EXECUTION COPY
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Fourth Supplemental Indenture
Dated as of October 6, 1999
among
American Skiing Company
and
United States Trust Company of New York,
as Trustee,
and
the Guarantors named herein
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Series A and Series B
12% Senior Subordinated Notes
Due 2006
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FOURTH SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as
of October 6, 1999, among American Skiing Company, a Maine corporation ("ASC"),
the Guarantors listed on the signature pages hereof under the heading Existing
Guarantors (the "Existing Guarantors"), each of Blunder Bay Development Co., ASC
Leasing, Inc., Orlando Resort Corporation, ASC Transportation, Inc., ASC Utah,
Steamboat Development Corporation, Steamboat Ski & Resort Corporation, Heavenly
Corporation, Heavenly Valley, Limited Partnership, and Heavenly Ski & Resort
Corporation (each, an "Additional Guarantor" and, together with the Existing
Guarantors, the "Guarantors"), and United States Trust Company of New York, as
trustee under the Indenture referred to below (the "Trustee").
W I T N E S S E T H
WHEREAS, pursuant to the Indenture, dated as of June 28, 1996, among
ASC East, Inc. ("ASC East"), the Guarantors named therein (the "Original
Guarantors"), and the Trustee (the "Original Indenture"), ASC East duly issued
its 12% Senior Subordinated Notes Due 2006 (the "Securities") in the aggregate
principal amount of $120 million;
WHEREAS, the Original Indenture was amended by (i) the First
Supplemental Indenture, dated as of November 12, 1997, among ASC East, the
Original Guarantors, and the Trustee, (ii) the Second Supplemental Indenture,
dated as of September 4, 1998, among ASC East, the Existing Guarantors, and the
Trustee, and (iii) the Third Supplemental Indenture, dated as of August 6, 1999,
among ASC East, the Existing Guarantors, and the Trustee (the Original
Indenture, as so amended and supplemented, the "Indenture");
WHEREAS, on or prior to the date hereof, ASC East and ASC West, Inc.
shall have merged with and into their parent, ASC (the "Merger");
WHEREAS, it is intended that, upon the effective date of the Merger,
ASC shall succeed to, and be substituted for and may exercise every right and
power of ASC East under the Indenture, and shall, pursuant to Section 5.01(ii)
of the Indenture, enter into this Supplemental Indenture with the Trustee and
the Guarantors, agreeing to be bound by all of the terms and provisions of the
Indenture as amended hereby;
WHEREAS, upon the effective date of the Merger, each Additional
Guarantor shall have become a subsidiary of ASC, and ASC shall have provided the
Trustee with an Officers' Certificate to the effect that none of the Additional
Guarantors has been designated as an Unrestricted Subsidiary under the terms of
the Indenture;
WHEREAS, it is intended that, upon the effective date of the Merger,
each of the Additional Guarantors shall become a Guarantor under the Indenture,
and each Additional Guarantor shall, pursuant to Section 4.16 of the Indenture,
(i) enter into this Supplemental Indenture agreeing to be bound by all of the
terms and provisions of the Indenture as amended hereby and (ii) execute a
Subsidiary Guarantee;
WHEREAS, pursuant to Section 9.01 of the Indenture, the Indenture may
be amended or supplemented without the consent of any Holder of a Note to
provide for the assumption of ASC East's rights and obligations under the Notes
and the Indenture in the case of a merger and for the addition of a Guarantor
pursuant to Section 4.16 of the Indenture;
WHEREAS, ASC, each of the Guarantors and the Trustee desire and have
agreed to execute and deliver this Supplemental Indenture as herein provided and
all conditions and requirements necessary to make this Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms have been
performed and fulfilled and the execution and delivery hereof have been in all
respects duly authorized by all necessary parties.
NOW THEREFORE, for and in consideration of the premises contained
herein, it is mutually covenanted and agreed for the benefit of all Holders of
the Securities as follows:
Section 1. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.
Section 2. ASC agrees, by its execution and delivery hereof, (a) to
assume all the rights and obligations of ASC East under the Notes and the
Indenture, (b) that it does hereby become the primary obligor of the Notes, and,
accordingly, may exercise every right and power of ASC East under the Indenture
with the same effect as if it had been named as the Company in the Indenture (so
that from and after the effective date of the Merger, the provisions of the
Indenture referring to the "Company" shall refer to ASC, as successor
corporation, and not to ASC East), and (c) that it is bound by all the terms and
provisions of the Indenture as hereby supplemented.
Section 3. Each Additional Guarantor agrees, by its execution and
delivery hereof, that it does hereby become a Guarantor under the Indenture and
that it is bound by all the terms and provisions of the Indenture as hereby
supplemented. Exhibit C to the Indenture is hereby amended to read as set forth
in Annex I attached hereto.
Section 4. The Trustee accepts this Supplemental Indenture and agrees
to execute the trust created by the Indenture as hereby supplemented, but only
upon the terms and conditions set forth in the Indenture, including the terms
and provisions defining and limiting the liabilities and responsibilities of the
Trustee, which terms and provisions shall in like manner define and limit its
liabilities and responsibilities in the performance of the trust created by the
Indenture as hereby supplemented.
Section 5. The Indenture, supplemented as hereinabove set forth, is in
all respects ratified and confirmed, and the terms and conditions thereof,
supplemented as hereinabove set forth, shall be and remain in full force and
effect.
Section 6. The recitals contained in this Supplemental Indenture shall
be taken as the statements made solely by ASC and the Guarantors, and the
Trustee shall have no liability or responsibility for their correctness and,
without limiting the generality of the foregoing, the Trustee shall not be
responsible in any manner whatsoever for or with respect to (i) the validity or
sufficiency of this Supplemental Indenture or any of the terms or provisions
hereof, (ii) the proper authorization hereof by ASC and the Guarantors by
corporate action or otherwise, (iii) the due execution hereof by ASC and the
Guarantors or (iv) the consequences (direct or indirect and whether deliberate
or inadvertent) of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters.
Section 7. This Supplemental Indenture shall become effective upon the
execution and delivery hereof by ASC, the Guarantors and the Trustee.
SECTION 8. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
Section 9. This Supplemental Indenture may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.
AMERICAN SKIING COMPANY
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
Existing Guarantors
AMERICAN SKIING COMPANY RESORT
PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
THE CANYONS RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
STEAMBOAT RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
HEAVENLY PROPERTIES, INC.
(f/k/a Heavenly Resort Properties, Inc.)
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARLOAF RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
KILLINGTON RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
MOUNT SNOW RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARBUSH RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUNDAY RIVER RESORT PROPERTIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
ATTITASH RESORT PROPERTIES,INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUNDAY RIVER SKIWAY CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUNDAY RIVER, LTD.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
PERFECT TURN, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
L.B.O. HOLDING, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUNDAY RIVER TRANSPORTATION, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARBUSH RESORT HOLDINGS, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARBUSH LEASING COMPANY
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARBUSH RESTAURANTS, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
AJT, INC. (f/k/a CI, Inc. and CRANMORE, INC.)
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
MOUNTAIN WASTEWATER TREATMENT, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
GRAND SUMMIT RESORT PROPERTIES, INC.
(f/k/a LBO HOTEL CO.)
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
S-K-I LIMITED
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
KILLINGTON LTD.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
MOUNT SNOW LTD.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
WVSAL, INC. (f/k/a WATERVILLE
VALLEY SKI AREA, LTD.)
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARLOAF MOUNTAIN CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
KILLINGTON RESTAURANTS, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
DOVER RESTAURANTS, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
RESORTS TECHNOLOGIES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
RESORT SOFTWARE SERVICES, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
MOUNTAINSIDE
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
SUGARTECH
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
PICO SKI AREA MANAGEMENT COMPANY
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
Additional Guarantors
BLUNDER BAY DEVELOPMENT CO.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
ASC LEASING, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
ORLANDO RESORT CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
ASC TRANSPORTATION, INC.
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
ASC UTAH
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
STEAMBOAT DEVELOPMENT CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
STEAMBOAT SKI & RESORT CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
HEAVENLY CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
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Name: Christopher E. Howard
Title: Executive Vice President
HEAVENLY VALLEY LIMITED PARTNERSHIP
By: HEAVENLY CORPORATION,
its general partner
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
------------------ -----------------------------------
Name: Christopher E. Howard
Title: Executive Vice President
HEAVENLY SKI & RESORT CORPORATION
ATTEST: /s/ Donna Godish By: /s/ Christopher E. Howard
------------------ -----------------------------------
Name: Christopher E. Howard
Title: Executive Vice President
UNITED STATES TRUST COMPANY OF
NEW YORK, as Trustee
ATTEST: Unable to read By:/s/ Louis P. Young
Name: Louis P. Young
Title: Vice President
Annex I
EXHIBIT C
GUARANTORS
1. Sunday River Skiway Corporation
2. Sunday River Ltd.
3. Perfect Turn, Inc.
4. L.B.O. Holding, Inc.
5. Sunday River Transportation, Inc.
6. Sugarbush Resort Holdings, Inc.
7. Sugarbush Leasing Company
8. Sugarbush Restaurant, Inc.
9. AJT, Inc.
10. S-K-I Limited
11. Killington Ltd.
12. Mount Snow Ltd.
13. WVSAL, Inc.
14. Sugarloaf Mountain Corporation
15. Killington Restaurants, Inc.
16. Dover Restaurants, Inc.
17. Resorts Technologies, Inc.
18. Resort Software Services, Inc.
19. Mountain Wastewater Treatment, Inc.
20. Grand Summit Resort Properties, Inc.
21. Mountainside
22. Sugartech
23. Pico Ski Area Management Company
24. American Skiing Company Resort Properties, Inc.
25. The Canyons Resort Properties, Inc.
26. Steamboat Resort Properties, Inc.
27. Heavenly Properties, Inc.
28. Sugarloaf Resort Properties, Inc.
29. Killington Resort Properties, Inc.
30. Mount Snow Resort Properties, Inc.
31. Sugarbush Resort Properties, Inc.
32. Sunday River Resort Properties, Inc.
33. Attitash Resort Properties, Inc.
34. Blunder Bay Development Co.
35. ASC Leasing, Inc.
36. Orlando Resort Corporation
37. ASC Transportation, Inc.
38. ASC Utah
39. Steamboat Development Corporation
40. Steamboat Ski & Resort Corporation
41. Heavenly Corporation
42. Heavenly Valley Limited Partnership
43. Heavenly Ski & Resort Corporation