Document:

Exhibit

Exhibit 10.03

Notice of Grant of Performance Restricted Stock Units and Agreement
Marvell Technology Group LTD
ID: 77-0481679
Canon’s Court, 22 Victoria Street
P O Box HM 1179
Hamilton HM EX, Bermuda

Name                                                        Award Number:    number
Street                                Plan:            1995
City, State, Zip                             ID:             number

____________________________________________________________________________________

Effective April 15, 2019, you have been granted a Performance Restricted Stock Unit (RSU) award for the number of shares in the range set forth on Exhibit A, subject to the performance metrics set forth on Exhibit B. 

This Notice of Grant is subject to all of the terms and conditions set forth herein, as well as the Stock Unit Agreement, the Appendix (which includes the special provisions for your country of residence if any), and the Amended and Restated 1995 Stock Option Plan (the “Plan”), all of which are incorporated herein by reference. This Notice of Grant, the Stock Unit Agreement, the Appendix and the Plan are referred to herein as the “Grant Documents.”  Capitalized terms used in this Notice of Grant but not defined shall have the same meaning as provided in the Plan.

By signing this document, you hereby acknowledge receipt of a copy of the Grant Documents, and agree that: 

(a) these Performance-based RSUs are granted under and governed by the terms and conditions of the Grant Documents; 

(b) you have carefully read, fully understand and agree to all of the terms and conditions described in the Grant Documents; 

(c) you understand and agree that the Grant Documents constitute the entire understanding between you and the Company regarding this Performance-based RSU, and that any prior agreements, commitments or negotiations concerning this grant are replaced and superseded; and 

(d) you have been given an opportunity to consult legal counsel with respect to all matters relating to this Performance-based RSU prior to signing this Notice of Grant and that you have either consulted such counsel or voluntarily declined to consult such counsel. 

The Stock Unit Agreement, the Appendix and the Plan are available on the Company’s website at 
https://intranet/stockselfservice or by request from the Company’s Stock Administration Department. You hereby agree that these documents are deemed to be delivered to you.

____________________________________________________________________________________

_____________________________________        _____________________________________
Mitchell Gaynor                                             Date
EVP, Chief Administration and Legal Officer
Marvell Technology Group Ltd.

_____________________________________        _____________________________________

Name                                                     Date

Exhibit A

	
				
	Grant Number:
	 

	Grant date:
	4/15/2019
	

	Grant date Fair Market Value per share:
	 

	Grant Price:
	

	$0.00
	

	Number of shares in range:
	0% to 200% of Target
	

	Number of shares at Target (payable at 100%):
	 

	

Number of shares at Maximum (payable at 200% of Target):
	 

	Grant Type:
	Total Shareholder Return (TSR)

	Vesting schedule:
	Cliff vest at end of 3 years from the date of grant
	

	Vesting commencement date:
	4/15/2019
	

	Vesting date:
	4/15/2022
	

	Performance metrics:
	See Exhibit B
	

	Performance measurement start date:
	4/15/2019
	

	

Performance measurement end date: 
	4/5/2022
	

	 
	 

    

Exhibit B

TSR Objectives–  Based on achievement relating to the relative total shareholder return of the Company’s Common Shares as compared to the total shareholder return of the S&P 500 Index over the performance period, provided that you continue to serve as a service provider through the third anniversary of the vesting start date.  The ECC will determine the amount of achievement (or non-achievement) of the TSR Objectives prior to the vesting date.

Calculation Methodology – Stock price growth adjusted for reinvested dividends during the performance period. The start and end stock prices shall be based on the average stock price over the preceding 120-trading days.
 

Performance-Payout Schedule – 

	
			
	Performance Level
	Versus the S&P 500 Index
	Payout

	Maximum
	+33% over
	200% of Target

	Target
	Equal to S&P 500
	100% of Target

	Minimum
	-33% under
	0% of Target

Actual performance will be calculated using a straight-line interpolation between the above performance levels.  The number of shares awarded will be rounded up to nearest whole share.Exhibit

Exhibit 10.1

FIRST AMENDMENT TO
EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT

This FIRST AMENDMENT TO EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of April 15, 2019, 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 Eighth Amended and Restated Credit Agreement dated as of August 15, 2018, 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 a term loan, revolving credit loans, letters of credit, and swing line loans.  

B.    The Company has requested that the Credit Agreement be amended to (a) increase the Revolver Facility pursuant to Section 2.5 of the Credit Agreement, (b) extend the Termination Date, and (c) increase the Distributions permitted under Section 10.9(d)(iii) of the Credit Agreement.

Subject to the terms and conditions set forth herein, the Company, the 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)    Amendment to Termination Date.  The definition of “Termination Date” in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

“Termination Date means (a) for purposes of the Revolver Facility, the earlier of (i) April 15, 2024; and (ii) the effective date upon which Revolver Lenders’ Revolver Commitments are otherwise canceled or terminated, and (b) for purposes of the Term Loan Facility, (i) the earlier of April 15, 2024, and (ii) the effective date of any other termination, cancellation or acceleration of the Term Loan Facility.”

(b)    Amendment to Financial Hedge.  The definition of “Financial Hedge” in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

“Financial Hedge means a transaction between any Company and any Lender or an Affiliate of any Lender (or another Person reasonably acceptable to Administrative Agent), which is intended to reduce or eliminate the risk of fluctuations in one or more interest rates, foreign currencies, commodity prices, equity prices, or other financial measures, whether or not such transaction is governed by or subject to any master agreement conforming to ISDA standards and which is legal and enforceable under applicable Law.”

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

“(iii)    if no Default or Potential Default exists or arises, then VRI may pay dividends in an 

amount not to exceed, for any fiscal quarter, the greater of (a) $105,000,000, or (b) an amount equal to twenty percent (20%) of Adjusted EBITDA for the trailing twelve month period ended on the last day of the most-recently ended fiscal quarter (as calculated in the Compliance Certificate most-recently delivered pursuant to Section 9.1(a) or (b));”

(d)    Increase in Revolver Facility.  Pursuant to Section 2.5 of the Credit Agreement, each Revolver Lender party hereto agrees that its Revolver Commitment on Schedule 1 of the Credit Agreement shall be the amount set forth on Schedule 1 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 the Administrative Agent  and the 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 entities; (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) before and after giving effect to this Amendment, all representations and warranties in the Loan Papers are true and correct 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 Lenders; 

(b)    a Revolver Note payable to each Revolver Lender that so requests;

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

(d)    a certificate signed by a Responsible Officer of Company and each Guarantor certifying and attaching the resolutions adopted by each such entity approving or consenting to the increase; and

(e)    payment of all fees payable on or prior to the Effective Date pursuant to the Credit Agreement and Fee Letter (as amended by that certain Fee Letter Amendment dated of even date hereof).
 
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 

2

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 and facsimile and electronic (e.g. pdf) signatures shall constitute originals for all intents and purposes hereof, (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.
        

3

	
					
	 
	 
	 
	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 Eighth Amended and Restated Credit Agreement

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

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Scott Blackman

	 
	 
	 
	 
	Scott Blackman

	 
	 
	 
	 
	Senior Vice President

	 
	 
	 
	 
	 

Signature Page to
First Amendment to Eighth 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/ Scott Blackman

	 
	 
	 
	 
	Scott Blackman

	 
	 
	 
	 
	Senior Vice President

	 
	 
	 
	 
	 

Signature Page to
First Amendment to Eighth 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/ Robert P. Naughton

	 
	 
	 
	 
	Name: Robert P. Naughton

	 
	 
	 
	 
	Title: Vice President

	 
	 
	 
	 
	 

Signature Page to
First Amendment to Eighth 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 Powers

	 
	 
	 
	 
	Name: Jason Powers

	 
	 
	 
	 
	Title: VP

	 
	 
	 
	 
	 

    

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

	
					
	 
	 
	 
	SUNTRUST BANK, 
as a Revolver Lender and a Term Loan Lender

	 
	 
	 
	By:
	/s/ Justin Lien

	 
	 
	 
	 
	Name: Justin Lien

	 
	 
	 
	 
	Title: Director

	 
	 
	 
	 
	 

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

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

	 
	 
	 
	By:
	/s/ Nicholas Orr

	 
	 
	 
	 
	Name: Nicholas Orr

	 
	 
	 
	 
	Title: Director, CBG

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

	
					
	 
	 
	 
	BOKF, NA DBA BOK FINANCIAL, as a Revolver Lender and a Term Loan Lender

	 
	 
	 
	By:
	/s/ Chris Golec

	 
	 
	 
	 
	Name: Chris Golec

	 
	 
	 
	 
	Title: Vice President

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

	
					
	 
	 
	 
	BMO HARRIS BANK N.A., as a Revolver Lender and a Term Loan Lender

	 
	 
	 
	By:
	/s/ Matthew Freeman

	 
	 
	 
	 
	Name: Matthew Freeman

	 
	 
	 
	 
	Title: Director

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

	
					
	 
	 
	 
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Revolver Lender and a Term Loan Lender

	 
	 
	 
	By:
	/s/ Ross Fleck

	 
	 
	 
	 
	Name: Ross Fleck

	 
	 
	 
	 
	Title: Relationship Manager

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

GUARANTORS’ CONSENT AND AGREEMENT

As an inducement to Administrative Agent and Lenders to execute, and in consideration of and as a condition to Administrative Agent’s and Lenders’ execution of the foregoing First Amendment to Eighth 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.

	 
	 
	 
	2006 Cimarron, LLC

	 
	 
	 
	 
	By: Crested Butte, LLC

	 
	 
	 
	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.

	 
	 
	 
	CB Commercial Properties '07, LLC

	 
	 
	 
	 
	By: Crested Butte, LLC

	 
	 
	 
	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

	 
	 
	 
	Crested Butte, LLC

	 
	 
	 
	Crystal Peak Lodge of Breckenridge, Inc.

	 
	 
	 
	DTPC, LLC

	 
	 
	 
	 
	By: Rockresorts International, LLC

	 
	 
	 
	 
	       By: Vail RR, Inc.

	 
	 
	 
	EpicSki, Inc.

Guarantors’ Consent and Agreement to
First Amendment to Eighth Amended and Restated Credit Agreement

	
					
	 
	 
	 
	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

	 
	 
	 
	 
	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

	 
	 
	 
	Keystone Ranch Water Company

	 
	 
	 
	Lake Tahoe Lodging Company

	 
	 
	 
	Lodge Properties Inc.

	 
	 
	 
	Lodge Realty, Inc.

	 
	 
	 
	La Posada Beverage Service, Inc. 

	 
	 
	 
	 
	By: Rockresorts International, LLC

	 
	 
	 
	 
	       By: Vail RR, Inc.

	 
	 
	 
	Mt. CB Real Estate, LLC 

	 
	 
	 
	 
	By: Crested Butte, LLC

	 
	 
	 
	National Park Hospitality Company

	 
	 
	 
	Northstar Group Commercial Properties LLC

	 
	 
	 
	 
	By: VR Acquisition, Inc.

	 
	 
	 
	Northstar Group Restaurant Properties, LLC

	 
	 
	 
	 
	By: VR Acquisition, Inc.

	 
	 
	 
	Okemo Limited Liability Company

	 
	 
	 
	 
	By: Triple Peaks LLC

	 
	 
	 
	 
	       By: VR NE Holdings, LLC

	 
	 
	 
	 
	              By: VR US Holdings, LLC       

	 
	 
	 
	Okemo Mountain Food and Beverage, Inc. 

	 
	 
	 
	One Ski Hill Place, LLC

	 
	 
	 
	 
	By: Vail Resorts Development Company

	 
	 
	 
	Property Management Acquisition Corp., Inc. 

	 
	 
	 
	RCR Vail, LLC

	 
	 
	 
	 
	By: Vail Resorts Development Company

Guarantors’ Consent and Agreement to
First Amendment to Eighth Amended and Restated Credit Agreement

	
					
	 
	 
	 
	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, LLC

	 
	 
	 
	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

	 
	 
	 
	 
	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 Sunapee Difference, LLC

	 
	 
	 
	 
	By: Triple Peaks, LLC

	 
	 
	 
	 
	       By: VR NE Holdings, LLC

	 
	 
	 
	 
	              By: VR US Holdings, Inc. 

	 
	 
	 
	The Village at Breckenridge Acquisition Corp., Inc.

	 
	 
	 
	Trimont Land Company

Guarantors’ Consent and Agreement to
First Amendment to Eighth Amended and Restated Credit Agreement

	
					
	 
	 
	 
	Triple Peaks LLC

	 
	 
	 
	 
	By: VR NE Holdings, LLC

	 
	 
	 
	 
	              By: VR US Holdings, Inc. 

	 
	 
	 
	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 CPC Holdings, Inc.

	 
	 
	 
	VR CPC Services, LLC

	 
	 
	 
	VR Heavenly Concessions, Inc.

	 
	 
	 
	VR Heavenly I, Inc.

	 
	 
	 
	VR Heavenly II, Inc. 

	 
	 
	 
	VR Holdings, Inc.

	 
	 
	 
	VR US Holdings, Inc.

	 
	 
	 
	VR US Holdings II, LLC

	 
	 
	 
	 
	By: VR US Holdings, Inc.

	 
	 
	 
	VR WM Holdings, LLC

	 
	 
	 
	 
	By: VR US Holdings, Inc.

	 
	 
	 
	VR NE Holdings, LLC

	 
	 
	 
	 
	By: VR US Holdings, Inc.

	 
	 
	 
	VR NW Holdings, Inc. 

	
					
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Ryan Siurek

	 
	 
	 
	 
	Name: Ryan Siurek

	 
	 
	 
	 
	Title:  Senior Vice President, Controller and

	 
	 
	 
	 
	Chief Accounting Officer

Guarantors’ Consent and Agreement to
First Amendment to Eighth Amended and Restated Credit Agreement

    

Schedule 1

Lenders and Commitments

	
			
	LENDER
	REVOLVER
COMMITMENT
	COMMITMENT
PERCENTAGE (REVOLVER FACILITY)

	Bank of America, N.A.
	$125,000,000
	25.000000000%

	U.S. Bank
National Association
	$125,000,000
	25.000000000%

	Wells Fargo Bank, National Association
	$118,750,000
	23.750000000%

	SunTrust Bank
	$51,250,000
	10.250000000%

	Bank of the West
	$20,000,000
	4.000000000%

	BOKF, NA dba BOK Financial
	$20,000,000
	4.000000000%

	BMO Harris Bank N.A.
	$20,000,000
	4.000000000%

	HSBC Bank USA, National Association
	$20,000,000
	4.000000000%

	Totals
	$500,000,000.00
	100.000000000%

Guarantors’ Consent and Agreement to
First Amendment to Eighth Amended and Restated Credit Agreement

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