Document:

EX-10.8

 Exhibit 10.8 

EXECUTION COPY 
 AMENDMENT
NO. 1 TO 
 RECEIVABLES LOAN AGREEMENT 

This AMENDMENT NO. 1 TO RECEIVABLES LOAN AGREEMENT, effective as of July 25, 2013 (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”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Paying Agent and
Securities Intermediary, DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”), as a Committed Lender and as a Managing Agent (in such capacity, the “DB Managing Agent”), MONTAGE FUNDING, LLC (“Montage”), as a
Conduit Lender, DEUTSCHE BANK SECURITIES, INC., as Administrative Agent, and BANK OF AMERICA, N.A. (“BANA”), as assignee (the “Assignee”). 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 DB Managing Agent, the Administrative Agent, the Securities Intermediary, the 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 (the “Receivables Loan Agreement”); 

WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Receivables Loan Agreement as described below
in order to, among other things, add the Assignees as Committed Lenders and Managing Agents; 
 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. Amendment to the Receivables Loan Agreement. Effective as of the date hereof (the “Effective Date”), and
subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Receivables Loan Agreement is hereby amended as follow: 

1.1 The definitions of “Adjusted LIBO Rate”, “Alternative Rate” and “LIBO Rate” set forth in Section 1.01
are each amended and restated in their entirety as follows: 
 “ “Adjusted LIBO Rate” means, on any
day, (a) for any Lender in the Lender Group for which BANA is the Managing Agent, the applicable LIBO Rate in effect on such day for such Lender or (b) for any other Lender, an interest rate per annum obtained by dividing (i) the
applicable LIBO Rate in effect on such day for such Lender by (ii) a percentage equal to 100% minus the LIBO Rate Reserve Percentage for such day.” 

“ “Alternative Rate” means, with respect to a Loan on any day, an interest rate per annum equal to the
sum of (a) the Used Fee Rate, plus (b) the Adjusted LIBO Rate for such day; provided, however, that if a LIBOR Disruption Event is continuing on such day, the Alternative Rate shall be an interest rate per annum equal to the
Prime Rate in effect on such day.” 

 “ “LIBO Rate” means (a) with respect to any Loan
funded or maintained by a Lender in the Lender Group for which BANA is the Managing Agent, for any day, the one-month “Eurodollar Rate” for deposits in Dollars as reported on Reuters Screen LIBOR01 Page or any other page that may replace
such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such date, or if such day is not a Business Day, then the
immediately preceding Business Day (or if not so reported, then as determined by BANA from another recognized source for interbank quotation), in each case, changing when and as such rate changes or (b) with respect to any Loan funded or
maintained by a Lender in any other Lender Group for any Interest Period, the rate per annum shown on Reuters Screen LIBOR01 (or any successor page as the composite offered rate for London interbank deposits for a one-month period), as shown under
the heading “USD” at approximately 11:00 a.m., London time, on the second Business Day before the first day of such Interest Period; provided, that (x) if the rate referred to in this clause (b) is not available at such
time for any reason, then the “LIBO Rate” shall be determined by reference to such other comparable available service for displaying Eurodollar rates as may be reasonably selected by the Administrative Agent or (y) if no such service
is available, the LIBO Rate shall be the rate per annum equal to the average (rounded upward to the nearest 1/16th of 1%) of the respective rates notified to the Administrative Agent by Deutsche Bank AG as the rate at which Deutsche Bank AG offers
deposits in Dollars at or about 10:00 a.m., New York City time, two Business Days prior to the beginning of the related Interest Period, in the interbank eurocurrency market where the eurocurrency and foreign currency and exchange operations in
respect of its Eurodollar loans are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to the applicable amount of Aggregate Loan Principal Balance to be
accruing interest at the LIBO Rate during such Interest Period.” 
 “ “LIBO Rate Reserve
Percentage” means, for any day on which Interest is computed by reference to the LIBO Rate, the reserve percentage applicable on such day under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or
any successor) (or if more than one such percentage shall be applicable, the average of such percentages) for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to
liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Liabilities is determined). The LIBO Rate
Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.” 
 1.2
Clause (iii) of Section 10.12(b) of the Receivables Loan Agreement is amended and restated in its entirety as follows: 

“(iii) to the extent requested by any governmental or regulatory authority having, or claiming to have, jurisdiction over
the Administrative Agent, the Managing Agents, the Lenders or any Lender Representative,”. 
 1.3 Clause (gg) of Schedule I to
the Receivables Loan Agreement is amended and restated in its entirety as follows: 
 “(gg) The related Obligor has
equity in the related Timeshare Property of at least 10% of the purchase price for the related Timeshare Property.” 
 1.4 Schedule
II to the Receivables Loan Agreement is deleted in its entirety and replaced with Schedule II attached hereto. 

  
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 SECTION 2. Assignment. 

2.1 Each of DBNY and Montage (each an “Assignor” and collectively, the “Assignors”) hereby sells and assigns
to the Assignee, and the Assignee hereby purchases and assumes from each Assignor, a 50.000% interest in and to all of its rights, title, interest and obligations under the Agreement as of the date hereof (including its Commitment and all Loans, if
any, or interests therein held by it). By execution and delivery of this Amendment, BANA elects to form a new “Lender Group” under the Receivables Loan Agreement consisting of BANA, as Committed Lender and Managing Agent. After giving
effect to the sale and assignment described in this Section 2.1, the Assignee will be a Committed Lender having the Commitment set forth on Schedule II to this Amendment. As consideration for the sale and assignment contemplated in this
Section 1, on the Effective Date the Assignee shall pay to Montage in immediately available funds a purchase price equal to $199,000,000.00 for the interests in the transferred interest sold and assigned to the Assignee under this
Section 2.1. On the Effective Date, DBNY shall pay to the Assignee, in immediately available funds a one-time, non-refundable upfront fee equal to $447,222.22. 

2.2 Each Assignor: (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it pursuant to
this Section 2 and that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with any Facility Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Facility Document or any other instrument or document furnished
pursuant thereto; and (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Seller, the Borrower or the Servicer, or the performance or observance by any such party of any of its
respective obligations under the Facility Documents or any other instrument or document furnished pursuant thereto. 
 2.3 The Assignee:

 (i) confirms that it has received a copy of the Receivables Loan Agreement, together with copies of the most recent
financial statements delivered pursuant to Section 5.02(b) of the Receivables Loan Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; 

(ii) agrees that it will, independently and without reliance upon the Administrative Agent, any Managing Agent, the Assignor or
any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables Loan Agreement; 

(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers
under the Receivables Loan Agreement and the other Facility Documents as are delegated to the Administrative Agent respectively, by the terms thereof, together with such powers as are reasonably incidental thereto; 

(iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Receivables
Loan Agreement and Amendment are required to be performed by it as a Committed Lender or a Managing Agent, as applicable; 

  
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 (v) specifies as its address for notices the office set forth beneath its name on
the signature pages hereof; and 
 (vi) represents that this Amendment has been duly authorized, executed and delivered by
such Assignee or New Managing Agent pursuant to its corporate powers and constitutes the legal, valid and binding obligation of such Assignee or New Managing Agent. 

2.4 As of the Effective Date, the Assignee shall be a party to the Receivables Loan Agreement and, to the extent provided in this
Section 2, have the rights and obligations of a Committed Lender or a Managing Agent, as applicable, thereunder and hereunder. This Agreement serves as an Assignment and Acceptance and is being executed and delivered in accordance with
Section 10.03 of the Receivables Loan Agreement. 
 2.5 From and after the Effective Date, all payments under the Receivables Loan
Agreement in respect of the interests assigned hereby (including all payments of fees with respect thereto) shall be made to the Assignee, for its own account, in accordance with the Receivables Loan Agreement. The Assignors and the Assignee shall
make all appropriate adjustments in payments under the Receivables Loan Agreement for periods prior to the Effective Date directly between themselves. 

SECTION 3. Conditions Precedent. This Amendment shall become effective on the Effective Date upon the satisfaction of each of the
following conditions precedent: 
 3.1 The Administrative Agent shall have received counterparts of this Amendment executed by each of the
parties hereto. 
 3.2 The Assignors shall have received by wire transfer of immediately available funds from each Assignee the purchase
price referred to in Section 2.1. 
 SECTION 4. Representations, Warranties and Confirmations. The Borrower hereby represents
and warrants that: 
 4.1 It has the power and is duly authorized, including by all corporate or limited liability company action on its
part, to execute and deliver this Amendment. 
 4.2 This Amendment has been duly and validly executed and delivered by it. 

4.3 This Amendment and the Receivables Loan Agreement as amended hereby, constitute legal, valid and binding obligations of such parties and
are enforceable against the Borrower in accordance with their terms. 
 4.4 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). 
 4.5 Immediately prior, and after giving all effect, to this Amendment, no event,
condition or circumstance has occurred and is continuing which constitutes an Servicer Termination Event, Unmatured Servicer Termination Event, Default or Event of Default. 

SECTION 5. 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. 

  
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 SECTION 6. 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 7. Effectiveness of Amendment. Except as expressly amended by the terms of this Amendment, all terms and conditions of the
Receivables Loan Agreement 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
Receivables Loan Agreement or any right, power or remedy of the Administrative Agent or any Managing Agent or Lender under the Receivables Loan Agreement, except as expressly modified hereby. Upon the effectiveness of this Amendment, each reference
in the Receivables Loan Agreement to “this Agreement” or “this Receivables Loan Agreement” or words of like import shall mean and be references to the Receivables Loan Agreement as amended hereby, and each reference in any other
Facility Document to the Receivables Loan Agreement or to any terms defined in the Receivables Loan Agreement which are modified hereby shall mean and be references to the Receivables Loan Agreement or to such terms as modified hereby. 

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 9. Binding Effect. This Amendment shall be binding upon and shall be enforceable by parties hereto
and their respective successors and permitted assigns. 
 SECTION 10. Headings. The Section headings herein are for convenience only
and will not affect the construction hereof. 
 SECTION 11. Novation. This Amendment does not constitute a novation or termination of
the Receivables Loan 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 12. 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 13. 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 

  
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 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/ Sean M. Dell’Orto

	Name:	 	Sean M. Dell’Orto
	Title:	 	Senior Vice President and Treasurer

  
 Signature Page to
Amendment No. 1 to Receivables Loan Agreement 

 
			
	DEUTSCHE BANK SECURITIES, INC. as Administrative Agent
		
	By:	 	 /s/ Colin Bennett

	Name:	 	Colin Bennett
	Title:	 	Director
		
	By:	 	 /s/ Billy Strobel

	Name:	 	Billy Strobel
	Title:	 	Vice President
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH

as Assignor and Managing Agent

		
	By:	 	 /s/ Colin Bennett

	Name:	 	Colin Bennett
	Title:	 	Director
		
	By:	 	 /s/ Billy Strobel

	Name:	 	Billy Strobel
	Title:	 	Vice President
	
	 MONTAGE FUNDING LLC
 as
Assignor

		
	By:	 	 /s/ Michael R. Newell

	Name:	 	Michael R. Newell
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 1 to Receivables Loan Agreement 

 
			
	BANK OF AMERICA, N.A.,
	as Assignee
		
	By:	 	 /s/ Brendan Feeney

	Name:	 	Brendan Feeney
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 1 to Receivables Loan AgreementEX-10.9

 Exhibit 10.9 

EXECUTION COPY 
 OMNIBUS
AMENDMENT NO. 2 TO 
 RECEIVABLES LOAN AGREEMENT, 

AMENDMENT NO. 1 TO 
 SALE AND
CONTRIBUTION AGREEMENT 
 AND 

CONSENT TO CUSTODY AGREEMENT 

This OMNIBUS AMENDMENT NO. 2 TO RECEIVABLES LOAN AGREEMENT, AMENDMENT NO. 1 TO SALE AND CONTRIBUTION AGREEMENT and CONSENT TO CUSTODY
AGREEMENT, effective as of October 25, 2013 (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”), GRAND VACATIONS SERVICES, LLC, a Delaware limited liability company (the “Servicer”), HILTON RESORTS CORPORATION, a Delaware corporation (the “Seller”), WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as Custodian, the financial institutions signatory hereto as Managing Agents, 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 as of July 25, 2013, the
“Receivables Loan Agreement”); and 
 WHEREAS, the Borrower and the Seller are party to that certain Sale and Contribution
Agreement, dated as of May 9, 2013 (the “Sale and Contribution Agreement”); and 
 WHEREAS, the Borrower, the
Servicer, the Custodian and the Administrative Agent are party to that certain Custody Agreement, dated as of May 9, 2013 (the “Custody Agreement”); and 

WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Receivables Loan Agreement and the Sale and
Contribution Agreement, and to consent to certain departures from the requirements of the Custody 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. Amendments to the Receivables Loan 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 (as well as the additional condition set forth in Section 1.7 hereof with respect to the change effected thereby), the Receivables Loan Agreement is
hereby amended as follows: 
 1.1 The definition of “Aggregate Commitment” set forth in Section 1.01 is amended and restated
in its entirety as follows: 
 “ “Aggregate Commitment” means, on any date of determination, the sum of
the Commitments then in effect. As of the Amendment No. 2 Effective Date, the Aggregate Commitment is $450,000,000.” 
 1.2 The
definitions of “Hilton Timeshare Loan Cap”, “Hilton Mezzanine Loan Agreements”, “Hilton Mortgage Loan Agreement” and “Recapitalization Event” set forth in Section 1.01 are deleted in their entirety. 

1.3 The following definitions of “Amendment No. 2 Effective Date” and “Increase Timeshare Loans” are added to
Section 1.01 in their appropriate alphabetical order therein: 
 “ “Amendment No. 2 Effective
Date” means October 25, 2013.” 
 “ “Increase Timeshare Loans” means Timeshare Loans
for which the Transfer Date is the Amendment No. 2 Effective Date.” 
 1.4 Section 3.02(e) of the Receivables Loan Agreement
is amended and restated in its entirety as follows: 
 “(e) each of the Borrower, the Servicer and the Custodian shall
have timely made all of the deliveries required pursuant to the Custody Agreement with respect to the Pledged Timeshare Loans and any Timeshare Loans to become Pledged Timeshare Loans in connection with such Borrowing (other than deliveries required
in connection with the Increase Timeshare Loans which shall be made no later than the date that is 90 days after the Amendment No. 2 Effective Date);” 

1.5 Section 4.01(f)(v) of the Receivables Loan Agreement is amended and restated in its entirety as follows: 

“(v) All original executed Obligor Notes (or an original lost note affidavit and indemnity from the Seller) that
constitute or evidence the Pledged Timeshare Loans have been delivered to the Custodian and the Borrower has received a receipt therefor, which acknowledges that the Custodian is holding the Obligor Notes that constitute or evidence the Pledged
Timeshare Loans solely on behalf and for the benefit of the Administrative Agent (other than a receipt to be delivered in connection with the Increase Timeshare Loans which the Borrower shall have received no later than the date that is 90 days
after the Amendment No. 2 Effective Date).” 
 1.6 Schedule II to the Receivables Loan Agreement is deleted in its entirety
and replaced with Schedule II attached hereto. 
 1.7 Upon the Administrative Agent’s receipt of opinions of local counsel to
the Seller, in form and substance satisfactory to the Administrative Agent, relating to certain state law matters with respect to the Hokulani Waikiki by Hilton Grand Vacations Club and Hilton Grand Vacations Club at Trump International Hotel –
Las Vegas Resorts and related Timeshare Interests, Schedule V to the Receivables Loan Agreement is deleted in its entirety and replaced with Schedule V attached hereto. 

1.8 Schedule VI to the Receivables Loan Agreement is deleted in its entirety. 

  
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 SECTION 2. Amendments 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: 

2.1 Section 2.1(b)(iii) of the Sale and Contribution Agreement is amended and restated in its entirety as follows: 

“(iii) the Seller shall have delivered or caused to be delivered the Timeshare Loan File relating to each Timeshare Loan
to be transferred on such Transfer Date to the Custodian and the Custodian shall have delivered a Custodial Receipt on or prior to such Transfer Date (or in the case of the Custodial Receipt with respect to the Increase Timeshare Loans, on or prior
to the date that is 90 days after the Amendment No. 2 Effective Date).” 
 2.2 Section 2.4(c) of the Sale and Contribution
Agreement is amended and restated in its entirety as follows: 
 “(c) Not later than 12:00 p.m. (New York City time) on
each Transfer Date, the Seller shall confirm with the Servicer and the Custodian that the Timeshare Loan Files relating to the Timeshare Loans designated by the Seller to become Transferred Timeshare Loans on such Transfer Date are complete and in
the possession of the Custodian in accordance with the Custody Agreement (which confirmation, solely in the case of the Timeshare Loan Files with respect to the Increase Timeshare Loans, shall occur no later than the date that is 90 days after the
Amendment No. 2 Effective Date). If, at any time, the Purchaser (or its assigns) has found or finds (whether by notice from the Custodian or Servicer or otherwise), that there is a Deficiency with respect to a Timeshare Loan File, the Purchaser
(or its assigns) shall inform the Seller and the Administrative Agent promptly, in writing, of such Deficiency.” 
 2.3
Section 2.7(b) of the Sale and Contribution Agreement is amended to amend and restate the first two sentences thereof in their entirety as follows: 

“Upon (x) discovery by the Seller, the Purchaser, the Administrative Agent or a Managing Agent of a breach of any of the
representations and warranties set forth in Section 3.1(f)(i) or Section 3.1(r) which materially and adversely affects the value of a Transferred Timeshare Loan or the interests of the Purchaser or any assignee of the Purchaser therein,
without regard to any limitation set forth therein concerning the knowledge of the Seller as to the facts stated therein, or (y) the failure of the Custodian to have (i) possession of complete Timeshare Loan Files with respect to the
Increase Timeshare Loans and (ii) delivered a Custodial Receipt with respect to such Timeshare Loan Files with respect to the Increase Timeshare Loans in accordance with the Custody Agreement, in each case, on or prior to the date that is 90
days after the Amendment No. 2 Effective Date, the party discovering such breach or failure shall give prompt written notice to the other parties. Not later than the Distribution Date with respect to the Collection Period during which the
Seller discovered such a breach or failure or received written notice thereof, if such breach or failure has not been cured in all material respects, the Seller shall repurchase each Transferred Timeshare Loan affected by such breach or failure from
the Purchaser at the Repurchase Price therefor or shall substitute a Qualified Substitute Timeshare Loan for each such Transferred Timeshare Loan and pay any related Substitution Shortfall Amount, in each case, in accordance with
Section 2.7(d).” 
 SECTION 3. Custody Agreement Consent. Effective as of the Effective Date, and subject to the
satisfaction of the conditions precedent set forth in Section 4 hereof, each of the Borrower, the Servicer, the Custodian, the Administrative Agent and each Managing Agent agrees and acknowledges that notwithstanding the provisions of Sections
3(b) and 4(a) of the Custody Agreement, the Notice of Purchase, Timeshare Loan Files and Custodial Receipt with respect to the Increase Timeshare Loans shall 

  
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be delivered by the Custodian to the Administrative Agent, the Seller and the Borrower as soon as practicable after the Amendment No. 2 Effective Date, and in any event, not later than 12:00
p.m. (New York City time) on the date that is 90 days after the Amendment No. 2 Effective Date. It is acknowledged and agreed that any Increase Timeshare Loan for which such Custodial Receipt shall not have been delivered by such 90th day following the Amendment No. 2 Effective Date shall not constitute an “Eligible Timeshare Loan” for purposes of calculating the Borrowing Base under the Receivables Loan Agreement.
Following the Custodian’s receipt of the Timeshare Loan Files for the Increase Timeshare Loans on the Amendment No. 2 Effective Date (or such other date, as applicable) and until the delivery by the Custodian of the Custodial Receipt
therefor, the Custodian shall provide a weekly summary to the Borrower, the Seller, each Managing Agent and the Administrative Agent of any Deficiencies discovered with respect to such Timeshare Loan Files. 

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 and each Managing Agent shall have received counterparts of this Amendment
executed by each of the parties hereto. 
 4.2 (x) The Administrative Agent and each Managing Agent shall have received executed
counterparts of that certain Upfront 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, (y) the Administrative Agent shall have
received executed counterparts of that certain Structuring Fee Letter, dated as of the date hereof, between Deutsche Bank Securities, Inc., as Structuring Agent, and Hilton Resorts Corporation, from each of the parties thereto, and (z) each of
the Borrower and Hilton Resorts Corporation shall have paid all fees required to be paid by it under each of the foregoing fee letters. 

4.3 The Administrative Agent shall have received a Secretary’s Certificate of the Borrower, certifying its Certificate of Formation,
Limited Liability Company Agreement, Resolutions authorizing the Amendment, and Incumbency. 
 4.4 A Recapitalization Event (as defined in
the Receivables Loan Agreement before giving effect to this Amendment) shall have occurred. 
 SECTION 5. Representations, Warranties and
Confirmations. Each of the Borrower and the Seller hereby makes the representations and warranties set forth below, respectively. 
 5.1
The Borrower hereby represents and warrants that: 
 (a) It has the power and is duly authorized, including by all limited
liability company action on its part, to execute and deliver this Amendment. 
 (b) This Amendment has been duly and validly
executed and delivered by it. 
 (c) This Amendment and the Receivables Loan Agreement and Sale and Contribution Agreement as
amended hereby, each constitute legal, valid and binding obligations of it, as applicable and are enforceable against the Borrower in accordance with their terms. 

(d) 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 and the Sale and Contribution 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). 

  
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 (e) 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. 

5.2 The Seller hereby represents and warrants that: 

(f) It has the power and is duly authorized, including by all corporate action on its part, to execute and deliver this
Amendment. 
 (g) This Amendment has been duly and validly executed and delivered by it. 

(h) This Amendment and the Sale and Contribution Agreement as amended hereby, each constitute legal, valid and binding
obligations of it, as applicable and are enforceable against the Seller in accordance with their terms. 
 (i) Immediately
prior, and after giving all effect, to this Amendment, the covenants, representations and warranties of the Seller set forth in the Sale and Contribution 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). 
 (j) Immediately
prior, and after giving all effect, to this Amendment, no event, condition or circumstance has occurred and is continuing which constitutes (i) a Servicer Termination Event or Unmatured Servicer Termination Event, (ii) a Default or Event
of Default arising under clause (c), (e), (f), (g), (h), (i), (j), (l), (q) or (t) of Section 7.01 of the Receivables Loan Agreement with respect to the Seller or the Performance Guarantor, or (iii) a Default or Event of Default
arising under Section 7.01(o) of the Receivables Loan Agreement. 
 SECTION 6. Delivery of Executed Amendment. The Borrower
covenants and agrees that it will deliver an executed copy of this Amendment to the Paying Agent and the Backup Servicer 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 and Waiver. Except as expressly amended and/or waived by the terms of this Amendment, all terms
and conditions of the Receivables Loan Agreement, the Sale and Contribution Agreement and the Custody Agreement 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 Receivables Loan Agreement, the Sale and Contribution Agreement or the Custody Agreement, or any right, power or remedy of the Administrative Agent or any Managing Agent
or Lender thereunder, except as expressly modified hereby. Upon the effectiveness of this Amendment, each reference in the Receivables Loan Agreement, the Sale and Contribution Agreement or the Custody Agreement to “this Agreement”,
“this Receivables Loan Agreement”, “this Sale and Contribution Agreement”, “this Custody Agreement” or words of like import shall mean and be references to the Receivables Loan Agreement, the Sale and Contribution
Agreement or the Custody Agreement, as applicable, as amended and/or waived hereby, and each reference in any other Facility Document to the such agreements or to any terms defined in such agreements which are modified and/or waived hereby shall
mean and be references to such agreements or to such terms as modified and/or waived hereby. 

  
 5 

 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 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/ Sean Dell’Orto

	Name:	 	Sean Dell’Orto
	Title:	 	Senior Vice President
	
	 HILTON RESORTS CORPORATION,
 as
Seller

		
	By:	 	 /s/ Sean Dell’Orto

	Name:	 	Sean Dell’Orto
	Title:	 	Senior Vice President
	
	 GRAND VACATIONS SERVICES LLC,
 as
Servicer

		
	By:	 	 /s/ Sean Dell’Orto

	Name:	 	Sean Dell’Orto
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 2 to Receivables Loan Agreement, 
 Amendment No. 1 to Sale and Contribution Agreement and 

Consent to Custody Agreement 

 
			
	DEUTSCHE BANK SECURITIES, INC. as Administrative Agent
		
	By:	 	 /s/ Colin Bennett

	Name:	 	Colin Bennett
	Title:	 	Director
		
	By:	 	 /s/ Billy Strobel

	Name:	 	Billy Strobel
	Title:	 	Vice President
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH

as a Managing Agent

		
	By:	 	 /s/ Colin Bennett

	Name:	 	Colin Bennett
	Title:	 	Director
		
	By:	 	 /s/ Billy Strobel

	Name:	 	Billy Strobel
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to Receivables Loan Agreement, 
 Amendment No. 1 to Sale and Contribution Agreement and 

Consent to Custody Agreement 

 
			
	BANK OF AMERICA, N.A.,
	as a Managing Agent
		
	By:	 	 /s/ Steven Maysonet

	Name:	 	Steven Maysonet
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to Receivables Loan Agreement, 
 Amendment No. 1 to Sale and Contribution Agreement and 

Consent to Custody Agreement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Custodian
		
	By:	 	 /s/ Jennifer C. Westberg

	Name:	 	Jennifer C. Westberg
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to Receivables Loan Agreement, 
 Amendment No. 1 to Sale and Contribution Agreement and 

Consent to Custody Agreement

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