Common use of Use of IPO Proceeds Clause in Contracts

Use of IPO Proceeds. American Ski will use all net proceeds of the Minimum IPO Gross Proceeds and will use all Restricted Excess IPO Proceeds (a) to make Investments in its Restricted Subsidiaries for use by them in their ski and lodging operations including, without limitation, the consummation of the Kamori Acquisition and (b) to redeem the 133/4% Subordinated Notes in full on or before December 30, 1997. American Ski may use Unrestricted Excess IPO Proceeds for any lawful purpose not expressly prohibited hereunder with respect to the Unrestricted Excess IPO Proceeds.

Use of IPO Proceeds. American Ski will use all net proceeds of the Minimum IPO Gross Proceeds and will use all Restricted Excess IPO Proceeds (a) to make Investments in its Restricted Subsidiaries for use by them in their ski and lodging operations including, without limitation, the consummation of the Kamori Acquisition and (b) to redeem the 133/4% Subordinated Notes in full on or before December 30, 1997. American Ski may use Unrestricted Excess IPO Proceeds for any lawful purpose not expressly prohibited hereunder with respect to the use of Unrestricted Excess IPO Proceeds.