Document:

Exhibit

Exhibit 10.2

FIRST AMENDMENT TO
SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

This FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of December 4, 2015, but effective as of the Effective Date (hereinafter defined), among VAIL HOLDINGS, INC., a Colorado corporation (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 Seventh Amended and Restated Credit Agreement dated as of May 1, 2015, 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 hereby, and as further amended, restated, or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein have the meanings set forth in the Credit Agreement), providing for revolving credit loans, letters of credit, and swing line loans.  

B.    The Company has requested that Section 10.9(d)(ii) of the Credit Agreement be amended to allow the Company to make unlimited Distributions if it has Availability and Unrestricted Cash in an aggregate amount of at least $75,000,000 and the Total Leverage Ratio is less than 3.75 to 1.00.

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 to the Credit Agreement.  Effective as of the Effective Date, the parties hereto agree that:

(a)    Modification of Section 10.9(d)(ii).  Section 10.9(d)(ii) of the Credit Agreement is amended and restated as follows:

“(ii)    if (A) no Default or Potential Default exists or arises, (B) Borrower has delivered to Administrative Agent a certificate reflecting Availability and Unrestricted Cash in an aggregate amount of at least $75,000,000 immediately after giving effect to such Distribution, and (C) the Total Leverage Ratio is less than 3.75 to 1.00, then VRI may make Distributions in an unlimited amount; and”

(b)    Modification of Exhibit D to the Credit Agreement.  Sections 10.8(t) and 10.9(d) of Annex A to Exhibit D to the Credit Agreement (Form of Compliance Certificate) are amended and restated as set forth on Annex A hereto.

2.    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 party hereto 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 each of the Company, and the Guarantors, 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) after giving effect to this Amendment, all representations and warranties in the Loan Papers are true and correct in all material 

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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) after giving effect to this Amendment, no Default or Potential Default has occurred and is continuing.

3.    Conditions Precedent to Effective Date.  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 the Required Lenders; and

(b)    the Guarantors’ Consent and Agreement executed by each Guarantor.
 
4.    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.

5.    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.

6.    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 supersede 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.

7.    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.
        

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VAIL HOLDINGS, INC., as the Company

By:    /s/ Michael Z. Barkin        
Name: Michael Z. Barkin 
Title:  Executive Vice President and
Chief Financial Officer

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

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

By:    /s/ David McCauley            
David McCauley
Senior Vice President

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

BANK OF AMERICA, N.A.,
as an L/C Issuer, a Swing Line Lender, a Revolver Lender and a Term Loan Lender

By:    /s/ David McCauley            
David McCauley
Senior Vice President

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

U.S. BANK NATIONAL ASSOCIATION,
as a Swing Line Lender, a Revolver Lender and a Term Loan Lender

By:      /s/ Greg Blanchard                
Name:  Greg Blanchard
Title:    Vice President

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as an L/C Issuer, a Revolver Lender and a Term Loan Lender

By:      /s/ Jason Weston                        Name:     Jason Weston
Title:      Vice President
    

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

COMPASS BANK, 
as a Revolver Lender

By:      /s/ Jason B. Fritz                
Name:     Jason B. Fritz
Title:      Senior Vice President

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

BANK OF THE WEST, 
as a Revolver Lender and a Term Loan Lender

By:      /s/ Philip Garlinghouse                
Name:     Philip Garlinghouse
Title:      Vice President

Signature Page to
First Amendment to Seventh Amended and Restated Credit Agreement

BOKF, N.A. DBA COLORADO STATE BANK & TRUST, 
as a Revolver Lender and a Term Loan Lender

By:     /s/ Chris Golec                    
Name:     Chris Golec
Title:  VP

Signature Page to
First Amendment to Seventh 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 First Amendment to Seventh Amended and Restated Credit Agreement (the “First Amendment”), the undersigned hereby consent to the First Amendment, and agree that (a) the First 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 Debt” (as defined in each Guaranty) 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.
All Media Associates, Inc.
All Media Holdings, Inc.
Arrabelle at Vail Square, LLC
By:  Vail Resorts Development Company
Beaver Creek Associates, Inc. 
Beaver Creek Consultants, Inc.
Beaver Creek Food Services, Inc.
Booth Creek Ski Holdings, Inc.
BCRP Inc.
Breckenridge Resort Properties, Inc.
Bryce Canyon Lodge Company
Colorado Mountain Express, Inc.
Colter Bay Café Court, LLC
By:  Grand Teton Lodge Company
Colter Bay Convenience Store, LLC
By:  Grand Teton Lodge Company
Colter Bay Corporation
Colter Bay General Store, LLC
By:  Grand Teton Lodge Company
Colter Bay Marina, LLC
By:  Grand Teton Lodge Company
Crystal Peak Lodge of Breckenridge, Inc.
DTPC, LLC
By: Rockresorts International, LLC
       By: Vail RR, Inc.
EpicSki, Inc.
Flagg Ranch Company
Gillett Broadcasting, Inc.
Grand Teton Lodge Company
Heavenly Valley, Limited Partnership
By:  VR Heavenly I, Inc.
HVLP Kirkwood Services, LLC
By:  Heavenly Valley, Limited Partnership
By:  VR Heavenly I, Inc.
Jackson Hole Golf and Tennis Club, Inc.
Jackson Hole Golf & Tennis Club Snack Shack, LLC

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By:  Grand Teton Lodge Company
Jackson Lake Lodge Corporation
Jenny Lake Lodge, Inc.
Jenny Lake Store, LLC
By:  Grand Teton Lodge Company
JHL&S LLC
By:  Teton Hospitality Services, Inc.
Keystone Conference Services, Inc.
Keystone Development Sales, Inc.
Keystone Food & Beverage Company
Keystone Resort Property Management Company
Lake Tahoe Lodging Company 
Lodge Properties Inc.
Lodge Realty, Inc.
La Posada Beverage Service, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Mesa Verde Lodge Company
National Park Hospitality Company
Northstar Group Commercial Properties LLC
By:  VR Acquisition, Inc.
Northstar Group Restaurant Properties, LLC
By:  VR Acquisition, Inc.  
One Ski Hill Place, LLC
By:  Vail Resorts Development Company
Property Management Acquisition Corp., Inc.
RCR Vail, LLC
By:  Vail Resorts Development Company
Rockresorts Arrabelle, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts Cordillera Lodge Company, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts DR, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts Equinox, Inc.
Rockresorts Hotel Jerome, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts International Management Company
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts Ski Tip, LLC
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Rockresorts Wyoming, LLC

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By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Soho Development, LLC
By:  Vail Associates Holdings, Ltd.
SSI Venture LLC
By:  SSV Holdings, Inc.
SSV Online Holdings, Inc.
SSV Online LLC
By:  SSV Holdings, Inc.
SSV Holdings, Inc.
Stampede Canteen, LLC
By:  Grand Teton Lodge Company
Teton Hospitality Services, Inc.
The Chalets at the Lodge at Vail, LLC
By:  Vail Resorts Development Company
The Vail Corporation (D/B/A “Vail Associates, Inc.”)
The Village at Breckenridge Acquisition Corp., Inc.
Trimont Land Company
VA Rancho Mirage I, Inc.
VA Rancho Mirage II, Inc.
VA Rancho Mirage Resort, L.P. 
By:  VA Rancho Mirage I, Inc.
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
By:  Rockresorts International, LLC
        By:  Vail RR, Inc.    
Vail Resorts Development Company
Vail Resorts Lodging Company
Vail RR, Inc.
Vail Summit Resorts, Inc.
Vail Trademarks, Inc.
VAMHC, Inc.
VR Acquisition, Inc.
VR Australia Holdings Pty Ltd.
VR CPC Holdings, Inc.
VR Heavenly Concessions, Inc.
VR Heavenly I, Inc.
VR Heavenly II, Inc.
VR Holdings, Inc.
VR US Holdings, Inc.
Zion Lodge Company

By:     /s/ Mark L. Schoppet            
Name:  Mark L. Schoppet
Title:  Senior Vice President, Controller and
Chief Accounting Officer

3Exhibit 4.1

 

Execution Version

 

INSTRUMENT OF RESIGNATION,
APPOINTMENT AND ACCEPTANCE (this “Agreement”), dated as of December 2, 2015, by and among GE EQUIPMENT TRANSPORTATION
LLC, SERIES 2014-1, a Delaware limited liability company (the “Issuer”), GENERAL ELECTRIC CAPITAL LLC, a Delaware
limited liability company (formerly known as General Electric Capital Corporation) (the “Resigning Administrator”),
and GE CAPITAL US HOLDINGS, INC., a Delaware corporation (the “Successor Administrator”).

 

RECITALS

 

WHEREAS, Issuer and Resigning
Administrator are parties to an Administration Agreement dated as of June 18, 2014 (the “Administration Agreement”);
and

 

WHEREAS, the Resigning
Administrator wishes to resign as Administrator under the Administration Agreement; the Issuer wishes to appoint the Successor
Administrator to succeed the Resigning Administrator as Administrator under the Administration Agreement; and the Successor Administrator
wishes to accept appointment as Administrator under the Administration Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and promises herein, the receipt and sufficiency of which is hereby acknowledged, the Issuer, the Resigning
Administrator and the Successor Administrator agree as follows:

 

ARTICLE ONE

THE RESIGNING ADMINISTRATOR

 

Section 1.          Definitions.
Capitalized terms used in this Agreement and not otherwise defined herein are used as defined in the Administration Agreement.

 

Section 2.          Resignation.
Pursuant to Sections 8(b) and 8(e) of the Administration Agreement, the Resigning Administrator hereby notifies the
Issuer, the Servicer and the Indenture Trustee that the Resigning Administrator is hereby resigning as Administrator under the
Administration Agreement, effective as of the Effective Time. The Issuer hereby consents to the resignation of the Resigning Administrator.

 

Section 3.          Appointment.
The Issuer hereby appoints the Successor Administrator as Administrator under the Administration Agreement, effective as of the
Effective Time, and confirms to the Successor Administrator all the rights, responsibilities, duties and liabilities of the Administrator
under the Administration Agreement.

 

Section 4.          Acceptance
of Appointment. (a) The Successor Administrator hereby accepts its appointment as Administrator under the Administration Agreement,
effective as of the Effective Time, and agrees to perform the duties and obligations set forth therein and shall hereby be vested
with all the rights, responsibilities, duties and liabilities of the Administrator under the Administration Agreement.

 

(b)         This
Agreement shall not constitute (i) a waiver by any of the parties hereto of any obligation or liability which Resigning Administrator
may have incurred in connection with its performance as Administrator under the Administration Agreement or (ii) an assumption
by Successor Administrator of any liability of Resigning Administrator arising out of a breach by Resigning Administrator of its
duties under the Administration Agreement. This Agreement does not constitute a waiver or assignment by Resigning Administrator
of any compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant to the Administration Agreement.

 

     

     

    

 

Section 5.          Waiver.
Each of the Issuer and the Servicer, hereby waives the requirement to provide at least sixty (60) days’ prior written notice
of the Resigning Administrator’s resignation pursuant to Sections 8(b) and 8(e) of the Administration Agreement.

 

Section 6.          Representations
of Successor Administrator. The Successor Administrator hereby represents and warrants to the Resigning Administrator and to
the Issuer that this Agreement has been duly authorized, executed and delivered on behalf of the Successor Administrator and constitutes
its legal, valid and binding obligation.

 

Section 7.          Notices.
For the purposes of Section 10 of the Administration Agreement, all notices, whether faxed or mailed, will be deemed received
as provided in Section 10 of the Administration Agreement when sent pursuant to the following instructions:

 

TO THE RESIGNING ADMINISTRATOR:

 

General Electric Capital LLC

901 Main Avenue

Norwalk, Connecticut 06851

Attention: Legal Department

michael.paolillo@ge.com

 

With a copy to:

 

General Electric Capital LLC

201 Merritt 7

Norwalk, Connecticut 06851

Attention: Capital Markets - Securitization

charles.rhodes@ge.com

michael.paolillo@ge.com

 

TO THE SUCCESSOR ADMINISTRATOR:

 

GE Capital US Holdings, Inc.

901 Main Avenue

Norwalk, Connecticut 06851

Attention: Michael Paolillo

michael.paolillo@ge.com

 

    	 	2 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

     

    

 

TO THE ISSUER:

 

GE Equipment Transportation LLC, Series 2014-1

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

With a copy to:

 

GE Capital US Holdings, Inc.

901 Main Avenue

Norwalk, Connecticut 06851

Attention: Michael Paolillo

michael.paolillo@ge.com

 

Section 8.          Miscellaneous.
(a) This Agreement is entered into and the resignation, appointment and acceptance effected hereby shall be effective as of 1:00
a.m. (New York time) on December 2, 2015 (the “Effective Time”); provided, that (i) each of the Issuer,
the Resigning Administrator and the Successor Administrator shall have executed a counterpart of this Agreement and (ii) the Rating
Agency Condition shall have been satisfied.

 

(b)         THIS
AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1)
OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF
THE UNITED STATES OF AMERICA.

 

(c)         This
Agreement may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together
constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by electronic means shall be equally
as effective as delivery of an original executed counterpart of this Agreement.

 

[Signature pages follow.]

 

    	 	3 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Instrument of Resignation, Appointment and Acceptance to be duly executed as of the day and year first above written.

 

	 	GE EQUIPMENT TRANSPORTATION LLC,
	 	SERIES 2014-1
	 	 	 
	 	 	By: GE Equipment Funding, LLC,

its
Managing Member

  
	 	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	 	Name:  	Thomas A. Davidson
	 	 	Title: 	 President and Chief Executive Officer

 

    	 	S-1 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

     

    

  

	 	GENERAL ELECTRIC CAPITAL LLC,
	 	as Resigning Administrator
	 	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	 	Name:  	Thomas A. Davidson
	 	 	Title:  	Authorized Signatory

 

    	 	S-2 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

     

    

  

	 	GE CAPITAL US HOLDINGS, INC., as Successor Administrator
	 	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	 	Name: 	Thomas A. Davidson
	 	 	Title:  	Authorized Signatory

 

    	 	S-3 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

     

    

  

Solely for the purposes of the waiver set forth in Section 5
of this Agreement:

 

	 	General electric capital LLC,
	 	as Servicer
	 	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	 	Name: 	Thomas A. Davidson
	 	 	Title:  	Authorized Signatory

 

    	 	S-4 	
 GEET 2014-1 Instrument of Resignation and
 Appointment –Administrator

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