Common use of Ratio of Consolidated Total Debt to Consolidated EBITDA Clause in Contracts

Ratio of Consolidated Total Debt to Consolidated EBITDA. (a) American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter, commencing with 2000 Fiscal Quarter 2, a ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four-quarter period ending on such date of not more than the following levels as of the fiscal quarters indicated: Fiscal Quarter Ratio Fiscal Quarter Ratio 2000 Quarter 2 5.75-to-1.00 2002 Quarter 1 5.00-to-1.00 2000 Quarter 3 5.75-to-1.00 2002 Quarter 2 5.00-to-1.00 2000 Quarter 4 5.75-to-1.00 2002 Quarter 3 4.50-to-1.00 2001 Quarter 1 5.75-to-1.00 2002 Quarter 4 4.50-to-1.00 2001 Quarter 2 5.50-to-1.00 2003 Quarter 1 4.50-to-1.00 2001 Quarter 3 5.00-to-1.00 2003 Quarter 2 4.50-to-1.00 2001 Quarter 4 5.00-to-1.00 2003 Quarter 3 4.00-to-1.00 and Thereafter

Ratio of Consolidated Total Debt to Consolidated EBITDA. (a) American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter, commencing with 2000 Fiscal Quarter 2, quarter a ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four-quarter period ending on such date of not more than the following levels as of the fiscal quarters indicated: Fiscal Quarter Ratio Fiscal Quarter Ratio 2000 Quarter 2 5.751 7.00-to-1.00 2002 Quarter 1 5.00-to-1.00 2000 Quarter 3 5.75-to-1.00 2002 2001 Quarter 2 5.00-to-1.00 2000 Quarter 4 5.752 5.50-to-1.00 2002 2001 Quarter 3 4.50-to-1.00 2001 2000 Quarter 1 5.753 5.00-to-1.00 2002 2001 Quarter 4 4.50-to-1.00 2001 2000 Quarter 2 5.504 5.00-to-1.00 2003 2002 Quarter 1 4.50-to-1.00 2001 Quarter 3 1 5.00-to-1.00 2003 Quarter 2 4.50-to-1.00 2001 Quarter 4 5.00-to-1.00 2003 2002 Quarter 3 4.00-to-1.00 and Thereafter

Ratio of Consolidated Total Debt to Consolidated EBITDA. (a) American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter, commencing with 2000 Fiscal Quarter 2, quarter a ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four-quarter period ending on such date of not more than the following levels as of the fiscal quarters indicated: Fiscal FISCAL QUARTER RATIO FISCAL QUARTER RATIO -------------- ----- -------------- ----- 1998 Quarter Ratio Fiscal Quarter Ratio 1 6.00-to-1.00 2000 Quarter 2 5.753 4.00-to-1.00 2002 1998 Quarter 2 6.00-to-1.00 2000 Quarter 4 4.50-to-1.00 1998 Quarter 3 5.50-to-1.00 2001 Quarter 1 4.50-to-1.00 1998 Quarter 4 5.50-to-1.00 2001 Quarter 2 4.50-to-1.00 1999 Quarter 1 5.50-to-1.00 2001 Quarter 3 4.00-to-1.00 1999 Quarter 2 5.50-to-1.00 2001 Quarter 4 4.00-to-1.00 1999 Quarter 3 4.50-to-1.00 Thereafter 4.00-to-1.00 1999 Quarter 4 5.00-to-1.00 2000 Quarter 1 5.00-to-1.00 2000 Quarter 3 5.75-to-1.00 2002 Quarter 2 5.00-to-1.00 2000 Quarter 4 5.75-to-1.00 2002 Quarter 3 4.50-to-1.00 2001 Quarter 1 5.75-to-1.00 2002 Quarter 4 4.50-to-1.00 2001 Quarter 2 5.50-to-1.00 2003 Quarter 1 4.50-to-1.00 2001 Quarter 3 5.00-to-1.00 2003 Quarter 2 4.50-to-1.00 2001 Quarter 4 5.00-to-1.00 2003 Quarter 3 4.00-to-1.00 and Thereafterto-1.00

Ratio of Consolidated Total Debt to Consolidated EBITDA. (a) American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter, commencing with 2000 Fiscal Quarter 22001 fiscal quarter 3, a ratio of (ia) Consolidated Total Debt as of such date to (iib) Consolidated EBITDA for the four-quarter period ending on such date of not more than the following levels as of the fiscal quarters indicated: Fiscal Quarter Ratio Fiscal Quarter Ratio 2000 2001 Quarter 3 5.50-to-1.00 2003 Quarter 1 5.00-to-1.00 2001 Quarter 4 5.50-to-1.00 2003 Quarter 2 5.755.00-to-1.00 2002 Quarter 1 5.005.50-to-1.00 2000 Quarter 3 5.75-to-1.00 2002 Quarter 2 5.00-to-1.00 2000 Quarter 4 5.75-to-1.00 2002 2003 Quarter 3 4.50-to-1.00 2001 Quarter 1 5.75-to-1.00 2002 Quarter 4 4.50-to-1.00 2001 Quarter 2 5.50-to-1.00 2003 Quarter 1 4 4.50-to-1.00 2001 2002 Quarter 3 5.00-to-1.00 2003 2004 Quarter 1 4.50-to-1.00 2002 Quarter 4 5.00-to-1.00 2004 Quarter 2 4.50-to-1.00 2001 Quarter 4 5.00-to-1.00 2003 2004 Quarter 3 4.00-to-1.00 and Thereafter

Ratio of Consolidated Total Debt to Consolidated EBITDA. (a) American Ski and its Restricted Subsidiaries shall maintain as of the end of each fiscal quarter, commencing with 2000 Fiscal Quarter 2, quarter a ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four-quarter period ending on such date of not more than the following levels as of the fiscal quarters indicated: Fiscal FISCAL QUARTER RATIO FISCAL QUARTER RATIO -------------- ----- -------------- ----- 1998 Quarter Ratio Fiscal Quarter Ratio 1 6.00-to-1.00 2000 Quarter 2 5.753 4.00-to-1.00 2002 1998 Quarter 2 6.00-to-1.00 2000 Quarter 4 4.50-to-1.00 1998 Quarter 3 5.50-to-1.00 2001 Quarter 1 4.50-to-1.00 1998 Quarter 4 5.50-to-1.00 2001 Quarter 2 4.50-to-1.00 1999 Quarter 1 5.50-to-1.00 2001 Quarter 3 4.00-to-1.00 1999 Quarter 2 5.50-to-1.00 2001 Quarter 4 4.00-to-1.00 1999 Quarter 3 4.50-to-1.00 Thereafter 4.00-to-1.00 1999 Quarter 4 5.00-to-1.00 2000 Quarter 1 5.00-to-1.00 2000 Quarter 3 5.75-to-1.00 2002 Quarter 2 5.00-to-1.00 2000 Quarter 4 5.75-to-1.00 2002 Quarter 3 4.50-to-1.00 2001 Quarter 1 5.75-to-1.00 2002 Quarter 4 4.50-to-1.00 2001 Quarter 2 5.50-to-1.00 2003 Quarter 1 4.50-to-1.00 2001 Quarter 3 5.00-to-1.00 2003 Quarter 2 4.50-to-1.00 2001 Quarter 4 5.00-to-1.00 2003 Quarter 3 4.00-to-1.00 and Thereafterxx-0.00