Document:

Exhibit 10.11(b)

    Exhibit
      10.11(b)

     

    FIRST
      AMENDMENT CONSTRUCTION LOAN AGREEMENT 

     

    THIS
      FIRST AMENDMENT TO CONSTRUCTION LOAN AGREEMENT (this “Amendment”)
      dated
      December 1, 2005, but effective as of September 12, 2005, by and among GORE
      CREEK PLACE, LLC, a Colorado limited liability company (the “Borrower”);
      each
      of the lenders that is a signatory hereto identified under the caption “LENDERS”
on the signature pages hereto (individually, a “Lender”
and,
      collectively, the “Lenders”);
      and
      U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
      administrative agent for the Lenders (in such capacity, together with its
      successors in such capacity, the “Administrative
      Agent”).

     

    RECITALS:

     

    A.  On
      July
      19, 2005, Borrower, Lenders and Administrative Agent entered into that certain
      Construction Loan Agreement (the “Construction
      Loan Agreement”)
      pursuant to which the Lenders made a Commitment to Borrower to fund Loans in
      the
      maximum amount of $30,000,000 upon the terms and conditions set forth in the
      Construction Loan Agreement. Capitalized terms used herein without further
      definition shall have the meanings given such terms in the Construction Loan
      Agreement.

     

    B.  The
      parties hereto desire to amend the Loan Agreement to, among other things, (i)
      provide for a second measure of Release Price, and (ii) to amend certain
      financial reporting covenants all as more particularly set forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the foregoing, the mutual covenants contained
      in
      this Amendment, and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1.  Amendment.

     

    a.  Section
      1.01, Certain
      Defined Terms,
      of the
      Construction Loan Agreement is hereby amended by restating the definitions
      of
“Guarantor” and “Release Price” in their entirety and adding a new definition
“Par Loan Value” as follows:

     

    “Guarantor”
shall
      mean each of Vail Resorts, Inc., a Delaware corporation and The Vail
      Corporation, a Colorado corporation, and sometimes referred to collectively
      herein as “Guarantor.”

     

    “Release
      Price”
shall
      mean the amount paid by Borrower to Administrative Agent to obtain a release
      or
      partial release of the Security Instrument. The Release Price for each Unit
      shall be equal to the greater of (i) Net Sales Proceeds for each Unit; or (ii)
      125% of the Par Loan Value for the Unit being released.

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    “Par
      Loan Value”
shall
      mean the amount for each Unit set forth on Exhibit
      F
      attached
      hereto.

     

    b.  Section
      9.01(a), Information,
      of the
      Loan Agreement, is hereby amended by restating that section in its entirety
      as
      follows:

     

    9.01(a) Borrower
      shall deliver to Administrative Agent:

     

    (i) within
      one hundred twenty (120) days after the close of each fiscal year of Borrower,
      Borrower prepared annual financial statements, in form reasonably satisfactory
      to Administrative Agent and certified by Borrower as being true and correct
      in
      all material respects, including a balance sheet, a statement of cash flows
      and
      a statement of profit and loss setting forth in comparative form figures for
      the
      preceding fiscal year, prepared in accordance with GAAP

     

    (ii) within
      one hundred twenty (120) days after the close of each fiscal year of Guarantor
      Vail Resorts, Inc., audited annual financial statements of Vail Resorts, Inc.,
      including a balance sheet, a statement of cash flows, and a statement of profit
      and loss setting forth, in comparative form, figures for the preceding fiscal
      year, prepared in accordance with GAAP.

     

    (iii) within
      forty-five (45) days after the close of each fiscal quarter of Vail Resorts,
      Inc., quarterly financial statements of Guarantor Vail Resorts, Inc., in a
      form
      consistent with the financial statements previously provided to Administrative
      Agent by Vail Resorts, Inc., certified as true and correct by an authorized
      officer of Vail Resorts, Inc., and containing a balance sheet, statement of
      cash
      flows and a statement of profit and loss.

     

    (iv) within
      ninety (90) days after the close of each fiscal year of Guarantor Vail Resorts,
      Inc., a statement of annual cash flow projections for Vail Resorts,
      Inc.

     

    (v) within
      five (5) days after furnishing to the Lenders under the Vail Corporation’s
      Principal Bank Credit Facility, a copy of the compliance certificate required
      thereunder.

     

    2.  Section
      12.02(a), Remedies,
      of the
      Loan Agreement, is hereby amended by restating that section in its entirety
      as
      follows:

     

    (a) In
      the
      case of an Event of Default other than one referred to in Sections
      12.01 (d)
      or
12.01
      (g)
      with
      respect to Borrower, terminate the Commitments and/or declare the Outstanding
      Principal Amount, and the accrued interest on the Loans and all other amounts
      payable by Borrower hereunder (including any amounts payable under Section
      5.05)
      and
      under the Notes and the other Loan Documents to be forthwith due and payable
      whereupon such amounts shall be immediately due and payable without presentment,
      demand, protest or other formalities of any kind, all of which are hereby
      expressly waived by Borrower; provided,
      however,
      that in
      the case of the occurrence of an Event of Default referred to in Sections
      12.01 (d)
      or
12.01(g)
      with
      respect to a Borrower Party, the Commitments shall automatically be terminated
      and the Outstanding Principal Amount, and the accrued interest on, the Loans
      and
      all other amounts payable by Borrower hereunder (including any amounts payable
      under Section
      5.05),
      under
      the Notes and the other Loan Documents shall automatically become immediately
      

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    due
      and
      payable without presentment, demand, protest or other formalities of any kind,
      all of which are hereby expressly waived by Borrower;

     

    3.  Representations
      and Warranties.
      Borrower hereby certifies to Lenders and Administrative Agent that as of the
      date of this Amendment (taking into consideration the transactions contemplated
      by this Amendment): (a) all of Borrower’s representations and warranties
      contained in the Construction Loan Agreement or any other Loan Documents are
      true, accurate, and complete in all material respects, and (b) after giving
      effect to this Amendment no Default or Event of Default has occurred under
      the
      Construction Loan Agreement or any other Loan Document. Without limiting the
      generality of the foregoing, Borrower represents and warrants that the execution
      and delivery of this Amendment has been authorized by all necessary action
      on
      the part of Borrower, that each person executing this Amendment on behalf of
      Borrower is duly authorized to do so, and that this Amendment constitutes the
      legal, valid, binding and enforceable obligation of Borrower.

     

    4.  Additional
      Documents.
      Borrower shall execute and deliver to Administrative Agent at anytime and from
      time to time such additional amendments to the Construction Loan Agreement,
      or
      any other Loan Documents as Administrative Agent may reasonably request to
      confirm and carry out the transactions contemplated hereby.

     

    5.  Continuation
      of the Construction Loan Agreement.
      Except
      as specified in this Amendment, the provisions of the Construction Loan
      Agreement, and all other Loan Documents remain in full force and effect. If
      there is a conflict between the terms of this Amendment and those of the
      Construction Loan Agreement, or any other Loan Documents, the terms of this
      Amendment will control.

     

    6.  Miscellaneous.

     

    a.  This
      Amendment is governed by and must be construed under the laws of the State
      of
      Colorado. This Amendment is binding upon and inures to the benefit of the
      parties hereto and their successors and permissible assigns.

     

    b.  This
      Amendment may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall constitute one
      instrument.

     

    c.  This
      Amendment and all documents to be executed and delivered hereunder may be
      delivered in the form of a facsimile copy, subsequently confirmed by delivery
      of
      the originally executed document.

     

    d.  Time
      is
      of the essence hereof with respect to the dates, terms and conditions of this
      Amendment and the documents to be delivered pursuant hereto.

     

    e.  This
      Amendment constitutes the entire agreement among Borrower, Lenders and
      Administrative Agent Concerning the subject matter of this Amendment. This
      Amendment may not be amended or modified orally, but only by a written agreement
      executed by Borrower, Lenders and Administrative Agent and designated as an
      amendment or modification of the Construction Loan Agreement.

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    

     

    f.  If
      any
      provision of this Amendment is held invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions of this
      Amendment shall not be impaired thereby.

     

    g.  The
      section headings herein are for convenience only and must not affect the
      construction hereof.

     

    h.  Except
      as
      expressly provided herein, execution of this Amendment is not intended to and
      shall not constitute a waiver by Lenders or Administrative Agent of any Default
      or Event of Default under the Construction Loan Agreement, or any Loan
      Documents.

     

    i. Lenders
      acknowledge and agree that if Borrower delivers, within thirty (30) days of
      the
      date hereof, any of the information required pursuant to Section 9.01 (a) of
      the
      Construction Loan Agreement (as amended by Section 1 (b) above) that is due
      but
      has not yet been delivered, Borrower shall be deemed to be in compliance with
      its obligations under that Section.

     

    

     

    [Remainder
      of Page Intentionally Left Blank-Signature Page
      Follows]

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment the date first stated
      above for the purposes set forth herein.

     

    BORROWER:

     

    GORE
      CREEK PLACE, LLC, a Colorado limited liability company

     

    By: The
      Vail
      Corporation, a Colorado corporation, its Managing Member

     

    By:
      /s/
      Jeffrey W. Jones 

    Jeffrey
      W. Jones 

    Senior
      Vice President & Chief Financial Officer

     

    LENDERS:

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association

     

    By:
      /s/
      Matthew W. Carrothers 

    Matthew
      W. Carrothers

    Vice
      President

     

    WELLS
      FARGO BANK, N.A., a national banking association

     

    By:
      /s/
      John W. McKinny 

    John
      W.
      McKinny

    Senior
      Vice President

     

    ADMINISTRATIVE
      AGENT:

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association

     

    By:
      /s/
      Matthew W. Carrothers 

    Matthew
      W. Carrothers

    Vice
      President

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    

    Guarantor
      acknowledges the foregoing amendments to the Construction Loan Agreement and
      that the obligations of Guarantor under the Completion Guaranty remain in full
      force and effect.

     

    GUARANTOR:

     

    THE
      VAIL
      CORPORATION, a Colorado corporation

     

    By:
      /s/
      Jeffrey W. Jones 

    Jeffrey
      W. Jones 

    Senior
      Vice President & Chief Financial Officer 

     

    VAIL
      RESORTS, INC., a Delaware corporation

     

    By:
      /s/
      Jeffrey W. Jones 

    Jeffrey
      W. Jones 

    Senior
      Vice President & Chief Financial Officer 

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      F

     

    
      	
              Loan
                Amount

            	
              $30,000,000

            	 
	
              Retail
                Value

            	
              $63,900,000

            	 
	
              Loan
                to "Retail" Value

            	
              0.46948357

            	 
	 	 	 
	
              Unit

            	
              Retail
                Value

            	
              Par
                Loan Value

            
	
              1

            	
              $3,050,000

            	
              $1,431,925

            
	
              2

            	
              $3,950,000

            	
              $1,854,460

            
	
              3

            	
              $3,550,000

            	
              $1,666,667

            
	
              4

            	
              $3,650,000

            	
              $1,713,615

            
	
              5

            	
              $4,500,000

            	
              $2,112,676

            
	
              6

            	
              $4,600,000

            	
              $2,159,624

            
	
              7

            	
              $3,850,000

            	
              $1,807,512

            
	
              8

            	
              $4,650,000

            	
              $2,183,099

            
	
              9

            	
              $3,650,000

            	
              $1,713,615

            
	
              10

            	
              $4,650,000

            	
              $2,183,099

            
	
              11

            	
              $4,550,000

            	
              $2,136,150

            
	
              12

            	
              $4,650,000

            	
              $2,183,099

            
	
              13

            	
              $3,650,000

            	
              $1,713,615

            
	
              14

            	
              $3,550,000

            	
              $1,666,667

            
	
              15

            	
              $3,450,000

            	
              $1,619,718

            
	
              16

            	
              $3,950,000

            	
              $1,854,460

            
	
              TOTAL

            	
              $63,900,000

            	
              $30,000,000

            

    

    

    
      
        
        

      

      
        67Exhibit 10.11(c)

    Exhibit
      10.11(c)

     

    SECOND
      AMENDMENT TO LOAN AGREEMENT 

     

    THIS
      SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”)
      is
      dated this 5th day of July, 2006, by and among GORE CREEK PLACE, LLC, a Colorado
      limited liability company (the “Borrower”);
      each
      of the lenders that is a signatory hereto identified under the caption “LENDERS”
on the signature pages hereto (individually, a “Lender”
and,
      collectively, the “Lenders”);
      and
      U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
      administrative agent for the Lenders (in such capacity, together with its
      successors in such capacity, the “Administrative
      Agent”).

     

    RECITALS:

     

    A.  On
      July
      19, 2005, Borrower, Lenders and Administrative Agent entered into that certain
      Construction Loan Agreement, as amended by that certain First Amendment to
      Loan
      Agreement dated effective September 12, 2005 (collectively, the “Construction
      Loan Agreement”),
      pursuant to which the Lenders made a Commitment to Borrower to fund Loans in
      the
      maximum amount of $30,000,000 upon the terms and conditions set forth in the
      Construction Loan Agreement. Capitalized terms used herein without further
      definition shall have the meanings given such terms in the Construction Loan
      Agreement.

     

    B.  The
      parties hereto desire to amend the Loan Agreement to amend the definition of
      Net
      Sales Proceeds as more particularly set forth herein.

     

    NOW,
      THEREFORE, in consideration of the foregoing, the mutual covenants contained
      in
      this Amendment, and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1.  Amendment.

     

    a.  Section
      1.01, Certain
      Defined Terms,
      of the
      Construction Loan Agreement is hereby amended by restating the definition of
      “Net Sales Price” as follows:

     

    “Net
      Sales Proceeds”
shall
      mean (a) with respect to a request for a release of a Unit from the lien of
      the
      Security Instrument, the actual sales price of the Unit pursuant to a Qualified
      Purchase Contract less Earnest Money Deposit, if applicable, and less
      commissions and closing costs paid by Borrower to third parties; provided,
      however, in no event shall such commissions and closing costs exceed ten percent
      (10%) of the actual Unit sales price; (b) with respect to a casualty, the net
      amount of all Insurance Proceeds received by Administrative Agent pursuant
      to
      any Policies as a result of any Casualty, after deduction of Administrative
      Agent’s costs and expenses (including, but not limited to, reasonable counsel
      fees), if any, in collecting same, and (c) with respect to a Condemnation,
      the net amount of any Condemnation Award, after deduction of Administrative
      Agent’s costs and expenses (including, but not limited to, reasonable counsel
      fees), if any, in collecting same.

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    

     

    2.  Representations
      and Warranties.
      Borrower hereby certifies to Lenders and Administrative Agent that as of the
      date of this Amendment (taking into consideration the transactions contemplated
      by this Amendment): (a) all of Borrower’s representations and warranties
      contained in the Construction Loan Agreement or any other Loan Documents are
      true, accurate, and complete in all material respects, and (b) after giving
      effect to this Amendment no Default or Event of Default has occurred under
      the
      Construction Loan Agreement or any other Loan Document. Without limiting the
      generality of the foregoing, Borrower represents and warrants that the execution
      and delivery of this Amendment has been authorized by all necessary action
      on
      the part of Borrower, that each person executing this Amendment on behalf of
      Borrower is duly authorized to do so, and that this Amendment constitutes the
      legal, valid, binding and enforceable obligation of Borrower.

     

    3.  Additional
      Documents.
      Borrower shall execute and deliver to Administrative Agent at anytime and from
      time to time such additional amendments to the Construction Loan Agreement,
      or
      any other Loan Documents as Administrative Agent may reasonably request to
      confirm and carry out the transactions contemplated hereby.

     

    4.  Continuation
      of the Construction Loan Agreement.
      Except
      as specified in this Amendment, the provisions of the Construction Loan
      Agreement, and all other Loan Documents remain in full force and effect. If
      there is a conflict between the terms of this Amendment and those of the
      Construction Loan Agreement, or any other Loan Documents, the terms of this
      Amendment will control.

     

    5.  Miscellaneous.

     

    a.  This
      Amendment is governed by and must be construed under the laws of the State
      of
      Colorado. This Amendment is binding upon and inures to the benefit of the
      parties hereto and their successors and permissible assigns.

     

    b.  This
      Amendment may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall constitute one
      instrument.

     

    c.  This
      Amendment and all documents to be executed and delivered hereunder may be
      delivered in the form of a facsimile copy, subsequently confirmed by delivery
      of
      the originally executed document.

     

    d.  Time
      is
      of the essence hereof with respect to the dates, terms and conditions of this
      Amendment and the documents to be delivered pursuant hereto.

     

    e.  This
      Amendment constitutes the entire agreement among Borrower, Lenders and
      Administrative Agent concerning the subject matter of this Amendment. This
      Amendment may not be amended or modified orally, but only by a written agreement
      executed by Borrower, Lenders and Administrative Agent and designated as an
      amendment or modification of the Construction Loan Agreement.

     

    f.  If
      any
      provision of this Amendment is held invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions of this
      Amendment shall not be impaired thereby.

     

    g.  The
      section headings herein are for convenience only and must not affect the
      construction hereof.

     

    h.  Except
      as
      expressly provided herein, execution of this Amendment is not intended to and
      shall not constitute a waiver by Lenders or Administrative Agent of any Default
      or Event of Default under the Construction Loan Agreement, or any Loan
      Documents.

     

    [Remainder
      of Page Intentionally Left Blank-Signature Page
      Follows]

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment the date first stated
      above for the purposes set forth herein.

     

    BORROWER:

     

    GORE
      CREEK PLACE, LLC, a Colorado limited liability company

     

    By: The
      Vail
      Corporation, a Colorado corporation, its Managing Member

     

    By:
      /s/
      Jack D. Hunn 

    Name:
      Hack D. Hunn 

    Title:
      Senior Vice President 

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    LENDERS:

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association

     

    By:
      /s/
      Matthew W. Carrothers 

    Matthew
      W. Carrothers

    Vice
      President

     

    WELLS
      FARGO BANK, N.A., a national banking association

     

    By:
      /s/
      John W. McKinny 

    John
      W.
      McKinny

    Senior
      Vice President

     

    ADMINISTRATIVE
      AGENT:

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association

     

    By:
      /s/
      Matthew W. Carrothers 

    Matthew
      W. Carrothers

    Vice
      President

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    

    Guarantor
      acknowledges the foregoing amendments to the Construction Loan Agreement and
      that the obligations of Guarantor under the Completion Guaranty remain in full
      force and effect.

     

    GUARANTOR:

     

    THE
      VAIL
      CORPORATION, a Colorado corporation

     

    By:
      /s/
      Jeffrey W. Jones 

    Name:
      Jeffrey W. Jones 

    Title:
      Senior Executive Vice President 

     

    VAIL
      RESORTS, INC., a Delaware corporation

     

    By:
      /s/
      Jeffrey W. Jones 

    Name:
      Jeffrey W. Jones 

    Title:
      Senior Executive Vice President 

     

    

     

    
      
        
        

      

      
        72

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