "Unrestricted Subsidiary" is hereby amended to
     delete the references to "Vail Associates Investments, Inc." and "Vail
     Resorts Holdings, Inc. (f/k/a VREJV, Inc.)", which are hereby designated by
     Borrower as Restricted Subsidiaries, so that such definition shall read in
     its entirety as follows:

             Unrestricted Subsidiary means Eagle Park Reservoir Company, SSI
         Venture LLC, Boulder/Beaver, LLC, Colter Bay Corporation, Gros Venture
         Utility Company, Jackson Hole Golf & Tennis Club, Jackson Lake Lodge
         Corporation, Jenny Lake Lodge, Inc., Forest Ridge Holdings, Inc., and
         any existing Subsidiary or newly-formed Subsidiary created by Borrower
         pursuant to Section 8.11 (which may be a partnership, joint venture,
         corporation, limited liability company or other entity) (a) which does
         not own any Forest Service Permit or the stock of any Restricted
         Company or any of the assets described on Schedule 2, (b) which has
         (and whose other partners, joint venturers, members or shareholders
         have) no Debt or other material obligation which is recourse to any
         Restricted Company or to the assets of any Restricted Company (other
         than with respect to limited guarantees or other recourse agreements of
         the Companies which are permitted to be incurred hereunder within the
         $100,000,000 of recourse Debt allowed under clause (f) of the
         definition of "Permitted Debt"), and (c) which has been designated by
         Borrower as an Unrestricted Subsidiary by notice to Agent. Subject to
         Section 14.10(b)(v), Agent shall execute documentation reasonably
         required to release any Restricted Subsidiary which is redesignated by
         Borrower as an Unrestricted Subsidiary from its Guaranty.

     2.  Compliance Certificate.  Exhibit D of the Credit Agreement is hereby
deleted and replaced in its entirety by Exhibit D attached to this Amendment.

     3.  Conditions.  This Amendment shall not be effective until each of the
following have been delivered to Agent: (a) this Amendment signed by Borrower,
the other Restricted Companies and Required Lenders, (b) a Guaranty executed by
Vail Associates Investments, Inc. and Vail Resorts Holdings, Inc., (c) such
other documents as Agent may reasonably request, and (d) payment by Borrower to
Agent for the Pro Rata benefit of the Lenders who execute and deliver this
Amendment on or before April 21, 2000, of an amendment fee in the amount of
$225,000.

     4.  Fees and Expenses.  Borrower agrees to pay the reasonable fees and
expenses of counsel to Agent for services rendered in connection with the
preparation, negotiation and execution of this Amendment.

                                      20
<PAGE>

     5.   Representations and Warranties.  Each Restricted Company represents
and warrants to Lenders that it possesses all requisite power and authority to
execute, deliver and comply with the terms of this Amendment, which has been
duly authorized and approved by all requisite corporate action on the part of
each Restricted Company, for which no consent of any Person is required, and
which will not violate their respective organizational documents, and agree to
furnish Agent with evidence of such authorization and approval upon request.
Each Restricted Company further represents and warrants to Lenders that (a) the
representations and warranties in each Loan Paper to which it is a party are
true and correct in all material respects on and as of the date of this
Amendment as though made on the date of this Amendment (except to the extent
that (i) such representations and warranties speak to a specific date or (ii)
the facts on which such representations and warranties are based have been
changed by transactions contemplated by the Credit Agreement), (b) it is in full
compliance with all covenants and agreements contained in each Loan Paper to
which it is a party, and (c) no Default or Potential Default has occurred and is
continuing.

     6.   Miscellaneous.  This Amendment is a Loan Paper and is subject to the
applicable provisions of Section 14 of the Credit Agreement, each of which is
incorporated into this Amendment by this reference.  Except as affected by this
Amendment, the Loan Papers are unchanged and continue in full force and effect.
However, in the event of any inconsistency between the terms of the Credit
Agreement as hereby amended and any other Loan Paper, the terms of the Credit
Agreement shall control and such other document shall be deemed to be amended
hereby to conform to the terms of the Credit Agreement.  All references to the
Credit Agreement shall refer to the Credit Agreement as amended by this
Amendment.  Each Restricted Company agrees that all Loan Papers to which it is a
party remain in full force and effect and continue to evidence its legal, valid
and binding obligations enforceable in accordance with their terms (as the same
are affected by this Amendment).  Each Restricted Company hereby releases Agent
and Lenders from any liability for actions or failures to act in connection with
the Loan Papers prior to the date hereof.  This Amendment shall be binding upon
and inure to the benefit of each of the undersigned and their respective
successors and permitted assigns.

     7.   No Waiver of Defaults.  This instrument does not constitute a waiver
of, or a consent to any present or future violation of or default under, any
provision of the Loan Papers, or a waiver of Lenders' right to insist upon
future compliance with each term, covenant, condition and provision of the Loan
Papers, and the Loan Papers shall continue to be binding upon, and inure to the
benefit of, the Restricted Companies, Agent and Lenders and their respective
successors and assigns.

     8.   Form.  Each agreement, document, instrument or other writing to be
furnished Agent or Lenders under any provision of this instrument must be in
form and substance satisfactory to Agent and its counsel.

     9.   Multiple Counterparts.  This instrument may be executed in more than
one counterpart, each of which shall be deemed an original, and all of which
constitute, collectively, one instrument; but, in making proof of this
instrument, it shall not be necessary to produce or account for more than one
such counterpart.  It shall not be necessary for each Restricted Company, Agent
and all Lenders to execute the same counterpart hereof so long as each
Restricted Company, Agent and each Lender execute a counterpart hereof.

     10.  Entirety.  The Loan Papers Represent the Final Agreement Between
Borrower, Agent and Lenders and May Not Be Contradicted by Evidence of Prior,
Contemporaneous, or Subsequent Oral Agreements by the Parties.  There Are No
Unwritten Oral Agreements among the Parties.

                                      21
<PAGE>

     EXECUTED as of the day and year first mentioned.

                              THE VAIL CORPORATION

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              BANK OF AMERICA, N.A., as Agent and a Lender

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              FLEET NATIONAL BANK

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              U.S. BANK NATIONAL ASSOCIATION

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              THE BANK OF NOVA SCOTIA

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              CREDIT LYONNAIS NEW YORK BRANCH

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              FIRST SECURITY BANK, N.A.

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                                      22
<PAGE>

                              BANKERS TRUST COMPANY

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              CIBC INC.

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              GENERAL ELECTRIC CAPITAL
                              CORPORATION

                              By:    __________________________________________
                              Name:  __________________________________________
                              Title: __________________________________________

                              HARRIS TRUST AND SAVINGS BANK

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              KEYBANK NATIONAL ASSOCIATION

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                              NORWEST BANK COLORADO, NATIONAL
                              ASSOCIATION

                              By:    _________________________________________
                              Name:  _________________________________________
                              Title: _________________________________________

                                      23
<PAGE>

                       GUARANTORS' CONSENT AND AGREEMENT
                       ---------------------------------

     As an inducement to Agent and Lenders to execute, and in consideration of
Agent's and Lenders' execution of the foregoing, 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 the 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 Agent and Lenders, and respective successors
and assigns of each.

                           Vail Resorts, Inc.
                           Vail Holdings, Inc.
                           Vail Trademarks, Inc.
                           Vail Resorts Development Company
                           Beaver Creek Consultants, Inc.
                           Beaver Creek Associates, Inc.
                           Vail/Beaver Creek Resort Properties, Inc.
                           Vail Food Services, Inc.
                           Piney River Ranch, Inc.
                           Vail/Arrowhead, Inc.
                           Beaver Creek Food Services, Inc.
                           Vail Associates Holdings, Ltd.
                           Vail Associates Real Estate, Inc.
                           Vail Associates Consultants, Inc.
                           Vail Associates Management Company
                           Vail/Battle Mountain, Inc.
                           Gillett Group Management, Inc.
                           GHTV, Inc.
                           Gillett Broadcasting, Inc.
                           Gillett Broadcasting of Maryland, Inc.
                           Vail Summit Resorts, Inc.
                           Keystone Conference Services, Inc.
                           Keystone Development Sales, Inc.
                           Keystone Resort Property Management Company
                           Keystone Food & Beverage Company Lodge
                             Properties, Inc.
                           Lodge Realty, Inc.
                           The Village at Breckenridge Acquisition Corp., Inc.
                           Property Management Acquisition Corp., Inc.
                           Grand Teton Lodge Company
                           Larkspur Restaurant & Bar, LLC
                           Vail Associates Investments, Inc.
                           Vail Resorts Holdings, Inc.

                           By:    ________________________________________

                           Name:  ________________________________________
                                  Senior Vice President of each of the above

                                      24
<PAGE>

                                   EXHIBIT D
                                   ---------

                            COMPLIANCE CERTIFICATE
                       FOR _____________ ENDED__________

Bank of America, N.A., as Agent
Corporate Finance Group
901 Main Street, 67th Floor
Dallas, Texas 75202
Attn:  Natalie E. Hebert
       Fax:  (214) 209-0980

     Reference is made to the Amended and Restated Credit Agreement dated as of
May 1, 1999 (as amended, supplemented or restated, the "Credit Agreement"),
among THE VAIL CORPORATION, the Lenders named therein, Bank of America N.A., as
Agent, and Banc of America Securities LLC.  Unless otherwise defined herein, all
capitalized terms have the meanings given to such terms in the Credit Agreement.

     This certificate is delivered pursuant to Section 8.1 of the Credit
Agreement.

     I certify to Agent that I am the Chief Financial Officer of Borrower on the
date hereof and that:

     1.  The financial statements attached hereto were prepared in accordance
with GAAP (except for the omission of footnotes from financial statements
delivered pursuant to Section 8.1(b)) and present fairly, in all material
respects, the consolidated financial condition and results of operations of the
Companies as of, and for the _____________ ending on ________________ (the
"Subject Period").

     2.  During the Subject Period, no Default or Potential Default has occurred
which has not been cured or waived (except for any Defaults set forth on the
attached schedule).

     3.  Evidence of compliance by Borrower with the financial covenants of
Section 10 of the Credit Agreement as of the last day of the Subject Period is
set forth on the attached calculation worksheet.

                                    Very truly yours,

                                    ________________________________________
                                    Name:  _________________________________
                                           Chief Financial Officer

                                      25
<PAGE>

                             Annex A to Exhibit D
                             --------------------

                    CREDIT FACILITY COVENANTS CALCULATIONS

                         ___________________, ________

                                                                    _____ Months
                                                                  Ended    -   -
                                                                  --------------

10.1(a)  FUNDED DEBT TO RESORT EBITDA RATIO:

    (i)  FUNDED DEBT OF THE RESTRICTED COMPANIES:

           (A)  Funded Debt of the Companies per the
                Financial Statements                              $

           (B)  Minus the following items of Funded Debt for
                the following Unrestricted Subsidiaries:

                  (1)  SSI Venture LLC (48.1% non-membership
                       interest)                                  (            )
                  (2)  Eagle Park Reservoir Company               (            )
                  (3)  _________________________                  (            )

           (C)  Plus the principal portion of all Capital
                Lease obligations of the Companies per the
                Financial Statements                              $

           (D)  Minus the principal portion of the following
                Capital Lease obligations for the following
                Unrestricted Subsidiaries:

                  (1)  SSI Venture LLC                            (            )
                  (2)  Eagle Park Reservoir Company               (            )
                  (3)  _________________________                  (            )

           TOTAL FUNDED DEBT OF THE RESTRICTED COMPANIES          $
                                                                   ============

    (ii)  RESORT EBITDA:

           Paragraph (a) of the definition of Resort EBITDA
           equals the sum of:

           (A)  EBITDA of the Companies for the last four
                fiscal quarters per the Financial Statements      $

           (B)  Plus pro forma EBITDA for assets acquired during
                such period                                       $

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

           (D)  Minus EBITDA for such period related to real
                estate activities                                 (            )

           (E)  Minus the following EBITDA for such period
                attributable to the following Unrestricted
                Subsidiaries:

                  (1)  SSI Venture LLC (48.1% non-membership
                       interest)                                  (            )
                  (2)  Eagle Park Reservoir Company               (            )
                  (3)  ________________________                   (            )

           Resort EBITDA of the Restricted Companies under
           Paragraph (a)                                          $

           Paragraph (b) of the definition of Resort EBITDA
           equals:

                  EBITDA for the period related to real estate
                  activities of the Restricted Companies in an
                  amount not greater than 10% of the total under
                  Paragraph (a) of the definition of Resort
                  EBITDA                                          $

           TOTAL RESORT EBITDA OF THE RESTRICTED COMPANIES
           (equals the sum

                                      26
<PAGE>
                                                                    _____ Months
                                                                     Ended  -  -
                                                                    ------------

           of Paragraph (a) plus Paragraph (b))                     $

    Ratio

    Maximum Ratio

10.1(b)  SENIOR DEBT TO RESORT EBITDA RATIO:

    (i)  SENIOR DEBT OF THE RESTRICTED COMPANIES:

           (A)  Total Funded Debt of the Restricted Companies
                (from Part 10.1(a)(i) above)                        $

           (B)  Minus Subordinated Debt of the Restricted Companies (          )

           TOTAL SENIOR DEBT OF THE RESTRICTED COMPANIES            $

    (ii) TOTAL RESORT EBITDA OF THE RESTRICTED COMPANIES (from
         Part 10.1(a)(ii) above)                                    $
                                                                     ===========

    Ratio
                                                                     ===========
    Maximum Ratio
                                                                     ===========

                                      27
<PAGE>

10.2  MINIMUM FIXED CHARGE COVERAGE RATIO:

      (a)  COVERAGE

              (i)   Resort EBITDA for the last four fiscal
                    quarters (from 10.1(b) above)
                                                                   $
              (ii)  Minus "Adjusted Capital Expenditures" (as
                    defined in (S) 10.2 of the Agreement) for
                    such period                                    (           )
                                                                    -----------
                                                                   $
                                                                    ===========
      (b)  FIXED CHARGES

              (i)   Interest on the Obligation for the last four
                    fiscal quarters                                $
              (ii)  Plus scheduled principal and interest payments
                    on all other Funded Debt during such period    $
              (iii) Plus Distributions by VRI during such period   $
                                                                   $
                                                                    ===========

      Ratio                                                         ===========

      Minimum required ratio                                        ===========

10.3  INTEREST COVERAGE RATIO

      (a)  Resort EBITDA for the last four fiscal quarters (from
           10.1(b) above)                                          $

      (b)  Payments of interest on Funded Debt of the Restricted
           Companies in the last four fiscal quarters              $

      Ratio                                                         ===========

      Minimum required ratio                                        ===========

                                      28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]