Common use of Ratio of Consolidated EBITDA to Consolidated Interest Expense Clause in Contracts

Ratio of Consolidated EBITDA to Consolidated Interest Expense. American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter for the four-quarter period ending on such date a ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense of not less than the following levels: Fiscal Quarter Ratio Fiscal Quarter Ratio 1999 Quarter 2 1.20-to-1.00 2001 Quarter 1 1.75-to-1.00 1999 Quarter 3 1.20-to-1.00 2001 Quarter 2 1.75-to-1.00 1999 Quarter 4 1.20-to-1.00 2001 Quarter 3 2.00-to-1.00 2000 Quarter 1 1.20-to-1.00 2001 Quarter 4 2.00-to-1.00 2000 Quarter 2 1.50-to-1.00 2002 Quarter 1 2.00-to-1.00 2000 Quarter 3 1.50-to-1.00 2002 Quarter 2 2.00-to-1.00 2000 Quarter 4 1.75-to-1.00 2002 Quarter 3 2.25-to-1.00 and Thereafter

Ratio of Consolidated EBITDA to Consolidated Interest Expense. American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter for the four-quarter period ending on such date a ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense of not less than the following levelslevels as of the end of each fiscal quarter indicated: Fiscal Quarter Ratio Fiscal Quarter Ratio 1999 2000 Quarter 2 1.20-to-1.00 2001 2002 Quarter 1 1.751.50-to-1.00 1999 2000 Quarter 3 1.20-to-1.00 2001 2002 Quarter 2 1.751.50-to-1.00 1999 2000 Quarter 4 1.20-to-1.00 2001 2002 Quarter 3 2.00-to-1.00 2000 2001 Quarter 1 1.20-to-1.00 2001 2002 Quarter 4 2.00-to-1.00 2000 2001 Quarter 2 1.501.20-to-1.00 2002 2003 Quarter 1 2.00-to-1.00 2000 2001 Quarter 3 1.50-to-1.00 2002 2003 Quarter 2 2.00-to-1.00 2000 2001 Quarter 4 1.751.50-to-1.00 2002 2003 Quarter 3 2.25-to-1.00 and Thereafter (iv) Section 7.5 is deleted in its entirety and the following is substituted therefor:

Ratio of Consolidated EBITDA to Consolidated Interest Expense. American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter for the four-quarter period ending on such date a ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense of not less than the following levelslevels as of the end of each fiscal quarter indicated: Fiscal Quarter Ratio Fiscal Quarter Ratio 1999 Quarter 2 1.20-to-1.00 2001 2000 Quarter 1 1.75-to-1.00 1999 Quarter 3 1.20-to-1.00 2001 Quarter 2 1.75-to-1.00 1999 Quarter 4 1.20-to-1.00 2001 Quarter 3 2.00-to-1.00 2000 Quarter 1 2 1.20-to-1.00 2001 Quarter 4 2.00-to-1.00 2000 Quarter 2 3 1.50-to-1.00 2002 Quarter 1 2.00-to-1.00 2000 Quarter 3 4 1.50-to-1.00 2002 Quarter 2 2.00-to-1.00 2000 2001 Quarter 4 1.751 1.50-to-1.00 2002 Quarter 3 2.25-to-1.00 2001 Quarter 2 1.50-to-1.00 and Thereafter