Document:

Supplemental Indenture

 Exhibit 4.1(j) 

 
  

SUPPLEMENTAL INDENTURE 
 Dated as of November 15, 2010 
 to 

INDENTURE 
 Dated
as of January 29, 2004 
 among 
 VAIL RESORTS, INC., as Issuer, 
 the Guarantors named therein, as Guarantors,

 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 

 
  

6 
3/4 % Senior Subordinated Notes due 2014 

 SUPPLEMENTAL INDENTURE, dated as of November 15, 2010, among Vail Resorts, Inc., a
Delaware corporation (the “Issuer”), the Guarantors named on the signature pages hereto (the “Guarantors”), the Additional Guarantor named on the signature page hereto (the “Additional Guarantor”),
and The Bank of New York Mellon Trust Company, N.A., as successor trustee to The Bank of New York, as Trustee (the “Trustee”). 
 WHEREAS, the Issuer and the Guarantors have heretofore executed and delivered to the Trustee an Indenture dated as of January 29, 2004 (the “Indenture”) providing for the issuance of
$390,000,000 aggregate principal amount of 6 3/4%
Senior Subordinated Notes due 2014 of the Company (the “Notes”); and 
 WHEREAS, subsequent to the
execution of the Indenture and the issuance of $390,000,000 aggregate principal amount of the Notes, the Additional Guarantor has become a guarantor under the Credit Agreement; and 

WHEREAS, pursuant to and as contemplated by Sections 4.18 and 9.01 of the Indenture, the parties hereto desire to execute and deliver
this Supplemental Indenture for the purpose of providing for the Additional Guarantor to expressly assume all the obligations of a Guarantor under the Notes and the Indenture; 
 NOW, THEREFORE, in consideration of the above premises, each party agrees, for the benefit of the other and for the equal and ratable benefit of the Holders of the Notes, as follows: 

I. 
 ASSUMPTION
OF GUARANTEES 
 The Additional Guarantor, as provided by Section 4.18 of the Indenture, jointly and severally, hereby
unconditionally expressly assumes all of the obligations of a Guarantor under the Notes and the Indenture to the fullest as set forth in Article 12 of the Indenture; and the Additional Guarantor may expressly exercise every right and power of a
Guarantor under the Indenture with the same effect as if it had been named a Guarantor therein. 

  
 1 

 II. 
 MISCELLANEOUS PROVISIONS 
 A. Terms Defined. 

For all purposes of this Supplemental Indenture, except as otherwise defined or unless the context otherwise requires, terms used in
capitalized form in this Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture. 
 B.
Indenture. 
 Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the
terms shall remain in full force and effect. 
 C. Governing Law. 

THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, AS
APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 D. Successors. 
 All agreements of the Company, the Guarantors and the
Additional Guarantor in this Supplemental Indenture, the Notes and the Guarantees shall bind their respective successors. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

E. Duplicate Originals. 
 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement. 

F. Trustee Disclaimer. 
 The Trustee is not responsible for the validity or sufficiency of this Supplemental Indenture. 

  
 2 

 SIGNATURES 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above. 

 

			
	ISSUER:
	
	VAIL RESORTS, INC.
		
	 By:
	 	 /S/ JEFFREY W. JONES

		 	 Name: Jeffrey W. Jones

		 	Title: Senior Executive Vice President and Chief
		 	Financial Officer
	
	 GUARANTORS:
  

		 	 All Media Holdings, Inc.
 All Media Associates, Inc.
 Arrabelle at Vail Square, LLC

Beaver Creek Associates, Inc.
 Beaver Creek
Consultants, Inc.
 Beaver Creek Food Services, Inc.
 Breckenridge Resort Properties, Inc.
 Bryce Canyon Lodge Company

Colter Bay Corporation
 Colter Bay Convenience
Store, LLC
 Colter Bay General Store, LLC
 Colter Bay Café Court, LLC
 Colter Bay Marina, LLC

Crystal Peak Lodge of Breckenridge, Inc.

Delivery Acquisition, Inc.
 Gillett Broadcasting,
Inc.
 Grand Teton Lodge Company

Heavenly Valley, Limited Partnership
 Jackson
Hole Golf and Tennis Club, Inc.
 Jackson Hole Golf & Tennis Club Snack Shack, LLC
 Jackson Lake Lodge Corporation
 Jenny Lake Lodge, Inc.

Jenny Lake Store, LLC
 JHL&S LLC

Keystone Conference Services, Inc.
 Keystone
Development Sales, Inc.
 Keystone Food and Beverage Company
 Keystone Resort Property Management Company
 Lodge Properties, Inc.

Lodge Realty, Inc.

  
 3 

  

	
	 Mesa Verde Lodge Company

National Park Hospitality Company
 One Ski Hill
Place, LLC
 Property Management Acquisition Corp., Inc.
 RCR Vail, LLC
 Rockresorts Arrabelle, LLC
 Rockresorts Cheeca, LLC
 Rockresorts Cordillera Lodge Company, LLC

Rockresorts DR, LLC
 Rockresorts Equinox,
Inc.
 Rockresorts Hotel Jerome, LLC

Rockresorts International, LLC
 Rockresorts
LLC
 Rockresorts LaPosada, LLC

Rockresorts Rosario, LLC
 Rockresorts (St. Lucia)
Inc.
 Rockresorts Ski Tip, LLC

Rockresorts Tempo, LLC
 Rockresorts Third Turtle,
Ltd.
 Rockresorts Wyoming, LLC
 SOHO
Development, LLC
 SSI Venture LLC
 SSV
Holdings, Inc.
 Stampede Canteen, LLC

Teton Hospitality Services, Inc.
 The Chalets at
the Lodge at Vail, LLC
 The Vail Corporation
 The Village at Breckenridge Acquisition Corp., Inc.
 Vail Associates Holdings, Ltd.

Vail Associates Investments, Inc.
 Vail
Associates Real Estate, Inc.
 Vail Food Services, Inc.
 Vail Holdings, Inc.
 Vail Hotel Management Company, LLC

Vail Resorts Development Company
 Vail Resorts
Lodging Company
 Vail Summit Resorts, Inc.
 Vail Trademarks, Inc.
 Vail/Arrowhead, Inc.
 Vail/Beaver Creek Resort Properties, Inc.
 VAMHC, Inc.

Vail RR, Inc.
 VA Rancho Mirage I,
Inc.
 VA Rancho Mirage II, Inc.
 VA
Rancho Mirage Resort, L.P.
 VR Heavenly I, Inc.
 VR Heavenly II, Inc.
 VR Holdings, Inc.
 Zion Lodge Company

  
 4 

  

			
	Each by its authorized officer or signatory:
		
	By:	 	 /S/ JEFFREY W. JONES

		 	Name: Jeffrey W. Jones
		 	Title: Senior Executive Vice President and
		 	Chief Financial Officer of each Guarantor listed above

  
 5 

  

			
	ADDITIONAL GUARANTOR:
	
	LAKE TAHOE LODGING COMPANY, a Colorado corporation
		
	By:	 	 /S/ JEFFREY W. JONES

	Name:	 	Jeffrey W. Jones
	Title:	 	Senior Executive Vice President
		 	and Chief Financial Officer

  
 6 

  

			
	TRUSTEE:
	
	THE BANK OF NEW YORK MELLON TRUST
    COMPANY, N.A., as Trustee
		
	By:	 	 /S/ JOHN A. (ALEX) BRIFFETT

		 	Name:  John A. (Alex) Briffett
		 	Title:    Authorized Signatory

  
 7Consent, Waiver and Fifth Amendment to Restated Credit Agreement

 Exhibit 10.1 

CONSENT, WAIVER AND FIFTH AMENDMENT TO 
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 This CONSENT, WAIVER
AND FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of October 25, 2010, 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, that certain Second Amendment to Fourth Amended and Restated Credit Agreement dated as of February 17, 2006, that certain Limited Waiver, Release, and Third Amendment to Fourth Amended and Restated
Credit Agreement dated as of March 13, 2007, and that certain Fourth Amendment to Fourth Amended and Restated Credit Agreement dated as of April 30, 2008 (as previously amended, as amended hereby, and as further amended, restated, or
modified from time to time, the “Credit Agreement”), providing for revolving credit loans, letters of credit, and swing line loans. 
 B. The Company has notified the Administrative Agent that a to be formed wholly-owned Subsidiary of the Company (“Northstar Parent”), will enter into a Purchase and Sale Agreement
(the “Purchase and Sale Agreement”) with Booth Creek Resort Properties, LLC and the other parties named therein, as sellers (collectively, the “Sellers”), pursuant to which Northstar Parent will
acquire all of the Equity Interests of BCRP, Inc. and Northstar Group Commercial Property LLC (collectively with their respective Subsidiaries, the “Acquired Subsidiaries”; the Acquired Subsidiaries and Northstar Parent are
collectively, the “Northstar Subsidiaries”) from Sellers (the “Northstar Acquisition”). 
 C. The Company is required, pursuant to Section 10.11(c)(iv) of the Credit Agreement, to deliver to the Administrative Agent, at least 15 days prior to the closing date of any acquisition for
which the Purchase Price exceeds $50,000,000, (i) a written description of the acquisition, including the funding sources, Purchase Price, and calculations demonstrating pro forma compliance with the terms and conditions of the Loan Papers
after giving effect thereto (including compliance with applicable financial covenants), and (ii) a copy of the executed purchase agreement relating to the acquisition (and, to the extent available, all schedules and exhibits thereto)
(collectively, the “Permitted Acquisition Delivery Requirements”). The Company has requested that the Lenders consent to the Northstar Acquisition, notwithstanding the Company’s inability to deliver the Permitted
Acquisition Delivery Requirements 15 days prior to the closing date of the Northstar Acquisition. 
 D. The Acquired
Subsidiaries lease all of their real property and substantially all of their personal property from CNL Income Northstar, LLC, CNL Income Northstar Commercial, LLC, and CNL Income Northstar TRS Corp. pursuant to (i) that certain Lease
Agreement, dated as of January 20, 2007, by and between CNL Income Northstar, LLC, as lessor, and Trimont Land Company, a California corporation, as lessee, as amended by that certain First Amendment to Lease Agreement, dated as of
June 10, 2007, that certain Second Amendment to Lease Agreement, dated as of November 15, 2007, that certain Third Amendment to Lease Agreement, dated as of November 15, 2007, that certain Fourth Amendment to Lease Agreement, dated as
of November 1, 2008, and that certain Fifth Amendment to Lease Agreement, dated as of August 1, 2009, (ii) that certain Personal Property Lease Agreement by and 
 between CNL Income Northstar TRS Corp., a Delaware corporation, as lessor, and Trimont Land Company, a California corporation, as lessee, dated as of January 20, 2007, as amended by that certain
First Amendment to Personal Property Lease, dated as of November 1, 2008, and that certain Second Amendment to Personal Property Lease Agreement, dated as of August 1, 2009, and (iii) that certain Lease Agreement, dated as of
October 2, 2007, by and between CNL Income Northstar Commercial, LLC, a Delaware limited liability company, as lessor, and Northstar Group Commercial Properties, LLC, a Delaware limited liability company, as lessee, as amended by that certain
First Amendment to Lease Agreement, dated as of November 15, 2007, that certain Second Amendment to Lease Agreement dated as of April 8, 2009, that certain Third Amendment to Lease Agreement, dated as of July 30, 2009, and that
certain Fourth Amendment to Lease Agreement, dated as of August 1, 2009 (collectively, the “Northstar Leases”). 

 E. The Company intends to designate the Northstar Subsidiaries as “Restricted
Subsidiaries” under the Credit Agreement, and has requested that the Lenders (i) include the Northstar Leases in the definition of “Permitted Debt”, but exclude the Northstar Leases from the definition of
“Funded Debt”, in each case solely to the extent the Northstar Leases constitute Capital Leases, (ii) waive the provisions in Section 9.10(b) of the Credit Agreement requiring the pledge of Equity Interests in the
Northstar Subsidiaries to the Administrative Agent for the benefit of the Lenders, and (iii) exclude the Northstar Leases from the restrictions in Section 10.16 of the Credit Agreement related to Burdensome Agreements. 

Subject to the terms and conditions set forth herein, the Company, the Required Lenders party hereto, the Guarantors (by execution of the
attached Guarantors’ Consent and Agreement), and the Administrative Agent agree as follows: 
 1. Amendments. 

(a) New Definitions. Section 1.1 of the Credit Agreement (Definitions) is amended by inserting the following new
definitions alphabetically to read as follows: 
 Northstar Acquisition means the acquisition
consummated in connection with that certain Purchase and Sale Agreement, dated as of the Effective Date, between Northstar Parent and Booth Creek Resort Properties, LLC and the other entities party thereto as sellers (collectively, the
“Northstar Sellers”), pursuant to which Northstar Parent acquired all of the interests of BCRP, Inc. and Northstar Group Commercial Property LLC from the Northstar Sellers. 

Northstar Leases means, collectively, (a) that certain Lease Agreement, dated as of January 20,
2007, by and between CNL Income Northstar, LLC, as lessor, and Trimont Land Company, a California corporation, as lessee, as amended by that certain First Amendment to Lease Agreement, dated as of June 10, 2007, that certain Second Amendment to
Lease Agreement, dated as of November 15, 2007, that certain Third Amendment to Lease Agreement, dated as of November 15, 2007, that certain Fourth Amendment to Lease Agreement, dated as of November 1, 2008, and that certain Fifth
Amendment to Lease Agreement, dated as of August 1, 2009, (b) that certain Personal Property Lease Agreement by and between CNL Income Northstar TRS Corp., a Delaware corporation, as lessor, and Trimont Land Company, a California
corporation, as lessee, dated as of January 20, 2007, as amended by that certain First Amendment to Personal Property Lease, dated as of November 1, 2008, and that certain Second Amendment to Personal Property Lease Agreement, dated as of
August 1, 2009, and (c) that certain Lease Agreement, dated as of October 2, 2007, by and between CNL Income Northstar Commercial, LLC, a Delaware limited liability company, as lessor, and Northstar Group Commercial Properties, LLC, a
Delaware limited liability company, as lessee, as amended by that certain First Amendment to Lease Agreement, dated as of November 15, 2007, that certain Second Amendment to Lease Agreement dated as of April 8, 2009, that certain Third
Amendment to Lease Agreement, dated as of July 30, 2009, and that certain Fourth Amendment to Lease Agreement, dated as of August 1, 2009, each as amended from time to time. 

 Northstar Parent means a Restricted Company that is the owner
of 100% of the direct or indirect Equity Interests of the Northstar Subsidiaries. 
 Northstar
Subsidiaries means, collectively, Northstar Parent and each direct and indirect Subsidiary thereof. 
 (b)
Modification of the Definition of “Adjusted EBITDA”. Section 1.1 of the Credit Agreement (Definitions) is amended by modifying the definition of “Adjusted EBITDA” to replace the period at the end of the
first sentence thereof with a comma and insert the following thereafter: 
 “minus (d) for any payments
by the Northstar Subsidiaries in respect of the portion of the Northstar Leases, if any, that is classified as a Capital Lease, the amount of such payment that would have been recorded as operating lease expense had such portion of the Northstar
Leases been classified as an operating lease.” 
 (c) Modification of the Definition of “Funded Debt”.
Section 1.1 of the Credit Agreement (Definitions) is amended by revising clause (b) of the definition of “Funded Debt” to read as follows: 

“(b) all Capital Lease obligations (other than (x) the interest component of such obligations and
(y) obligations under the Northstar Leases (to the extent such leases constitute Capital Leases)) of SSI or any Restricted Company, plus” 
 (d) Modification of the Definition of “Permitted Debt”. Section 1.1 of the Credit Agreement (Definitions) is amended by renumbering clause (e)(v) of the definition of
“Permitted Debt” as clause (e)(vi), and adding the following new clause (e)(v) thereto to read as follows: 
 “(v) if the Northstar Leases are Capital Leases, obligations of the Northstar Subsidiaries thereunder;” 
 (e) Modification of Limits on Burdensome Agreements. Section 10.16 (Burdensome Agreements) is amended by replacing the period at the end thereof with a semi-colon and inserting the
following thereafter: 
 “and (iii) the foregoing clauses (a) and (b) shall not
apply to the Northstar Leases.” 
 (f) Modification of Schedule 8.2. Schedule 8.2 of the Credit
Agreement (Corporate Organization and Structure) is revised as set forth on Annex A attached hereto. 
 (g)
Modification of Compliance Certificate. The Compliance Certificate is modified by revising Annex A thereto in its entirety as set forth on Annex B hereto. 

 2. Additional Agreements. 

(a) Restricted Subsidiaries. Each of the Northstar Subsidiaries is hereby designated a “Restricted Subsidiary”
under the Credit Agreement. 
 (b) Purchase Price. If the Northstar Leases constitute Capital Leases, then the Purchase
Price for the Northstar Acquisition shall not include any Debt attributable to such leases. 
 3. Consent and Waiver. Required
Lenders hereby (a) consent to the Northstar Acquisition, so long as (i) no Default or Potential Default exists or occurs as a result of, or after giving effect to, the Northstar Acquisition, and (ii) after giving effect to this
Amendment, the Company is in compliance with Section 10.11(c) of the Credit Agreement, and (b) waive the provisions in Section 9.10(b) of the Credit Agreement requiring the pledge of Equity Interests in the Northstar
Subsidiaries to the Administrative Agent for the benefit of the Lenders. 
 4. Representations and Warranties. As a material
inducement to the Lenders and the Administrative Agent to execute and deliver this 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 Amendment) that: (a) the Company and the Guarantors have all requisite authority and power to execute, deliver, and perform their respective obligations under this 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 party hereto, this 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 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 Amendment shall be effective on the date (the “Effective
Date”) upon which the Administrative Agent receives each of the following items: 
 (a) counterparts of this
Amendment executed by the Company, the Administrative Agent, and Required Lenders; 
 (b) the Guarantors’ Consent and
Agreement executed by each Guarantor; 
 (c) evidence satisfactory to the Administrative Agent and the Lenders that Northstar
Parent has acquired the Acquired Subsidiaries from the Sellers in accordance with the Purchase and Sale Agreement and on terms and conditions reasonably satisfactory to the Administrative Agent and the Lenders; 

(d) an agreement executed by CNL Income Northstar, LLC, CNL Income Northstar Commercial, LLC, and CNL Income Northstar TRS Corp., in form
and substance satisfactory to the Administrative Agent and the Lenders, consenting to the Northstar Acquisition; 

 (e) the Permitted Acquisition Delivery Requirements, including, without limitation, a
written description of the Northstar Acquisition (including the funding sources, the Purchase Price, and calculations demonstrating pro forma compliance with the terms and conditions of the Loan Papers after giving effect to the Northstar
Acquisition (including compliance with the applicable financial covenants)), and a copy of the fully-executed Purchase and Sale Agreement; 
 (f) Officers’ Certificates 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; and 
 (g) a
certificate signed by a Responsible Officer certifying (i) that as of the Effective Date (A) all of the representations and warranties of the Companies in the Loan Papers are true and correct in all material respects (unless they
specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, or are based on facts which have changed by transactions contemplated or permitted by the Credit Agreement), and (B) no Default or
Potential Default exists under the Credit Agreement or would result from the execution and delivery of this Amendment, and (ii) the aggregate purchase price of the Northstar Acquisition. 
 6. Expenses. The Company shall pay all reasonable out-of-pocket fees and expenses paid or incurred by the Administrative Agent incident to this 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 Amendment and any related documents. 

7. Ratifications. The Company and each Guarantor (by executing the Guarantors’ Consent and Agreement attached hereto)
(a) ratifies and confirms all provisions of the Loan Papers, (b) ratifies and confirms that all Guaranties, assurances, and Liens granted, conveyed, or assigned to Administrative Agent, for the benefit of the Lenders, under the
Loan Papers are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment and performance of Company’s present and future obligations to Administrative Agent
and the Lenders, and (c) agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents, and certificates as Administrative Agent may reasonably request in order to create,
perfect, preserve, and protect those guaranties, assurances, and liens. 
 8. 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 Amendment, (c) this Amendment shall be governed by and construed in accordance with the laws of the State of New York, (d) if any part of this Amendment is for any reason found to be unenforceable, all other portions of it shall
nevertheless remain enforceable, (e) this 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 Amendment is a “Loan Paper” referred to in the Credit Agreement, and the provisions relating to Loan Papers in Section 15 of the Credit Agreement are
incorporated herein by reference, (g) this Amendment, the Credit Agreement, as amended by this 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 Amendment, the Credit Agreement, the Notes, and the other Loan Papers are unchanged and are ratified and confirmed.

 9. Parties. This 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
Amendment in multiple counterparts as of the date first above written. 
 Remainder of Page Intentionally Blank.

 Signature Pages to Follow. 

			
	 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,
		 	and Chief Executive Officer

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/S/ RONALDO NAVAL
	Name:	 	Ronaldo Naval                
	Title:	 	Vice President                

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

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

		
	By:	 	 /S/ DAVID MCCAULEY

	Name:	 	 David McCauley

	Title:	 	 Senior Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /S/ GREG BLANCHARD

	Name:	 	 Greg Blanchard

	Title:	 	 Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a Lender

		
	By:	 	 /S/ CATHERINE M. JONES

	Name:	 	 Catherine M. Jones

	Title:	 	 Senior Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as a Lender

		
	By:	 	 /S/ JAMES ROLISON

	Name:	 	 James Rolison

	Title:	 	 Managing Director

		
	By:	 	 /S/ PERRY FORMAN

	Name:	 	 Perry Forman

	Title:	 	 Director

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 JPMORGAN CHASE BANK, NA,
 as a Lender

		
	By:	 	 /S/ BRIAN MCDOUGAL

	Name:	 	 Brian McDougal

	Title:	 	 Senior Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 COMPASS BANK,

as a Lender

		
	By:	 	 /S/ ERIC R. LONG

	Name:	 	 Eric R. Long

	Title:	 	 Senior Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 COLORADO STATE BANK & TRUST,
 as a Lender

		
	By:	 	 /S/ KENT MUSTARI

	Name:	 	 Kent Mustari

	Title:	 	 Senior Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

			
	 COMERICA WEST INCORPORATED,
 as a Lender

		
	By:	 	 /S/ FATIMA ARSHAD

	Name:	 	 Fatima Arshad

	Title:	 	 Vice President

Signature Page to 
 Consent and Fifth Amendment to Fourth Amended and Restated Credit Agreement 

 GUARANTORS’ CONSENT AND AGREEMENT 

As an inducement to Administrative Agent and Required Lenders to execute, and in consideration of and as a condition to Administrative
Agent’s and Required Lenders’ execution of the foregoing Consent, Waiver and Fifth Amendment to Fourth Amended and Restated Credit Agreement (the “Fifth Amendment”), the undersigned hereby consent to the Fifth
Amendment, and agree that (a) the Fifth Amendment 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, and (b) the Guaranty executed by each Guarantor is ratified, and the “Guaranteed Indebtedness” includes, without limitation, the “Obligation” (as defined
in the Credit Agreement). This consent and agreement shall be binding upon the undersigned, and the respective successors and assigns of each, shall inure to the benefit of Administrative Agent and Lenders, and the respective successors and assigns
of each, and shall be governed by and construed in accordance with the laws of the State of New York. 
  

	
	Vail Resorts, Inc.
	Vail Holdings, Inc.
	All Media Associates, Inc.
	All Media Holdings, Inc.
	Arrabelle at Vail Square, LLC
	Beaver Creek Associates, Inc.
	Beaver Creek Consultants, Inc.
	Beaver Creek Food Services, Inc.
	Breckenridge Resort Properties, Inc.
	Bryce Canyon Lodge Company
	Colter Bay Café Court, LLC
	Colter Bay Convenience Store, LLC
	Colter Bay Corporation
	Colter Bay General Store, LLC
	Colter Bay Marina, LLC
	Crystal Peak Lodge of Breckenridge, Inc.
	Delivery Acquisition, Inc.
	Gillett Broadcasting, Inc.
	Grand Teton Lodge Company
	Heavenly Valley, Limited Partnership
	Jackson Hole Golf and Tennis Club, Inc.
	Jackson Hole Golf and Tennis Club Snack Shack, LLC
	Jackson Lake Lodge Corporation
	Jenny Lake Lodge, Inc.
	Jenny Lake Store, LLC
	JHL&S LLC
	Keystone Conference Services, Inc.
	Keystone Development Sales, Inc.
	Keystone Food and Beverage Company
	Keystone Resort Property Management Company
	Lodge Properties, Inc.

  

	
	Lodge Realty, Inc.
	Mesa Verde Lodge Company
	National Park Hospitality Company
	One Ski Hill Place, LLC
	Property Management Acquisition Corp., Inc.
	RCR Vail, LLC
	Rockresorts Arrabelle, LLC
	Rockresorts Cheeca, LLC
	Rockresorts Cordillera Lodge Company, LLC
	Rockresorts DR, LLC
	Rockresorts Equinox, Inc.
	Rockresorts Hotel Jerome, LLC
	Rockresorts International, LLC
	Rockresorts LaPosada, LLC
	Rockresorts LLC
	Rockresorts Rosario, LLC
	Rockresorts Ski Tip, LLC
	Rockresorts (St. Lucia) Inc.
	Rockresorts Tempo, LLC
	Rockresorts Third Turtle, Ltd.
	Rockresorts Wyoming, LLC
	SOHO Development, LLC
	SSI Venture LLC
	SSV Holdings, Inc.
	Stampede Canteen, LLC
	Teton Hospitality Services, Inc.
	The Chalets at the Lodge at Vail, LLC
	The Village at Breckenridge Acquisition Corp., Inc.
	VA Rancho Mirage I, Inc.
	VA Rancho Mirage II, Inc.
	VA Rancho Mirage Resort, L.P.
	Vail/Arrowhead, Inc.
	Vail Associates Holdings, Ltd.
	Vail Associates Investments, Inc.
	Vail Associates Real Estate, Inc.
	Vail/Beaver Creek Resort Properties, Inc.
	Vail Food Services, Inc.
	Vail Hotel Management Company, LLC
	Vail Resorts Development Company
	Vail Resorts Lodging Company
	Vail RR, Inc.
	Vail Summit Resorts, Inc.
	Vail Trademarks, Inc.
	VAMHC, Inc.
	VR Heavenly I, Inc.
	VR Heavenly II, Inc.
	VR Holdings, Inc.
	Zion Lodge Company

  

			
	By:	 	/S/ JEFFREY W. JONES            
	Name:	 	Jeffrey W. Jones
	Title:	 	Senior Executive Vice President and
		 	Chief Financial Officer

 ANNEX A 
 Schedule 8.2 

 

 

 ANNEX B 
 Annex A to Exhibit D of Compliance Certificate 

 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	  

									
	  	 	  	  	  	  	             Months
           Ended     	 
		 	(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)(Z) below):	  	 	($                          
)	  
				
		 		  	 (A)   Colter Bay Café Court, LLC
	  	 	($                          
)	  
		 		  	 (B)   Colter Bay Convenience Store, LLC
	  	 	($                          
)	  
		 		  	 (C)   Colter Bay Corporation
	  	 	($                          
)	  
		 		  	 (D)   Colter Bay General Store, LLC
	  	 	($                          
)	  
		 		  	 (E)   Colter Bay Marina, LLC
	  	 	($                          
)	  
		 		  	 (F)    Crystal Peak Lodge of Breckenridge, Inc.
	  	 	($                          
)	  
		 		  	 (G)   Gross Ventre Utility Company
	  	 	($                          
)	  
		 		  	 (H)   Jackson Hole Golf & Tennis Club Snack Shack, LLC
	  	 	($                          
)	  
		 		  	 (I)     Jackson Lake Lodge Corporation
	  	 	($                          
)	  
		 		  	 (J)    Jenny Lake Lodge, Inc.
	  	 	($                          
)	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 		  	 (K)   Jenny Lake Store, LLC
	  	 	($                          
)	  
		 		  	 (L)   Stampede Canteen, LLC
	  	 	($                          
)	  
		 		  	 (M)  Eagle Park Reservoir Company
	  	 	($                          
)	  
		 		  	 (N)   Rockresorts International Management Company
	  	 	($                          
)	  
		 		  	 (O)   Forest Ridge Holdings, Inc.
	  	 	($                          
)	  
		 		  	 (P)    Arrabelle at Vail Square, LLC
	  	 	($                          
)	  
		 		  	 (Q)   Gore Creek Place, LLC
	  	 	($                          
)	  
		 		  	 (R)   The Chalets at the Lodge at Vail, LLC
	  	 	($                          
)	  
		 		  	 (S)    RCR Vail, LLC
	  	 	($                          
)	  
		 		  	 (T)   Hunkidori Land Company, LLC
	  	 	($                          
)	  
		 		  	 (U)   TCRM Company
	  	 	($                          
)	  
		 		  	 (V)   VR Heavenly Concessions, Inc.
	  	 	($                          
)	  
		 		  	 (W)  Stagecoach Development, LLC
	  	 	($                          
)	  
		 		  	 (X)   Vail Resorts Lodging Company
	  	 	($                          
)	  
		 		  	 (Y)   La Posada Beverage Service, LLC
	  	 	($                          
)	  
		 		  	 (Z)   Other Unrestricted Subsidiaries not listed above
	  	 	($                          
)	  
				
		 	 (iii)
	  	Plus the principal portion of all Capital Lease obligations of the Companies (other than obligations under the Northstar Leases (to the extent such leases constitute Capital
Leases)):	  	 	$                          
  	  
				
		 	 (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)(Z) below):	  	 	($                          
)	  
				
		 		  	 (A)   Colter Bay Café Court, LLC
	  	 	($                          
)	  
		 		  	 (B)   Colter Bay Convenience Store, LLC
	  	 	($                          
)	  
		 		  	 (C)   Colter Bay Corporation
	  	 	($                          
)	  
		 		  	 (D)   Colter Bay General Store, LLC
	  	 	($                          
)	  
		 		  	 (E)   Colter Bay Marina, LLC
	  	 	($                          
)	  
		 		  	 (F)    Crystal Peak Lodge of Breckenridge, Inc.
	  	 	($                          
)	  
		 		  	 (G)   Gross Ventre Utility Company
	  	 	($                          
)	  
		 		  	 (H)   Jackson Hole Golf & Tennis Club Snack Shack, LLC
	  	 	($                          
)	  
		 		  	 (I)     Jackson Lake Lodge Corporation
	  	 	($                          
)	  
		 		  	 (J)    Jenny Lake Lodge, Inc.
	  	 	($                          
)	  
		 		  	 (K)   Jenny Lake Store, LLC
	  	 	($                          
)	  
		 		  	 (L)   Stampede Canteen, LLC
	  	 	($                          
)	  
		 		  	 (M)  Eagle Park Reservoir Company
	  	 	($                          
)	  
		 		  	 (N)   Rockresorts International Management Company
	  	 	($                          
)	  
		 		  	 (O)   Forest Ridge Holdings, Inc.
	  	 	($                          
)	  
		 		  	 (P)    Arrabelle at Vail Square, LLC
	  	 	($                          
)	  
		 		  	 (Q)   Gore Creek Place, LLC
	  	 	($                          
)	  
		 		  	 (R)   The Chalets at the Lodge at Vail, LLC
	  	 	($                          
)	  
		 		  	 (S)    RCR Vail, LLC
	  	 	($                          
)	  
		 		  	 (T)   Hunkidori Land Company, LLC
	  	 	($                          
)	  
		 		  	 (U)   TCRM Company
	  	 	($                          
)	  
		 		  	 (V)   VR Heavenly Concessions, Inc.
	  	 	($                          
)	  
		 		  	 (W)  Stagecoach Development, LLC
	  	 	($                          
)	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 		  	(X) Vail Resorts Lodging Company	  	 	($                          
)	  
		 		  	(Y) La Posada Beverage Service, LLC	  	 	($                          
)	  
		 		  	(Z) Other Unrestricted Subsidiaries not listed above	  	 	($                          
)	  
				
		 	 (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)(Z) below):	  	 	($                          
)	  
				
		 		  	 (A)   Colter Bay Café Court, LLC
	  	 	($                          
)	  
		 		  	 (B)   Colter Bay Convenience Store, LLC
	  	 	($                          
)	  
		 		  	 (C)   Colter Bay Corporation
	  	 	($                          
)	  
		 		  	 (D)   Colter Bay General Store, LLC
	  	 	($                          
)	  
		 		  	 (E)   Colter Bay Marina, LLC
	  	 	($                          
)	  
		 		  	 (F)    Crystal Peak Lodge of Breckenridge, Inc.
	  	 	($                          
)	  
		 		  	 (G)   Gross Ventre Utility Company
	  	 	($                          
)	  
		 		  	 (H)   Jackson Hole Golf & Tennis Club Snack Shack, LLC
	  	 	($                          
)	  
		 		  	 (I)     Jackson Lake Lodge Corporation
	  	 	($                          
)	  
		 		  	 (J)    Jenny Lake Lodge, Inc.
	  	 	($                          
)	  
		 		  	 (K)   Jenny Lake Store, LLC
	  	 	($                          
)	  
		 		  	 (L)   Stampede Canteen, LLC
	  	 	($                          
)	  
		 		  	 (M)  Eagle Park Reservoir Company
	  	 	($                          
)	  
		 		  	 (N)   Rockresorts International Management Company
	  	 	($                          
)	  
		 		  	 (O)   Forest Ridge Holdings, Inc.
	  	 	($                          
)	  
		 		  	 (P)    Arrabelle at Vail Square, LLC
	  	 	($                          
)	  
		 		  	 (Q)   Gore Creek Place, LLC
	  	 	($                          
)	  
		 		  	 (R)   The Chalets at the Lodge at Vail, LLC
	  	 	($                          
)	  
		 		  	 (S)    RCR Vail, LLC
	  	 	($                          
)	  
		 		  	 (T)   Hunkidori Land Company, LLC
	  	 	($                          
)	  
		 		  	 (U)   TCRM Company
	  	 	($                          
)	  
		 		  	 (V)   VR Heavenly Concessions, Inc.
	  	 	($                          
)	  
		 		  	 (W)  Stagecoach Development, LLC
	  	 	($                          
)	  
		 		  	 (X)   Vail Resorts Lodging Company
	  	 	($                          
)	  
		 		  	 (Y)   La Posada Beverage Service, LLC
	  	 	($                          
)	  
		 		  	 (Z)   Other Unrestricted Subsidiaries not listed above
	  	 	($                          
)	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 	 (x)
	  	Investments of the Companies in marketable obligations issued or unconditionally guaranteed by the U.S. or issued by any of its agencies and backed by the full faith and credit of
the U.S., in each case maturing within one year from the date of acquisition:	  	 	$                          
  	  
				
		 	 (xi)
	  	Investments of the Companies in short-term investment grade domestic and eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance
Corporation or are issued by commercial banks organized under the Laws of the U.S. or any of its states having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on its most recently published statement of
condition):	  	 	$                          
  	  
				
		 	 (xii)
	  	Investments of the Companies in commercial paper and similar obligations rated “P-1” by Moody’s or “A-1” by S&P:	  	 	$                          
  	  
				
		 	 (xiii)
	  	Investments of the Companies in readily marketable Tax-free municipal bonds of a domestic issuer rated “A-2” or better by Moody’s or “A” or
better by S&P, and maturing within one year from the date of issuance:	  	 	$                          
  	  
				
		 	 (xiv)
	  	Investments of the Companies in mutual funds or money market accounts investing primarily in items described in items 11.1(x) through
(xiii) above:	  	 	$                          
  	  
				
		 	 (xv)
	  	Investments of the Companies in demand deposit accounts maintained in the ordinary course of business:	  	 	$                          
  	  
				
		 	 (xvi)
	  	Investments of the Companies in short-term repurchase agreements with major banks and authorized dealers, fully collateralized to at least 100% of market value by marketable
obligations issued or unconditionally guaranteed by the U.S. or issued by any of its agencies and backed by the full faith and credit of the U.S.:	  	 	$                          
  	  
				
		 	 (xvii)
	  	Investments of the Companies in short-term variable rate demand notes that invest in tax-free municipal bonds of domestic issuers rated “A-2” or better by
Moody’s or “A” or better by S&P that are supported by irrevocable letters of credit issued by commercial banks organized under the laws of the U.S. or any of its states having combined capital, surplus, and undivided
profits of not less than $100,000,000:	  	 	$                          
  	  
				
		 	 (xviii)
	  	Temporary Cash Investments of the Companies (11.1(x) plus 11.1(xi) plus 11.1(xii)
plus 11.1(xiii) plus 11.1(xiv) plus 11.1(xv) plus 11.1(xvi) plus 11.1(xvii)):	  	 	$                          
  	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
				
		 	(xix)	  	Minus Temporary Cash Investments of the Unrestricted Subsidiaries (the sum of items 11.1(xix)(A) through 11.1(xix)(Z) below):	  	 	($                          
)	  
				
		 		  	 (A)   Colter Bay Café Court, LLC
	  	 	($                          
)	  
		 		  	 (B)   Colter Bay Convenience Store, LLC
	  	 	($                          
)	  
		 		  	 (C)   Colter Bay Corporation
	  	 	($                          
)	  
		 		  	 (D)   Colter Bay General Store, LLC
	  	 	($                          
)	  
		 		  	 (E)   Colter Bay Marina, LLC
	  	 	($                          
)	  
		 		  	 (F)    Crystal Peak Lodge of Breckenridge, Inc.
	  	 	($                          
)	  
		 		  	 (G)   Gross Ventre Utility Company
	  	 	($                          
)	  
		 		  	 (H)   Jackson Hole Golf & Tennis Club Snack Shack, LLC
	  	 	($                          
)	  
		 		  	 (I)     Jackson Lake Lodge Corporation
	  	 	($                          
)	  
		 		  	 (J)    Jenny Lake Lodge, Inc.
	  	 	($                          
)	  
		 		  	 (K)   Jenny Lake Store, LLC
	  	 	($                          
)	  
		 		  	 (L)   Stampede Canteen, LLC
	  	 	($                          
)	  
		 		  	 (M)  Eagle Park Reservoir Company
	  	 	($                          
)	  
		 		  	 (N)   Rockresorts International Management Company
	  	 	($                          
)	  
		 		  	 (O)   Forest Ridge Holdings, Inc.
	  	 	($                          
)	  
		 		  	 (P)    Arrabelle at Vail Square, LLC
	  	 	($                          
)	  
		 		  	 (Q)   Gore Creek Place, LLC
	  	 	($                          
)	  
		 		  	 (R)   The Chalets at the Lodge at Vail, LLC
	  	 	($                          
)	  
		 		  	 (S)    RCR Vail, LLC
	  	 	($                          
)	  
		 		  	 (T)   Hunkidori Land Company, LLC
	  	 	($                          
)	  
		 		  	 (U)   TCRM Company
	  	 	($                          
)	  
		 		  	 (V)   VR Heavenly Concessions, Inc.
	  	 	($                          
)	  
		 		  	 (W)  Stagecoach Development, LLC
	  	 	($                          
)	  
		 		  	 (X)   Vail Resorts Lodging Company
	  	 	($                          
)	  
		 		  	 (Y)   La Posada Beverage Service, LLC
	  	 	($                          
)	  
		 		  	 (Z)   Other Unrestricted Subsidiaries not listed above
	  	 	($                          
)	  
				
		 	(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):	  	 	$                          
  	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 	 (xxv)
	  	Plus pro forma EBITDA of the Restricted Companies for assets acquired during such period (excluding EBITDA of Restricted Companies from cash distributions from Real
Estate Joint Ventures that are Unrestricted Subsidiaries, to the extent such amounts are included in 11.1 (xxii)):	  	 	$                          
  	  
				
		 	 (xxvi)
	  	Minus for any payments by the Northstar Subsidiaries in respect of the portion of the Northstar Leases, if any, that is classified as a Capital Lease, the amount of such
payment that would have been recorded as operating lease expense had such portion of the Northstar Leases been classified as an operating lease:	  	 	$                          
  	  
				
		 	 (xxvii)
	  	Minus pro forma EBITDA of the Restricted Companies for assets disposed of during such period:	  	 	($                          
)	  
				
		 	 (xxviii)
	  	Minus EBITDA for such period attributable to the following Unrestricted Subsidiaries (sum of items 11.1(xxviii)(A) through 11.1(xxviii)(Z)
below):	  	 	($                          
)	  
				
		 		  	 (A)   Colter Bay Café Court, LLC
	  	 	($                          
)	  
		 		  	 (B)   Colter Bay Convenience Store, LLC
	  	 	($                          
)	  
		 		  	 (C)   Colter Bay Corporation
	  	 	($                          
)	  
		 		  	 (D)   Colter Bay General Store, LLC
	  	 	($                          
)	  
		 		  	 (E)   Colter Bay Marina, LLC
	  	 	($                          
)	  
		 		  	 (F)    Crystal Peak Lodge of Breckenridge, Inc.
	  	 	($                          
)	  
		 		  	 (G)   Gross Ventre Utility Company
	  	 	($                          
)	  
		 		  	 (H)   Jackson Hole Golf & Tennis Club Snack Shack, LLC
	  	 	($                          
)	  
		 		  	 (I)     Jackson Lake Lodge Corporation
	  	 	($                          
)	  
		 		  	 (J)    Jenny Lake Lodge, Inc.
	  	 	($                          
)	  
		 		  	 (K)   Jenny Lake Store, LLC
	  	 	($                          
)	  
		 		  	 (L)   Stampede Canteen, LLC
	  	 	($                          
)	  
		 		  	 (M)  Eagle Park Reservoir Company
	  	 	($                          
)	  
		 		  	 (N)   Rockresorts International Management Company
	  	 	($                          
)	  
		 		  	 (O)   Forest Ridge Holdings, Inc.
	  	 	($                          
)	  
		 		  	 (P)    Arrabelle at Vail Square, LLC
	  	 	($                          
)	  
		 		  	 (Q)   Gore Creek Place, LLC
	  	 	($                          
)	  
		 		  	 (R)   The Chalets at the Lodge at Vail, LLC
	  	 	($                          
)	  
		 		  	 (S)    RCR Vail, LLC
	  	 	($                          
)	  
		 		  	 (T)   Hunkidori Land Company, LLC
	  	 	($                          
)	  
		 		  	 (U)   TCRM Company
	  	 	($                          
)	  
		 		  	 (V)   VR Heavenly Concessions, Inc.
	  	 	($                          
)	  
		 		  	 (W)  Stagecoach Development, LLC
	  	 	($                          
)	  
		 		  	 (X)   Vail Resorts Lodging Company
	  	 	($                          
)	  
		 		  	 (Y)   La Posada Beverage Service, LLC
	  	 	($                          
)	  
		 		  	 (Z)   Other Unrestricted Subsidiaries not listed above
	  	 	($                          
)	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 	 (xxix)
	  	Adjusted EBITDA (11.1(xxiii) plus 11.1(xxiv) plus 11.1(xxv) minus 11.1(xxvi) minus
11.1(xxvii) minus 11.1(xxviii)):	  	 	$                 
           	  
				
		 	 (xxx)
	  	 Ratio of Net Funded Debt to Adjusted EBITDA
 (Ratio of 11.1(xxii) to 11.1(xxix)):
	  	 	                 
            	  
				
		 	 (xxxi)
	  	Maximum ratio of Net Funded Debt to Adjusted EBITDA permitted:	  	 	4.50 : 1.00	  
				
		 	 (xxxii)
	  	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 from the offering, issuance, or sale of equity securities of a Restricted Company after October 31, 2004 (other than Net
Proceeds received from another Company or from the exercise of employee stock options):	  	 	$                          
  	  
				
		 	 (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 expense 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):	  	 	$                          
  	  

									
	 	 	 	  	  	  	             Months
           Ended     	 
		 	(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 during each fiscal year (excluding (i) normal replacements and maintenance
which are properly charged to current operations, and (ii) expenditures relating to real estate held for resale):	  	 	$                          
  	  
				
		 	(b)	  	Total Assets of the Restricted Companies (and, if SSI is not a Restricted Company, Borrower’s Ownership Percentage of the total assets of SSI) as of the last day of the fiscal
year:	  	 	$                          
  	  
				
		 	(c)	  	Maximum capital expenditures permitted (15% of Total Assets of the Restricted Companies (and, if SSI is not a Restricted Company, Borrower’s Ownership Percentage of the total
assets of SSI) 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

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