For the Ladder match, the Intercontinental belts belonging to Razor Ramon and Shawn Michaels were both hanging above the ring, and the first wrestler to use the ladder to reach both belts would be declared the winner. Ramon began the match by chokeslamming Michaels. Michaels recovered, however, and performed a neckbreaker on Ramon. Michaels then threw Ramon out to the ringside, where Michaels' bodyguard Diesel clotheslined Ramon. Referee Earl Hebner responded by ordering Diesel to return to the dressing rooms. Ramon pulled up the padding from the concrete floor, but he was later thrown onto it after Michaels reversed Ramon's attempt to perform the Razor's Edge. While Ramon was lying on the floor, Michaels brought the ladder to the ring and used it to hit Ramon in the stomach, chest, and back. Michaels tried to retrieve the belts, but Ramon stopped him from climbing the ladder. Michaels then set the ladder up in the corner of the ring and performed a splash onto Ramon. Ramon recovered and Irish whipped Michaels into the ladder. He then hit Michaels with the ladder several times before both men tried to climb up to get the belts. Ramon suplexed Michaels off the ladder and tried to reach the belts. Michaels dropkicked the ladder, which caused Ramon to fall off. Michaels performed a superkick and a piledriver on Ramon and then propped the ladder up in the corner of the ring. Michaels climbed the turnbuckles, jumped onto the ladder, and used his weight to push it down across Ramon's chest. Michaels tried to retrieve the belts again, but Ramon pushed him off. Michaels fell into the ropes and got tangled up, allowing Ramon to get the belts and win the undisputed Intercontinental Championship.