Document:

sfix-ex102_189.htm

Exhibit 10.2

SECOND AMENDMENT

THIS SECOND AMENDMENT (the “Amendment”) is made and entered into as of September 6, 2017 by and between POST-MONTGOMERY ASSOCIATES, a California general partnership (“Landlord”), and STITCH FIX, INC., a Delaware corporation (“Tenant”).

RECITALS

	
 
	
A.
	
Landlord and Tenant are parties to that certain Office Lease dated November 10, 2015 (the “Original Lease”), which Original Lease has been previously amended by that certain First Amendment dated February 22, 2016 (collectively, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space (as more particularly described in the Lease, the “Premises”) in the building located at One Montgomery Street, San Francisco, California (the “Building”).
	
 

	
 
	
B.
	
Tenant and Landlord mutually desire that the Lease be amended on and subject to the following terms and conditions.
	
 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

	
 
	
1 
	
Amendment. Effective as of the date hereof, Landlord and Tenant agree that the Lease shall be amended in accordance with the following terms and conditions:

	
 
	
1.1
	
Second Must-Take Effective Date. All references in the Lease, as amended hereby, to the “Second Must-Take Effective Date” are hereby amended to mean and refer to “the date that is the earlier of (i) November 7, 2017; or (ii) the date on which Tenant first commences business operations in the Second Must-Take Space”.
	
 

	
 
	
1.2
	
Second Must-Take Term. All references in the Lease, as amended hereby, to the “Second Must-Take Term” are hereby amended to mean and refer to “the period commencing on the Second Must-Take Effective Date and ending, unless sooner terminated pursuant to the terms of the Lease, on November 30,2023”.
	
 

	
 
	
1.3
	
Rentable Square Footage of the Premises. Effective as of the Second Must-Take Effective Date, the Premises, as defined in the Lease, shall be increased to approximately 95,250 square feet of rentable area in the Building, comprised of (i) approximately 19,063 square feet of rentable area located on the eleventh (11th) floor of the Building and commonly referred to as Suite 1100; (ii) approximately 19,064 square feet of rentable area located on the twelfth (12th) floor of the Building and commonly referred to as Suite 1200; (iii) approximately 18,953 square feet of rentable area located on the fourteenth (14th) floor of the Building and commonly referred to as Suite 1400; (iv) approximately 19,102 square feet of rentable area located on the fifteenth (15th) floor of the Building and commonly referred to as Suite 1500; and (v) approximately 19,068 square feet of rentable area located on the thirteenth (13th) floor of the Building and commonly referred to as Suite 1300.
	
 

	
 
	
1.4
	
Second Must-Take Construction Period. Tenant acknowledges and agrees that the Second Must-Take Construction Period has expired and that, notwithstanding anything to the contrary contained in the Lease, as amended hereby, Tenant’s obligation to pay Base  Rent and Escalation Rent for the Second Must-Take Space shall occur on the Second Must-Take Effective Date (it being agreed, for the avoidance of doubt, that, notwithstanding anything to the contrary contained in Section 35.1 of the Original Lease, such obligation shall commence on the Second Must-Take Effective Date and not as of the date that is one hundred fifty-seven (157) days following the Second Must-Take Effective Date).
	
 

	
 
	
1.5
	
Base Rent for the Second Must-Take Space. Notwithstanding anything to the contrary contained in the Lease, as amended hereby, the schedule of Base Rent payable for the Second Must-Take Space during the Second Must-Take Term is as follows:
	
 

 

					
	
Period of Term
	
Rentable

Square

Feet
	
Annual Per

Square Foot

Base Rent

Rate
	
Annual

Base Rent
	
Monthly

Base Rent

 

	
Second Must-Take Effective Date – 6/30/18
	
19,068
	
$72.10
	
$1,374,802.80
	
$114,566.90

	
7/1/18-6/30/19
	
19,068
	
$74.26
	
$1,415,989.68
	
$117,999.14

	
7/1/19-6/30/20
	
19,068
	
$76.49
	
$1,458,511.32
	
$121,542.61

	
7/1/20-6/30/21
	
19,068
	
$78.79
	
$1,502,367.72
	
$125,197.31

	
7/1/21 -6/30/22
	
19,068
	
$81.15
	
$1,547,368.20
	
$128,947.35

	
7/1/22-6/30/23
	
19,068
	
$83.58
	
$1,593,703.44
	
$132,808.62

	
7/1/23-11/30/23
	
19,068
	
$86.09
	
$1,641,564.12
	
$136,797.01

 

All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended hereby.

	
 
	
1.6
	
Escalation Rent. Notwithstanding anything to the contrary contained in the Lease, as amended hereby, Tenant’s obligation to pay Escalation Rent with respect to the Second Must-Take Space shall commence on the Second Must-Take Effective Date. The Base Year for the computation of Escalation Rent applicable to the Second Must-Take Space is 2016.
	
 

	
 
	
1.7
	
Construction Obligations. Tenant hereby acknowledges and agrees that Landlord has fulfilled all of its obligations pursuant to Section 32.5 of the Original Lease, Section 35.5 of the Original Lease and Exhibit “C” to the Original Lease.
	
 

	
 
	
1.8
	
Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $8,200,184.00 as collateral for Tenant’s performance of its obligations under the Lease, as amended hereby. No additional letter of credit shall be required in connection with this Amendment.
	
 

2.Miscellaneous.

	
 
	
2.1
	
Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control. The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.
	
 

	
 
	
2.2
	
Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered the same to Tenant.
	
 

	
 
	
2.3
	
Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Amendment. Tenant agrees to indemnify and hold Landlord and the other Indemnitees harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment.
	
 

	
 
	
2.4
	
Each signatory of this Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.
	
 

	
 
	
2.5
	
It is understood that from time to time during the Term of the Lease, Landlord may be subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) 
	
 

	
 
		
and as a result may be prohibited by law from engaging in certain transactions. Tenant represents and warrants after due inquiry that at the time the Lease was entered into and at any time thereafter when its terms are amended or modified, neither Tenant nor its “affiliates” (as defined in Part VI I of Prohibited Transaction Exemption 84-14 (“PTE 84-14”), as amended) has the authority to appoint or terminate The Prudential Insurance Company of America (“Prudential”) as an investment manager to any employee benefit plan invested in the Prudential separate account PRISA, nor the authority to negotiate the terms of any management agreement between Prudential and any such employee benefit plan for its investment in PRISA. Further, Tenant is not “related” to Prudential within the meaning of Part VI(h) of PTE 84-14.
	
 

	
 
	
2.6
	
Tenant represents to Landlord that Tenant is not in violation of any Anti-Terrorism Law (defined below), and that Tenant is not, as of the date hereof: (i) conducting any business or engaging in any transaction or dealing with any Prohibited Person (defined below), including the making or receiving of any contribution of funds, goods or services to or for the benefit of any Prohibited Person; (ii) dealing in, or otherwise engaging in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (iii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in, any Anti-Terrorism Law. In addition, Tenant represents that neither Tenant nor any of its affiliates, officers, directors, shareholders, members or lease guarantor, as applicable, is a Prohibited Person. If the foregoing representation is untrue at any time during the Term (as the same may be extended), an Event of Default under the Lease will be deemed to have occurred, without the necessity of notice to Tenant. As used herein, the term “Anti-Terrorism Law” shall mean any laws relating to terrorism, anti-terrorism, money-laundering or anti-money laundering activities, including without limitation the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, Executive Order No. 13224, and Title 3 of the USA Patriot Act, and any regulations promulgated under any of them. As used herein, the term “Prohibited Person” shall mean (i) A person or entity that is listed in the Annex to Executive Order No. 13224, or a person or entity owned or controlled by an entity that is listed in the Annex to Executive Order No. 13224; (ii) a person or entity with whom Landlord is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; or (iii) a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf, or at any replacement website or other official publication of such list.
	
 

	
 
	
2.7
	
Pursuant to California Civil Code Section 1938, Landlord hereby notifies Tenant that as of the date of this Amendment, the Premises have not undergone inspection by a “Certified Access Specialist” (“CASp”) to determine whether the Premises meet all applicable construction-related accessibility standards under California Civil Code Section 55.53. Landlord hereby discloses pursuant to California Civil Code Section 1938 as follows: “A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.” Landlord and Tenant hereby acknowledge and agree that in the event that Tenant elects to perform a CASp inspection of the Premises hereunder (the “Inspection”), such Inspection shall be (a) performed at Tenant’s sole cost and expense, (b) limited to the Premises and (c) performed by a CASp who has been approved or designated by Landlord prior to the Inspection. Any Inspection must be performed in a manner which minimizes the disruption of business activities in the Building, and at a time reasonably approved by Landlord. Landlord reserves the right to be present during the Inspection. Tenant agrees to: (i) promptly provide to Landlord a copy of the report or certification prepared by the CASp inspector upon request (the “Report”), (ii) keep the information contained 
	
 

	
 
		
in the Report confidential, except to the extent required by Requirements, or to the extent disclosure is needed in order to complete any necessary modifications or improvements required to comply with all applicable accessibility standards under state or federal Requirements, as well as any other repairs, upgrades, improvements, modifications or alterations required by the Report or that may be otherwise required to comply with applicable Requirements or accessibility requirements (the “Access Improvements”). Tenant shall be solely responsible for the cost of Access Improvements to the Premises or the Building necessary to correct any such violations of construction-related accessibility standards identified by such Inspection as required by Requirements, which Access Improvements may, at Landlord’s option, be performed in whole or in part by Landlord at Tenant’s expense, payable as additional rent within ten (10) days following Landlord’s demand. The terms of this Section 2.7 with respect to CASp inspections shall only apply in the event Tenant exercises its right to perform a CASp inspection of the Premises.  Otherwise, the terms of the Lease, as amended hereby, with respect to compliance, repairs and maintenance obligations of the parties shall apply.
	
 

	
 
	
2.8
	
Redress for any claim against Landlord under the Lease and this Amendment shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Building. The obligations of Landlord under the Lease are not intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof, or any beneficiaries, stockholders, employees, or agents of Landlord or the investment manager, and in no case shall Landlord be liable to Tenant hereunder for any lost profits, damage to business, or any form of special, indirect or consequential damage.
	
 

[Signature Page Follows]

 

IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this Amendment as of the date first written above.

 

			
	
LANDLORD:
	
 
	
TENANT:

	
 
	
 
	
 

	
POST-MONTGOMERY ASSOCIATES,
	
 
	
STITCH FIX, INC.,

	
a California general partnership
	
 
	
a Delaware corporation

 

	
By:
	
PR Post Montgomery LLC, 

	
 
	
a Delaware limited liability company

	
Its:
	
Partner

 

	
 
	
By:
	
PRISA LHC, LLC,

	
 
	
 
	
a Delaware limited liability company

	
 
	
Its: 
	
Managing Member

 

	
 
	
 
	
 
	
By:
	
/s/ Kristin Paul
	
 
	
By:
	
/s /Paul Yee

	
 
	
 
	
 
	
Name: 
	
Kristin Paul
	
 
	
Name:
	
Paul Yee

	
 
	
 
	
 
	
Title:  
	
Vice President
	
 
	
Title:
	
CFO

	
 
	
 
	
 
	
Dated:
	
            
	
, 2017
	
 
	
Dated:
	
September 7
	
, 2017

 

	
By:
	
The Prudential Insurance Company of America, a New Jersey corporation, acting solely on behalf of and for the benefit of, and with its liability limited to the assets of, its insurance company separate account, PRISA

	
Its:
	
Partner

 

	
 
	
 
	
By:
	
/s/ Kristin Paul

	
 
	
 
	
Name: 
	
Kristin Paul

	
 
	
 
	
Title:
	
Vice President

	
 
	
 
	
Dated::
	
 
	
, 2017EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 OMNIBUS

 AMENDMENT NO. 8 TO 

RECEIVABLES LOAN AGREEMENT 

AMENDMENT NO. 3 TO 
 SALE AND
CONTRIBUTION AGREEMENT 
 This OMNIBUS AMENDMENT NO. 8 TO RECEIVABLES LOAN AGREEMENT AND AMENDMENT NO. 3 TO SALE AND CONTRIBUTION AGREEMENT,
effective as of March 9, 2018 (this “Amendment”), is executed by and among HILTON GRAND VACATIONS TRUST I LLC, a Delaware limited liability company (together with its successors and assigns, the “Borrower”),
HILTON RESORTS CORPORATION, a Delaware corporation (the “Seller”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Paying Agent and Securities Intermediary, the financial institutions signatory hereto as
Managing Agents, the financial institutions signatory hereto as Conduit Lenders, the financial institutions signatory hereto as Committed Lenders and DEUTSCHE BANK SECURITIES, INC., as Administrative Agent. Capitalized terms used, but not otherwise
defined herein, shall have the meanings ascribed thereto in the “Receivables Loan Agreement” (defined below). 
 WITNESSETH: 

WHEREAS, the Borrower, the Managing Agents party thereto, the Administrative Agent, Wells Fargo Bank National Association, as Securities
Intermediary and Paying Agent, the Conduit Lenders party thereto, and the Committed Lenders party thereto are parties to that certain Receivables Loan Agreement dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified
from time to time, the “Receivables Loan Agreement”); 
 WHEREAS, the Borrower and Seller are party to that certain Sale
and Contribution Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale and Contribution Agreement”); and 

WHEREAS, as provided herein, the parties hereto have agreed to provide certain waivers under the Receivables Loan Agreement and Sale and
Contribution Agreement and amend certain provisions of the Receivables Loan Agreement and the Sale and Contribution Agreement, each as further described below; 

NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION
1.    Waivers to the Receivables Loan Agreement and Sale and Contribution Agreement. Effective as of the date hereof (the “Effective Date”), and subject to the satisfaction of the conditions precedent set
forth in Section 4 hereof, the Administrative Agent and the Majority Managing Agents agree to waive the following Defaults and Events of Default: 

1.1    Prior to the date hereof, failure to deliver the audited financial statements, related notes and related compliance
certificate with respect to the Seller and its Subsidiaries on a consolidated basis as at the end of the 2016 fiscal year as required pursuant to Section 4.2(a)(ii) and 4.2(b) of the Sale and Contribution Agreement; and 

 1.2    Failure to deliver the unaudited financial statements and related
compliance certificates with respect to the Seller and its Subsidiaries on a consolidated basis for each of the quarterly fiscal periods ending March 31, 2017, June 30, 2017 and September 30, 2017 as required pursuant to
Section 4.2(a)(i) and 4.2(b) of the Sale and Contribution Agreement. 
 The foregoing waivers do not and shall not apply to any other
Default or Event of Default that may currently be outstanding, and shall not apply to any future Default or Event of Default. Without limiting the generality of the foregoing, each of the Borrower and Seller, on its behalf and on behalf of its
Subsidiaries and Affiliates, agrees that foregoing waivers and the execution, delivery and effectiveness of this Amendment shall not entitle the Borrower or the Seller to any future or additional consent, amendment, waiver or modification of any
provision of the Receivables Loan Agreement or any other Facility Document, nor shall the execution and delivery of this Amendment establish a course of dealing among the Borrower, the Seller, the Administrative Agent and the Managing Agents or in
any other way obligate the Administrative Agent or the Managing Agents to hereafter provide any consent, amendment, waiver or modification of any provision of the Receivables Loan Agreement, the Sale and Contribution Agreement or any other Facility
Document. 
 SECTION 2.    Amendment to the Receivables Loan Agreement. Effective as of the Effective Date, and
subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Receivables Loan Agreement is hereby amended as follows: 

2.1    The definitions of “Commitment Termination Date”, “Hedging Period”, “Required Rate”
and “Used Fee Rate” set forth in Section 1.01 are hereby amended and restated in their entirety as follows: 

“Commitment Termination Date” means March 9, 2020, as such date may be extended from time to time
pursuant to Section 2.07.” 
 “Hedging Period” means each period commencing on a Distribution
Date on which (i) the Excess Spread Percentage on such Distribution Date is less than 6.75% or (ii) the LIBOR Rate for the Interest Period commencing on such Distribution Date is greater than 3.00% and ending on the next Distribution Date
on which the condition described in clause (i) or (ii) hereof that caused such period to commence no longer exists. 

“Required Rate” means, on any date of determination, the Hedge Rate that would cause the Excess Spread
Percentage to be equal to 6.50% on such date. 
 “Used Fee Rate” has the meaning set forth in the Fee
Letter. 
 2.2    Section 4.01(v) is hereby amended and restated as follows: 

“(v) OFAC. None of the Borrower or any other Subsidiary of the Seller (i) is a Sanctioned Person,
(ii) has any assets in Sanctioned Countries or (iii) derives any operating income from investments in, or transaction with, Sanctioned Persons or Sanctioned Countries. None of the proceeds of any Loan have been or will be used to fund any
operations or finance any investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Country.” 

  
 2 

 2.3    Section 7.01(s)(i) is hereby is hereby amended and restated as
follows: 
 “(i)    the Average Delinquency Ratio or the Average Managed Portfolio Delinquency Ratio
exceeds 3.00%; or” 
 2.4    Schedule III to the Receivables Loan Agreement is hereby amended to replace the Notice
Address and Wiring Instructions for Wells Fargo Bank, National Association (as a Committed Lender and a Managing Agent) with the following: 

Wells Fargo Bank, National Association 

7711 Plantation Rd 

Roanoke, VA 24019 

Telephone: 212-214-5757 

	 	Email:	RKELCFX@wellsfargo.com 

	 	    	leigh.a.kurtz@wellsfargo.com 

	 	    	joe.mcelroy@wellsfargo.com 

	 	    	leigh.poltrack@wellsfargo.com 

	 	    	bryan.lahey@wellsfargo.com 

 Wiring Instructions to which payments
hereunder are to be made: 
 Fed ABA:
121-000-248 
 Fed Bank: Wells Fargo Bank,
N.A. 
 Acct Name: Roanoke In/Out Wire Account 

Acct. #: 00698311628807 

Attention: MCTNA 

Ref: Hilton Grand Vacations Trust I LLC 

2.5    Schedule V to the Receivables Loan Agreement is hereby amended to include the following Resorts and Resort
Associations: 
 RESORTS AND RESORT ASSOCIATIONS 
  

							
	 Project Marketing Name
	  	 Project Legal Name
	  	 Address of Resort
	  	 Association Name

	The Bay Club at Waikoloa Beach Resort	  	The Bay Club Ownership Program (Project No. 167 only)	  	69-450 Waikoloa Beach Drive, Waikoloa, Hawaii 96738	  	The Bay Club Vacation Owners Association
				
	Ocean Tower by Hilton Grand Vacations Club	  	Ocean Tower Vacation Suites (Project No. 69 only)	  	69-425 Waikoloa Beach Drive, Waikoloa, Hawaii 96738	  	Ocean Tower Vacation Owners Association, Inc.
				
	Sunrise Lodge, a Hilton Grand Vacations Club	  	Sunrise Lodge (Project No. 63 only)	  	2307 West High Mountain Road, Park City, Utah 84098	  	Sunrise Lodge Timeshare Owners Association, Inc.

  
 3 

 SECTION 3.    Amendment to the Sale and Contribution Agreement.
Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Sale and Contribution Agreement is hereby amended as follows: 

3.1    Section 2.7(c)(ii) of the Sale and Contribution Agreement is amended and restated in its entirety as follows: 

“(ii)    The Seller shall have the option, but not the obligation, on any date, to either (i) repurchase a
Defaulted Timeshare Loan from the Purchaser for a price equal to the Repurchase Price therefor, or (ii) substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan and pay the related Substitution Shortfall
Amount, if any, in accordance with Section 2.7(d), in each case not later than the Distribution Date with respect to the Collection Period during which such Timeshare Loan became a Defaulted Timeshare Loan; provided, however, the
aggregate Timeshare Loan Balances of all Defaulted Timeshare Loans that may be repurchased and/or substituted pursuant to this Section 2.7(c)(ii) shall be limited on any date to an amount equal to the amount by which (x) 20.0 % of the
highest aggregate Cutoff Date Loan Balances of all Transferred Timeshare Loans owned by the Purchaser since the Closing Date or, if a Refinancing shall have occurred, since the most recent Refinancing Date, exceeds (y) the aggregate Timeshare
Loan Balances of all Defaulted Timeshare Loans previously repurchased or substituted at the option of the Seller since the Closing Date or, if a Refinancing shall have occurred, the sum of (A) the aggregate Timeshare Loan Balances of all
Defaulted Timeshare Loans repurchased or substituted at the option of the Seller since the most recent Refinancing Date and (B) the product of (1) the Remaining Percentage with respect to such Refinancing Date and (2) the amount
calculated in accordance with this clause (y) on the Distribution Date immediately preceding such Refinancing Date, after giving effect to any repurchases or substitutions of Defaulted Timeshare Loans on or prior to such Distribution
Date.” 
 3.2    Section 3.1(w) of the Sale and Contribution Agreement is amended and restated in its entirety as
follows: 
 “(w) Accounting. The Seller accounts for and otherwise treats each Transfer of Transferred Property under this
Agreement in its books and records as a legal sale of such Transferred Property; provided that the Transfers will not constitute sales under GAAP or for federal or state income tax reporting purposes and the Transferred Property will remain on the
consolidated balance sheet of Hilton Grand Vacations Inc. and its Subsidiaries.” 
 3.3    Section 4.2(a) of the
Sale and Contribution Agreement is amended and restated in its entirety as follows: 
 “(i)    within sixty
(60) days after the end of each of the first three quarterly fiscal periods of each fiscal year of the Seller, the unaudited balance sheet of the Seller and its Subsidiaries on a consolidated basis as at the end of such period and the related
unaudited combined statements of income for the Seller and its Subsidiaries for such period and the portion of the fiscal year through the end of such period; and 

(ii)    within one hundred and five (105) days after the end of each fiscal year of the Seller, the audited financial
statements and related notes with respect to the Seller and its Subsidiaries on a consolidated basis as at the end of such fiscal year and the related statements of operations and shareholders’ equity and, if prepared, the related audited
combined statements of income and retained earnings and of cash flows for the Seller and its Subsidiaries on a consolidated basis for such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an
opinion thereon of independent certified public accountants of recognized national standing, which 

  
 4 

 
opinion shall not be qualified as to scope of audit or going concern and shall state that each combined financial statement fairly presents the financial condition and results of operations of
the Seller and its Subsidiaries on a consolidated basis at the end of, and for, such fiscal year in accordance with GAAP, containing a footnote stating that, in making the examination necessary for their opinion, they obtained no knowledge, except
as specifically stated, of any Default or Event of Default; provided, however, that such financial statements of the Seller and its Subsidiaries shall not be required to be audited if the annual financial statements of the Seller and its
Subsidiaries are included in the consolidated audit of Hilton Grand Vacations Inc.” 
 3.4    Section 4.2(b) of the
Sale and Contribution Agreement is amended and restated in its entirety as follows: 
 “(b)    Compliance
Certificates. Concurrently with any delivery of information under clause (a) above, a certificate of a Responsible Officer of the Seller (i) stating that the Responsible Officer of the Seller is unaware of any Event of Default as set
forth in Section 7.01(t) of the Receivables Loan Agreement that would require disclosure and/or remedy as required under Section 7.03 thereof, provided that, if requested by the Administrative Agent, the Seller will provide in
reasonable detail the calculations required to establish whether an Event of Default set forth in Section 7.01(t) of the Receivables Loan Agreement has occurred and (ii) stating that the attached financial statements have been prepared in
accordance with GAAP to the extent required pursuant to this Section 4.2 and fairly present the financial condition and results of operations of the Seller and its Subsidiaries on a consolidated basis.” 

SECTION 4.    Conditions Precedent. This Amendment shall become effective on the Effective Date upon the
satisfaction of each of the following conditions precedent: 
 4.1    The Administrative Agent shall have received
counterparts of this Amendment executed by each of the parties hereto. 
 4.2    (i) The Administrative Agent shall have
received executed counterparts of that certain Third Amended and Restated Fee Letter, dated as of the date hereof, among the Administrative Agent, the Managing Agents, the Committed Lenders and the Borrower, from each of the parties thereto and
(ii) the Borrower shall have paid all fees required to be paid by it on the date hereof under the foregoing fee. 
 SECTION
5.    Representations, Warranties and Confirmations. The Borrower hereby represents and warrants that: 

5.1    It has the power and is duly authorized, including by all limited liability company action on its part, to execute
and deliver this Amendment. 
 5.2     This Amendment has been duly and validly executed and delivered by it. 

5.3    This Amendment, the Sale and Contribution Agreement and Receivables Loan Agreement as amended hereby, constitute
legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms. 

5.4    Immediately prior, and after giving all effect, to this Amendment, the covenants, representations and warranties of
the Borrower set forth in the Receivables Loan Agreement are true and correct in all material respects as of the date hereof (except to the extent such representations or warranties relate solely to an earlier date and then as of such date). 

  
 5 

 5.5    Immediately prior, and after giving all effect, to this Amendment, no
event, condition or circumstance has occurred and is continuing which constitutes a Servicer Termination Event, Unmatured Servicer Termination Event, Default or Event of Default. 

SECTION 6.    Delivery of Executed Amendment. The Borrower covenants and agrees that it will deliver an executed
copy of this Amendment to the Servicer, the Paying Agent, the Backup Servicer and the Custodian promptly following the effectiveness hereof. 

SECTION 7.    Entire Agreement. The parties hereto hereby agree that this Amendment constitutes the entire
agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 

SECTION 8.    Effectiveness of Amendment. Except as expressly amended by the terms of this Amendment, all terms and
conditions of the Sale and Contribution Agreement or the Receivables Loan Agreement, as applicable, shall remain in full force and effect and are hereby ratified and confirmed. This Amendment shall not operate as a consent, waiver, amendment or
other modification of any other term or condition set forth in the Sale and Contribution Agreement or the Receivables Loan Agreement or any right, power or remedy of the Administrative Agent or any Managing Agent or Lender under the Sale and
Contribution Agreement or the Receivables Loan Agreement, except as expressly modified hereby. Upon the effectiveness of this Amendment, each reference in the Sale and Contribution Agreement or the Receivables Loan Agreement to “this
Agreement”, “this Sale and Contribution Agreement” or “this Receivables Loan Agreement” or words of like import shall mean and be references to the Sale and Contribution Agreement or the Receivables Loan Agreement, as
applicable, as amended hereby, and each reference in any other Facility Document to the Sale and Contribution Agreement or Receivables Loan Agreement or to any terms defined in the Sale and Contribution Agreement or Receivables Loan Agreement which
are modified hereby shall mean and be references to the Sale and Contribution Agreement or Receivables Loan Agreement, as applicable, or to such terms as modified hereby. 

SECTION 9.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 10.    Binding Effect. This Amendment shall be binding
upon and shall be enforceable by parties hereto and their respective successors and permitted assigns. 
 SECTION
11.    Headings. The Section headings herein are for convenience only and will not affect the construction hereof. 

SECTION 12.    Novation. This Amendment does not constitute a novation or termination of the Receivables Loan
Agreement, the Sale and Contribution Agreement or any Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein. 

SECTION 13.    Counterparts. This Amendment may be executed in any number of counterparts, each of which so
executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic mail in a
“.pdf” file shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION
14.    Fees, Costs and Expenses. The Borrower agrees to pay on demand all reasonable fees and out-of-pocket expenses of Sidley Austin LLP,
counsel for the Administrative Agent, incurred in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered in connection herewith. 

Signature Pages Follow 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective authorized officers as of the date first above written. 
  

			
	HILTON GRAND VACATIONS TRUST I LLC, as Borrower

 
			
		
	By:	 	 /s/ Neil J. Peraza, CPA

	Name:	 	Neil J. Peraza, CPA
	Title:	 	Vice President - Finance and Treasurer

 
			
	
	 HILTON RESORTS CORPORATION,
 as
Seller

 
			
		
	By:	 	 /s/ Kelly Lodde

	Name:	 	Kelly Lodde
	Title:	 	Senior Vice President, Asst. Secretary

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	 DEUTSCHE BANK SECURITIES, INC.,
 as
Administrative Agent

 
			
		
	By:	 	 /s/ ROB SANNICANDRO

	Name:	 	ROB SANNICANDRO
	Title:	 	DIRECTOR
		
	By:	 	 /s/ MAUREEN FARLEY

	Name:	 	MAUREEN FARLEY
	Title:	 	VICE PRESIDENT

 
			
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH

as a Committed Lender and a Managing Agent

 
			
		
	By:	 	 /s/ ROB SANNICANDRO

	Name:	 	ROB SANNICANDRO
	Title:	 	DIRECTOR
		
	By:	 	 /s/ MAUREEN FARLEY

	Name:	 	MAUREEN FARLEY
	Title:	 	VICE PRESIDENT

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Committed Lender and a Managing Agent

 
			
		
	By:	 	 /s/ Carl W. Anderson

	Name:	 	Carl W. Anderson
	Title:	 	Managing Director

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	Solely with respect to the amendment of “Commitment Termination Date” in Section 2.1:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Paying Agent and Securities Intermediary

 
			
		
	By:	 	 /s/ Jennifer C. Westberg

	Name:	 	Jennifer C. Westberg
	Title:	 	Vice President

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	 BARCLAYS BANK PLC,
 as a Committed
Lender and a Managing Agent

		
	By:	 	 /s/ Chin-Yong Choe

	Name:	 	Chin-Yong Choe
	Title:	 	Director
	
	 SHEFFIELD RECEIVABLES COMPANY LLC,

as a Conduit Lender

		
	By:	 	Barclays Bank PLC,
		 	as attorney-in-fact
		
	By:	 	 /s/ Chin-Yong Choe

	Name:	 	 Chin-Yong Choe

	Title:	 	Director

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Committed Lender and a Managing Agent

 
			
		
	By:	 	 /s/ JOSEPH MCELROY

	Name:	 	JOSEPH MCELROY
	Title:	 	DIRECTOR

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement 

 
			
	 SUNTRUSTBANK,
 as a Committed Lender
and a Managing Agent

 
			
		
	By:	 	 /s/ David Hufnagel

	Name:	 	David Hufnagel
	Title:	 	Vice President

 Signature Page to Omnibus Amendment No. 8 to Receivables Loan Agreement and Amendment No. 3
to Sale and Contribution Agreement

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